Sep 17, 2008

Sanofi Aventis: challenges and a new strategy.



In mast in the image of all pharmaceutical values for months ..., Sanofi Aventis was buoyed this week by the appointment of Chris Viehbacher the post of director general. In the wake of this shock, the title has jumped more than 7% in the space of a meeting. In charge of pharmaceutical operations at GlaxoSmithKline for North America, Chris Viehbacher take up his duties with effect from 1st December.

Aged 48 years and having dual nationality Canadian and German, the Anglo-Saxon will succeed Gerard Le Fur whose appointment ago just 18 months at the helm of the pharmaceutical group has not convinced Total and L’Oreal, the two main shareholders of the group. Neither the Exchange. In two years, Sanofi Aventis and unscrewed by 30%.

Four years after the merger between Sanofi-Synthelabo and Aventis, the goal is to reinvigorate the strategy of the pharmaceutical company, which has been badly affected by the refusal in June 2007, U.S. health authorities, the FDA (Food and Drug Administration), to authorize the marketing of the treatment against obesity by Sanofi Aventis, Acomplia (Rimonabant). This decision was all the more unexpected that Acemplia is a genuine star in Europe.

These setbacks could have weighed in the decision to replace Gerard Le Fur whose skills have been widely shown in the research departments of Sanofi and Rhone Poulenc ... His detractors argue against it is not a big sponsor, which has been able to play against the group ...

Sanofi Aventis is more generally deal (like the big pharmaceutical companies) to lower drug prices and the loss of patents, including growing competition from generics. Moody’s has indicated early September that the European sector of the pharmacy could lose 18% of its turnover over the next three years.

Drug flagship of the group french used against arterial complications in the case, for example ... infarction, including Plavix will face from 2012 the marketing of several generic drug competitors. The Taxotere, used to treat breast cancer and lung cancer, for its part will lose its patent from 2010 in Europe and the USA ...

Sanofi Aventis was therefore obliged to react as quickly as possible to prepare the response to these deadlines ...

At the appointment of Chris Viehbacher, the Board of Directors of Sanofi-Aventis has recommended a strategy articulated around three pillars: (1) the search for innovative products better suited to the new regulatory and economic market (2) strengthening the position of the group on growth markets and (3) the further development of other activities in the fields of medicine and health.

For the new CEO of Sanofi Aventis, will therefore find a successful attempt at redemption, so far failed, laboratory Czech Zentiva, which has the double advantage of being specializes in generic drugs and strengthen the presence french group in the country to strong growth.

In early September, the direction of Zentiva, which Sanofi Aventis already holds 24.9% of the capital, in any case rejected pleas to the offer of french, which enhances the approximately 1.6 billion euros.

Sanofi Aventis intends to put a new string to its bow, by engaging more actively in health foods, such as Danone Actimel ... The first stone of the building has already been raised with the completion of the purchase of the Australian Consumer Symbion for an amount of 560 million Australian dollars (about 340 million euros) at the beginning of the year ...

Maybe you just have that Sanofi Aventis reaches to strengthen in what remains its core business, namely the ‘major’ drugs ..

The Cac 40 in lowest since May 2005, saves 4,000 points


What meeting! What volatility! Once again, the magnitude of change in the Parisian market of over 169 points between the two demonstrates the extreme volatility of investors to any news. In increase of more than 1% in early trade, the Paris market has quickly risen to 4.160,26 points before returning test on several occasions the helm of 4,100 points. It will ultimately not be required! Emportée by the stall Wall Street, bad news from industry (Arcelor-Mittal), with American technological Nortel, new doubts on the side of the bank (HBOS confirmed consider a rapprochement with the British Lloyds), the Stock Exchange Paris flanché. However, AIG is saved, Morgan Stanley issued reassuring results but doubts remain, the crisis persists. At the close, the CAC 40 Index falling 2.14% to 4.000,11 points in a significant volume of 7.66 billion on components of the index. At worst time of the meeting, the market fell to 3.990,86 points. In Frankfurt, the Dax lost 1.75% in London, the Footsie fell by 2.25% and Wall Street, the Dow Jones abandons 2.71%. Oil prices leave from the front, a barrel of WTI October delivery stood at 93.79 dollars, up 2.61 dollars compared to its closing levels of the previous day. After two days of plummeting prices of black gold, this movement occurs naturally on the bottom of allaying fears about the U.S. banking sector. It is expected this afternoon the U.S. oil stocks. The greenback is for its part resistant facing the European currency, trading at 1.4149 dollar. On the statistical front, housing starts of housing for the month of August the USA emerged a decrease of 6.2% annualized pace of 895,000 units, far below that of 950,000 units expected by analysts. Compared to August 2007, housing starts fell by 33.1%. On the side of values, Alcatel-Lucent fell by 8.43% to 3.15 euros after the words of Nortel Networks. The United States has reduced its forecast for the third quarter of 2008 and for the full year, due to a decline stronger than expected investment of its major customers. Also attacked, ArcelorMittal stumbles by 7.96% to 39.67 euros. The group announced a plan to reduce costs for a total of $ 4 billion over five years. The plan economies of the world's largest steel producer, will focus on increasing staff productivity, reducing energy consumption and lower production costs, to increase efficiency and d ' improve product quality. " Capgemini won by 7.30% to 32.75 euros. The title suffers from lowering the target over the firm. The intermediary buyer rest of the file but does more than 45 euros against 48 euros. As far as financial values are experiencing mixed fortunes. Dexia lost 5.64% to 8.22 euros while BNP Paribas was down 3.27% to 56.19 euros. The bank has estimated at 400 million its total exposure to Lehman Brothers, including 200 million in net claims arising from derivatives transactions and 180 million corresponding to a bank loan. General Company (-2.86% to 54.37 euros) to evaluate its share to 479 million euros, 76 million of senior debt and 400 million potential replacement on return. Finally, the exposure of Credit Agricole (-2.52% to 11.77 euros) to the bank put under the protection of Chapter 11 bankruptcy is less than 20 million euro for the debt, but 250 million for the risk of replacement counterparts. Outside the index, concedes Natixis 0.4% to 2.49 euros. The capital increase of the subsidiary of Banques Populaires and Caisses d'Epargne ends tomorrow evening. Alstom Hydro, the joint company Alstom and Bouygues has won a contract of 500 million euros in Brazil. The group will provide the electromechanical and hydraulic equipment for hydroelectric power Santo Antônio. The title resists, it concedes that 0.3% to 62.14 euros.

Sep 14, 2008

The info Forex of the week

While the situation in the USA seems to be improving, with many figures released better than expected in the euro zone prospects appear increasingly poor. Taken by the German indicators, the economic climate in Europe darkens over the week. An example: the Ifo index on business climate in Germany is a sharp decline during the month of August to 94.8, down from 97.5 in July. As a result, the euro lost ground against the dollar and the yen last week.

The USA are undergoing a fairly complex situation: economic indicators are good but many pressures persist. The equities market is still shaken by the bank values, the price of a barrel of oil is subjected to threats of Hurricane Gustav approaching American interests in the Gulf of Mexico but also the Lousiane and New Orleans, where 'On fears a new Katrina. However, the greenback has managed to maintain against the euro last week with convincing figures. Already Monday and Tuesday, the figures on housing reassured: sales of dwellings for July came out a sharp rise to 3.1% -2.8% against the month before, and sales of new homes have experienced same fate (2.4% in July vs -2.1% in June). May consumer confidence, confirmed by the Michigan Friday, was far better than analysts' forecasts to 56.9 against 53.0 expected. But the release of U.S. GDP which has allowed the greenback to remain despite the threats.

In the euro area, many announcements last week were disappointing. Already Tuesday, the Ifo index has set the tone for the week. Exited well below forecasts, this figure, very watched by the market decline was the single currency. Only a good figure may be chosen: the consumer price index (CPI) German has slightly declined, it rose to 3.1% on annual basis (against 3.3% in July). In this context, figures to be published this week are to follow closely, including the announcement of rate of the ECB and the European GDP. It will also look at the evolution of oil prices which remains very correlated to the EUR / USD.





In Japan, several good grades are noted: firstly, the CPI fell by 1.6% to 1.3%, which bodes well for inflation. Household spending fell less than expected to -0.5%, while analysts predicted a drop of -1.8%. The retail, industrial production and business confidence SMEs are also out above expectations. The lights are green for the yen, which is also the concern in markets that leads to a decline in operations carry trade. The Japanese currency is bought and therefore appreciated against the major currencies.

Trade of the week: Short EUR / CAD

The price of EUR / CAD continued its upward movement that had begun early last week. The evolution of 330 pips the increase is easily explained. We have on one side a euro remains stable. In addition to the German CPI published better than expected, no figure has actually influenced its course. In contrast, the Canadian dollar has a strong current. Rumors of recession plainaient on Canada have not been finally confirmed. The contraction in GDP of 0.8% in the first quarter has not renewed the second (+0.3%). But this development remains weak, and analysts predicted an increase of 0.6%. More broadly, the Canadian finance minister says that the foundations of its economy are stronger than those of the rest of the G8 countries to cope with the current slowdown. In this context, forecasting a growth rate of 1% over 2008 is maintained. So there are strong signals retreat on this pair.

The expectations for this week

EUR / USD: the price stabilizes around 1.47 last three weeks. The technical analysis gives us a signal to buy following testing support oblique on a weekly scale (see chart below). Besides, this Monday, new threats to the spread of Hurricane Gustav, Louisiana, New Orleans and the Gulf of Mexico. These threats to push the price of a barrel could play on gender and back to 1.50. If the situation calms down, following the bearish trend is expected on parity. The ECB is expected to announce a status quo on Thursday.





GBP / USD: The cable continues its fall. Following the difficulties facing the British economy, we must be attentive to the announcement of rate of the Bank of England on Thursday. If threats to the USA are confirmed, the price could recover significantly, even consolidate just above 1.80.

USD / JPY: The cross has undergone a correction last week from 108.43 to 107.71. In the current configuration, it should continue its decline as the yen is in great demand in situations of concern in the markets. A first media can be identified at 107.30 and a second at 106.70.

Euro, yen jump vs dollar on Lehman unrest

The euro jumped to a 10-day high against the dollar on Monday while the yen seemed set for its biggest daily gain since early 2002, spurred by the prospect of the collapse of U.S. investment bank Lehman Brothers
The moves came as Lehman's troubles pushed U.S. yields down and as the Federal Reserve and major U.S. banks tried to boost liquidity and mitigate volatility.
"If the market is dropping its assumption that the Fed's next move will be a hike, then euro / dollar starts to look oversold," Sean Callow, a strategist at Westpac Bank, said.
By 0330 GMT, the euro was quoted at $ 1.4453 per dollar, just off a high of $ 1.4479 and nearly 1.7 percent higher than Friday's close of $ 1.4227.
The yen was quoted at 105.50 per dollar, taking its gains since Friday to 2.25 percent.
Analysts said the steps to calm markets, which are braced for the collapse of Lehman Brothers, underscore the depth of the financial market problems and could reverse the dollar's rally since July.

"Tamoil has always supplied the fuel Switzerland in a reliable and will continue"

Sirous Ammar was appointed to head the Collombey refinery (VS) last July. The huge industrial site at the end of the lake has found the heart of the diplomatic crisis between Switzerland and Libya this summer, because of its dependence vis-à-vis the Libyan crude supplies. A crisis "policy" which, he said, came hide the enormous investment made by Tamoil in Switzerland - almost a billion euros - to develop and adapt the facility since its acquisition in 1990.

Le Temps: The crisis this summer and the evocation of threats on Libyan crude oil supplies have they threatened your business?

Sirous Ammar: This is an issue foremost policy, which has nothing to do with the refinery. The site provides Tamoil 2.2 million tonnes of oil annually, the fifth of Swiss needs, a level that represents dependence on Libyan crude. However, we must keep in mind that since the resumption of the site in 1990, Tamoil has always provided a reliable supply without any interruption, and wishes to continue.

-- You can not transform the Libyan oil?

-- From the beginning of its operation, in 60 years - ie well before Tamoil being the owner - the refinery was "set" to work on Libyan crude oil, light and low sulphur. It can also work for minor Algerian, Tunisian or North Sea. However, this facility is not suited to Iranian oil or the Gulf, much sulphur. The light will also get a better return. The black [ie: the residuals of the distillation] is limited to 30% of the original volume so that it can achieve more than double in refineries dealing with the heavy oil.

-- What is behind this presence of Tamoil in the Chablais?

-- At the end of 80 years, NOC, the oil company of the Libyan State, wanted to invest in an industrial tool and seized the opportunity to buy the refinery - and a network of service stations - for sale in 1990 Gatoil, the firm of Lebanese businessman Khalil Ghattas. The latter had himself taken control with a consortium of a dozen oil companies, including Esso, a majority. The refinery was called South-West was built in 1963 before coming under the ambit of these majors three years later.

-- The refinery, however, failed to be sold last year ...

-- It has been put up for sale during the summer of 2007, discussions were held with the investment fund Colony. They were unsuccessful because of the financial crisis, and the fund Libyan ruler has finally regained control.

-- What were the investments made by Tamoil since the acquisition of the refinery in 1990?

-- At the time, it did not contain a single column and a line treatment of gasoline. With current standards, the refinery could simply no longer exist if it had not been updated. We have invested enormously: In total, with other activities such as marketing, the envelope reached nearly one billion francs. The gas lines were completed, the hydrotreater kerosene for aviation fuel - and that of light diesel oil to make diesel - put in place. We also coupled with energy savings. The last phase of this modernization has focused on the conversion of heavy residue, which exported so far: In 2004, we have started a cracking unit, whose construction has cost nearly 500 million francs. This has enabled us to increase our production capacity to over 60000 barrels per day currently.

-- And what is your economic clout in the region?

-- We employ 265 people on the site and do work number of subcontractors Chablais, a height of more than 50 million francs per year.

-- Despite this economic clout, the presence of a refinery causing a steady opposition from local residents ...

-- Noise is our horse battle. We have reached the current technological limits in this area: a refinery can not be completely silent, its facilities to remain in the open air for security reasons.

-- What about emissions of harmful products that worry much more?

-- Initially, the Swiss limits are the strictest in Europe. We have made enormous efforts in environmental investing 30 million euros simply for the treatment of smoke. In a radius of 1000 kilometers, I do not know a refinery which would have made such efforts.

Our activity has also changed. Twenty years ago, heavy fuel oil with 1% sulphur, accounted for about one third of our production, against 2% today. Thanks to the hydrotraiteur put in place one can extract sulphur to be sold to the chemical industry, to be converted into fertilizer or fungicide. Same for heavy metals. Collombey can recover 95% of sulphur content in the crude entering the refinery! These efforts are often not recognized. But we must admit that the refinery has emerged as an intrinsic reducing pollution of what remains - whether we like it or not is another problem - the primary source of energy always used ...

-- Europe suffers from a shortage of refining capacity, particularly in the diesel. How did you come here?

-- First, many refineries have been closed for twenty years. The concept for 60 years, that small refineries could supply local networks simply did not survive the introduction of fuel increasingly complex, the environmental requirements become more stringent: absence of lead in gasoline, less and less sulfur in diesel.

An example? At the time, the oil could contain up to 1% sulfur, whereas today a proportion of 50 ppm (parts per million) shocked! And I am not talking about the viscosity, density, octane ... Problem, crude, he always arrives with 2% of sulphur, and this transition in its treatment demand huge investments. Today, the construction of a new refinery outgoing 100000 barrels daily cost 1.2 billion euros. This does not include many major groups have sold their small sites for investing in giants in Antwerp, Rotterdam and Marseille producing 200000 or 400000 barrels per day. Either three to six times more than Collombey! These sites often operate with the same number of people, and are therefore more profitable.

-- A refinery as Collombey thus appears to be an incongruity?

-- Not as able to produce locally 50000 to 60 000 barrels per day of the most complex provides access to lower prices than just relying on imports. Especially when the two refineries in the country [ie: the second being that of Petroplus in Cressier (BN)] supply 40% of the market. It is a matter of proximity, integration in the distribution network. Besides industrial activity generated by these sites.

-- What is the impact of the soaring price of crude oil on your business?

-- We buy crude 2 months in advance. Its price per se affects us somewhat, because ultimately postponed on prices of products: one works the same way if the barrel is stable at 80 dollars or 100 dollars. What disturbs us on the other hand, the sharp fluctuations that we have seen in recent months, which can be disconnected commodity prices and make us lose money.

-- These violent cycles explain the under-investment which has long suffered the sector?

-- Yes, because refining is a difficult profit margins are low, even ... negative, as has already happened in the late 90. If this sector is viable since 2003, it has never been a gold mine economically: a few tens of dollars per tonne.



"Tamoil has always supplied the fuel Switzerland in a reliable and will continue"






The Collombey refinery, which is responsible Sirous Ammar, found itself at the heart of the diplomatic crisis between Switzerland and Libya. (Photo: Keystone)
Sirous Ammar, head of the refinery at Collombey Tamoil (VS).

Pierre-Alexandre Sallier
Saturday, September 6, 2008


Sirous Ammar was appointed to head the Collombey refinery (VS) last July. The huge industrial site at the end of the lake has found the heart of the diplomatic crisis between Switzerland and Libya this summer, because of its dependence vis-à-vis the Libyan crude supplies. A crisis "policy" which, he said, came hide the enormous investment made by Tamoil in Switzerland - almost a billion euros - to develop and adapt the facility since its acquisition in 1990.

Le Temps: The crisis this summer and the evocation of threats on Libyan crude oil supplies have they threatened your business?

Sirous Ammar: This is an issue foremost policy, which has nothing to do with the refinery. The site provides Tamoil 2.2 million tonnes of oil annually, the fifth of Swiss needs, a level that represents dependence on Libyan crude. However, we must keep in mind that since the resumption of the site in 1990, Tamoil has always provided a reliable supply without any interruption, and wishes to continue.

-- You can not transform the Libyan oil?

-- From the beginning of its operation, in 60 years - ie well before Tamoil being the owner - the refinery was "set" to work on Libyan crude oil, light and low sulphur. It can also work for minor Algerian, Tunisian or North Sea. However, this facility is not suited to Iranian oil or the Gulf, much sulphur. The light will also get a better return. The black [ie: the residuals of the distillation] is limited to 30% of the original volume so that it can achieve more than double in refineries dealing with the heavy oil.

-- What is behind this presence of Tamoil in the Chablais?

-- At the end of 80 years, NOC, the oil company of the Libyan State, wanted to invest in an industrial tool and seized the opportunity to buy the refinery - and a network of service stations - for sale in 1990 Gatoil, the firm of Lebanese businessman Khalil Ghattas. The latter had himself taken control with a consortium of a dozen oil companies, including Esso, a majority. The refinery was called South-West was built in 1963 before coming under the ambit of these majors three years later.

-- The refinery, however, failed to be sold last year ...

-- It has been put up for sale during the summer of 2007, discussions were held with the investment fund Colony. They were unsuccessful because of the financial crisis, and the fund Libyan ruler has finally regained control.

-- What were the investments made by Tamoil since the acquisition of the refinery in 1990?

-- At the time, it did not contain a single column and a line treatment of gasoline. With current standards, the refinery could simply no longer exist if it had not been updated. We have invested enormously: In total, with other activities such as marketing, the envelope reached nearly one billion francs. The gas lines were completed, the hydrotreater kerosene for aviation fuel - and that of light diesel oil to make diesel - put in place. We also coupled with energy savings. The last phase of this modernization has focused on the conversion of heavy residue, which exported so far: In 2004, we have started a cracking unit, whose construction has cost nearly 500 million francs. This has enabled us to increase our production capacity to over 60000 barrels per day currently.

-- And what is your economic clout in the region?

-- We employ 265 people on the site and do work number of subcontractors Chablais, a height of more than 50 million francs per year.

-- Despite this economic clout, the presence of a refinery causing a steady opposition from local residents ...

-- Noise is our horse battle. We have reached the current technological limits in this area: a refinery can not be completely silent, its facilities to remain in the open air for security reasons.

-- What about emissions of harmful products that worry much more?

-- Initially, the Swiss limits are the strictest in Europe. We have made enormous efforts in environmental investing 30 million euros simply for the treatment of smoke. In a radius of 1000 kilometers, I do not know a refinery which would have made such efforts.

Our activity has also changed. Twenty years ago, heavy fuel oil with 1% sulphur, accounted for about one third of our production, against 2% today. Thanks to the hydrotraiteur put in place one can extract sulphur to be sold to the chemical industry, to be converted into fertilizer or fungicide. Same for heavy metals. Collombey can recover 95% of sulphur content in the crude entering the refinery! These efforts are often not recognized. But we must admit that the refinery has emerged as an intrinsic reducing pollution of what remains - whether we like it or not is another problem - the primary source of energy always used ...

-- Europe suffers from a shortage of refining capacity, particularly in the diesel. How did you come here?

-- First, many refineries have been closed for twenty years. The concept for 60 years, that small refineries could supply local networks simply did not survive the introduction of fuel increasingly complex, the environmental requirements become more stringent: absence of lead in gasoline, less and less sulfur in diesel.

An example? At the time, the oil could contain up to 1% sulfur, whereas today a proportion of 50 ppm (parts per million) shocked! And I am not talking about the viscosity, density, octane ... Problem, crude, he always arrives with 2% of sulphur, and this transition in its treatment demand huge investments. Today, the construction of a new refinery outgoing 100000 barrels daily cost 1.2 billion euros. This does not include many major groups have sold their small sites for investing in giants in Antwerp, Rotterdam and Marseille producing 200000 or 400000 barrels per day. Either three to six times more than Collombey! These sites often operate with the same number of people, and are therefore more profitable.

-- A refinery as Collombey thus appears to be an incongruity?

-- Not as able to produce locally 50000 to 60 000 barrels per day of the most complex provides access to lower prices than just relying on imports. Especially when the two refineries in the country [ie: the second being that of Petroplus in Cressier (BN)] supply 40% of the market. It is a matter of proximity, integration in the distribution network. Besides industrial activity generated by these sites.

-- What is the impact of the soaring price of crude oil on your business?

-- We buy crude 2 months in advance. Its price per se affects us somewhat, because ultimately postponed on prices of products: one works the same way if the barrel is stable at 80 dollars or 100 dollars. What disturbs us on the other hand, the sharp fluctuations that we have seen in recent months, which can be disconnected commodity prices and make us lose money.

-- These violent cycles explain the under-investment which has long suffered the sector?

-- Yes, because refining is a difficult profit margins are low, even ... negative, as has already happened in the late 90. If this sector is viable since 2003, it has never been a gold mine economically: a few tens of dollars per tonne.








Diving in the bowels of the beast of Collombey

Collombey is just his machine. Twenty-nine years to go corridors of steaming maze of tubes and pipes, enrolling as the ivy between the metal towers burning and flowering in hundreds of engines, pumps, compressors whistling night and day. Since the takeover of this gas plant by Tamoil in 1990, Ashok Koul-Watt, head of production, was all stages of modernization. The distillation column and the four "are of origin (ie: 1963), an extraordinary quality," boasts the Switzerland of Indian origin. This is not to say that the gas plant has been neglected. Every four years, it is completely dismantled. Dozens of inspectors inspect parts scattered on the ground for weeks.

Behind the interminable bleached concrete wall surrounding the site, a large machine in shades of ochre lights up, so oil terminal in the Persian Gulf, chablaisiennes Alps as a backdrop. Couronnée by the flame of its flare, the subject of all suspicions. "In reality, the remains lit to burn gas - butane and propane - could break the installation is a security issue," the man replied calmly to the orange helmet. As a brand match near a gas cooker, in order to avoid any incident.

At the peak of "cracking"

The basic principle seems simple: the crude distillation arriving in Genoa by a tube through the tunnel du Grand Saint-Bernard. The boil over 400 ° C. Get the precious vapors. The challenge is to replicate the "manip" large-scale, in order to remove every hour 100 m3 of gasoline and more than 150 m3 of diesel and fuel oil.

The great pride Ashok Koul-Watt? The cracking unit installed in 2004; "dual regenerator, the top of the technology." An installation of 450 million francs, the size of a building, to restate the "bottom of column." This black and viscous residue of distillation is sprayed to 30 metres high to meet for two seconds the flow of sand 160 tons of alumina turning point in the circuit. "In the end, we end up with 10% residue heavy arms, against 35% four years ago," boasts the chemical engineer. Despite the growing popularity of diesel engines in Switzerland, gasoline still represents a third of the liquid leaving the site, against fourth distillates (heating oil and diesel) and 15% of kerosene. The bulk is intended to Switzerland, but some products could not find taker - as LPG very green - are exported.

Sus Sulphur

A refinery does not produce that fuel and handles virtually all sulfur, nitrogen and metals contained in the rough. More than 12 tonnes of sulphur (once considered an impurity left in the heavy fuel oil ...) start each day by truck to nearby chemical plants.

The machine operates through Collombey energy provided by its own functioning. It gets in stacks of four (20 tons of steam per hour) or cracker (35 tons) in order to run generators. "Autonomous electricity, we provide the same 15MWh local network," said former student in chemistry. Nearly 265 employees are needed to heat the human beast, adjust, measure his pulse, monitor its products: single operators monitoring facilities, laboratory technicians, electricians, or computer operating the new checkpoint computerized.

In wheezing and aromas reminiscent of the airport tarmac, Ashok Koul-Watt apologized almost an aspect brown rust heart of the machine. "These are the walls of the oven, inside the crude oil is heated to 400 degrees, we tried all kinds of paintings, they do not."

Bio Express

On the Iranian origin, Sirous Ammar has come as a student in Paris at the end of 70 years to graduate out of high school French engineers Central in 1984.

He then directly joined the site as an engineer Collombey production - well before the site goes under the control of Libya. After a short transition in 80 years at Ciba - whose plants are adjacent to the refinery in the Rhone Valley - it was all stages of the transformation of the refinery in Tamoil, including the leader of a startup unit "conversion" of crude oil.

In recent years, this man the imposing stature of 53 years had made his behalf, the amount an oil consultancy firm involved including the United Kingdom and Iran. Married, father of two children, he returned last July in Collombey, the refinery where he began his career there are twenty-eight years, in order to take the lead.

USA. Election against a backdrop of economic crisis

Rising gasoline prices, the collapse of the real estate market, massive debt overhang ... It is in a context of severe economic crisis that runs the campaign for U.S. Presidential November. The capital of the USA was more animated than usual, July 4. Usually, this national holiday, many residents are leaving Washington to go to the beach, either on the Chesapeake Bay, which is far only a few tens of kilometers, or by the sea, a journey less than three hours by car. But in the month of July 2008, gasoline prices had exceeded four dollars a gallon.
Households shake belt
For a European, this award is quite a good deal since it lies below one euro. But for Americans, accustomed to gasoline at very cheap, and which often lead monsters car whose consumption reached 20 liters per hundred kilometers, it was, and is still today, despite a relative decline in oil prices, a real disaster. Many of those who were accustomed to leave the city on that day, are therefore left, choosing to hold a barbecue in their gardens rather than the water's edge. Even the menu for this barbecue was rather tristounet. This year, in backyards over the homes of the middle class, the hamburger made its reappearance. Not because the U.S. population has suffered the crisis of real estate to the point of being forced to drastically change its way of life but the concern about the future sometimes leads to take precautionary measures which may seem excessive. "A few years ago, we were optimistic, saying Paul and Kris Richardson who, fortunately for them, have more than three years of credit to pay for the purchase of their home. We thought that every year, it would be better. Now, we believe that our generation will be the last to have experienced a prosperous and powerful America. " The motorist who left the capital to the west could fall to mid-July on an amazing spectacle. The self-convener of a small town in Maryland, Rocky Twyman, organized prayer sessions in front of service stations to bring down gasoline prices.
Increasingly indebted
The dream of every American, like almost all French, is to have a comfortable house. However, the USA, downtowns have not always good reputation. They have long been neglected and even in the eighties the crime rate was very high. Suddenly, in the few areas considered safe, the price of real estate prices reached extravagant. Everything is done by banks to facilitate real estate credit and gasoline prices being at a reasonable level, employees went live increasingly far and are increasingly indebted. The housing boom suburbs allowed emergency resell quickly empochant his house in a good profit. This system could collapse and the fall already partially recorded causes great anxiety in much of the population. Many commuters would sell cars too greedy to share against smaller models. But this market then collapsed. Pages of newspapers are filled with ads offering big cars at prices broken. "I have a Hummer (big vehicle-style armoured), confesses Raymond Dionne, who lives in Virginia. I would like to get rid of, but there is nobody to buy me. It consumes too much and then, especially at the beginning of the Iraq war, it was a patriotic look as much today as an enemy j'apparais for environmentalists. "
A hope for change
A 300 kilometres away in the industrial suburb of Pittsburgh (PA), Ed Moore, a trade unionist, representative of the so-called "Reagan démocrats", ie workers Caucasian committed to their traditions, those who have assured the success of the Republican Party since 1980, summarizes his vision of the situation: "Look what area, these houses are not all in good condition. You may be a little difficult to understand why so many people here have voted Republican since Reagan, and even for George W. Bush has made so many tax gifts to his friends billionaires. But is that the Republicans spoke a language they understand, patriotism, the right to bear arms. Here, you go out hunting, advocates traditional values while Democrats they appeared too frivolous. They have, moreover, during the primary preferred Mrs. Clinton to another, which seems too show-biz and too tanned. But now, I do not expect them to come back, obviously not all, to the Democratic Party. The price, and not only that of gasoline but also those of food, left to rise while the hourly wage has not budged and, worse, the number of hours worked decreases. Around them, they see plants that reduce their staff and they say that the election is perhaps a way to change things. Mostly they do not at all the positions taken by McCain in favor of free trade. "
Severe recession in road
In 1992, the battle cry of the election campaign of Bill Clinton, the only Democrat who has managed to interrupt the lease Republican in the White House was: "The economy, stupid! "(" The economy, stupid! "). At the time, USA lived, following the first Gulf War, a recession may be less serious than that potentially is under way today. It remains to be seen whether Barack Obama will be able to show the same energy and the same determination that the husband of Hillary.

inflation measured by the producer price reached 9.8%, the highest level

Wholesale prices jumped in July to the USA, posting a year on their strongest increase in 27 years, which rekindled fears about inflation even as real estate continues crack on all sides and threatening the overall economy.

Producer prices rose by 1.2% in July compared to June, while the core index (excluding food and energy) accelerated to 0.7%. The increases are much larger than what analysts predicted.

The real shock, however, comes from the evolution over one year: inflation measured by the producer price reached 9.8%, the highest level since June 1981, and 3.5% for the index base, which is the greatest rise since 1991.

The index was highly anticipated after the disturbing figures on consumer prices published last week, which had highlighted in particular an increase of 5.6% inflation over one year.

"It will be difficult for the Fed (the central bank, Ed) to ignore these figures at its next meeting. That said, and recent signs of economic weakness ahead make it unlikely this year increased its key rate," currently set at 2%, said Kenneth Beauchemin the firm Global Insight.

In July, energy prices and food were packed. But outside those volatile sectors, increases were recorded for prices of machinery, transport equipment and food packaging.

"The surge of base can not be explained by a single category, indicating that manufacturers meet the rising costs upstream by raising their own prices", said Aaron Smith of Moody's economy.com.

This is the great fear analyst: that companies, by dint of their bill to see an increase in raw materials, not pass the increases on their own customers.

Generally, companies prefer to trim their profit margins, especially in a slowing of demand as is the case with the current economic crisis.

The determining factor of this crisis is real estate, and Tuesday brought its share of bad news on this front as well.

Housing starts of dwellings fell by 11% in July compared to June, and building permits by 17.7% - cuts expected after the atypical bond last month, which saw developers rush to launch yards before entering a new code of urban planning in New York.

But the weakening remains Manifest: housing starts fell to their lowest level since March 1991, when the previous real estate crisis.

"We remain around levels that are not expected to be seen outside major recessions," said independent economist Joel Naroff.

The figures are very real estate followed while the sector accumulates setbacks.

The president of the Dallas Fed, Richard Fisher, ruled Tuesday that "the worst is yet to come in the correction of property" and warned that the U.S. economy might find themselves at a standstill in the second half.

The difficulties of the sector débordent indeed heavily on the rest of the economy and condition restart.

Tuesday, the banner DIY Home Depot reported a profit decline of 24%, because of declining consumption.

And the refinancing of mortgage giants Fannie Mae and Freddie Mac peinaient to recover the head, after falling by over 20% on the stock market the previous day on rumors of threats of bankruptcy for recapitalization for the government.

Bank of America agrees to buy back Merrill Lynch

The first U.S. bank in terms of deposits, Bank of America, agreed to buy the investment bank Merrill Lynch for about $ 50 billion (34.6 billion euros), thus saving the first brokerage in the world of bankruptcy, announced a person close to the negotiations.

The Bank of Charlotte, North Carolina, holds the largest number of deposit accounts of the USA. Combining the two issues one of their specialty gives birth to a new banking giant, able to compete with the first bank of the USA by market capitalization, Citicorp

Bank of America agrees to buy back Merrill Lynch

The first U.S. bank in terms of deposits, Bank of America, agreed to buy the investment bank Merrill Lynch for about $ 50 billion (34.6 billion euros), thus saving the first brokerage in the world of bankruptcy, announced a person close to the negotiations.

The Bank of Charlotte, North Carolina, holds the largest number of deposit accounts of the USA. Combining the two issues one of their specialty gives birth to a new banking giant, able to compete with the first bank of the USA by market capitalization, Citicorp