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The era of good times is over. China, which for years received lessons in economic policy by the United States, primarily relating to foreign exchange, takes revenge. While S & P has to sacrifice the triple A of the United States, Beijing, the largest holder of U.S. bonds in the world – by far, with 1,160 billion of U.S. Treasuries in the drawers according to figures from Washington published last May – now estimated to have "every right to require U.S. to address their structural problems of debt."

The Chinese government estimates that S & P has only confirmed a "horrible truth". One that was highlighted by the rating agency Dagong China, which has degraded the U.S. triple-A immediately after the agreement to raise the debt ceiling.She said "the days of Uncle Sam, crippled with debt, could easily squander endless amounts of borrowing from abroad seem numbered. (…) In order to treat his addiction to debt, the U.S. must restore the principle of common sense that we must live within its means. " For Dagong, the note of the United States increased from A + to A with, again, a negative outlook. According to the official Xinhua news agency, the adoption by Congress of a text to avoid a default of the United States failed to defuse "the bomb of debt." This failure to control U.S. borrowing could affect the "well-being of hundreds of millions of families in the United States and abroad," she lamented a few days ago.

In other countries, tempers

In France, Baroin, Minister of Economy, trying to reassure.First European official to respond to the thunder of the deterioration in the sovereign rating of the debt of the United States, he ensured that France "has full confidence in the strength of the U.S. economy and its fundamentals, and in the U.S. government's determination to implement the plan that was approved by Congress this week. "

In the UK, the British Trade Vince Cable held Saturday "completely predictable" degradation of the United States. "This is a completely predictable consequence of the mess created by Congress (…) but they (MPs) have now heard, and the situation of the United States is strong enough," he said.

Japan, the second creditor of the United States, said that its policy of buying U.S. bonds remained unchanged despite lowering their score."Our confidence in U.S. Treasuries and their attractiveness as an investment will not change because of this action," said a Japanese government official told Dow Jones Newswires. Japan, which is trying by all means to curb a flight of its currency against the greenback, has no interest in selling its dollar assets for now since it would only strengthen the yen.

In South Korea, senior officials of the Ministry of Finance held an emergency meeting Saturday to analyze the consequences of the downgrade. But the government has warned against overreaction. "We need not be too worried about our economy and financial markets," said Deputy Finance Minister Yim Jong-yong. An Australian Prime Minister Julia Gillard has also called for calm markets."At the same time, the other two major agencies, Moody's and Fitch continue to note the U.S. economy AAA. So I think people need to consider all the facts, "she said. In the Philippines, a spokesman for the Presidency said that the downgrade by S & P was "to some extent a wakeup call for the U.S. begin to seriously address their economic problems. We have confidence in their ability to do so. "

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LE FIGARO. – In March, you have confirmed your strategic plan. You present today a major restructuring program. What happened a few months?

Antoine Frérot. – We must accelerate the transformation of Veolia to a new model. Circumstances require. Our strategy has not changed in three months: we want to regain profitable growth. To achieve this, we must be more selective by focusing on industries and geographies well chosen rather than spread ourselves too thin, and generate an ability to maneuver by selling assets less attractive and reducing costs. The first results are there, but insufficient, he must go further and faster. The world has changed since January. Problems related to the financial structure of local government and sovereign debt of countries of southern Europe have worsened.They depress the economy and weigh on the purchasing power. Among the consequences, the pressure on the prices of water contracts in France is increasing. Moreover, the tensions in North Africa have had an impact on our business.

How will formalize this acceleration of the reorganization?

We operate in 77 countries and carries 79% of Veolia's sales in eight of them. We decided to give some to focus on 40 countries. In many countries, we carry less than 30 million euros in turnover. We will leave less than 10% of our business. Veolia is a global, but it is not intended to be present in every country in the world. We will leave some countries of southern Europe and northern Africa, and dispose of marginal activities.The dispersion of administrative costs and control excessive.

The group did he not been arrogant in its expansion?

Between 2003 and 2007, strong global growth has been the opportunity to expand into new countries. Central Europe and Asia, we did not know it would work so well. Other activities are less well developed. Only those who do not take risks do not make mistakes.After this expansion phase, we are in a phase of digestion and concentration, although there are also some great opportunities for profitable growth in a difficult period, provided to be extremely rigorous in their selection.

What are your priorities?

We want to develop expertise on rare occasions when the demand and profitability are strong in areas where our critical mass allows us to increase our business without additional structure. These include, for example, combined heat Poland, waste treatment in England and wastewater treatment in Central Europe. By focusing on what we know how and know less than our competitors do, we will maintain strong profitability.I would add that we want to develop our own, without additional debt.

Do you think the executive committee now has the same vision of the company. This was not the case before?

In new era, new team. With the pressure on prices, our cost reductions are insufficient. We must go further, which is difficult without changing the organization. Management must be mobilized to achieve our goals: to remove a layer in the organization, change the map of our business units and restructure our seats. This acceleration of the implementation of our strategy is the next step. Veolia must be more than ever in battle.

What is the impact of your savings plan in France?

In France, where we make 39% of our business, we must strengthen our management. Our seats are too numerous and sometimes redundant, they must reduce.We will also review the organization of our teams in our division for water efficiency.

Could you get a capital of Dalkia?

It depends on the strategy of our partner. My feeling is that EDF is now the job of energy efficiency.

The transport activity is less profitable than others. Can you speed up your withdrawal from this sector?

We already share this activity with a partner, CDC, and the proposed initial public offering is to provide the means for its development without mobilizing financing of the group.

All these measures are not they also a way to settle the age Proglio?

No. They have one goal: preparing the future of Veolia.

While markets plunged Monday on fears of contagion from the debt crisis in Europe, central bankers in the euro area have attempted to reassure financial markets. "This is to resist the risk of contagion" in Italy, which seems to be the new target markets, or to Spain, and "maintain financial stability in the euro area," said the head of the Eurogroup Jean-Claude Junker.

Europe and the tent she set up a second country assistance plan, and in this context, the working group to find a solution to save the country from bankruptcy does no longer a " partial default "of Greece. A possibility ruled out by the Greek Finance Minister Evangelos Venizelos. "We want full coverage of our borrowing needs and the Greek financial system, which is part of the European financial system, he says.This coverage must be offered either by the ECB or by the Eurozone and the member states, other agencies such as the support fund. There is no alternative. "

European leaders have failed to completely reassure the financial markets. The slopes of measures that finance ministers of the euro area, launched on Monday night, increasing the size of the Emergency Fund Financial (440 billion euros) and longer-maturity loans have not convinced investors the opening of the Paris Bourse, the CAC 40 was down over 2% overnight pay day loans.

However, after announcing a special summit could take place Friday, financial markets have recovered somewhat. And the CAC 40 closed down 0.98% to 3770.21 points. "More than numbers, investors especially need a specific timetable," said Franklin Pichard, Director Barclays stock.The new Executive Director of the IMF, Christine Lagarde, has reminded European leaders the importance of early implementation of the measures promised.

The international community "can not save Spain"

The Spanish Minister of Economic Affairs, Elena Salgado, said Tuesday he was "not logical" that Spain and Italy are "affected by market volatility," because their economies are "strong and diversified. ""If we are able to transmit the determination that we all, markets should reasonably calm down," she said.

But markets, they do not see things this way: "While the international community can save Greece, Ireland and Portugal, it will not save Spain, too important contributor to the euro area" , said Monday Laurent Geronimi, director of rate management at Swiss Life Private Banking.

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The CAC 40 was at a standstill on Monday in the Paris Bourse. On Monday of Pentecost, the absence of much investors account for a sluggish market, with only 1.8 billion traded. At closing, the CAC 40 gained 0.07% at 3807.61 points.

Same hesitation on other European markets, the DAX index of the Frankfurt Stock Exchange edged down 0.22% at 7085.14 points, while the FTSE-100 Square London rose 0.13% in 5773 , 46 points.

In this day of solidarity in which the majority of employees stay home, the absence of major market operators does not help to draw a clear trend. Especially as the business side, no publication was expected. Ditto on the macroeconomic front. The markets are still awaiting a convincing answer to the Greek situation, before returning to a sustainable uptrend.

These same concerns also continue to weigh on the European currency. Side currency, the euro lost indeed some ground against the dollar Monday in a market without much direction, and still hanging on the progress of discussions between EU leaders. They are still struggling to find agreement on how to continue to provide financial assistance to Greece. Around 11:10 in Paris, the European single currency was worth 1.4336 dollars against 1.4348 dollars on Friday night after coming close last Monday the threshold of $ 1.47 for the first time in a month.

Same side of the volatility of oil prices in a market torn between the prospects of increased production by Saudi Arabia and the maintenance of quotas decided by OPEC. In morning trading, a barrel of light sweet crude for July delivery lost 9 cents 99.20 dollars.That of Brent North Sea crude for delivery gained 13 cents to equal 118.91 dollars.

As for values ​​to follow

Altran (-2%, to 5.14 euros)

Yves de Chaisemartin lost Friday the group's management, the Board of Directors of the technology consulting company has designated Philip Hall to replace him.

Air France – KLM (+0.28% to 10.59 euros)

The airline's traffic in the Paris airports Roissy and Orly airports may be disrupted on Monday due to a strike notice filed by a union of mechanics on the ground, have we learned from the company.

Peugeot lead the CAC40 (1.66%, to 27.91 euros), according to a note from Citigroup

The title of the automaker is at the top of the charts of ACC 40, supported by a positive note from Citigroup, which goes from neutral to buy.The broker believes that the U.S. product mix and diversification of Peugeot should be reflected in investors' perception of the title.

The rest of the automotive sector is, however, the penalty, hit by fears of recession in Europe, says one analyst, while stressing that the current valuations of most groups are below their historical levels. Renault (-2.40%, to 35.52 euros) shows the largest decrease in the CAC 40 in front Michelin (-0.96% at 62.71 euros). Outside the CAC 40, yields 2.1% Valeo, to 41.42 euros.

LVMH (+0.48% at 115.35 euros)

Sephora, the cosmetics distribution subsidiary of luxury group, said to have strengthened his hand in the round of Corsica in Russia, becoming the majority shareholder in nearly three years after joining the company's capital .

EDF (+0.19% at 26.73 euros)

NPP Bugey in Ain, had to reduce its production by 10-15% in late May and early June due to increased water temperatures of the Rhone, an effect of the heat wave spring.

Eutelsat Communications (-0.83% to 30.39 euros)

San Marino RTV has selected two Eutelsat satellites to broadcast its programs through Italy and Europe as of June 13

EADS (+0.02% at 21.12 euros)

Airbus chief says EADS, parent company of Airbus, would be protected against hostile takeover bids but, to this end, it was not essential that Germany be a shareholder in the group.

Carrefour (0.45%, to 29.30 euros)

The management of the distribution group said Sunday, a day after a protest movement, have made a major effort for employees of Carrefour Market stores in terms of purchasing power.

Luxury brands can not remain indifferent to the model of the fast fashion H & M or Zara. With logistics unstoppable, they can send in a few weeks in their shops products inspired by the catwalks of big names. Meanwhile, the actors remain frozen in luxury with their two seasonal collections per year. Hugo Boss has completely reorganized its production to respond to this accelerating cycles. The German group has reduced from 50 to 38 weeks the time between product design and delivery.

"Prior to the summer of 2012 for example, should have initiated the creation in January 2011, regardless of what would have worked or not during the summer of 2011, said Claus-Dietrich Lahrs, president of Hugo Boss. Before, we delivered the stores early in the season and were left to fend for themselves.Now we can better respond to sales, competition, consumer habits. "The group has already spent two to four collections a year. And spends about a third of its offering trendy products, delivered each month in the shops.

Less sale items

This revolution was made possible through a very thorough work upstream. Hugo Boss has reduced from 1300 to 300 the number of suppliers, factories with which it works worldwide. He also sorting through their collection bloated to halve the number of items offered each season. Finally, it has refined its inventory management and controls to reduce the risk of being left with unsold quantities of arms.

Result: The rate of products sold at high prices (before discounts and sales)-a key indicator of success in the fashion-jumped by at least 10%.And, therefore, the company's profits were buoyed. The gross margin rose from 50 to 59% of sales in three years and operating profitability, once 15% of sales, reached 20%.

This will delight the shareholder, the British fund Permira, which bought Hugo Boss and its parent, the Italian Valentino Fashion Group, a high price in 2007. "Permira we had set a goal of profitability by 20% in 2015, we have already achieved in 2010, welcomes Claus-Dietrich Lahrs, formerly of Dior and Cartier arrived in 2008. I think we can go beyond. "

The Exchange appreciates: the price has doubled in a year, bringing the enterprise value to 4 billion euros. After a difficult 2009, sales and profits rebounded last year. The group plans a 12% increase in turnover and 15% of the profit this year.It intends to increase its sales of 1.7 billion euros last year to 2.5 billion in 2015. "Hugo Boss seems well positioned to successfully accomplish its plan," says a study by the bank Nomura.

The acquisition debt was restructured in 2009. Four years after the takeover, Permira could extend his contract. "I would not be surprised if they wanted to wait to see the development of this potential before selling," said Claus-Dietrich Lahrs.

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It is a trend reversal. With 73,259 enrolled in college, the number of pharmacists in activity fell from 73 people last year. The decline is certainly symbolic, but so far, enrollment proceeded.This change is due to arrive at retirement age (63 years on average) generations of baby-boomers, a numerus clausus remained low until 2004 (2250 persons), and "evaporation" of 20.1% of pharmacy students to other sectors (cosmetics, food …), which worries the Order.

The numerus clausus was gradually recovered to 3090 students per year since 2008 but, given the length of study at least six years-and-baby-boom is not over, the College expects a stabilization of the workforce over the next few years, then a "probable regression" around 2020.

116 pharmacy closures

In detail, in 2010, the number of pharmacists working in the drug industry, from wholesale distributors, hospitals and overseas still rising slightly.It is in pharmacies (pharmacy owners or employees) and biological laboratories that troops are less numerous.

The consequences however are far less worrisome than physicians, who are free to locate wherever they want. This is not the case of pharmacies, subject to a "law of demo-geographical distribution" since Vichy. Admittedly, 116 pharmacies (approximately 22,500) were closed last year, but "mostly in urban areas, where their density remains high." With an average of one pharmacy per 2800 inhabitants, and 43 pharmacies per 1000 square kilometers, "there is no desert or pharmaceuticals in rural areas, or in sensitive areas," says the College.An argument for pharmacists who, faced with the erosion of their margins on the sale of drugs, argue that they may be assigned new missions nearby health, could mitigate the problem of medical deserts.

The College-chaired by a woman, Isabelle is also Adenot-increasing feminization of the profession last year, exactly 66.67% of pharmacists were pharmacists. The proportion rises to 76% for hospital pharmacists and 82% among pharmacists assistants (employees). Finally, increased job insecurity is also reported, with a jump of 9% last year, the number of temporary staff pharmacists in pharmacies: they are now 3700.

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"Solidarity must play full for farmers," pleaded Monday morning on France Info on Agriculture Minister Bruno Mayor. To help farmers facing exceptional drought, the Minister urged all stakeholders in the agricultural sector to mobilize, while ruling once again assuming a tax drought. "It is too early and I do not think this is the right solution," the minister justified. Such a tax had been especially set up in 1976, during a previous episode of drought.

"Farmers are suffering from liquidity problems and nutrition. Bankers and insurers should play the game The Agricultural Social Mutalité may make deferrals premium, banks can make bridge loans until the European aid to be paid. "As such, the prepayment of certain European aid should give guarantees to banks, thought Bruno Mayor. As for the state, it must take action to "ensure long-term aging in Europe."

"I have therefore asked the European Commission, and I have the support of eleven member states, the creation of a working group on livestock high level in Europe to identify the structural measures to be taken," said Minister, who will be traveling on Monday in Seine-et-Marne.

Avoid speculation on food animal

Come to scrutinize the contents of contracts for the sale of straw, he also warned the farmers who would benefit from the lack of fodder for livestock offer straw to a predatory pricing. "I want to avoid having to feed speculation when there is drought.Straw today it is 25 euros per tonne, it must not be 40 euros or 60 euros as it exists unfortunately in some areas of the territory, "he warned.

To increase the amount of animal food available, the government had already taken the last week of administrative simplification measures, removing certain constraints on forage. In the Eure, the county government has also allowed farmers affected by drought to mow the shoulders of county roads and get the grass to feed the animals, while Maine-et-Loire has decided to advance the mowing in protected areas Natura 2000. In some regions, animal feed is so lacking that farmers are forced to slaughter animals puvoir failing to meet the needs of the entire herd.

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In late March, France had 687,900 autoentrepreneurs, according to statistics released yesterday by ACOSS, the umbrella organization Ursaaf nationally. Established in 2009, this scheme, which offers many benefits to tax and social entrepreneurs, creates less enthusiasm now: it came into full swing. Thus, in the first quarter of 2011, the number of accessions was 67,864. Even if, as recalled by ACOSS, this figure is provisional, the inflection is sharp compared to 2010 and its average of 80,000 accessions per quarter (excluding the first quarter, which saw a boom).

Radiation have also increased: 15,165 in first quarter 2011, against 10,000 a year earlier. "The flow of radiation 2010 is around 22.3% of the stock of late 2009," said the statement from ACOSS.

What are the radiation regime of autoentreprenor? For 93% to a cessation of activity. In 7% of cases, the contractor leaves the system while continuing its business under another statute (most often because it exceeded the thresholds of turnover regime autoentreprenor) payday advance online.

Among those who left for autoentrepreneuriat cessation of activity in 2010, two thirds had made no sales. This is one of the peculiarities of this scheme: it is very easy to join, even with a little project successful. Result, about 40% of autoentrepreneurs are really active and record revenues.

8300 euros turnover per year

The turnover generated by autoentrepreneurs reached 785 million euros in the first quarter of 2011.Either a priori – subject to confirmation by the final statistics – a trend similar to that of 2010 ($ 3.1 billion in sales reported throughout the year). In 2010, autoentrepreneurs assets have achieved an average turnover of Euro 8285. The commerce and construction bring together the largest cohorts autoentrepreneurs. But many also in IT, consulting, education, science and art.

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Satisfecit of some and disappointment of others. If the club of wealthy G8 welcomes the progress made in official development assistance (ODA), NGOs denounce a shell game with numbers. Put on the table at the summit in Genoa in 2001, aid to Africa has been quantified in Glenaglee in 2005, which, according to the first report on accountability presented Thursday at Deauville, are almost required. Of the 50 billion promised, it only needs 1.27 billion in current dollars. Note that the G8 contributes 70% this aid, the rest of the Development Assistance Committee of OECD. "This gap represents only 2% of the initial target," the report said.While Oxfam criticizes "a whitewash" which does not account for inflation since constant dollars compared with current dollars.

In fact, according to OECD estimates, the donor has paid only 31 billion dollars, or a lack of $ 19 billion. "The promises are far from being held for Africa," said Maureen Jorand, CCFD Earth solidarity. Of the 25 billion announced, only 11 were paid. The NGOs also criticized the meager results for food security, following the commitments made at the summit of L'Aquila in July 2009 after the riots, to spend 22 billion by 2012. "To date, only 22% was actually disbursed," says Maureen Jorand.

In detail, France is the third largest contributor behind the United States and the United Kingdom.The French Minister of Cooperation, Henry Raincourt, indicated recently that French ODA rose by 52% since 2004 and is concentrated up to 55% on Africa. With 0.50% of GNI to ODA in 2010, Paris was close to the target bit by Brussels to 0.51%. Again, NGOs are challenging the scope of assistance which includes loans and home to foreign students. Knowing also that budget constraint forces, France has announced a freeze over three years. Hence the importance of innovative financing defended by Nicolas Sarkozy.

The global market for live television until May 28, one week critical. In New York, American studios unveil the series of vintage 2011. Buyers of French channels will now continue their negotiations in Los Angeles during the famous "Screening" that are on television what Cannes is to film. The battle to win the best series promises to be intense between channels for a vintage by both the extraordinary volume – production up 50% over 2010 – than the quality. All studios show ten rounds each.

Two major trends: the studios back to the series feuilletonists, that is to say that the episodes "does not close," leaving the viewer unsatisfied.Moreover, after the medical drama "tired and kind policeman who remains a safe bet, it is the comeback of comedy and especially of the supernatural. According to a market expert, "Hollywood continues to search for the successor of Lost." Like Warner offering Alcatraz series that depicts the disappearance in the 1960s, prisoners from the notorious prison that recur in 2011. Fiction is the second lighthouse Person of Interest, founded by Jonah Nolan, screenwriter of The Dark Knight. It features a former CIA agent paid by a billionaire to eradicate crime. The Fox studio is shaped with The Finder, a derivative of Bones, but Homeland, spy series written by the father of series 24, and Playboy Club, a sort of Mad Men, about the life of a night club in Chicago in the 1960s.But the big event will be Fox Terra Nova, directed by Steven Spielberg that tells the return at the age of dinosaurs in a scientific team to correct environmental problems. The pilot cost more than $ 20 million for a series whose cost is estimated at 200 million.

"A new stock"

For its part, Disney has "the largest inventory of new features." The succession of Desperate Housewives is assured with Good Christian Belles, written by the creator of Sex and the City. It will also count with The River, a supernatural series also produced by Steven Spielberg, written, directed and filmed with a handheld camera by the authors of paranormal activity, the movie event of 2010. Missing Finally, a feminine version of Luc Besson's Taken, is eagerly awaited.NBC, four major events are presented with SMASH, a sort of Glee adult, also produced by Steven Spielberg and devoted to Marilyn Monroe. Riding on the success of Inception, one of the most successful of Warner, NBC Awake propose that the universe is very close.

Finally, Sony has the remake of Charlie's Angels, called Charlie's Angels. The studio spent $ 10 million for the pilot. Finally, in the wake of his teacher Martin Scorsese, Robert De Niro starts with CBS in the series with Rookies. Enough to blow the auction.