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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"This slowdown is due to the deterioration of the labor market in 2009 and the near stagnation of prices, which have dampened wage bargaining in both countries," according to INSEE, using statistics French and German.Illustration of this slowdown, the increase in the minimum wage was 1.3% on 1 July 2009 in France, against 3% on average in 2008, notes the National Institute of Statistics and studies économiques.En Germany, reductions number of hours of work and temporary suspension of increase weighed on earnings, but the slowdown of the basic wage was only 0.3 percentage points in 2009 compared to 2008.

Since the wage agreements are multi-annual index-some grids had indeed been negotiated before the economic crisis.The new agreed increases in the second half of 2009, however, were "much smaller" than previous years and there were very few new wage agreements during this period, noted INSEE.

Virtually zero inflation in 2009

Taking into account inflation, "virtually zero in 2009 in the two countries' basic pay has" increased significantly "on both sides of the Rhine, but again more in Germany (+2.5% after +0.2% in 2008) and France (+2.1%, after -0.2% in 2008).

This comparison between wages in France and Germany came as the country was criticized by some of its partners, including France, to encourage low wages to enhance its competitiveness at the expense of its neighbors.

Germany argues that governments have no influence on the evolution of salaries – there is no general minimum wage in Germany – and has no intention to curb the competitiveness of its companies.

The Summits of the G8 in Huntsville, and G20 in Toronto will cost 1.2 billion dollars (960 million euros) to Canadian taxpayers. Local media raged against the sum of the Pharaohs. The G20 summit in London in April 2009, would cost only $ 30 million (24 million euros). Although comparisons with other peaks are difficult, the Conservative government, grappling with a fiscal deficit of 53.8 billion dollars (43 billion euros or 3.5% deficit to GDP) this year 's is launched into extravagant expenses.

In Huntsville, a town 200 kilometers from Toronto, where the G8 will be held Friday and Saturday, the Conservatives have built a convention center, built parks, renovated sidewalks. The construction of an artificial lake, in a country with hundreds of thousands of lakes, to two million dollars (1.6 million euros), has angered the population. Worse, the work sometimes took place in remote villages of Huntsville.

An economic mistake

The Harper government would have chosen two locations for the G8 and G20 to spoil the voters of Industry Minister Tony Clement in trouble in his riding of Muskoka-Huntsville loan payday. The largest share of expenditure is devoted to security, $ 930 million.The only mounted police has booked 5,500 rooms for nine days for its staff.

Many observers believe that the holding of the G20 in the financial hub of Canada's largest city is an economic mistake. Security measures are such that many companies and universities will close their doors this week. The National Post newspaper relayed an uproar among Canadian workers as a very symbolic of the atmosphere that reigns at the summit: "The G20 against sellers of hot dogs." In the financial district of Toronto, these vendors with their dozens of small meals on wheels are a very colorful tradition popular with businessmen.

The mayor of the Queen City has decided to ban these traders during the nineteen days that are applied security measures in Toronto. During this period, the sellers of hot dogs will have no income.The discontent of Toronto has spread across Canada. In these times of austerity, these peaks of excess may be costly politically for the Conservatives.

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The Democratic majority hopes tying a new version of the bill by the month of July. The text, in its latest release, provides a carbon market to reduce emissions of greenhouse gases from industry and, among other provisions, the nuclear revival.

No matter that the oil spill as an excuse to create an energy tax, has won Sunday's Mitch McConnell, the Republican leader in the Senate, where every vote counts.

Barack Obama is still riding the wave sticky to push his advantage. It should meet on Wednesday a group of Senate Republicans and Democrats to seek a compromise on the new law.Without waiting for Congress, the Administration Obama has already made progress in diversifying its energy sources.

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It was mandated to participate, with the support of several partners including Goldman Sachs, the redemption of an amount between 1.5 and 2 billion pounds. The terms of the auction should be known Tuesday.

The British government announced in 2009 the privatization of the railway line linking St Pancras International in London to the Channel Tunnel. Eurotunnel had declared his intention to stand.

Indeed, the design of this line is based on a technology very similar to that used for the Channel Tunnel, both in civil engineering for the rails, signage, power or control system and communication.

The recent plunge in BP, which has further declined by nearly 10% Monday as London qu'ç New York and whose market value has been reduced by over 45% since the beginning of the accident, certifies that the hypothesis of a bankruptcy is not completely ruled out by investors. Thus, counselors will work to optimize the management of the crisis and to prevent compensation claims do not leak the multinational or make vulnerable, thus creating a hostile takeover. The trio of investors and put together a strategy to enable the group to meet claims over the next five years.

But for now, BP does not confirm this information. A spokesman for the group merely stated: "This is not true, we do not appeal to banks to defend ourselves," adding "we urge banks year round for different reasons.

Senators call 20000000000

The information is then revealed, however, that the U.S. government is more determined than ever to pay the oil company. of compensation for victims of oil pollution and environmental damage and business. It looks particularly dire consequences for fisheries and tourism in the Gulf of Mexico, in a letter to the director of BP in the United States.

International Help

A little more reassuring to the disaster called the "ecological / 11" by Barack Obama, Washington can count on the solidarity internationale.pour cope with the spill. Countries like France, the United Kingdom, Mexico, but also the United Arab Emirates and Vietnam have offered assistance in the form of equipment and expertise.

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Eric Pictet – Ask borrowers what they think of Russian loans! The risk is never where you think it is. Investors believe that a state can not go bankrupt, but who would have thought that Russia in the late 1990s and Argentina in 2001 would have to default on their external debt, that Greece would be in big trouble. States are less likely to bankrupt the companies – there are fewer, but the consequences are serious both economically and socially.Personally, I prefer to be paid with a coupon of 8% to 9% in seven years in a fund with hundreds of companies rated BB / B buying a loan to ten years of a State debt at a rate of less than 3%.

And compared to actions?

Corporate bonds are better adapted to periods of uncertainty as shares. The capital gain is limited, but the coupon is more regular and higher than the dividend. The risk capital action is 100%. This is not the case of an obligation because the creditor has collateral. The recovery rate is about 30% to 50%. The profile of this asset class is suitable for investors who want to gradually increase their exposure to higher-paying assets, without having to expose themselves to greater risks of stock markets.

Since the beginning of the year, European equities, for example, dropped 15% while corporate bonds rose by 3.52% respectively on the segment investment grade and 5.67% on the "high yield "(bonds with a high risk, Ed). Investors fear less for the company credit for their results. If an investor were to lose money with corporate bonds in the next twelve months, it probably would mean that the shares have lost 30% of their value. Corporate bonds are much less affected than shares, for any period of recession coupled with deflation.

Emissions of corporate debt have experienced a slump in the month of May This will he continue in the second half?

In 2009, emissions have been a record 180 billion dollars.The broadcasts in May 2010 were only $ 6.9 billion as rising demand has slowed the coupon amount of emissions. However, since the beginning of the year, the total emission displays a record 117 billion dollars. These amounts do not constitute additional debt for companies but largely from the refinancing of existing programs or bank debt.

At Muzinich, you are mainly positioned on bonds rated BB / B Why?

Bonds rated BB / B, ie just below the bonds' investment grade (securities rated borrowers between AAA and BBB-, corresponding to a low risk, Ed) can be considered as an alternative to actions. In an uncertain economic environment, the coupon received (currently between 8% and 9%) is a useful cushion to better absorb the cuts.Historically, the correlation with the market share is 50% with a volatility almost twice lower. We believe that an investor in this asset class, except external shock, should get a return of 6% to 11%.

What areas of focus?

We make a detailed analysis of each issue and we select companies able to generate sufficient cash flow to repay interest and term refinance. In Europe today, we are exposed on the cable sector, environment, services and under exposed to the construction, automotive and airlines.

The DAX index of the Frankfurt Stock Exchange ended down 3.27% at 5715.09 points (-6.86% on the week). In London, the FTSE-100 lost 2.62% to 5123.02 points (-7.75%). The Madrid Stock Exchange ended on a further sharp decline of 3.28% to 9046.1 points. The Ibex index, which lost 5.41% Tuesday, a victim of rumors about a need Spanish assistance from the IMF, cowardly 13.78% on the week.

Italy was also concerned by reports of infection, despite denials by the rating agencies. In Milan, where the negotiations were suspended on the main platforms due to "technical problems" to 4:40 p.m. this Friday, the stock ended down 3.27%.A decrease of 10.43% in 5 days.

Nordic Scholarships are not spared the nervousness in Copenhagen, the OMX index-20 star has unscrewed the closing today of 4.14% to 371.12 points, while in Helsinki, the OMX 25 fell 4.1% to 2001.08 points. In Stockholm, the main square Nordic OMX 30 index finished down sharply from 3.34% to 944.57 points, while in Oslo, the benchmark index has lost 2.87% to 348.98 points.

The Athens Stock Exchange, to whom all eyes are turned, closed the week down 2.86% to 1630.47 points.

Panic

In the wake of Wall Street, which yesterday saw a historic fall 9% in session yesterday after a "computer error or human, the European stock exchanges have experienced panic attacks. Around 4:40 p.m., the ACC let go of 5.70% to 3353.35 points, the Brussels Stock Exchange plunged 4.19% to 2,300 points.Same thing in Madrid where the Ibex-35 index fell by 4.26% to 8954.2 points. The Dax took down sharply from 3.49% to 5701.80 points. London lost 4.1% to 5045.3 points. Even the Moscow stock exchange gave up 5.54%!

"There is no fundamental to explain, if not very deep nervousness in the markets. The volatility is very important, and uncertainty, fueled by the approach of the German elections weigh, "said Frederic Rozier, manager of equity in Meeschaert Private Banking.

Yesterday, Jean-Claude Trichet failed to reassure European markets or Wall Street.The markets fear that the problems of Greece are not being passed in other European countries, and have in particular strong impact on banks cash advance to savings account.

Visit Brussels and conference call of G7

On the macroeconomic front, while the austerity plan was adopted by the Greek Parliament, Heads of State and Government of the eurozone meeting in Brussels from 19 o'clock tonight.Angela Merkel and Nicolas Sarkozy to defend this time the need to strengthen in the future budgetary control of the eurozone countries, sanctions and possible revisions of the treaties in support.

The finance ministers of the G7 major industrial countries have them held a conference call urgently on the crisis that has engulfed the markets.

Barack Obama also spoke on the topic Friday. The American president wanted to be reassuring, saying the U.S. had continued to cooperate with EU authorities and the International Monetary Fund deal with the crisis of debt. "We've agreed on the importance of a vigorous policy response in the countries concerned and on that of a robust financial response of the international community," he said.

In the United States precisely, the U.S. Department of Labor announced that the economy had created more jobs than expected in April: 290,000 jobs were created last month, is the highest number since March 2006. But these new, "very encouraging" by Barack Obama, went unnoticed on the markets …

Side currencies, the euro rebounded against the dollar after a plunge yesterday, under $ 1.26 for the first time since March 2009. Around 18 hours, the single currency climbed from 0.70% to 1.2740 dollar.

Bank penalty

On the values front, as saying that the values are nonexistent on the rise in Paris. The titles are the most attacked, of course, those in banking / insurance, the most exposed. Company g?n?raleperd 8% and won the title of the largest drop of ACC. Just behind, cowardly Dexia 7.54%, Credit Agricole7, 20%, BNP Paribas 5.68%.Axa slipped 6.56%.

Veolia Environment (-5.27% to 21.67 euros) is the sentence after the publication of its quarterly results.

NicOx pharmaceutical value fall -10.29% to 6.79 euros after the announcement of 7.2 million euros in losses in the first quarter.

Edward Whitacre, CEO of General Motors (GM), has made debt repayment a central tenet of its strategy to recapture the American consumer after the bankruptcy of the manufacturer last year.Following the rescue of Washington, which had injected nearly $ 50 billion in total, though the company had until 2015 to meet its debt by $ 6.7 billion in cash, the rest being paid in share capital.

The rival Ford, which did not require such a rescue has benefited greatly from its game in recent months, with sales up 38% in March, year on year. GM lost 4.3 billion dollars over the first half of 2009, but Edward Whitacre expects the results "solid" for the first three of the year. The figures will be published next month.

"In addition to lost revenue for airlines costs to change the routes of their machines and take on passengers and equipment stranded in various airports," he added. This is a "first conservative estimate".

According to many analysts, the closure of airports in North Europe was difficult to quantify an impact on the finances of airlines. Experts estimate that it will depend on claims from customers.More recently prefer to postpone their flight, the more it will limit the losses to the industry.

"While we have no visibility on the duration of these disturbances, it is difficult to say what is the cost for companies," Marina J. Devitt, the Irish Goodbody brokerage told AFP.

An invoice of $ 30 million for Air France

In the ladle, it is possible to obtain an estimate by dividing the annual turnover of a company by the number of days during which the aircraft remain grounded. Based on this rough, it is possible to establish that, for Air France-KLM, the cloud would cost 30 million euros and 25 million for British Airways, a Paris-based analyst advance fast cash now.

In Germany, total paralysis of traffic is expected to weigh on the entire industry to the tune of 50 million euros in total per day and "less than 10 million euros a day" for Lufthansa, said analyst Per-Ola Hellgren, bank LBBW, told AFP. An invoice less salty than the recent pilots' strike which had cost 48 million euros in total.

Finally, the "one-time impact on earnings of the Irish Ryanair should be low since most of the operational costs will be avoided, except for aircraft rental and labor costs," notes the brokerage Irish NCB.

Rush predictable

Companies should still limit the damage thanks to the predictable rush of customers at the end of the flight ban. The aircraft should then record load factors much higher than normal, making profitable at the same time much better flights.

Without waiting to preliminary figures, the titles of European airlines fell sharply on the Stock Exchange on Friday. At closing, Air France-KLM took down 3.42%, British Airways fell by 3.13%, 4.10% Lufthansa.

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