Between $ 75 and $ 80

A silence that analysts interpret as the beginning of discussions between the two parties.And, according to The Wall Street Journal, these negotiations have started badly. While Sanofi encamp on his positions, namely an initial offer of 69 dollars per share, the leaders of Genzyme seller would not be below 80 dollars. "I do not see Sanofi pay more than $ 80. However, the shareholders present capital of Genzyme – Relational and Carl Icahn – will not accept offers of less than 75 dollars, "said Hervé Manign, specializing in mergers and acquisitions. If Sanofi-Aventis declined to specify the amount of the envelope before it, the analysts amounting around 20 billion euros. The group comes easily to renegotiate a credit line of $ 7 billion to 2015.

"Sanofi is not obliged to do this operation"

If both parties wish that the discussions continue, they must s'entendrent on the initial offer."Genzyme is a very tempting prey for Sanofi, because it would allow him to catch up on organic products, which have the advantage of being more difficult to generics, said Herve Mangin. But Sanofi is not obliged to do this. On the one hand, an acquisition too expensive tarnish the good investments made by Chris Viehbacher since his arrival at the head of the group. On the other hand, it would force the group to increase its capital, which would reduce the value of the transaction.

A month ago, Sanofi-Aventis published in the second quarter sales up 4.6% to 7.8 billion euros, but down 1.2% at constant exchange rates. Net income from operations rose 7.6% to 2.5 billion (+4.5% at constant exchange rates).If the activity is driven by emerging markets (+19.4% organic growth for the half year), sales in Europe and the United States will continue to decline with further loss of patents, but after 2013 the group remains confident with the launch of new products. Sanofi-Aventis development Jevtana particularly in the treatment of prostate cancer has just been approved in the United States, and iniparib (BS1201) in the treatment of breast cancer.

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The month of July was favorable to investors in Paris. In July, the CAC 40 was well recovered, compared to a decline in June and a memorable month of May in terms of poor performance.Between 1 July and this July 30, the index rose 9.1%. Since the beginning of the year, it remains a decline of 7.45%. Compared to a year ago, it was up 6.3%.

On the face values, we will monitor:

BNP Paribas announced on Monday its quarterly results before the market in good order. They are far beyond expectations, thanks to lower provisions.

France Telecom has entered into discussions with shareholders Meditel second operator in Morocco, to acquire 40% stake in it, according to the Moroccan weekly News, citing a potential investment of 650 million euros.

Eurazeo announced Saturday that entered into exclusive negotiations with the U.S. fund Carlyle for the sale of the hotel chain B & B.

The construction group Vinci has been chosen Friday by the Government for the concession and the construction of the airport at Notre-Dame-des-Landes, who should take over from the 2017 air services from Nantes-Atlantique.

Areva on Friday, as expected, half results penalized by an additional provision under the Finnish EPR OL3, but it confirmed its targets for 2010.

Eiffage has published a quarterly revenue up 2.2% and said its order book stood at EUR 10.8 billion at July 1 (+4.4% at constant since April 1 2010), more than 11 months of activity.

APRR – Arnaud Montebourg The socialist leader said it had seized the financial markets authority (AMF) to try and block the delisting of Autoroutes Paris Rhin Rhone (APRR) requested by Eiffarie, a joint venture of Eiffage the Australian Macquarie Group

On Friday, the NYSE has ended sharply higher, buoyed by another round of quarterly results from U.S. companies of good quality and were reassured on the results of resistance testing in European banks. The Dow Jones gained 0.99% and the Nasdaq 1.05%. On the whole last week, the Dow Jones gained 3.23% and the Nasdaq rose 4.15%.

On the foreign exchange market, the euro steadied against the dollar. In the morning, it was worth 1.2901 dollars against 1.2906 dollars on Friday.

A busy week on the macroeconomic level.Today investors expect the sales figures for new housing. Another highlight, the U.S. central bank should publish its Beige Book Wednesday on the economic conditions. It will be very guarded while the president of the institution, Ben Bernanke said Wednesday before Congress the slow recovery, with no announcement of new funding in the economy.

On Tuesday, it is the Standard & Poor's / Case Schiller home prices and consumer confidence, which will be followed, before investors only look the next day on orders of durable goods. But it was the day Friday with the first estimate of gross domestic product (GDP) U.S. second quarter to be expected this week.This new burst of publications should be followed especially when investors are questioning the strength of new U.S. economic recovery No fax pay day loans.

U.S. companies are still likely to take stock in their accounts this week, including the program six companies forming part of Dow Jones. Tomorrow investors expect such figures CIT and Lockheed Martin and those sitting in the middle of DuPont.

To follow today the title of BP traded on Wall Street. The British press refers to a departure from the CEO of BP, before tomorrow, the date of publication of interim results of the oil giant.

Always on the side of values, General Electric said Friday its increased dividend of 20%, the quarterly dividend from 10 cents to 12 cents.GE also announced a resumption of its share repurchase programs. He had stopped this practice in September 2008. The board gave its approval for an additional $ 11.6 billion. "GE hopes to finish the year with $ 25 billion in cash, including proceeds from the sale of a majority stake in its subsidiary NBC Universal to Comcast" say the analysts at Aurel BGC. Some of this money will be used to buy three billion dollars in preferred shares that the group has sold to the holding company Berkshire Hathaway of Warren Buffett in October 2008.

Also note Friday night, the FDIC, the federal agency whose primary responsibility is to guarantee bank deposits, announced the bankruptcy of six new American banks, bringing to 102 the number of closing establishments since the beginning of year.These six failures will cost about 394 million dollars to its compensation fund the FDIC.

Uncertainty remains high: the compressed oil, trapped in the wells blocked by the funnel, eventually creating gaps and spread back into the ocean.According to Thad Allen, head of operations against the oil spill administration, BP must conduct further tests because the measured pressure does not allow to draw definitive conclusions about what is happening inside the well.

High pressure would suggest that well resistance is good and there is no leakage. Low pressure instead leave thinking that oil escaping elsewhere. Admiral Allen said that the pressure increased from 0.1 to 0.6 bar per hour, which was a good sign. But Friday, the level of pressure in the well still left casts "doubt on the possible existence of a leak." On Saturday, Vice President of BP, however, that the pressure inside the well had continued to increase."The fact that the pressure continues to mount gives us more confidence that the test works," he added, stressing that the data are "quite" in the range predicted by the engineers.

The extended testing

As a precaution, the oil company said Saturday it would extend the period of initial testing prévuepour last 48 hours. "We continue in phases of six hours each time. If there is a change in the way we do, we will announce it, "said Mark Salt, a spokesman for BP at the end of this period.

If the test proves successful the well will remain closed until the risk of leak is definitely ruled out by injecting concrete through a relief well. An operation could be completed in early August.However, if a leak is detected, the valve will be reopened and the oil will be pumped to surface ships.

"If we decide to reopen the pit, oil drain into the Gulf for some time," said Mr. Wells, the time to connect the pumping lines at the wellhead. This would obviously a major failure for the oil group that tries since the end of April to contain the largest oil spill in U.S. history.

Since April 22, nearly 520 million gallons of crude that would have flowed into the ocean, estimated Tuesday the International Energy Agency. Even if the leak was finally stopped, Deepwater would remain one of the worst oil spills in history (see graphic below), a nightmare to $ 3.5 billion for BP and irreparable ecological catastrophe.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

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In March, the caseload had dropped by 12,000, a first since its inception in June 2009.In eleven months, the number of beneficiaries of the "RSA activity" has increased by 51.5% although it remains far from the goal originally posted by Martin Hirsch third of the "target population" in benefits really now, against 90% target by the "father" of RSA.

Same trend in May

Question cost, RSA will cost 649millions euros in April to the community (543millions for "RSA base" and 106millions for "RSA activity") and more than 6.62 billion since its inception, including 15% for "RSA activity, funded by a 1.1% tax on capital income.

The rise of "RSA activity" is "a sign of an upturn in activity or the beginning of the crisis, hopefully it to the government. People are starting to take odd jobs: the very low-paid full-time or part-time.This trend would be "confirmed or accentuated a bit" according préchiffres May.

For the current Minister for Active Solidarity – which has never believed in original intent of scalability of the "RSA activity" – there are two other explanations. "Many people have been slow to apply for RSA business because they did not know they were entitled, because they would not feel stigmatized because it was complicated," says Marc-Philippe Daubresse that present in early July a plan to simplify the RSA. The departments have also been slow to organize the information flow and are currently optimizing their practices. "

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Ultra-mediated, the World Cup is one of the most watched sporting events on the planet.Fanatical football fans and casual parties are before the football games the most essential. "I'm not a football fan, said Arnaud, network engineer for 24 years, but I'll watch the matches of the France team and the greatest teams like Spain and Brazil. But if the blow of sending many matches will be whistled at 20:30, other meetings will take place during the day. So, how employees will organize themselves to watch the highly anticipated match between France to South Africa and will be held June 22 … 16 hours?

Sites streaming and mobile phone

Fortunately, new technology makes it easy to watch the games away from home. After radio and television screens, salvation will come from streaming websites and mobile phones."I think working together to turn the match back on the computer, and I'll have a look occasionally," says Sebastian, a Marseille football addict who nevertheless adds that his "priority is work." "We will release the iPhone," says his side an employee of a company of mutual fund also defends his dedication: "we have the right to play it if everyone does his job." His team has even organized together to bet on the outcome of games.

For football fans are lucky, their boss shares the same passion (or includes) and installed a screen in the office. "We bought a TV for Roland Garros, the World Cup and also for the financial news networks anyway," says Bruno, an analyst in a asset management company, "we will light according to general opinion, and it will mute the sound, as Roland Garros.

Productivity in danger?

In these circumstances, the World Cup could have an impact on global productivity? Yes, according to the company Blue Coat Systems specializes in security and networking applications that points to the bandwidth consumed by access to streaming soccer matches, to the detriment of professional priorities bad credit pay day loans.

"Many employees are unaware of the effect of video streaming over a network, said Nigel Hawthorn of Blue Coat Systems. This is the first World Cup where there are as many opportunities to watch the games online and interact with our friends and colleagues on social networking sites.Knowing that a football match watched streaming consumes about 750MB of bandwidth – is sending more than a dozen copies of Tolstoy's War and Peace – it is important that IT professionals and human resources to communicate employees clear rules.

"A question full of traps"

But Didier Primault, economist at the Center for Law and Economics of Sports, the Economic Impact of the World Cup is a particularly complicated problem to solve. "The impact may even be positive, he notes, there is more enthusiasm when France wins after a joke among colleagues!". We can actually remember the wave of enthusiasm generated by the victory of the Blues in 1998.In general, the economist points out that many professions do not allow access to a screen to watch the game and the duration of the competition is too short, just over a month to have a real impact on economy.

"It comes full of traps" answers Didier Primault, referring to "substitution effects" that allow some sectors to benefit from slowing further. And, even noting a change in productivity during the World Cup, there is no evidence that the sporting event is the cause. Many other factors must indeed be factored into the calculation of productivity, such as unemployment or even the climate situation.

But historically, the economist says, despite the impact of the 98 World Cup, "France has a lower demand for sports entertainment" than other countries like Great Britain.Moreover, according to the poll by Monster, 61% of French respondents say they are not interested in the World Cup, the world average but well behind the Italians (39%), Irish (40%), British ( 53 %)… and especially the few hundred Malaysians who participated in the survey: 85% of them are excited by the adventures of South African players and loans to 44% to defy a ban on employers to watch the games. Beyond cultural differences, doubts about the 2010 vintage lights may prevent the French workers to dissipate this year …

In recent years, the owners have too often been a drift of their trustee fees (see also the investigation of abusive practices on an individual trustees). They tended to vote in general meeting a basic package at attractive rates, but charge extra for many tasks that should have been part of their standard delivery. In an attempt to end these abuses, the National Consumer Council (NCC) was made in September 2007, a notice setting out, in consultation with the condominium associations and professionals, a list of 44 tasks to be included in the basic package. Professionals do not always having complied late 2009, the government has decided to publish a decree making such recommendations mandatory.All contracts voted on after 1 July 2010 must comply with these new requirements

A stopped too shy

The condominium associations, the ARC (Association of Chief of joint ownership) and the association CLCV (consumption, housing, environment) in mind, regret that the order did not go further advance payday. It does not specify what effect do the terms current management task, or tasks. Thus, the trustees may continue to charge benefits sometimes fanciful, for example, emergency management during the day, the return of applications to the bailiff and lawyer, or sending emails.Another problem is the order also allows trustees to charge shareholders' meetings held outside office hours and charge extra for some of the archives, the archives only useful (condominium regulations, minutes of general assembly, contract work etc …) are included in the current management.

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Following the regional elections, Nicolas Sarkozy has postponed the carbon tax, its implementation conditional on the adoption of a "tax border European" would apply to products from the 'polluter pays'.

Trade disputes

The idea largely divides the bloc, and the report points out the reluctance of Brussels."First, (the tax) should be designed to ensure legal consistency with the WTO (World Trade Organization). This obstacle is surmountable by experts held Bercy. The fact remains that the tax, according to Brussels, "could provoke trade wars and retaliation" fast cash. The fears about China but also the United States. "Secondly, the report continues, the administrative costs could be very high because the tax rate would vary depending on carbon emissions generated by each taxed product."

On March 26, following the European Council, Nicolas Sarkozy had been assured that "the question of a border adjustment mechanism" was "unavoidable", adding: "no country objected."According to the French President, the European Commission in June propose a mechanism of carbon tax at the border. This initiative does not appear in the official statement of the conclusions of EU summit. "It is an interpretation" by the Head of State, politely commented an official of the Commission. "The border tax," says this source in Brussels could be discussed "early May" between the commissioners involved in the revision of the directive on the taxation of energy to appear in a document may only be a proposal.

"This release was expected in fifteen years. The court held that it would never have been there and there would never have to be a liquidation, welcomed Mr. Maurice Lantourne, attorney Bernard Tapie.

His other lawyer, Herve T?mime, even says that Bernard Tapie, "has been a settling of political scores and this case was for him a brake on business and politics." According to him, this release is primarily a "rehabilitation with accountability" of Credit Lyonnais.In 2008, the Consortium for implementation (CDR), a public body responsible for settling the liabilities of the bank, accused of having swindled Bernard Tapie in the resale of sports equipment manufacturer Adidas, has been ordered to pay 285 million euros the former minister.

Settle his accounts with the law

Bernard Tapie has always claimed that his two companies have not been bankrupt, had he not been swindled by Credit Lyonnais in connection with the sale of Adidas. His lawyers had argued that "the offense of bankruptcy is no longer possible", since "the first element" essential to a bankruptcy, ie liquidation or judicial relief, no longer exists.

The FIBT owned industrial heritage and financial Bernard Tapie and GBT wore his personal assets. The two holding companies were declared bankrupt in 1994.A winding canceled December 7, 2009 by the Paris Criminal Court.