Monitor prices and margins on agricultural products launched in September 2010 will make its findings on Monday. According quotidienLes Echos, the 250-page report, commissioned by the Ministry of Agriculture in collaboration with INSEE and Agrimer, the responsibility of leading retail chains in maintaining the sales price to consumers despite lower commodity prices.
Cherries five times more expensive
The experts, headed by Philippe Chalmin, an economics professor at the University of Paris Dauphine, studied agricultural production subject to the most serious crises in the last ten years such as milk, beef and pork, and fruits and vegetables. According to their findings the distribution has made such an important and constant gross margin of red meat even though the farmers of this category recorded the lowest incomes.
The situation is similar with regard to pork. In ten years from the final price going to farmers has increased from 45% in 2000 to 36% in 2010. At the same time, one devoted to retailers jumped 39% to 55%. The long-life milk, gross margin was doubled when the signs that producers declined. Distributors also apply high margins on fruits and vegetables. Cherry cherry has been charged five times more expensive to consumers that it was paid by the distributor. Only segment where margins have been reduced signs: the yoghurt.The report provides no explanation but Les Echos believe that the power companies such as Danone, which reach more to negotiate prices is one reason.
Annual Report
The report, which should help parliamentarians better navigate the debate between producers, manufacturers and distributors for years, however, said it is difficult to track the price of a product from production to exposure in the linear. Investigators also complain that the distributors did not provide all the necessary elements to determine the composition of the margins.Information they hope to meet next year, the Observatory should indeed provide an overview of the situation every year.
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Even in Italy, Credit Agricole is now playing sobriety. The French banking group in Milan on Wednesday presented the local version of its comprehensive strategic plan to 2014. No major operation is in the program, but a work of conquest picky customers and improve profitability. "Our selection of organic growth excludes acquisitions, said the group's CEO, Jean-Paul Chifflet. We need to digest what we have acquired in recent years. "The green bank will therefore invest 325 million euros by 2014 in its subsidiary, Cariparma to improve synergies with the group, developing multi-channel distribution (Agencies Internet and phone) and open a dozen agencies each year primarily in its home regions: Tuscany, Emilia Romagna, Lombardy and Veneto.
In 2014, barring accidents, should relieve Cariparma 2.2 billion and a net income of 417 million euros, up by 30% and 83% from 2011. Ambitious outlook remains difficult in the context through which the Italian banking market. Between 2007 and 2010, net banking sector has in fact decreased by 4 bad credit unsecured personal loans.2% – and 1% for Cariparma. But the subsidiary of Credit Agricole, which already has as the most profitable bank in Italy, believes it can gain ground by playing on the integration of its businesses. She intends to win 150,000 new customers, primarily among young people and SMEs, on a base of 1.7 million in early 2011.
Crédit Agricole is present in Italy since the 1970s. In 2011, all Italian activities (retail, insurance, consumer finance, asset management …) has reported a profit of 1 billion euros.The French group was able to hand over bank networks thanks to its historic capital of any bank who founded Intesa Sanpaolo. In 2006, the Mutual has first acquired regional networks and Cariparma FriulAdria and last year 172 branches of Intesa Sanpaolo. Under the agreements with the Italian Antitrust, Crédit Agricole has gradually decreased its stake in Intesa. It holds only 3.8%.
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The director of Medicare does not hide its intention, revealing new figures on excess fees, weigh on the negotiations with private doctors, which should lead to early summer. "The system just drift since its inception 30 years ago, Frederick van Roekeghem regrets. We want to sound the alarm on the need to implement structural reforms. "
Overruns (these are requested beyond the "tariff Safely" legally by doctors of "Sector 2 but poorly repaid by certain complementary health) accounted last year for 2.5 billion euros, on a total of 20.9 billion euros in fees. A proportion is similar in style singled out by the Inspectorate of Social Affairs in 2004, which argued that while a "significant increase" during the previous decade.But behind this "apparent stability", says Fred van Roekeghem lies a greater concentration.
In 1990, 16% of physicians "family" could charge excess fees. Since then, the degree requirements were introduced which prevent virtually any plant of the generalist sector 2, and only 7% of workforce is concerned. The proportion of specialists in Area 2, with her stable for the past twenty years (41% in 2010). But if she fell for clinical specialties (pediatricians, dermatologists, gastroenterologists between 32% and 40%), it flies in the operating room: 34% against 28% for anesthesiologists, 85% against 73% for surgeons.And in all these areas, the sector will expand in the next two years as junior doctors settle overwhelmingly.
Physicians increasingly "greedy"
In addition, doctors applying overruns are becoming more "gourmet" on the amounts required: 54% of the "Safely rate, on average, against 25% in 1990. Note that Medicare confirms the intuition of the French Mutuality: 4.5% of public hospital doctors allowed to perform – for 20% of their working time to the maximum – a professional activity in area 2 practice overruns higher than their liberal counterparts "pure." Supplements such resources reach 81% in surgery, against 56% in the private sector, 80% against 48% in ENT, ophthalmology, or 96%, 60% cons.
Overtaking both more frequent and higher are concentrated in certain areas – with high purchasing power – like Paris and West of the Ile-de-France, Rhône, Alsace and the Coast d'Azur.
A problem of access to care
Nevertheless. "The phenomenon empire, says Frederick van Roekeghem. It poses a problem of access to care. " The boss of Medicare does not refute the argument of doctors (surgeons in particular): they are using the overruns is that the social security system pays too little certain acts, given their cost, their difficulty, duration, or the risk that affects the amount of insurance premiums. It's good to help doctors make more money without costing too much to Medicare that the sector 2 was created in 1980 by Raymond Barre.And it's not a coincidence that the least among specialists in Sector 2 are installed cardiologists (20%) and radiologists (13%), considered very good living by simply make rates Safely.
Frederick van Roekeghem says ready to act on the question to finally allow the entry into force of the solution advocated since 2004: the "optional sector. This would be for anesthesiologists, surgeons and obstetricians Area 2 volunteers to achieve at least 30% of their actions and costs Safely, do not charge for overruns over 50% on the rest of their activity, complementary health s 'committing their part to repay the money. "This discussion will reopen. I think it's the last time, "warns the director of Medicare.
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Once is not custom, the International Monetary Fund is very optimistic about the growth of the Old Continent in 2011 and 2012, despite the debt crisis in the peripheral countries of the euro area.
Ignoring the slowdown in industrial production and inflation soaring, the Fund still expects 2.4% growth for the EU this year and 1.6% for the euro area in 2011, before 1.8% in 2012 . The IMF stressed the "strong private demand in France, Germany, Benelux, in the North, and" excellent performance "of the Germanic and Nordic exports.
The IMF is also very complimentary towards recovery "very robust" in the countries of Central and Eastern Europe, fearing even a risk of "overheating" in the East."Overall, Europe – both western and eastern – is doing well and our projections for the coming months are very very positive," said Antonio Borges, Director IMF Europe, which presented its report yesterday Frankfurt, the headquarters of the European Central Bank.
In unison with European leaders, the IMF rules out the option of a debt restructuring Greek. "Greece can support the weight of its debt," says Antonio Borges, contradicting the decision of a majority of bank economists surveyed by Reuters yesterday.
First creditor of Greece alongside the EU, the IMF is not neutral on the financial situation of the country. His view is nevertheless instructive, especially if the Fund participates in a second rescue, as he implies. "Their debts are substantial (350 billion euros in 2011, Ed) but also their assets," says Antonio Borges.
Housing wealth and earthly
The Fund estimates that 280 billion euros assets, including property held by the Greek State. These assets, which could serve as collateral for new international loans, including sites built for the Olympics – Olympic stadiums, marinas, racetracks – land, islands and beaches.
The Greek state remains the largest landowner in the country. Untouchables, the property of the Orthodox Church – not separate from the state – are alone worth over 700 billion euros. "The Greek government has an extraordinary portfolio of assets, far more important than many other European countries," he continues, suggesting the government to privatize Papandreou beyond the 50 billion raised."This is a difficult process, there is resistance and political union," says the IMF representative, but Greece must persevere on this path to increase its "credibility".
The IMF figure recession in Greece – 3% in 2011. "One year after the austerity plan, it is always the hardest moment: the country suffers all the costs of adjustment even without seeing the benefits," says Antonio Borges, who remains optimistic for the relief of Greece long term.
Only downside: the European banks to recapitalize called emergency response to a possible financial impact on State debts.
The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .
These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.
Towards a global growth "balanced"
The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.
On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.
"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.
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After finishing the week on a positive note, U.S. stocks finished Monday on a more cautious note. The Dow Jones gently takes 0.19% to 12,400.03 points at closing, its highest closing level in almost three years. The S & P advance of 0.03% to 1332.86 points. Nasdaq displayed him in negative territory: -0.01% to 2789.19 points.
Macroeconomic side, no major event was expected during this first meeting weekly. Investors took the opportunity to take profits while international events, including Libya. offered no incentive to take risks. Two weeks after the start of the international intervention, the United States has decided to extend their strike on Libyan soil, after a weekend still marked by intense fighting between rebels and supporters of Muammar Gaddafi at the gates of Brega.
Tensions that, coupled with improved labor market in the United States, continue to support the inflation on oil prices. On the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery ended at 108.47 dollars, up 53 cents from Friday. In London, the Intercontinental Exchange, a barrel of Brent North Sea gained 2.47 dollars to 6:45 p.m. GMT at 121.17 dollars, after having crossed the threshold of $ 120 for the first time since August 22, 2008.
As for currencies, the euro was stable against the dollar Monday after being temporarily mounted to its highest level in five months, as investors anticipate an increase in rates this week the European Central Bank (ECB). At the close in New York, the euro was worth 1.4216 dollars, against 1.4225 Friday around 23 hours.
As for values to follow
Oil giant BP (0.53% to 45.90 dollars) could soon resume its drilling in the deepwater Gulf of Mexico by this summer, according to the Sunday Times on Sunday. Information denied by U.S. authorities.
According to Aurel BGC, the activities of consumer credit from Citigroup (-0.45% to 4.43 dollars) have managed to attract three groups of potential buyers: Blackstone, Carlyle and Brysam Global Partners form the first consortium interested, Clayton Dubilier Onyx & Rice and the second and JC Flowers and Apollo Management on third.
The stock exchange operators Nasdaq OMX (-2.76% to 27.45 dollars) and InterContinental Exchange (-0.71% to 118.90 U.S. dollars) were also under surveillance, after bidding on NYSE-Euronext, already in sight Deutsche Börse.
The French pharmaceutical Sanofi-Aventis announced this morning that it had closed its successful bid for the U.S. biotech Genzyme (+0.39% to 76.31 dollars), after collecting 84.6% of the shares of its target. The offer, ended April 1, however, reopened this morning and for four days (until April 7 to midnight), to allow for latecomers or undecided to give their titles.
If the nightmare of the three executives wrongfully dismissed for spying is done, the management of Renault, who had publicly accused, is still under pressure. On Thursday, after talks with Carlos Ghosn, CEO of the automotive group, Christine Lagarde, Minister of Economy and Eric Besson, Minister of Industry, reiterated a "thorough audit" had been requested on this lamentable Case to identify the origin of recently observed failures within the company. "
The audit, whose findings will be presented later to the Board of Directors of Renault on April 28, must provide "specific evidence" to "identify any errors or mistakes in decision making and management of this case."The two ministers said they "sleep (eraient) that the conclusions should be drawn in terms of organizational reforms in terms of individual responsibility."
In other words, the government, which denounced on Tuesday, after a public apology from Carlos Ghosn, an "amateur improbable" and promised that this fiasco would not remain "no action", reserves the right to request additional sanctions by a month and a half. For now, only three members of the Security Branch of Renault are covered by "disciplinary procedures". The executives involved in this case waive the variable portion of their compensation.
Wishing obviously does not make decisions hot state, the manufacturer's largest shareholder, has not formally asked heads since the case was deflated.At the special board on Monday, the two directors representing the state have also approved the action plan of Carlos Ghosn, who has not discussed his resignation and denied that Patrick Pelata, its Chief Operating Officer .
Responsibility Ghosn
How far is ready to go when the Bercy audit findings be known? The department, it is careful not to directly answer this question. "Carlos Ghosn bears some responsibility, since it is the one who went on to say TF1: I certainties," said Eric Besson Wednesday on BFM. But the state does not seem to further destabilize a national treasure by beheading. The Minister of Industry spoke on the radio including "the importance of the agreement between Renault and Nissan, which is also CEO Carlos Ghosn, and" the development of electric vehicles. ""For many, the idea of removing the head of the entrepreneur when Renault is facing a major strategic situation can be a challenge," he said.
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In closing the conference on Tuesday on the issues of addiction, held at the Economic, Environmental and Social Committee (EESC), the President of the Republic Nicolas Sarkozy refused to rule out the trail funding through private insurance. Believing unreasonable not to consider the role of mutual and insurance companies, in a context of public finance is severely degraded, it was also excluded from tax benefit of the work. Hence his determination not to dismiss the subject for "ideological reasons". The Head of State said the bill on the reform being one of the major projects in 2011, should be ready before summer, for a review by Parliament this autumn.
This position comes in the heart of national debate on dependency, in which Roselyne Bachelot, minister in charge of the case, has conducted a major political party leaders, labor partners and association leaders. If plusieurspistes reflection has been submitted, the minister stated while no model "turnkey" he had not been proposed. However several priorities such as maintaining the principle of free choice between home care and care in an institution, or the unanimous rejection of a privatized system had emerged from discussions. On this point, the head of state also hoped to show reassuring, saying he had "no intention of using the insidious addiction to privatize health insurance."
A report by June
These concerns are shared by the majority of the French.According to the barometer Provident Bank Post Tribune published in Tuesday's newspaper, they always plébiscitent state intervention since the three-quarters of them favored a care dependency through taxes and fees: 83% of respondents seek and development aid. They are very few take steps to finance the venture themselves. Only 18% of those under age 45 say they have purchased a financial product to cover that risk. The creation of a compulsory care insurance is not overwhelmingly rejected. 42% of French say they favor the establishment of such contracts as of 50 years. The more than 65 years are 56% similar to recognize the usefulness of such a measure. According to the barometer, the greater the expectation for "assistance to caregivers," whether an adjustment of working hours or training.28% of French people aged 35 to 75 years were in fact a dependent person in their environment or their home.
The EESC president, Jean-Paul Delevoye was commissioned by the Prime Minister to submit a report on the subject by June. Part of the reform in 2011. The second will probably be introduced in 2012, after the presidential election.
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After three consecutive weeks, the CAC 40, which closed last Friday above the 4000 points (4017.45 points exactly), suffered profit taking on Monday. Halfway through, the index was down 0.34% to 4003.69 points. Investors play the card of caution for several major events.They expect including tomorrow's meeting of the Monetary Policy Committee of the U.S. Federal Reserve (Fed) and the speech of U.S. President Barack Obama on the State of the Union.
Earlier this morning, Asian stock markets have shown tentative and U.S. markets had finished them in a disorganized Friday night.
On Monday, President Nicolas Sarkozy at the Elysee gives the kickoff of a year 2011 marked under the seal of the international retailer, to reporters and foreign ambassadors in Paris (live TV on Facebook and Dailymotion), his goals for the G8 summit in late May at Deauville and the G20 early November in Cannes. The Head of State has sought to draw the conclusion imbalances afflicting the international economic system.In this context, the G20 "shall be effective if it is to remain legitimate."
Markit index up
PMI Flash (Markit) reflects the overall expansion of activity since the French resort activity to 56.9 points, higher for four months. The composite index of purchasing managers (PMI) in the euro area will be known 10 hours and new orders in industry in November 2010 at 11:00, still in the eurozone.
At noon, back in France: the quarterly surveys of conditions in the building trades and real estate development in the first month of the year will be unveiled.
This afternoon, Fevad present stock of French e-commerce in 2010, with opening remarks by Eric Besson, Minister for Industry, Energy and the Digital Economy.
Renault out of the wood
As for values, ArcelorMittal suffered profit taking (-1.10%).Steelmakers produced 1.4 billion tons of steel in 2010 (+15%). Growth welcomed but fears of overcapacity in 2011. Schneider is also subject to profit taking, while Saint Gobain (1.75%) leads the CAC 40 increased by a positive note analysts at UBS.
Renault (-0.91%) had evidence of "multiple" on the case of industrial espionage which are believed to three frames of the group, said Sunday the group's CEO, Carlos Ghosn cash advance to savings account. Earlier in the day, counsel for one of three executives covered by the suspicions had called Renault CEO Carlos Ghosn to provide proof of charges that founded the lawsuit from the manufacturer.
Automotive side, Toyota is the world leader in 2010, despite repeated reminders of vehicles.
Danone was down 0.40%. According to La Tribune, Danone Dumex interested in India, a manufacturer of baby foods.A nugget in its sector: Dumex is number one in China and India.
Also down, Sanofi-Aventis (-0.37%) after the announcement of the extension on Monday its takeover offer for Genzyme, always the same price of 69 dollars per share, or $ 18.5 billion in total until 15 February. "While these discussions have continued and have included sales teams and executives from both Sanofi-Aventis and Genzyme, significant differences remain regarding the CVC (certificate of conditional value) and the potential value of the offer Sanofi-Aventis, and there is no guarantee that parties will reach agreement, however, warns Sanofi.
France Telecom, however, slightly ahead slightly by 0.84%.Orange, a subsidiary de'opérateur negotiated the acquisition of part of investors to share the platform for sharing videos Dailymotion, valued at approximately EUR 150 million.
Sopra earns 2.3% after announcing it relaunched its proposed listing of its subsidiary Axway Software, which will occur in the second quarter. This project was suspended last September 20.
Note also that Nicolas Sarkozy will announce on Tuesday a call for projects on five coastal sites for an investment of 10 billion euros. French and foreign manufacturers are mobilized for this competition.
The helicopter manufacturer Eurocopter, a subsidiary of European aerospace group EADS (+0.49%) expects to deliver fewer planes this year, but its turnover is expected to remain at least stable and orders stagnate, said the Monday its CEO Lutz Bertling. Sodexo holds its general meeting at 16.30.
The benchmark index of the stock market in South Korea, the Kospi 200, wins again at 0.95% 279.24 points on Wednesday at 7 pm. Allowing it to enter its highest level ever in the history of the stock of the country.
Seoul Stock Exchange had already closed the year 2010 before recording a record at the close. The KOSPI surged 21.88% in 2010 to $ 2051 and points, a level not seen since November 2007. Now, the values of South Korean stock market rebounded from ground lost during the crisis, and they even display historic gains, thanks to sustained domestic demand last year, and their results.
Analysts estimate that the KOSPI could rise to 2400 points this year.South Korea enjoys good prospects for growth: as its Central Bank, GDP should grow by 4.5% in 2011.
Tokyo followed the lead of Wall Street
The Tokyo Stock Exchange ended the session on Wednesday edged up 0.36%, investors are showing more optimism about the financial performance of U.S. firms during the presentation. Yesterday, IBM and Apple have unveiled much better results than expected. Thus at the close, the Nikkei 225 index gained 38.12 points to 10,557.10 points. The broader Topix index of his side took 0 payday loans in one hour.57% to 936.87 points.
Note side values, the group of electrical, electronic and computer Japan's Mitsubishi Electric said Wednesday that Japan build a new factory parts for automotive steering, looking to increase its annual production of about 70%.Mitsubishi Electric, which presents itself as a pioneer systems electric power steering, will invest 10 billion yen (90 million euros) for this new factory with an area of 38,000 square meters, which must be put into operation in August 2012.
China U.S.
Chinese President Hu Jintao arrived here Tuesday in the U.S. for a four-day visit, after a year marked by strong tensions between the two powers, with China being the subject of multiple reviews. Hu Jintao heads a country pointed to the issues of human rights and money, impossible to ignore given its economic weight and, increasingly, military and geopolitical. The undervaluation of the Chinese currency will be at the heart of discussions between Barack Obama and Hu Jintao on Wednesday in Washington.Beijing to revalue its currency at its own pace, while dreaming of one yuan as important as the dollar.
Tail Photo Credits: Alexander F. Yuan / AP
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