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Raising the U.S. debt ceiling on Tuesday night after a Senate vote, did not end concerns. The harshest criticism emanating from the largest creditor of the United States, China. Washington failed to "defuse the debt bomb," has dealt the official news agency Xinhua on Wednesday morning.

To support this message, the governor of the central bank, Zhou Xiaochuan, announced that "foreign exchange reserves of China will continue to follow the principles of investment diversification and risk management." Clearly, the portion of funds invested in dollar continue to fall. "Large fluctuations and uncertainty in the market for Treasuries have an impact on the stability of the international monetary and financial system, and could affect the global economic recovery," said the Chinese official.Beijing has to worry: he has financial reserves of the largest in the world, or about 3.197 trillion dollars at the end of June, of which 1.16 trillion invested in U.S. Treasury.

The rating agency Dagong China has also downgraded the U.S. of A + to A, away from the AAA provided by Western agencies. She said raising the debt ceiling will "worsen" the situation. The show divisions between Republicans and Democrats in recent months "reflects the government's inability to solve the problem" of American finance, said she.

"A first step"

More lenient, Moody's affirmed the AAA rating of the United States, while combining it with a negative outlook. "The agreement voted Tuesday night is the first step to recovery of public accounts," she observed in a statement.But the financial health of the world's largest economy, and therefore its rating could be threatened if new austerity measures are not adopted in 2013, even if growth slows, or in case of sudden rise in interest rates.

The rating agency Fitch for its part, said Wednesday morning in a statement that it believes "the risk of default of the United States is extremely low." However, "the United States, like most countries in Europe, must confront difficult choices about taxes and spending in a sluggish economic recovery," and sufficient to redress public finances. Fitch confirmed Tuesday night the American note.

Standard & Poor's, the most influential of the three Western rating agencies, has not yet officially expressed.The director of sovereign ratings Takahira Ogawa, however, tried on Wednesday morning to alleviate the issues of possible degradation, "the market has to some extent already recognized the potential risk of a downgrade American." S & P had warned during the negotiations on the ceiling of the debt: the United States should save 4 trillion dollars over the next ten years to maintain their AAA. The plan adopted only on table 2.4 trillion.

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Twenty products absent from the shelves of the pharmacy on the first day of the week. This is the situation that a small pharmacy owner in the fifteenth arrondissement of Paris, a few days of the summer closure of his pharmacy. An almost normal, and shared by many of his colleagues. These problems of supply disruptions, the pharmaceutical companies (LEEM) have also identified a few months. Front-line antiretroviral drugs (treatments against AIDS), insulin, or steroids. In some small pharmacies, such as supply disruptions related antidepressants and vaccines.

"The mountain of pharmacies in these areas have alerted us, says we in the trade association of the drug industry, because in general, breaks off and still found the result of bad weather, or social movements. " This was not necessarily the case in recent months."For some specific drugs, including antiretrovirals, there is a significant difference between the amounts made available to the distribution channel for businesses, and far below the number of units issued by the city pharmacies" confirms the organization.

In this case, then those products which go missing? According to Leem, some drugs would be captured by "short liners," the new intermediate appeared recently (4-5 years), whose intervention "aims to capture the margins, and do not have to Unlike the traditional players, a culture of health professionals ", warns Leem.And the controversy grew about the possible disruptive effect that these new players would result in the drug market.

Introduction of quotas

These new entrants are currently only 2.5% of the market for thirty entities in competition with wholesale distributors, who are the traditional intermediaries between laboratories and the approximately 23,000 French owners of pharmacies. "This is especially true for drugs produced and distributed in small quantities, such as antiretroviral (ARV) where their intervention significantly affects the fluidity of the market, says Emmanuel Déchin, general secretary of the Chambre Syndicale in the pharmaceutical distribution (CSRP) , which comprises seven members, representing 97% of the French market."We know that none of these ARV box which is sold is intended for the French market.".

In addition, since the early 2000s in France, every distribution is given by pharmaceutical companies, quotas based on national market share. "We understand the concern of an economic actor such as a laboratory to better control the flow of production, Emmanuel Déchin tempers. But it also induces more rigid and can penalize us and expose us to break. " Today, about 600 drugs on the 5300 allowed the French market are subject to these quotas. And strong demand in France for some products, lead to regular stock-outs on nearly 270 specialties, according to the Union of pharmacists (USPO) payday loan lenders.

Also advancing to explain that some pharmaceutical giants, if dispatchers do not hesitate to reserve a portion of their stocks of the more "lucrative". Indeed, patented products still sell for an average of three to five times more expensive in the U.S. than in France. And even within the European Union, large disparities persist. On average, the products can be sold 20% more expensive in Germany than in France, while in Spain, prices are generally lower than 10%. "I do not honestly believe that a laboratory, despite its economic imperatives, can do this type of arbitrage to the detriment of the health of patients' tempers Déchin Emmanuel.

The health minister is prepared to legislate

For his part, and face these charges, the Health Minister Xavier Bertrand was firm: "These systems are known to parallel importation, but I do not want that.What is planned for France should be consumed in France, "he said on Europe 1 radio on Tuesday. He was prepared to legislate if laboratories and wholesalers did not meet their obligations, "or you meet your quota, or I will oblige with a new text, he said. It's a shame to come here but I will not hesitate one second to do so. "

Therefore, to overcome these difficulties, some small pharmacists have no choice but to defeat the usual, explains that another pharmacist in a small pharmacy (800,000 euros of annual turnover): "either we manage with co-major pharmacies that are generally better off than us, or we go directly to the laboratory control. But this can only be temporary, because of course we pay more than the wholesaler! ".For two or three years, the pharmacist admitted being increasingly confronted with such situations, including antiretrovirals and cancer. Clearly, treatments that can not wait. Troubleshooting

Faced with this shortage, Leem and the French Agency for Safety of Health Products (AFSSAPS) have set up emergency solutions (stocks troubleshooting, short circuit …) and special issues to avoid the maximum out-of treatment for patients. A temporary workaround, which can not do without an in-depth study of the new challenges of the French system of drug distribution. What the Department of Competition and Fraud (DGCCRF) seems to be addressing.

In turn, dispatchers did not call for the abolition of quotas, nor to that of intra-EU trade, but felt that the resolution of this issue "very complex" pass through "pragmatism and a sense of responsibility on the part of all actors in the chain, given the economic pressure to which they are subjected. "

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French hopes of a major Airbus order from American Airlines had started to be felt on June 30. An article in the Wall Street Journal announced an order in effect prior upcoming 250 aircraft from European aircraft manufacturer with the third largest global airline industry .*

These hopes were not disappointed. The official announcement has fallen American Airlines places order for 460 Airbus A320 aircraft with 260 and 200 Boeing 737. This is a record contract in the history of aviation from AMR. Even better, some 365 options on Airbus against Boeing's 100 for those raised. This is a turnaround in favor of Airbus fleet since the American company did not count any European aircraft since 2009."Airbus Boeing enters a pure client, there is a 'mix' Neo A320 and A320, which responds to the risk of cannibalization between the two devices," said Yan Derocles, an analyst at Oddo Securities.

The options are for delivery in 2025, while orders already confirmed will be made within two to eleven. So far, Airbus continues its momentum in the Paris Air Show. Indeed, in June, two historical controls had already been reached: the Malaysian company Air Asia going contract for 200 copies of the Neo-A320 for a total of $ 18.2 billion, while Indian IndiGo in seeking 150.

The A320 shares to glean Neo 737

Strategically, American Airlines hires a phase of renewal of its fleet and intends to reduce its fuel consumption.In fact, the company looks to new generation aircraft, whose engines are designed to consume a minimum of oil. Airbus, the A320 Neo meets this requirement and just walking on the toes of the Boeing 737 Next Generation, delivered since late 2010. Neo The A320 should be available by 2015. American Airlines will be the first U.S. company to deploy this aircraft.

However, the amount of the order was not disclosed, while the company saw the amount of its net loss increase during the second half of 2011, reaching $ 286 million more than estimated by analysts. In addition, the suspense continues as to the entire command must pass Air France KLM during the summer. She will choose only European aircraft? Stay tuned.

* Number of passengers / km, according to IATA.

Despite the withdrawal of support from the Ministry of Education, however, initiated the scheme in 2007, Operation "Essentials of the season" is renewed this year. The consumer association Familles de France, who led the negotiations only for the operation to be maintained, and obtained group Auchan, Carrefour, Casino, Cora and Système U marketing school supplies at prices that "most attractive as possible. " Items on a predetermined list, released by the department without committing to a price control, however, wants to "prevent slippage on the weight of school bag for children" must be placed on the shelves on Monday. They will be marked with a label.

The binder excluded from the list

The list 2011 includes thirty references, from books to filing through the rubber and pencil sharpener.This year, it does not ultimately buy a binder. The withdrawal of the article led the Federation of Parents for Public Education (PEEP) to leave the negotiation. "We recognize the economic reality and the context of rising raw material such as that 40% of the price of pulp, said Daniel SCHWARZ, treasurer of PEEP. That's why we were ready to discuss a positive impact on prices, perfectly stable since 2007. But the fact that teaches unilaterally remove the binder from this list, it is not acceptable. The binder for us is critical, there is. "

Rising prices

Creyssel Jacques, managing director of the Federation of Commercial and distribution (FCD), whose members are the retailers participating in the operation, has stressed during a press conference that the prices of "Essentials of return "would increase. "The increase will be moderate," he promised, however. Brigitte Masure, president of the Confederation of families, intérogée by Le Parisien, Aujourd'hui en France believes that the purchase of supplies back last year cost 40 euros for a child to kindergarten, 113 euros for a PC, 337 euros for a sixth and 821 euros for a second student to technology. The invoice should climb this year.A study published in late June by the online shopping site Twenga revealed that the average cost of supplies were increased by 18% compared to last year.

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Tunisia this week, Morocco in a few days: Eric Besson, Minister of Industry, has been mobilized by the Euro-Mediterranean energy pact with a number of partnerships with the key. A pact underpinned by the implementation of the Mediterranean Solar Plan: 20 gigawatts (GW) of renewable electricity should break ground in 2020 in the south and east of the area. Of these 20 GW, five will be exported to Europe.

This very ambitious program is itself related to the project Medgrid, which now has 22 associates and partners.This is the grid trans synonymous with development of interconnections between the riparian countries, to strengthen security of supply and profitability of the southern Mediterranean project of electricity generation.

Eventually, 5 to 6 billion euros of investments are planned in the electricity transmission infrastructure. Via unit works with a value between 500 million and 1 billion euros. Because the numbers speak for themselves: the predictions of experts predict an increase of 7% per year of electricity demand by 2025 in southern and eastern Mediterranean, while nine million people there today have no access.

"We are dealing with a double fracture energy, one between the northern and southern Mediterranean, the other between countries faxless pay day loans.The countries of the European Union bordering the Mediterranean have limited fossil resources, but ownership of two-thirds of the energy that is consumed, says Michel Derdevet, lecturer at the Institute of Political Studies Paris. Conversely, developing countries have substantially lower requirements but growing very fast. "

Arab Spring

To what extent can we overcome these divisions? For André Merlin, the executive chairman of Medgrid, the project set up to respond precisely the logic of co-development (see interview below). It is intended also closely complements the massive program Desertec – tens of billions of dollars dedicated to the development of the solar industry in the South.Whether the latest geopolitical events have come to upset the schedule Medgrid, André Merlin responds bluntly: "No, although this spring has somewhat disrupted the plans of development of electricity infrastructure."

For the leader of Medgrid, "there is great need on the part of those countries to develop alternative sources to oil and gas to generate electricity, the countries that have no such resources and become less dependent on imported hydrocarbons and those who have such resources and reserves in the world market much more profitable. "

A race against time. On Monday, the French stage will present at the National Rugby Marcoussis, before the DNACG (National Directorate of assistance and management control) financial guarantees as to the survival of the Parisian club, after the fraud case linked Facem the Canadian Foundation (Foundation for the Improvement of children in the world).

Still two million find

The figure is known, the French stage has a deficit of 6 million euros to be filled Monday. Bernard Laporte would have found new investors. But after the spectacular failure of Facem, the pool of investors formed by the Englishman Richard Pool-Jones, former player for the club, has also been reactivated, with the help of Serge Kampf, CEO of Capgemini and a great patron of rugby French, and former international Jean-Pierre Rives.The DNACG, before which the Parisian club had already presented in May, is now more demanding, it expects 12.6 million euros in guarantees, in the amount that would normally Facem injected. The round of Pool-Jones would have raised 8 million – the amount initially met – and another 2 million could be saved by reviewing the operating mode of the Parisian club. Remains yet to find 2 million euros to avoid the gauntlet of the "financial policeman" of French rugby. The question is which of the two solutions will be chosen.

A bloated workforce that will have to degrease

Ironically, the missing 2 million in the plane of Pool-Jones correspond to expenses incurred in recruiting high-end by the French stage version which had Laporte on 20 million euros pledged by the Facem but are never arrived.

A total of 19 players have committed to the Paris Club, including the Argentine Felipe Contepomi, New Zealand's Byron Kelleher and Paul Sackey English free instant credit score. The wage bill had increased to 8 million euros. Another nod, the signature of South Africans Mostert and Van Zyl was announced just minutes before the revelation of the scam. Tuesday afternoon, already aware of the shock, the agents were in turmoil, many trying to resettle their foals outside the capital. Obvious: we'll have to degrease the mammoth. Pascal Pape and David Attoub could rebound in Lyon, recently promoted to Top 14. Bastareaud, who wishes to engage with Toulon but is retained by Bernard Laporte, will get the proper output in the coming days. Mourad Boudjellal, the president of RCT, intention, however, take advantage of the situation. "The first thing that the French stage recovers.I prefer to renegotiate with Max Guazzini and Bernard Laporte in top form in this situation. I really do not want to take advantage, "he said Friday in Var Matin.

Laporte, a return that is like a slap in the face

It would revive the French stage, it could remain who precipitated his fall. Without money from the Facem (three related to this foundation have since been placed in custody), there is nothing. Former Secretary of State for Sport has played with fire. He has left € 170,000 under the guarantees. Salagoïty Francis, former president of the Bayonne where "Bernie" was a brief passage, drives the point home in South West: "Everyone will understand that my apprehensions were based on Bernard Laporte." The only way to bounce back is that the new rescue plan is adopted.In either case, it is rumored that Serge Kampf would not want to hear about it …

The disappointment that followed the release Friday of the bad employment numbers in the United States extends to Asia Scholar. On Monday, key regional markets receding in the wake of Wall Street has ended the week on a clear downward. In May, the U.S. has created only 54,000 jobs, which is three times less than expected and not enough to prevent a rise in unemployment to 9.1%, against 8.9% expected. Enough to worry the markets on the strength of the recovery across the Atlantic.

At a time of closure, the Nikkei, Tokyo Stock Exchange lost 0.63% in 9432 and points after starting down 0.26%. The rating is pulled down by the action of the utility TEPCO, which drops from 25.9% to 7 hours.Investors sold heavily to the track operator Fukushima after the publication of an article by Kyodo news agency on Sunday, saying the company could record a net loss of 570 billion yen in fiscal year from April 2011 to March 2012 (4.9 billion euros at current rate), excluding the compensation due to victims of the nuclear accident. In its wake, as Chubu Electric Power Co. also dropped 8%.

In the rest of the region, the red is also relevant. The Indian Sensex lost 0.31% while in Australia, the S & P coward 0.37%, weighed down by mining stocks Rio Tinto (-0.85%) and BHP Billiton (-0.81%). Note that the stock exchanges of Hong Kong, Shanghai and Seoul were closed for holiday.

Oil without direction

Oil prices were for their part without leadership in electronic trading in Asia in anticipation of an OPEC meeting in Vienna on Wednesday, dealers said. In morning trading, a barrel of light sweet crude for July delivery gained 8 cents to 100.30 dollars and that of Brent North Sea crude for delivery the same declined by 6 cents to 115.78 dollars.

The Organization of Petroleum Exporting Countries (OPEC), which meets Wednesday on the bottom of sinking of the Libyan crisis, should leave its production quotas unchanged, despite soaring crude prices and increased pressure on consumer countries, analysts said.

Otis, Crossroads Market, Carrard Services … These three companies have one thing in common: they face these days in a strike of their employees who claim to be better working conditions or wage increases, sometimes both. How original you might say, to see employees' strike "because they are dissatisfied? Not much except that the term "strike" was historically a very different meaning.

The word "strike" originated on the "Place de Greve," the name given to the middle of the twelfth century to the scope in front of City Hall of Paris. It was a beach of sand and gravel which stows the goods (wood, wheat, hay, wine …) arrived by the Seine and ended up where, each morning at dawn, workers without work seeking employers for the day.This "Place de Grève" was then a scholarship to work and place of employment for the unemployed. In short, an employment center before time …

This concentration of workers who were not working but looking for a job … was called "strikers." Hence the emergence then of "strike" which means "look for a job." A sense diametrically opposite to that of today …

On Wednesday, red dominates the financial markets of the Asia-Pacific. No big worry, however, the observed declines are not so high that early in the week. The downward trend continues and background, like the Nikkei, which fell by 0.42% at 9437.04 points and the broader Topix index, which bends from 0.17% to 817.80 points. The crisis of European debt remains in the minds of investors even if the concerns seem to fade a little. Last night, Wall Street ended the session down slightly too.

In China, same atmosphere. The Hang Seng in Hong Kong dropped 0.55% to 22,604.76 points. Note that the action of the Swiss giant Glencore commodities showed a decline of 2.8% for its first day of listing on the Stock Exchange of Hong Kong, following its introduction to the London Stock Exchange where he finished in small decline. In Shanghai, the CSI yields more timidly 0.13% to 3022.36 points.India and its main BSE index down 0.50% to 17,921.56 points. And in Singapore, the Straits Times down 0.39% at 3100.90 points.

In Australia, the red is darker: the S & P / ASX retrograde from 0.90% to 4587 points. Its neighbor New Zealand succeeds him to climb into the green, clawing 0.14% to 3564.44 points.

The decline in oil, profit taking

Oil prices were trending lower Wednesday in electronic trading in Asia, due to a decline in energy demand in the U.S. and profit taking, analysts said. In morning trading, a barrel of light sweet crude for July delivery yielded 57 cents to 99.02 dollars. That of Brent North Sea crude for delivery the same abandoned 82 cents to 111.71 dollars."Investors seem to take their profits at the approach of a long weekend in the U.S. market," said Ker Chung Yang, an analyst at Phillip Futures in Singapore, referring to the Memorial Day holiday on Monday the United States.

China's competitiveness is being eroded in favor of the United States. Producing in China soon will cost more than 10-15% cheaper than in the U.S. by 2015, reports a study in the Boston Consulting Group (BCG). Taking into account all costs associated with transport and storage, the Chinese advantage will be reduced to less than 10% or even completely canceled, said the U.S. consulting firm. This is mainly because of the progressive narrowing of the gap between industrial wages in both countries.

BCG how he arrives at this conclusion at odds with the traditional discourse of economists? BCG has adjusted the salary cost of the two countries based on the productivity of workers, Americans are more efficient – such as better trained – than the Chinese. It also took into account the fact that the Chinese currency, the yuan will continue to rise against the dollar in the coming years.BCG analysts believe, after these adjustments, the wages in industrial cities like Shanghai or very dynamic Tianjin will be lower than 30% of those in the United States.

"Because of the lack of skilled labor in China, wages increase by 15% to 20% per year," said Harold Sirkin of Boston Consulting Group in a study published late last week. "We therefore expect that the net cost of labor in industry in China and the U.S. converge around 2015." Before concluding: "We will see many more" Made in USA "in the next five years."

Americans more productive

While China sees its labor costs rise, the U.S. productivity gain in parallel.More flexible labor code, public grants and favorable agreements negotiated with unions: "Many U.S. states, like Mississippi, South Carolina or Alabama, improve their attractiveness as centers of production to lower cost," says BCG . Some big names in American industry have recently relocated their production to the United States. Caterpillar has recently announced the expansion of a factory production of hydraulic excavators in Texas. About 500 jobs will be created. Previously, NRC had repatriated in 2009 its production of ATMs in Georgia.

Large manufacturers, however, are not going to desert China so far. Goods produced in large scale and require much labor will continue to be produced in China, recognizes BCG.It must be said that the Chinese advantage in terms of cheap labor and unskilled labor remains unparalleled. A study by the U.S. Department of Labor published in April, the average hourly wage cost of a Chinese worker in 2008 represented only 4% of that of a U.S. worker. And only 3% of average wage costs practiced in the eurozone.