4 billion in debt

Whatever the future president, he will have the difficult task of restoring calm in a group rocked by scandal and poor performance. In the first nine months of 2011, sales were down 21%, the loss reached 324 million euros and the debt has ballooned to 4 billion euros totally free credit score. The share price collapsed to below 3 euros. The rating agencies are threatening to degrade the group to the rank of junk bonds.

Giuseppe Orsi has already launched a restructuring plan announced divestitures and able to generate a billion euros to deleverage the group. The only sale of rail division will not suffice.

Earlier in the day, the announcement of the referendum led to a further fall in European equity markets."It's a strange way of acting," said the German Rainer Brüderle, chairman of the FDP parliamentary group (Liberal), a partner with the Christian Democratic Union (CDU) of the ruling coalition. "It looks like someone is trying to emerge from what has been agreed. Prime Minister Papandreou has agreed a rescue plan that benefits the country. The other countries are willing to considerable sacrifices for decades of mismanagement and poor governance in Greece, "he lamented over the airwaves of Deutschlandfunk payday loans.

Finnish Minister for European Affairs Alexander Stubb, said he agreed that the referendum will be equivalent to a vote on the country's membership in the euro area. A view shared by Christopher Pissarides, Nobel Laureate: "If no victory, Greece would fail immediately.The leader of the opposition conservative (New Democracy), Antonis Samaras, said the Prime Minister "can not govern and instead to withdraw with honor, he just dynamite." "I never thought that Papandreou would make a decision as dangerous and frivolous," said the former Foreign Minister Dora Bakoyannis, who heads the Democratic Alliance (a small center-right party).

Even the national press is unleashed. "The country will be paralyzed by endless debates, the government, the state apparatus and institutions no longer function," says the conservative daily Kathimerini.

"A minimum of democracy"

However, few voices to salute the decision of the Papandreou government.

The two main opposition parties, the Social Democrats SPD and the Greens, reported Tuesday their intention to vote a joint motion with the majority. The Chancellor should reach the European summit armed with a strong mandate and clear the lower house of Parliament, even though his own majority does not always gained him Tuesday night.

"I am bound by my duties to avoid damage to the German people to do what is good for the German people. This is my guideline in the negotiations, "said the Chancellor, calling for the broadest possible support of the deputies."We have reached a tentative agreement between the majority and the opposition," said Carsten Schneider for his part, the SPD budget expert.

The joint motion of the multiplication of the European Financial Stability Fund (EFSF) implies that the European Central Bank (ECB) continues to buy bonds on the secondary market. In a draft final communique of the summit on Wednesday, traveling Tuesday between European capitals, the Heads of State and Government were preparing yet explicitly encourage the ECB to do so.

The Chancellor said that she refused the European states impose a course of action to the ECB, exposing a new source of tension with its partners on the eve of EU summit. "We are negotiating for a position of the ECB, who says she wants to do to help countries in the euro area in crisis.Do not let emerge the false impression that the policies expect something of the ECB, "she said, stationing themselves in guaranteeing the independence of the monetary institution payday loan online.

Avoid the humiliation

Angela Merkel told the parliamentarians that the strike force of EFSF should be given to over 1000 billion euros with leverage. The reduction of the Greek debt to private creditors imposed should be "above 50% and below 60%," she added. The joint motion submitted to the Bundestag is also considering the deadline of June 30, 2012 for a recapitalization of European banks.

Merkel faces a new rebellion against its European projects within his own camp. Tuesday, during a test vote, seven members of the CDU, his own party, voted against the motion of EFSF multiplier and three others abstained.A month ago, during a Bundestag vote on extending the powers of EFSF, Merkel had already had to fight to the end to avoid the humiliation of not collecting his own camp. The Chancellor had finally obtained a large majority.

In a ruling last month by the Constitutional Court, the German government can not engage with its European partners on budgetary matters without a mandate from the Bundestag.

Merkel might have to settle for a vote of the Budget Committee. At the insistence of the opposition, she finally chose to ratify the text in plenary session, thus saving the reproach of wanting to leave the key in Parliament.Thus it will arrive in Brussels also armed with a very strong mandate, which will leave only a small place in the negotiation … to better enforce German diktat.

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Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the front of the foreign exchange market, the euro continues to rise slightly against the greenback, moving always on top bar $ 1.45. At about 8 am in Paris, the European currency was worth 1.4528 dollars against 1.4510 dollars late Monday.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire. The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas is stable at 34.41 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.

Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.

Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.

Economic Confidence Index, published by the European Commission, fell to 98.3 points against 103 points in July. This is the sixth consecutive decline. Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.

Are also expected in mid-day figures for business failures.

Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (1.60% to 14.58 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars. Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating.Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (6.12% to 23.50 euros) announced revenues up 5.3% in the first half. He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

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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.

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.

However, the financial position of Greece has indeed been raised on Friday at an informal meeting in Luxembourg, attended by several Ministers of Finance of the euro area, whose French Christine Lagarde, Germany's Wolfgang Schäuble The Italian Giulio Tremonti or Greek George Papaconstantinou.At that point also to the subjects on the agenda – aid to Portugal, the regulation of financial markets, the successor of Jean-Claude Trichet as head of the ECB – "have not even been processed, lack of time, "says Les Echos on its website on Saturday, citing" a source described as European. "

Accelerating privatization

At the heart of discussions among members of the euro area, the ability of Greece to honor the commitments made in the context of assistance of 110 billion euros granted by the EU and the IMF a year ago. According to Les Echos, the Europeans have been willing, in exchange for new measures of fiscal adjustment, to pay 20 euros to 25 billion additional to Greece, where they would prove insufficient instant credit report. A sum which would, according to business daily, covering almost all the financing needs of the country in 2012.

Previously, however, the Greeks will accelerate the ongoing privatization. While the report had planned disposals of EUR 2 billion in 2012, "it will take much more raking Athens, about 25 billion by 2013," said the European source quoted by Les Echos. "If these measures are not sufficient, Greece should further tighten the screws tax," she added.

Debt restructuring again rejected

However, the assumption of a debt restructuring Greek has once again been rejected by the participants. While Lars Feld, one of economic advisers to Angela Merkel, considered by example on Sunday that the restructuring was "the only way forward so that Greece is a little relieved that creditors and help to solve the Greek problem "President of the Eurogroup Jean-Claude Juncker reiterated that such an option was excluded.While stating that a new adjustment program would still be discussed at the next meeting of the Eurogroup on 16 May.

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An Unusually, this performance is due to the good performance of Latin America (organic growth up 8.7% in the first quarter), supported by Brazil (+20.1%), U.S. USA (+8.4%) and Europe (+6.2%) boosted by France (+8.2%). In contrast, the Asia-Pacific is growing only by 1.5% due to the earthquake in Japan and floods in Australia. China limits the damage with a growth of 8.2%. "Our exposure in Japan is low. The earthquake and tsunami that struck countries, such as the revolts that took place in the Middle East, will negatively impact any of our forecasts for 2011, "said Maurice Levy, Publicis chairman.The boss of the advertising group is also stayed very evasive on the subject, merely indicate that "a 5% growth in sales in 2011 would be a very conservative forecast."

"We outperform the market by 2011"

Thanks to the good performance of China, Brazil, but also Russia and India, growth in emerging countries amounted to 11.4% in the first quarter. Digital activities alone represent 28.2% of Group revenue (against 27% in 2010). "We do not show much innovation and therefore continue to invest in growth markets such as digital and emerging" quips Maurice Levy. Digital activities and represent emerging elsewhere 48.3% of Group revenue in the first quarter "in line with the group's objective is to achieve 65% of its income on these two segments," says he .

The advertising market, the subsidiary of Publicis, ZenithOptimedia, has yet reviewed this week down its forecast for investment growth in 2011 to 4.2% against 4.6% due to the disaster in Japan and uprisings in several countries Arab. But that does not diminish the confidence of Maurice Levy. "Advertisers have not stopped their campaign, assures the President of Publicis. We found no concern on their part. Their primary concern is the growth, not cost reduction. "

A trust that is found when talking about the second quarter. "The second quarter looks good. The year 2011 will be for its good or very good, "said President of Publicis. We outperform the market in 2011. Obviously, the soaring price of raw materials encourages companies to protect their margins.It may therefore be a risk cutoff of investment from advertisers. But the future is growth. "

Future and it is precisely at Publicis issue, that of Maurice Levy, whose mandate expires Dec. 31, 2011 will be extended. But the president still has not set a date or given any indication as to his successor. "My priority is Publicis. I will remain the necessary time. "

In total, the 65,000 employees of the French distribution group are known not to work and show around the shops this Saturday, the day the traditional busy in hypermarkets. Early estimates labor, the movement is widely followed in more than 200 superstores supermarket group. Over thirty sites are completely blocked, workers blocking access to supermarkets.Even when they are not blocked, the strike rate range from 30% to 85% as estimated by Dejan Terglav, general secretary of the FO-FGTA reported in the AFP. When contacted, the management of Carrefour has not confirmed those numbers, always carrying an inventory of mobilization, and ensuring that all supermarkets were open.

From yesterday, union officials expected a high rate of mobilization of employees in a group unaccustomed to large-scale social movements. An impression confirmed Saturday morning. "It's a movement that looks quite memorable. It is widely followed, "said Franck Gaulin, Steward central CGT. Jean-Claude Mailly, secretary general of the Workers' Force (FOR), came to support the movement this morning on the website of Le Mans, on strike for 80%. "People want a redistribution within companies.When companies are unwilling to do that, there is a strike, "said union leader, also claims that" a device to make compulsory the transport allowance in all enterprises. "

Insufficient wage increase

While management offers its employees a 1% increase in wages to March 1 and another 1% increase on 1 October, union officials estimate that these increases do not cover inflation announced by 2%. "It does in fact represents only 1% over the year," says a leaflet distributed by the FGTA-FO.Even the promise of recovery to 10% (against 7% previously) discounts on purchases of stores, and the announcement of the reopening of negotiations next Wednesday, will not suffice to bring back the union leaders on their decision.

Moreover, the malaise is becoming stronger on the side of employees on the deteriorating conditions of employment and new working methods since the arrival at the head of the group of Swedish Lars Olofsson, in January 2009.

Opposition to the plans of division

While President Nicolas Sarkozy on Thursday expressed its willingness to link salaries to dividends, the unions could ask for more support for their speeches.For beyond wage increases claimed, employees believe that the demerger proposal by listing the subsidiary Dia hard discount and the 25% of Carrefour Property land would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital (14% stake and 20% of voting rights between them).

In the words of Dejan Terglav, secretary general of the FGTA-FO, reported in Les Echos this Friday, the organization also wants the Mutual Fund Business (CIPF) 'vote against the division (during the next meeting June 21 di ed.) CIPF owns approximately 1.33% of the shares but the double voting rights "said the union leader. Bringing to nearly 4% the number of shareholders opposed the project, with the fund Knight Vinke (more than 1% of capital).But for now insufficient to meet a third of votes needed to derail the project.

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Just replaced, there are a few weeks, by Jean-Paul Agon, Owen-Jones is accused of "abuse of trust", "abuse of corporate assets" and "active corruption" and "laundering money ".

The events occurred in the late 1990s. "OJ" is suspected of having set up as part of brand development in Eastern Europe, a parallel distribution market in Russia, Ukraine and Belarus.

It is a distributor Slovenian Janez Mercun, signed a contract with L'Oreal granting him the exclusive right to sell cosmetics in Russia, which is the source of the complaint.The latter had been injured by the formation of this parallel network to the tune of 34 million.

Alleged links with organized crime

According to the complaint filed Friday, "many companies put in place were designed to conceal tax evasion (…) and especially the personal enrichment, including Mr. Owen-Jones," says 20 minutes. "To get there, Lindsay Owen Jones has even forged links with organized crime," adds the lawyer Janez Mercun.

This claim taints the course of the boss of iconic L'Oreal, which has twenty-three long years, year after year offer a remarkable growth in a number of cosmetics. In 2010 again, L'Oréal was able to announce a strong rebound in its results and felt "confident" for 2011.But contracts with Francois-Marie Bannier, and $ 100 million offered to "OJ" by Liliane Bettencourt, had already contributed to tarnishing the reputation of Columbia.

Two other former executives from L'Oréal, Gilles Weil and Gerard Guyot-Jeannin, are subject to the same charges. Bad news also for L'Oreal, and especially for its new CEO, Jean-Paul Agon, who had emphasized during his enthronement, the "transparency" of the group.

L'Oreal alleges facts already considered old and

L'Oréal was quick to be indignant. "The alleged revelations so far are related to an old trade dispute which dates from 1998 and has already been tried," indicated the direction of the communication group. But "the courts have sided with L'Oreal five times.The final decision of the Supreme Court goes back to 2003, "the company said.

"These unfounded accusations and publicized today, as yesterday every step of the procedure, designed to artificially try to reactivate the file closed since 2003."

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