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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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On the front of the consumer, the month of June was not enough to save a lackluster quarter. Household spending rose 1.2% in June, the INSEE report, after declining 0.3% in May The quarter (April to June), the index of consumption fell 1.8%. This figure could have been worse: INSEE revised sharply upward the month of May, where consumption fell by only 0.3% instead of 0.8% as previously estimated.

If in June, the index of consumption has recovered, it is "largely by the increase in durable goods and textile and leather," says INSEE. The first of these two categories, rising 2.5% over the month, thanks to automobile purchases, which rose by 2.2%. But this increase does not offset the decline from 11.2% over the entire quarter.A figure beating down all durable goods, down 6 guaranteed approval cash advance loans.3% over this period, after rising 2.2% earlier this year.

The timing of sales, which began very early, has also supported consumption in June. Textiles and leather saw its sales jump by 4.3% over the month. Throughout the second quarter, this item was down 0.3%. Moreover, "the rebound in spending on household equipment (3.8%) bodes well for the construction Stirrers, even if denrier remains depressed," says Camille Williencourt, economist at Natixis.

Traditional engine of French growth, consumption at half-mast over the quarter bodes well for slower growth over this period, after the strong rebound early in the year (+0.9%). Societe Generale table for his part in an inert quarterly growth of 0.1%.

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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The world champion loves yogurt tracks. Especially when it comes to change its scope of activity or distribution channels. In 2002, he landed in cosmetics. Eight years later, he experimented with home delivery and "customization" of its Evian bottled water. With Danone Activia Bar-based, it pushes even further the "brand stretching" (extension of its brands), which it is Champion with the various versions of its flagship product (to be paid to drink …).

Here, the yogurt came directly from the factory-Littry Danone Molay, Normandy. They are served in pots of 80, 150 or 250 g. You can buy classic or glazed, with a score of "toppings" (fruits, chocolate chips, cereal …). Two other outlets are also tested in Paris, a kiosk at the Galeries Lafayette and a "corner" in a pasta bar eighteenth arrondissement, Nooyi."These pilots are aimed at developing a new range of commercial catering, says Alain Gauthron, Director of Professional Danone, a subsidiary of Danone France Fresh Products. We give ourselves a year and a dozen stores to test the concept. "

A separate activity

In Rosny 2, one of the busiest shopping centers in France, where its competitors are called Haagen Dazs, Paul and Pomme de Pain, the Danone Bar displays relatively accessible price (from 2.20 euros the potty ). "If it works, we can replicate this type of situation in other shopping centers," predicts Alain Gauthron.

The facts are simple. If the yogurt has found its place in canteens or in hospitals, it has less popular at the restaurant where only one in eight integrates its meal. Yet the French are among the largest consumers of yogurt."When outside, the consumer wants a different experience than it may have at home," said Alain Gauthron, including frozen yogurt are less calories than ice cream.

The idea of ​​yogurt bars comes from Spain, home of Daniel Carasso. On the occasion of 90 years the group in 2009, "Danone casa" was born in Barcelona, ​​both museum and store. Eight shops have followed.

In France, the starting point is different. "This will not only be a vector image, but a new activity, says Alain Gauthron. The whole business model is to build. "Shops or corners, own stores or franchises, Danone is given time to develop his concept. He bets first on its brand. "When we say Danone, everyone thinks of the yogurt.It is a very important asset when starting from scratch, "says Alain Gauthron.

The idea was matured by the "innovation incubator" Danone's Fresh Produce, a team of researchers, engineers, marketing specialists working on projects with two, three or four years. Then, a "lab" (test) was set up size. This is the "method Danone" to deploy new concepts.

On Wednesday too, the markets remain nervous, less than previous days but fail to forge ahead. After returning in the green mid-session, the Cac 40 remains anchored in the red mid-afternoon. Same atmosphere on the other major European markets. The FTSE-100 index ahead of 0.50% in mid-session at 5898.30 points. The DAX index gained 0.84% ​​to 7234.30 points.

Caution remains the watchword. Rating agencies are maintaining pressure on fragile states. Degraded after Portugal, Moody's said yesterday that Ireland was also risky and that the country may need a new international support. The agency has pushed the debt of Ireland in the category of investment "hedge" by reducing the country's rating by one notch to "Ba1" with a negative outlook.Bond rates to 10 years in Ireland have crossed the 13% Wednesday morning, reaching its highest since the creation of the euro area.

A summit of Heads of States in the euro area is expected to take place this weekend. Aware of the seriousness of the situation, officials confirmed on Tuesday their "absolute determination to maintain financial stability in the euro area."

Lower start-ups in France

In this tense context, other macroeconomic announcements are often secondary. Investors, however, learn this morning that China's GDP has slowed slightly to 9.5% in the second quarter, less than analysts expected (9.4%). Retail sales in the country rose 16.8% in the first half and industrial production gained 14.3%.

In the U.S., the Fed has shown itself divided on the solutions to boost economic recovery.Some members called for the establishment of new flexibility in monetary policy, while others called for a tightening. All, however, have agreed on the fact that the recovery had slowed since their April forecast and estimated that the recent deterioration of conditions in the labor market was a concern. The minutes of the last Fed meeting will be published at 20 o'clock tonight. On the agenda also U.S. weekly oil stocks and the budget figures.

In Europe, industrial production in the euro area rose by 0.1% in May from the previous month, according to data released Wednesday by the EU statistics office Eurostat.It increased by 0.4% in the entire European Union.

In France, the number of start-ups fell by 10.8% in June from the previous month, after a sharp rise in May (29%) announced Wednesday the National Institute of Statistics (INSEE) . This brings out the creative self-entrepreneurs, adjusted for seasonal variations and the number of working days.

As for currencies, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars.The group warned it expects the same period a decrease of 23% to "about 760 million euros" from its current operating income, "primarily due to France."

Banking:

Banks respond well to ads in Europe.

Total: -0.40% to 38.67 euros

The oil company confirmed opt-out of the Consolidated Global Profit (BMC), which does not provide any tax benefit.

Sanofi: + 0.02% to 54.22 euros

The group and the American Regeneron Pharmaceuticals announced Tuesday that their experimental treatment Sarilumab allowed to show signs of improvement in patients with rheumatoid arthritis.

Auplata: + 1.13% to 2.68 euros

The group hopes to produce up to one ton of gold per year by 2014-2015 with a new plant is expected to increase the performance of its mines in Guyana, its president said Tuesday.

Belvedere: + 3.64% to 53.22 euros

The group of spirits and its CEO have been ordered to pay substantial fines by the disciplinary committee of the AMF for failing to inform the public and also for price manipulation in relation Rouvroy Jacques.

Tuto4PC. com Group: -6% to 5.95 euros

The title of Tuto4PC. com Group, the French specialist in display advertising on the internet was changing down sharply Wednesday morning on the first day of its listing on the Paris Stock Exchange, having already faced the warmth of investors before its introduction.

Financial stocks were again at the forefront of the crisis of sovereign debt in the euro area. The financial sector index values ​​fell by almost 10% within a week, and most major French banks are publicly traded close to their lowest annual levels. The inability of Europeans to agree on the establishment of a second bailout of Greece concern the market, which now feared a contagion to other countries in the euro area.

With the fear of an incident on the Italian debt, the problem of sovereign debt in Europe is a very serious turn, as the Italian government debt-which amounted to 1.9 trillion euros is 5.5-fold to that of Greece. The banks are primarily affected through their exposure to traditional state claims.

Regarding the Italian sovereign risk, the exposure of the French banking system amount to 35 billion euros, which is quite colossal. Unlike debt Greek, Portuguese and Spanish, which are now mainly carried by hedge funds, the Italian debt was previously considered to be of good quality. It is still very much in the balance sheets of major financial institutions in Europe.

Crédit Agricole and BNP Paribas in the red

The other concern is the amount of banks' liabilities to the private sector in Italy. And there, the amounts involved are more important because sometimes in the different estimates circulating on the market to nearly 300 billion euros. The two institutions most concerned are the BNP Paribas and Credit Agricole, which are present in Italy through subsidiaries.The markets fear that these institutions are forced to fund a portion of commitments to local borrowers Italian, especially a possible depreciation in the value of their subsidiaries in the accounts in any major difficulties in this country.

That's why the price of Crédit Agricole and BNP Paribas are approaching their lowest level this year. The insurance group Axa, very present in Italy and holds direct obligations of the Italian State, is also affected. The stock has lost more than 10% in just three days. It now processes at a level much lower than the amount of capital.

Marc-Olivier Fogiel left mid-February morning of the orders of a Europe that was in September 2008. At 42, he will find at the back of the antenna M6 where he had led the program "everyone to stop you sleeping."

The FIGARO. -You will return to television with a project to M6. What will this new appointment in September?

Marc-Olivier Fogiel – It will be a weekly news magazine providing an update on current events that marked the week with those who make it. If I had to make a comparison, I would say it resembles the concept of the Sunday Journal, a daily newspaper published once a week and often the event. M6 has already emblematic of news magazines and reports of investigation, we want a news program, interviews with no frills and away from the talk-show atmosphere.It will be the opposite of an issue since zapping will be based on in-depth interviews. Thus there will be no more than three guests. They will live on the channel just as was the case for "7 of 7" or "The moment of truth." Moreover, this one-hour program on Sunday at noon.

On this market, competition from other channels is tough …

It is tough but not insurmountable. Of course, we have to create an appointment for a check and content that do not exist today on M6. But if there was no issue, it would not be worth the trouble to launch this new program.To me being able to meet weekly casting and the best to become the M6, like other chains, a place where those with expressed wish in the news.

When you leave the morning of a Europe in February, many gave you leaving for the public service?

He never discussed or near or far. The only contacts I have had were with the news channels free DTT. To redo the TV, it was essential that it be consistent with what I have begun in recent years and therefore in the wake of the info. I admit that it was not easy to match a weekly basis with the passion of the "hard news". What was more, was returning to M6.When I left three years ago, there was a tacit agreement with this system, I've known for twenty years, talk with their leaders if I wanted to remake the TV.

On the occasion of this new project, you again become producer?

Not at all. When I came to Europe 1, I closed my news agencies and production Paf Paf Press and Prod. It seemed important to enroll in the drafting of the radio, as it is clear to me now to work with that of M6. For me the best way to participate in writing the History Channel and be somewhat in the same "juice" that the teams in place.

However, give yourself projects that you started with Matthew Pigasse?

Instead, we move forward. At that time, I become entrepreneur! But at this point we're still thinking.A reflection not only conducted but also Pigasse Matthew David Kessler, who directs Les Inrockuptibles. I stay in the same vein, that of the info. The idea is to propose a new offer but this time on digital. We would like to launch in 2012. If we had originally planned to create a newspaper on the shelves, now we want to expand our project to all digital. We're a team and especially to think about the business model.

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The International Monetary Fund (IMF) could not pick a worse day to name its new CEO. While the Greek Parliament is preparing to accept or reject the austerity plan imposed on the country, Greece went on strike for 48 hours. "We are on the verge of seeing someone who is very well supported. It is very important because this institution is facing many challenges. " Treasury Secretary of the United States Timothy Geithner does not believe so to speak.

Greek debt crisis

First pressing issue, the debt of Greece. Despite a support plan of 110 billion euros, which should be accompanied by another rescue in the same amount, the country can not get out of the crisis. The new CEO will have to prove to the Member States that the country can recover from the economic crisis and budget where it sank."In Greece, there is no debate, said Marc Fiorentino, president of Euroland Finance. The restructuring is inevitable. It remains to know when the plan will be implemented. Germany is to decide. The IMF has a role of 'follower'. " For now, financial markets seem to believe in a positive vote of the Greek Parliament and even the backup plan for Europe if it fails.

Marc Fiorentino, the IMF's main task will be to prevent the problems of Spain and Italy by austerity. Is not that what has already been done for Greece? "Yes, but Spain is more credible than Greece. The scope of the IMF will be more important. "

Consequences of the "Arab Spring"

The other issue facing the new flagship is the Director of revolts followed in the Arab world.Member States have asked the IMF to pay "special attention" to the economic impact of these revolutions. . Among the Arab countries, Egypt. After asking at the beginning of June the IMF prepared a three to four billion euros, the country has finally given up the aid. "This decision is political, says Marc Fiorentino. The government can not 'sell' five years of rigor as the country lives in a dream after having 'won' the revolution. The IMF should adopt a more discourse-oriented investment and less to the rigor. " With the World Bank, the Fund must thus coordinate international financial assistance for Egypt, Tunisia and other countries possible. The country may need 10 to $ 12 billion by June 2012.

Solving the "war of exchange rates"

The IMF should review in the fall as part of its surveillance of exchange rates, that does not meet many people. The new CEO will have to find difficult compromises between China, which wishes to conduct its exchange rate policy as it sees fit, and those who want the Fund crack down against a large Member State with a currency significantly undervalued. "I do not believe in the currency war is permanent. This will be more difficult than Christine Lagarde owes much to China. "

Keep its promises to China

If Christine Lagarde was appointed patron of the International Monetary Fund, it is indeed in large part to China, which has formalized its support Monday for the future ex-finance minister. Until then, the country had always refused to speak publicly on the subject.While emerging countries vied for the position, arguing that they were promised in the appointment of Dominique Strauss-Kahn in 2007, they finally resigned to make way for a European to better manage the debt crisis in the euro area. Probably not without a negotiated compensation. "Christine Lagarde had to make concessions vis-à-vis emerging markets and particularly vis-à-vis China, says Marc Fiorentino. She had no choice. " She has promised to increase the voting rights with the IMF of 6.19% to 6.4% and "include Chinese representatives." Vice-president of the institution and may return to Beijing.

It is not clear that Europe and the United States this agreement are a very good eye. The margins of maneuver Christine Lagarde did not they could be reduced? "She has a great culture of consensus and coordinate economic zones knows them.She certainly has a European profile but is also open to the Anglo-Saxon world, "says Marc Fiorentino.

With a business volume of 300 million euros, Travel sncf.com set a record last month. "We sold 150,000 tickets a rainy day, 200,000 on a good day," said Yves Tyrode, director general of the website, a subsidiary of SNCF, which claims more than 55 million train tickets sold last year and more than 11 million unique visitors each month. "Last year, 70% of Internet users have come at least once. We are the site of all the French! "

In fact, Voyages-SNCF. com is the leading French travel agency online. In 2010, the site has achieved 2.8 billion euros in sales volumes, driven by a 18% growth over 2009.

Year after year, Travel sncf.com widening the gap with so … the counters of the station. Last year, the site has achieved 36% of sales of train tickets. A record.For the record, this percentage was 27% in 2008, the share of branches reaching 28% at the time.

"We are pro in the distribution of tickets online and we want to be in Europe, says Barbara Dalibard. Online sales change over a double-digit growth. Customers come under the counter. "

2011, promising

The CEO of SNCF Voyages recently told a group of journalists that "currently, our sales come for more than a third of the Internet, 20% of travel agencies and the rest is done at the counters of our stores and" .

2011 promises to be a promising year for Travel sncf.com. "Even trend" in 2010, according to its CEO Yves Tyrode and "explosion" of sales from mobile phones and tablets (iPad).While these new devices sales still weigh little in the overall volume of activity in Travel sncf.com, but since January the sales they have generated has increased by 100% to 20 million euros. In May, mobiles and tablets as well have accounted for 10% of the audience of the site.

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Greek in the storm, the galley of the euro features a 18th passenger. It is not a secret, he even want to take orders. The United States is also concerned about a shipwreck in Greece that the Old Continent. They have continued to print their tempo in recent days to force the European crew to recover.

In Luxembourg, held since Sunday in yet another ballet departmental emergency, the American effort has found a leader: John Lipsky, the IMF acting boss since the resignation of Dominique Strauss-Kahn. Monday, early morning, we have even seen take the pen and help correct what would become the final declaration of the Euro, according to several witnesses. Gender confusion? Among the Europeans at least, there is no doubt about the role vested in this native of Iowa, former chief economist at Salomon Brothers and JPMorgan."Lipsky is the U.S. Treasury and defending U.S. interests in Luxembourg, 'says one diplomat. The CEO can afford. Age 62, he announced his retirement before the arrest of DSK.

Under his leadership temporary, the IMF has taken a much more demanding vis-à-vis the financially troubled countries of the European Union. The turning point came during a visit to three with Angela Merkel and Wolfgang Schäuble, on the sidelines of the G8 summit in Deauville, said a European official. Prior to the rescue of countries such as Greece, Ireland and Portugal, the fund was content with a European political commitment. Since then, he stands still as his balls timelines, detailed austerity plans and supports encrypted.This partly explains the surprise decision of the Eurogroup, on Monday, to condition the release of the fifth tranche of the loan to Greece promised a vote by Parliament in Athens, new austerity measures and to a credible plan for privatization.

"Germany, a key country"

There is no mystery no longer on Washington's annoyance at the failure of the seventeen countries to overcome their susceptibilities to seriously address the problem cheap business cards. "Over the past year, the euro will fall into relapse and we see only bandages to stop the bleeding, said a U.S. official. The problem consumes time and energy of the Europeans. The world turns and do not wait. "It is also the best interests of the United States. A weak euro would threaten the sustained U.S. recovery, not to mention a rise in interest rates.More seriously, a European banking meltdown could spread to the other side of the Atlantic, reflecting the collapse of Lehman Brothers in 2008. For the second time in less than a year, Barack Obama is telling the Chancellor that it needs to hand the wallet in favor of Athens. "Germany is the key country," stressed the president.

Christine Lagarde, a candidate for the succession of DSK, is more eager to place the main shareholder of the IMF. On the night of Sunday to Monday, the French minister took it upon herself to keep closely informed Treasury Secretary Timothy Geithner. It was not a "phone G7" as improperly submitted.But a conversation to explain that two vital partner why 17 had once again decided not to decide on Greece.

Appointment is made Sunday, July 3 for a new conclave of the Eurogroup dedicated to the Greek debt. With the cap of the IMF, but also speaking on behalf of Washington, John Lipsky has not concealed his impatience Monday. He commanded the Europeans to "immediately put an end" to their debate on the restructuring of debt and start a new fund to rescue the euro. And he clearly put in danger the balance, "This is to prevent the crisis spreading from the periphery of Europe to the center and from there to the rest of the world."

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