Hospitals: deficit reduction

Hospitals continue their recovery. According to the Ministry of Health, their overall deficit reached 497 million euros last year, over 64 billion revenue. An improvement of 13% compared to 2008 (571millions deficit), which already marked an improvement over the "peak" of 2007 (686millions), reversing the trend after several years of deterioration. Over two thirds of establishments were in balance or surplus in 2009 (69% against 64% a year earlier).

Deficits are in fact more and more concentrated on a small number of hospitals, particularly teaching hospitals, including the overall situation, even in the red, is improving. Seven of the 31 university hospitals do not show the "hole" (Angers, Orleans, Nîmes, Limoges, Poitiers, Toulouse, Tours), against only 3 in 2008.Only problem: the Assistance Publique-Hôpitaux de Paris (AP-HP), the result of plunging – 21 – 94 million euro, erases itself the recovery.

The Department is encouraged that these improvements were less than a surge in revenue (+3%, most of which comes from Medicare) as a "cost control" (2.85%). By far the largest item of expenditure, payroll has increased by only 1.89%. Which seems consistent with the estimate announced several months ago by the Hospital Federation of France, that the numbers fell last year of 1,800 officers, more than one million.The department does not, however, confirms the decline, which would reflect a real turnaround.

Paris, Marseille and Lyon

The figure of 497 million euros for 2009, consistent with the projected deficit (which in itself is good news!), Is almost final: it concerns 85% of public and private non-profit, representing 94% of the total financial fast cash advance sector. It covers the "main budgets," usually used for reference, and which correspond to the activity of care of hospitals. The total budgets, which also include activities "ancillary" as training schools for nurses or the "long period", also show a deficit down, to 302 million euros against 392 million in 2008.For the Department of Health, the goal of balanced accounts in 2012 for the entire hospital system is well on track … if we exclude the perimeter AP-HP, AP-HM (Marseille) HCL (Lyon)-ie, the three largest settlements of France, whose recovery will be slower.

Without question the trend of improvement, the Court of Auditors said last week that deficits were discounted by 25% by questionable accounting practices, including depreciation and provisions. The entourage Roselyne Bachelot and refutes talk of "sensationalism". He admits however that "the efforts undertaken must continue" to better recover the amounts owed to hospitals by funds Safely, patients or their complementary.The Court, citing the general direction of the organization of care, notes that "revenue losses related to deficiencies in the billing chain would be between 5% and 15% of hospital budgets!

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"Brazil is the emerging economy more balanced"

Lefigaro.fr / jdf.com – The Brazilian economy has, for the second quarter, a growth of around 10%. Is there not a risk of economic overheating?

Jose Cuervo – The risk of overheating is excluded. The last series of statistics tend to highlight not a slowdown in economic activity, but moderate growth. She will remain in effect to very high levels. We expect gross domestic product growth of about 7.5% this year and 4.5% next year. It is possible however that we will see an increase of 0.25% interest rates by the end of year (it is currently 10.75%, the interest rate the highest in the world , Ed). From that time, inflation could start rising and interest rates should be raised again in 2011. The context is ideal for an emerging market like Brazil.The international environment is fragile, but not enough to really affect the country.

Many companies, especially French as Vivendi or Capgemini, came to settle in Brazil. What do you attribute?

The medium and long term in Brazil are very good. Demographics, access to credit and ease the financial stability of the country are also advantages for the economy. Brazil was historically an Eldorado for French groups, until the crisis of the late 1980s. From the early 2000s, it is in the process of again. Until 2001/2002, Brazil was undergoing an economic and financial crisis every three or four years. For ten years, the country commits a very dramatic transformation.

You say that the context is ideal for an emerging country like Brazil, but for China too.What Brazil can compete with China?

Brazilian investments abroad are lower than those of China, but it is offset by other engines of growth. In terms of domestic consumption, exports and investment, Brazil's economy is "BRIC" (Brazil, Russia, India, China, Ed) the most balanced. Other countries "BRIC" are heavily dependent on a single engine, which puts them in a more risky in case of weakening of the engine in question bad credit unsecured personal loans.For example, in case of collapse of U.S. consumer demand, Chinese exports to the U.S. decreased considerably, and in case of hardening of the Chinese tax environment, investment slowed.

What do you think of the capital increase of $ 70 billion planned by Petrobras?

The capital increase Petrobras has become a political issue (the Brazilian state holds 32.13% stake in the company and 55.6% of its voting rights, Ed). This call for investors will be largely in the form of an assignment by Petrobras 5 billion barrels of oil. Both sides must find a balance so that the government takes enough oil revenues and that the price chosen make the capital increase attractive to investors.

In our view, the probability that the capital increase takes place before the October elections, more than 50%. The call for investors will likely take place by the end of September. However, it is likely that the operation is carried out at an oil price above the initial expectations. Initially, we tablions on a range of 5 to 6 dollars per barrel. But the range could reach 7-8 dollars or 12 dollars, which makes the project less profitable for Petrobras.

What are the areas that you prefer in your portfolio?

We focus on the domestic sectors such as real estate, food manufacturing, retail, education, medical services or infrastructure.

What are the prospects for the Brazilian stock market?

They show great promise as inflation levels will be reasonable and moderate growth leaves no room for a double relapse. The Brazilian interest rates should remain relatively unchanged over the next six months, in an environment characterized by sustained growth, a high profile beneficiary and upward revisions to profits.

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The cyclical stocks boost the CAC 40

After Wall Street closed Wednesday up 0.45% at 10,387 points, and that Portugal has managed its two bond issues for more than one billion euros on Wednesday, the CAC 40 is trying to make a step forward Thursday: Mid-term, it increases from 0.55% to 3697.30 points. The London Stock Exchange ahead of his side of 0.80% to 5,473.30 points and Frankfurt from 0.36% to 6186.50 points.

However, the atmosphere is not particularly enthusiastic about the macroeconomic perspective.

The Organisation for Economic Cooperation and Development (OECD) the slowdown in global economic recovery could be larger than expected and the growth of the G7 countries could drop to 1.5% in the second quarter of 2010. For the U.S., the OECD expects a loss of power in the fourth quarter to 1.4% from 2.0% to 1.6% in the third against the second and 3.7% in the first.In France, growth decelerated from 2.5% in the second quarter at 0.7% and 0.3% in the third to fourth.

For its part, the Fed chairman, Ben Bernanke, has shown concern about the U.S. household consumption and real estate and industrial sectors.

Lastly, the Minister of Economy Christine Lagarde, has adopted the same attitude as regards the European Union, the recovery remains "fragile".

Europe, the United States and Japan under scrutiny

The French economy has recorded 26,200 net new jobs employees in the second quarter (+0.1% from the previous quarter, 0% yoy), according to final data released Thursday by the INSEE.

Moreover, the numbers of real estate in Paris and Ile de France for the second quarter were impressive: house prices soared again in Ile-de-France, as before the crisis, and central Paris is to beat his record with an average transaction price of 6,680 euros per square meter.

In Germany, inflation slowed in August, 1% year on year, against 1.2% in July, said Thursday the Federal Statistics Office, confirming preliminary figures released earlier. In one month, rising prices in Europe's largest economy is unchanged.

The European Central Bank and the Organization of Petroleum Exporting Countries (OPEC) will publish its monthly report in the morning.

Finally, several indicators are expected in the U.S.: the weekly claims for unemployment benefits (1430), the trade figures for the month of July (1430) and the weekly crude oil inventories (1630).

On the currency markets, the euro lost ground against the dollar Thursday, falling below the 1.27 dollars, while the market is concerned about the contraction of GDP of Greece 3.7% annual in the second quarter.Around 9:00, the single currency was worth 1.2688 dollars (-0.24%).

Banking and automotive honor

Among the largest increases CAC 40 listed banking stocks and automobiles.

BNP Paribas gained 1,10% to 54.09 euros, Credit Agricole advance of 1.82% to 10.65 euros and Societe Generale climbed from 1.67% to 42.85 euros. Markets were reassured after the economy minister said in an interview with The Tribune that European banks will not apply to its new regulatory framework "Basel III if the United States are reluctant to impose their financial institutions.

Peugeot (3.48% to 22.42 euros) and Renault (3.09% to 35.23 euros) are the two largest increases in the CAC 40 in mid-session.

EADS (18.32% to 1.69 euro) is in discussions with a small number of defense companies, services and security for potential acquisitions and could easily make a purchase about one billion euro, said Wednesday Louis Welsh, Director General of the European group.

Total (+0.16% at 38.72 euros) gained 20% Thursday to a major liquefied natural gas (LNG) in Australia for about 625 million euros, driven by Australian groups Santos and Malaysia's Petronas .

Telecoms uncoordinated

Sanofi-Aventis (0.98% to 48.26 euros) would have made a new proposal to buy U.S. biotech Genzyme at $ 71 a share, against $ 69 offered previously, according to Deal Reporter, a financial services group Affiliated to the Financial Times.In exchange, Sanofi-Aventis requests access to the accounts of Genzyme.

The Australian competition authority has opposed the second time Thursday to veto the bid of 8.65 billion euros from National Australia Bank on Axa Asia Pacific (AXA, -1.61% at 12 80 euros), which could force the Australian bank to abandon a project begun nine months ago.

Bercy has announced a proposal to apply the VAT rate from 19.6% to the full tender "triple play" which would allow the state to reap hundreds of millions of euros in revenues Additional in a tight budgetary situation. France Telecom gained 0.09% at 16.27 euros) and Bouygues Telecom rose 0.76% to 32.28 euros).However, Iliad 1.79% drops to 73.48 euros and SFR (Vivendi Group) lost 0.31% to 19.47 euros

Moreover, the Polish subsidiary of France Telecom could publish a third-quarter loss after being ordered to pay 396 million euros to Danish DPTG, said Wednesday its chief financial officer.

Outside the CAC 40, the automotive supplier Plastic Omnium (+0.05% at 38.76 euros) announced Thursday that it completed the redemption of the world leader in fuel systems, Inergy Automotive Systems, which expects to achieve a turnover about 1.1 billion euros this year.

The buyout offer (OPR), followed by a squeeze on the Eiffarie APRR (balance 54.06 euros) will open September 10 for a period of ten days of negotiations.

British defense groups have reported Wednesday that the government had requested to consider the cancellation of orders for new aircraft carriers. The vessels are built by a consortium of BAE System, Babcock International and Thales (26.70% to 0.47 euros) at a cost of five more than five billion pounds (6.1 billion euros).

Korian (3.60% to 17 euros), specializing in the management of addiction, has announced a 24.3% increase in net profit to 8 million euros, 26.1% of its results operating on the basis of an increase of 6.8% of its turnover in the first half.

It is good to be a shareholder in Asian societies

For twelve years OCG Consulting conducted the survey, such a situation had never arrived. * The ten companies that have created the most value for their shareholders in the world between 2005 and 2009 are all Asian. Not a single Western society on the charts. In the Top 10, seven of which are Chinese both are based in Hong Kong.

TSR = Total Shareholder Return: returns for actionnairesMarket value = market capitalization in billions of dollars.

School insurance: competition hardens

Just two days after classes begin, the war is on in student insurance. Like last year, Carrefour offers free insurance to customers who hold loyalty card (17 million cards). As in 2009, the MFA, which holds one third of this market, defends itself.

Last year the mutual had filed an interlocutory order that the sign continues to broadcast its offer, but had been unsuccessful. This time, the MFA has assigned Carrefour before the Tribunal de Grande Instance of Evry for "unfair trade practices. 'We want to try the case on its merits. Beyond the financial loss, there is especially harm the image, justifies Edgar Mathias, president of the MFA."We hope the court understands that one can not, for insurance and child, treat things lightly," he says.

Between 10 and 30 euros

The mutual claims 350,000 euros in damages. An amount calculated on the basis of figures provided by Carrefour at the interlocutory hearing in 2009, then assuming the distributor on the underwriting of insurance 20000-25000 school. Friday, Carrefour said "regretted" the action of justice waged by the MFA. With its free offer, the distributor intends to "meet the expectations of its customers. In today's economy, purchasing power is at the heart of the concerns of families, "says one at Carrefour.

However, since ten years, traditional insurers, banks and stores of the retail market also interested in the school insurance.Their interest is simple: to win new customers to offer them then other products. In this highly competitive environment, the MFA loses many policyholders. After counting up to 7 million members in the 1970s, the insurer only has 3.3. However, the MFA is the only MMA can distribute its products in the public schools (about 10 million children) through agreements decades ago with federations of parents. What some see as a "privilege" is "between 15 and 20% of members of the MFA," according to its chairman.

The strong competition between different actors of good for parents. The school insurance prices should remain stable this year (between 10 and 30 euros per year on average).This should encourage them to subscribe to this optional activities taking place within the school. But that is required for extracurricular activities offered by schools (out, discovery classes …).

Wall Street remains cautious before the employment figures

After the euphoria of Wednesday, the U.S. markets continued their momentum but at a slower pace frantic Thursday. At the close, the Dow Jones ended up 0.49% at 10,320.10 points, the Nasdaq is 1.06% at 2200.01 points while the S & P gained 0.91% at 1090.10 points.

No big movements, the indices have stagnated at these levels throughout the session. Investors have also learned a pleasant surprise on the side of the job today. Entries weekly unemployment, against all expectations, declined slightly in the United States during the week to August 28, at 472 000 478 000 cons last week, according to the labor department. Economists had expected jobless claims averaged 475,000.

Other good news: the promise of real estate sales have rebounded in July.The index of sales agreements rose 5.2% compared to June, when the 79.4 economists had expected a decline of 1%. The decline in June was revised down slightly, to -2.8% against a 2.6% previously announced.

Statistics mixed

But in the meantime, investors learned that nonfarm productivity had declined much more sharply than expected in the second quarter to post its sharpest decline since the third quarter of 2006. Productivity has contracted at an annual rate of 1.8%, instead of a contraction of 0.9% initially announced. Although expectations were counting on a decline of 1.9% over the period April to June, this review again cast doubts on the markets.

Moreover, the increase in orders received by U.S. factories in July was weaker than expected.These have increased – after two consecutive months of decline – from 0.1% to 409.5 billion dollars while economists were expecting an increase of 0.3%.

"It has a low volume of trade, economic indicators rather positive, so it is easy to push the market upwards," said Scott Marcouiller, Wells Fargo Advisors. "It does not happen much on the market," said Lindsey Piegza, FTN Financial, noting the hesitation of the indices during the session. Caution is still required before the publication of the very important report on employment and unemployment in August, tomorrow, Friday, payday loans easy.

Note that on the foreign exchange market, the euro is up slightly against the dollar, but only to increase its gains amid anxiety.

Burger King flies

On the side of values, the automotive sector should stand today.The month of August has actually been the worst for U.S. auto industry since 1983. Sales declined 21% to 11.47 million vehicles. Ford Motor (0.86% to 11.71 dollars) has reported a sales decline of 11%. General Motors, which is preparing an offering of securities to reduce by nearly 61% of the state capital, reflecting a drop in its sales by 25%.

Always on the side of values, the U.S. computer giant Apple (0.74% to 252.17 U.S. dollars) has unveiled the updated version of its iPod portable should be very surrounded. The Apple brand has also significantly lowered the price of its Apple TV boxes, for playback on a television screen high definition video from a computer.

Burger King (25.08% to 23.59 dollars) has formalized its takeover by 3G Capital at a price of $ 24 per share.The total transaction is valued at four billion dollars (3.12 billion euros).

Warren Buffett has filed a formal offer to repurchase its Berkshire Hataway (+0.38% to 81.22 dollars) for the 19.9% stake it does not already own in Wesco Financial (unchanged at $ 363 ).

General Electric (0.80% to 15.13 dollars) and Westinghouse Electric might spend ten billion dollars (7.8 billion euros) in total to build two nuclear reactors in India, Financial Express reported Thursday.Citing unidentified official sources, the newspaper said the two projects are being finalized in preparation for the planned visit in November, U.S. President Barack Obama.

HP (1.20% to 39.68 dollars) announced Thursday it had raised its takeover offer for 3PAR (2.43% to 32.86 dollars) to $ 33 per share, valuing the company Storage Data to 2.4 billion dollars. In the process, Dell (1.98% to 12.36 dollars) refuses to bid and withdraw from the race.

Genzyme refused an offer below 75 dollars per share

Sell, yes, but not at any price. This is essentially the message delivered by the Director General of Genzyme, Henri Termeer, in an interview with Reuters on Tuesday. The owner of the coveted American society was prepared to sell its group of biotechnology, but not at the price of 69 dollars per share, as proposed by Sanofi-Aventis. "An agreement can be concluded that when the group's strategic value has been properly recognized, he decided.

After rejecting the offer Monday, Genzyme said, however open to negotiations which should, according to Henri Termeer, lasting several months. According to the latter, there is a "high probability" that an agreement was finally reached with Sanofi, given the "strategic needs" of the two groups. But this would require "a reasonable starting point for negotiations."

Sources familiar with the matter have said previously that Genzyme wanted to receive an offer of at least $ 75 per share before committing serious discussions.

The boss of Genzyme said it was too early to say if another candidate could submit a bid. For the moment, neither the company nor its banks have begun efforts to find potential buyers. "Once the process begins with Sanofi, this could change."

Sanofi Aventis remains firm on its position

In response to these remarks, a spokesman for Sanofi-Aventis said in the evening that the group was willing to engage in discussions while maintaining its original proposal. "We are always willing to engage at any time in constructive discussions with the company and its board of directors.

"We believe that our offer provides shareholders a premium of Genzyme strong and attractive that fully integrates the upside potential of the company," added the spokesman.

Sanofi has hinted he could go directly to shareholders if the company Genzyme refused to enter into negotiations on the basis of its current offering. Heni Termeer scans the threat: "I think a hostile situation is unlikely to happen," he said. "We need so much from each other in terms of future value. This could go in that direction but I would recommend to object if I was advising the other party because it is not how things should be done, "said he.

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