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NicOx is still in the red, but less. The pharmaceutical company announced on Thursday evening a net loss of 60.4 million euros in 2009, cons -73.9 million euros in 2008.

The operating loss amounted to 62 million euros against 79.2 million last year. Operating expenses were reduced by more than 20 million euros, to 66.7 milllion euros. "The majority of these expenses was related to research and development, including expenses related to the two regulatory submissions for naproxcinod, moderates the group.

Revenues NicOx stands at 1.1 million euros at December 31, 2009 against 3.4 million million a year ago.No revenue was recognized during the last quarter of 2009, NicOx said in a statement.

Finally, NicOx closing the year with cash of 148.3 million euros, up 42% through a capital increase generated net total proceeds of $ 94.6 million at the end of year.

NicOx provides no forecast for 2010 but says he will continue to spend this year preparing for the commercialization of Naproxcinod, which he expects to run a turnover of over one billion euros Payday Advance .

The company announced Wednesday it had granted Bausch & Lomb the exclusive worldwide rights of NCX 116, treatment of glaucoma and ocular hypertension, for a total of up to $ 169.5 million.

In exchange, investors reacted immediately: the NicOx shares rose almost 6%. Rebelotte Thursday with unehausse of 5.7%. Thus, actions cotent at closing 5.92 euros. The bar is close to EUR 6.

However, the exchange price is still below its levels there are still four months (the title was worth € 7.9) or June 2009 (it was over 10 euros) … or all of its first steps on the Paris stock exchange (the record stands at 39 euros). It was late 1999.

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Greek debt has never been more dangerous, according to the market. The risk attached to bonds reached a record high, according to Markit index based on the CDS (Credit default swaps, instruments for speculating against the risk of default of a State). He reached the 430 points against 387 on Friday. Contagion effect requires, the index also pierced caps for Portugal (242 against 227), Ireland (175 against 165) and Spain (173 against 166).

Originally escalating tension, information published on Monday in the Greek daily Avriani. Greek banks would face a massive capital flight to Switzerland and Cyprus amounting to 10 billion euros, the newspaper said. Wealthy individuals fear the new tax measures the Government to address the deficits via tax increases freecreditscore .In response, the Greek banks fell sharply by 8% on Monday in the Athens Stock Exchange.

The Greek banking system did not need this new. "Against the advice of the European Central Bank, the government is taking measures to protect households against seizure," said Ciaran O'Hagan, strategist at Societe Generale. "Suddenly, they stop lending. And as they have fewer filing with the flight of capital, a capital injection from the state is not impossible to run. "

While the Greek state is fighting to eliminate their deficits, the prospect darkens further the situation.

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"SPECIAL – Greece, a challenge for Europe

Photo credits: Le Figaro

Born in the urgency of the crisis, the idea of an "economic government" back in force at the time construction begins the following: provide sustainable Europe on track towards growth and employment . Herman Van Rompuy, EU president, described the emergency Friday as "a matter of survival" for the continent. In response, the Spanish Prime Minister Jose Luis Zapatero suggests a tighter coordination of national economic policies, with the possibility of sanctions against the recalcitrant.

For his baptism of fire in Madrid, the first president of the European Council has sounded the alarm. Europe out of the crisis weakened and "defensive," said Herman Van Rompuy. She has no choice. After the test, "the growth potential of the EU has fallen to just over 1% per year. It will not be sufficient to fund our social model (…) and the so-called European way of life. "It is time to speak truth to reforms and "the collective effort."

Europe out of the crisis and palliative care, but diagnosis remains gloomy backdrop of sluggish growth and industrial decline facing Asia and America. Unemployment rose for the first time in over 10% in the euro area, adds gloom. The first test of a burst is due February 11 in Brussels at an extraordinary economic summit with President Van Rompuy himself summoned.

Risk for sovereignty

Spain Jose Luis Zapatero, who holds the presidency of the EU, expresses its readiness to help."We must absolutely take another strategy (growth), binding, with the 2020," said Spanish Prime Minister told reporters.

For Madrid, the collective rules that already apply to the euro, government deficits or the competition on the market provide a unique model of governance. It should be expanded to a European recovery in the medium term. The idea remains controversial. If France pushes for eighteen months a "greater coordination" industrial policies, Germany is notoriously reticent. As for Britain, it opposes the front to European encroachment on its sovereignty.

Spain wants to raise – and more muscular – the idea of an investment plan in ten years. Already proposed in the late 1990s, the Lisbon Strategy was to make Europe the area's most competitive. In 2010, she finds herself far short.Now Madrid wants to go further by requiring states to targets and deadlines in areas deemed critical: energy, education, the digital economy or vocational training. The scoreboard would be monitored by Brussels. "Incentives and corrective measures will complement the device, said Jose Luis Zapatero. This time, it is to ensure that the objectives will be achieved. "

Madrid launches the debate with a hint of provocation. Herman Van Rompuy has not taken over the idea of a constraint. The crisis has restored the fortunes of interventionism. But the Spanish recipe may strike the interests of States.The Capitals would not see a good eye, the EU invested a right to control their expenditure budget, or even any power to sanction.

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The commercial success of Ariane would be impossible without an industrial organization has become, over the years, more effective. Until 2002, the CNES was responsible for developing the rocket, Arianespace managing manufacturing and Aerospatiale, the ancestor of Astrium, took charge of industrial architecture. This division of labor worked somehow. Each pitcher was a prototype. This organization generates a lot of losses.

After the drama of the maiden flight of Ariane 5, June 4, 1996, the failure of the model is used. The new rocket exploded in flight; European space wavers. "It is the founding event. He had organizational change. Finally, the European Space Agency has decided, under German leadership, entrusted with the responsibility of Astrium development and production, "said Francois Auque, President of Astrium.The reorganization was launched under his leadership.

Specialization sites, reduction (- 25% production – 40% in the support functions), quality improvement … It is to stabilize the development model of Ariadne to improve reliability and meet delivery. "The success of a pitcher is related to its reliability and its competitiveness, stressed the President of Astrium. We are able to deliver the launcher three to four days before the contractual date. "

Subject sophisticated technology, the Ariane 5 is the first to be produced in series. In early 2009, Astrium took command of 35 Ariane 5 to 4 billion euros. The manufacturer will provide 7 launchers per year from the second half of 2010. The availability of Ariane is guaranteed until 2015. Reassuring for customers!

The organization is well established.10 countries and 86 suppliers are engaged in the manufacture of the launcher. However 80% Franco-German and 60% French. Astrium is prime contractor for the launcher and floors that are assembled in Les Mureaux in France and Bremen in Germany. The French engine manufacturer Safran provides the Vulcain engine, SNPE two boosters powder, Astrium Germany cryogenic engine of the second floor.

The rocket comes in kit form in Guyana. Several times a year along the Seine, the lower part of the rocket 35 meters long and 5 meters in diameter with its engine supports Le Havre aboard a barge. From there it crosses the Atlantic on a container ship. A trip looks identical to the second floor from the port of Bremen. The junction is realized in Kourou space base Guiana, which, with its 1 350 employees, is the largest private employer in the department. Ariane is assembled on site by teams of Astrium and Arianespace.This phase lasts on average six weeks before the launch.

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A good student in terms of parity

Accompanied by his Ministers of Economy Christine Lagarde, the revival Patrick Devedjian, Industry Christian Estrosi and Secretary of State for Defense Hubert Falco, Nicolas Sarkozy said the government would "continue to support the economy "but a" strict policy "would be excluded.

During a speech about three quarters of an hour, the head of state said that economic policy led by France during the crisis was "good", but it should continue to vigilant. "When we see that France has the smallest recession, we still must honestly say that economic policy is conducted for something," he said.Point by point, he defended the recovery plan: the bailout of banks' not a euro cost to taxpayers, "the premium breaks that" has benefited 500,000 vehicles or the creation of ombudsman credit allowed to "save 160,000 jobs" …

But Nicolas Sarkozy, "the time is not complacency, while unemployment continues to rise. "This is not because the economic indicators are improving that the crisis is behind us," he said. As such, he called to act soberly, avoiding both over-react "or" under-react. "

Regarding the economic outlook for the current year, Nicolas Sarkozy said that French GDP would decline from 2 to 2.1% in 2009. The forecast growth of government is currently -2.25% and the economy minister, Christine Lagarde, had mentioned last week a decline of 2.2%.

Eliminating the excesses of capitalism

Regarding the appointment of Michel Barnier at the French post of European Commissioner for Internal Market, which will also support financial services, the Head of State said that it would promote a European financial model as opposed to Anglo-Saxon. "The crisis has come adrift of Anglo-Saxon, I want the world to win the European model that has nothing to do with the excesses of financial capitalism," he said. Last Saturday, before the national council of the UMP, he welcomed the appointment of Michel Barnier, calling it a "triumph" of French ideas in regulation.

After the crisis management, management of debt. This is the slogan that could take the major industrialized countries, which are out of recession emerge. In fact, according to the OECD, the 30 most advanced countries will see their debt rise to 100% of their wealth produced in 2010, signaling a near-doubling of their debt in twenty years. Japan's flirt with the 200% of its GDP, followed by those of Italy (127.3%) and Greece (111.8%).

The France is not there … Its debt will reach next year "only" 84% of GDP – a level already history. And since 2013 it has exceeded 90%. UMP Senator Jean-Pierre Fourcade, a member of the Finance Committee of the Senate, said Wednesday that France was now living in "perpetual debt"."The debt spiral is fueled by the fact that not only must pay the debt charges but that revenue for the year does not cover expenses," said Senator of Hauts-de-Seine. The debt burden is estimated for 2010 at 42.5 billion euros. His payment could become the first budget item in 2012.

In a report presented on Wednesday, Jean-Pierre Fourcade said that the evolution of the debt burden is explained not only by the stock of debt increases. but also by the rate of inflation: in 2008, the deviation from the prediction which had been established by the Government had created an additional cost of 2.5 billion, while it had resulted in savings of 2.8 billion in 2009.And finally the interest rate: Agency France Trésor has calculated that an increase of 0.25% rate of the European Central Bank in 2010 compared to what is expected (short-term rates to 1.3% and long-term rates to 3.9%) would increase the debt burden of 600 million euros.

Conference on deficits

The quality of the signing of France – which currently enjoys the maximum rating, AAA by the rating agencies – now enables it to fund the best conditions. "But maintaining its advantage is conditional on fiscal consolidation in the medium term," reaffirms the Senate, which considers "necessary to send signals to that effect to our partners and market actors" from 2011.

This was started to the Head of State, in announcing the holding of a conference on public deficits, and the Prime Minister, setting back to 2014 to below 3% deficit "price adjustments very important."

Beginning 2010, France will send to Brussels – which now requires a more ambitious timetable than François Fillon – its multi-year plan of public finance. "It is a moment when we must take action just brutal," said the entourage of the Minister of Economy Christine Lagarde.

In regard to debt management, the report stresses that the funding program introduced in the draft budget law (the France would borrow 112 billion in 2010) "is obsolete even before being voted, given the absence of evidence on the future national debt. "He took the opportunity to recall that it "would be much less costly if it were agreed on markets rather than individuals and if it was issued at once," before the rise in interest rates. Focusing on "financial contributions from the state," the senators can only note that enterprises are "affected by the crisis."

The report stresses that the market situation "does not consider major privatization deals in 2010. The capital increase of the Post Office should make an exception. "There were no resources allocated to debt reduction in 2009, prospects for 2010 unfortunately does not consider a start in this direction next year," the senators concluded.

After rising 2.4% in September, spending on household consumption of manufactured goods posted a growth of 1.1% in October according to figures released Tuesday by the INSEE. Spending on durable goods are still progressing (+1.3%) after acceleration in September (+5.1%). This was due to car purchases very dynamic (+10.2%), while in October "households slowed on these purchases," says the National Institute of Statistics.

In contrast, they increased their spending on equipment housing (+2.2% after +0.7% in September), each item of equipment (furniture, electrical goods, electronics and informatics) contributing to this acceleration.

The new floating balances boosted purchases in textiles. According to INSEE, purchases of textiles and leather rose 2.6% after a month of September already dynamic (+2.9%).Other manufactured goods (pharmaceuticals, publishing, crafts, perfume, etc..) Also displayed a slight increase in October (+0.3% after +0.4% in September).