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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.

"Today I am very happy that the rights of passengers are finally recognized," says Celine Cloquet-Claret. The acupuncturist Lyon, aged 33, welcomed the decision of the District Court of Paris, which proved him right in front of the station in a case of delayed train. And, although it has not affected the Euro 4044 she claimed: 3000 euros for moral damages and 1,044 euros in fees for these professional meetings. "The most important thing is that I have made my day pay off," said Celine Cloquet-Claret in figaro.fr.

The traveler asked for 4000 euros

In addition to the refund of his ticket, the SNCF will pay € 300 in damages for hurt feelings and € 500 in court costs. Is "approximately 900 euros payable immediately," according to his lawyer David Metaxas. This amount does not fully cover the fees it would receive due."This difference is explained by the fact that we could not account for the entire injury," said the lawyer figaro.fr. Five other passengers the route Paris-Lyon filed a writ of summons and also claim the same amount "equivalent to a day's work," according to counsel for the National Federation of Associations of transport users.

Background: Friday, January 8, 2010. As every week, the young woman took the train to Lyon to 8 hours to Paris where she planned 12 treatments of the Beauty of the Hotel Majestic. Fifteen minutes later, the TGV stops. "After two hours, we were told it was a problem on the overhead line, but we say when it would be resolved," she says. After seven hours, the train leaves for finally coming into Gare de Lyon to … 4:32 p.m., when he was supposed to arrive at 10:03.Meanwhile, the acupuncturist has lived a nightmare. "It was getting cold and I could not tell my customers I was late (because of the catenary problem, heat and phones do not work)," said she easy payday loans. Then comes lunch. The station serves meal trays. "But there were only 150 to 300 passengers and I could not eat," she says.

"These assignments will multiply"

Furious, the girl immediately returned to Lyon. "I lost my day, she says." And money: 1044 euro, the amount of his fees for the twelve sessions. The envelopes distributed by the station for a refund the ticket does not cover that amount. On the advice of his lawyer friend, she decides to press charges. His lawyer believes that the station has breached its contractual obligations, "the obligation of punctuality" and "the requirement of safety and information."According to him, a broken overhead on the network, causing disruption of traffic, is not a case of force majeure. "This kind of delay can not be seen as unpredictable, it happens all the time," says the lawyer. He added: "Beyond the delay is the way the station handled the things that is problematic: it does not inform the passengers, they are left without heating or hot drinks, we do not offer evacuate them. "

Anyway, this new case comes a little more tarnish the image of the station, faces many delays in recent months including that of the famous night train from Port Bou-Strasbourg / Nice arrived with more than 24 hours after his departure. For two other stories of late, two lawyers had also won their case against the company several months ago. "These assignments will multiply, says Mr. Metaxas. Users have had enough.Subscriptions are too expensive and their purchasing power decreases. Through these victories, users must realize that they can recover more than just a ticket refund. "

The outlook for the parent company of Airbus are rather positive. EADS confirmed on Friday its forecast for the full year 2011, with sales up 8% to 21.9 billion euros and operating profit (EBIT) of 720 million euros in first half of this year. The net result of EADS amounted to 109 million euros (compared to 185 million euros in the first half of 2010), or earnings per share of 0.13 euro (0.23 euro a year ago) . In the second quarter, the manufacturer posted a net profit of 121 million euros and a turnover of 12.082 million – up from data over the same period the previous year (82 million euros in profit net 11.35 billion in revenue).

The activities of EADS, however, impacted by a decline of 41% of net profit in the first half, to 109 million euros related to accounting revaluations following the change in exchange rates, the statement said the group. But the net cash position of the manufacturer, specialized in aerospace and defense of a $ 11 billion still provides a solid foundation to meet the operational needs of the group and fuel future growth, "said EADS Friday .

An exceptional increase in orders

"Our first half results in 2011 reflect the strong demand in the commercial aviation sector," said the executive chairman of the Louis Welsh, comment out the publication of the results of EADS.At Le Bourget, Airbus, the main subsidiary of EADS has reached a new record this year, orders for 730 commercial aircraft, including 667 A 320 Neo, remotorisée version of medium-haul Airbus, less fond of fuel. EADS believes that Airbus should undertake the delivery of 520 to 530 commercial aircraft throughout the year, with a level of gross orders up to one thousand units. In the first half of 2011, new orders for Airbus amounted to 58.1 billion euros at the end of June the company has already earned 453.8 billion euros (at the end of 2010, total orders was 448.5 billion).

For all of 2011, EADS expects a stable EBIT before non-recurring items in 2011 compared to 2010, about 1.3 billion euros. Louis Welsh stated in particular that Airbus confirms its target of delivering about 25 to 380 in 2011.Moreover, based on the basis of an exchange rate of one euro worth 1.35 dollars, the European manufacturer hopes to earnings per share higher than in 2010, which was 0.68 euro. He also put on a significant improvement in its EBIT by 2012 due to higher sales volumes and improved performance of the Airbus A 380.

The title of EADS was in line with the trend of the CAC 40 stock market this morning, down -0.76% to 24.15 euros.

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Concerned about the lack of progress in negotiations on the ceiling of U.S. debt, equity markets began the session in the red. After completing the session Friday without any real conviction, the Dow Jones lost 0.51% to 12,616.64 points, the Standard & Poor's 500 index 0.84% ​​to 1333.72 points and the Nasdaq 0.94% in 2832 , 06 points on Monday at the opening.

If the euro reached an agreement, the United States they still fail to agree on the ceiling of the debt. Crucial negotiations remain stalled between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives.If politicians on both sides do not agree by August 2, the maximum allowed rise of U.S. debts, the government of the world's largest economy may be in default.

In Europe, since the announcement of a new device to try to save Greece and avoid contagion of debt to other countries considered fragile in the euro area, the rating agencies make known their position on the plan, the highly anticipated reactions, since some aspects of the agreement threatens to put Greece under default. According to Fitch, as of Friday, decided that Greece was in partial default, Moody's downgraded three notches this morning note the country of Caa1 to Ca, one notch from the default.

New pressures on gold

Sign of renewed concern about the market, gold, traditional safe haven climbs to new highs.The ounce has risen to over 1620 dollars, while the stalled discussions on the United States raising the ceiling of U.S. debt exacerbated the nervousness of the markets. The price of an ounce of gold rose to 1624.07 dollars on the spot market in early Asian trade, a new record.

On the foreign exchange market, the dollar is penalized. The euro is rising against the greenback to 1.4375 dollars in late morning. Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

First estimate of GDP for the second quarter Friday

On the macroeconomic front there is no any major indicator on the agenda of U.S. investors on Monday.Things should accelerate in the coming days with the highlight of Friday, the publication of a first estimate of growth in the United States for the second quarter, the analysts of the firm IHS Global Insight provides "very disappointing" .

Other statistics will punctuate the week.Tomorrow investors monitor the index of consumer confidence and new home sales and durable goods orders Wednesday and the economic report of the Central Bank (Beige Book) and Thursday the promise of home sales and last Friday of industrial activity in the Chicago area.

Another wave of corporate results to follow

The side of values, the U.S. conglomerate United Technologies is planning a partial sale or other "strategic options" for a subsidiary specializing in rocket engines, Rocketdyne, according to the pattern of this activity, Jim Maser, interviewed by the Wall Street Journal .

Citigrop announced the sale of Egg Banking subsidiary, specializes in mortgages and savings, UK Yorkshire Building Society, announced last Monday.

Dow Chemical has announced its formation of a joint venture named "Sadar Chemical Company" with Saudi Aramco.

For its part, Netflix is ​​in talks with DreamWorks Animation to obtain exclusive rights to its catalog of streaming movies, according to Bloomberg.

Research In Motion plunges him 1.7% after a detailed cost optimization program, which includes 2,000 job cuts.

In addition, financial publications are still very many this week. Kimberly-Clark fell back 0.4% in early trade.The manufacturer of tissue paper, has already announced that its earnings per share for the year could end up in the bottom of the expected range.

Baker Hughes said it more than tripled its earnings in the second quarter due to increased drilling activity in the United States, which has also benefited its two major competitors in the oil services sector, Schlumberger and Halliburton.

Among the values ​​of Dow Jones, the retailer Wal-Mart, the aerospace group Boeing, the consumer group 3M, DuPont chemist, or the oil ExxonMobil and Chevron.

So far, the vast majority of large U.S. companies posted higher profits than expected in the second quarter, particularly in the technology sector.

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Discussions intensified and meetings are multiplying as we approach the summit of Heads of State and Government of the euro zone on Thursday in Brussels. The challenge: to present a lasting solution to the Greek crisis by adopting a second aid plan. Despite the hesitation at the head of Europe, the markets want to believe a lasting solution. Paris wins Wednesday mid-day 1.45%.

Sign, however, difficult to finalize a common position, the meeting of finance officials of the euro zone has been extended from Wednesday night to Thursday morning. In turn, the summit will begin with an hour late, at noon instead of 11 hours.

"No great advances"

The postponement will allow a little more time to French President Nicolas Sarkozy and German Chancellor Angela Merkel to resolve disputes between the two countries: they meet on Wednesday afternoon in Berlin.The two countries have different objectives. Angela Merkel has applied to shower expectations. There will be "no great progress," she said Tuesday. Before insuring, Wednesday midday, the German government will show good will. And she was "very confident" of finding a common position with France to achieve "good results" on Thursday.

Recognizing that markets will forgive a bad meeting for nothing, Paris wants instead a "durable solution" is found, insisted Wednesday the government spokesman Valerie Pécresse, after the Council of Ministers. It "passes through the Franco-German couple" she added, pointing out that the main resistance to the alternative of issuing bonds were European, according to the French Government, "a German resistance."

If Paris and Berlin hold the key to an agreement between European leaders, they always seem to oppose it on ways to involve banks in terms of aid to Greece. If the amount of effort required to banks of 30 billion euros, a consensus, the methodology to be divided. Paris wants, as the European Central Bank, avoid at all costs that Greece is found in default. Germany intends to take less care. She suggested including the development does not place a tax credit, which the industry sees an evil eye.

"Agreement on the fundamentals"

The French Minister of Economy, Baroin, wanted reassurance."There is a broad convergence of views, there is an agreement on the fundamentals, there is a desire to make more sustainable debt Greek and there is still some discussion on the part of private, but it's more a discussion of degrees and not a discussion of values, "he said.

While the Franco-German leaders will finalize their position, the Greek Prime Minister George Papandreou will be in Brussels to meet at 17 hours, the president of the European Commission Jose Manuel Barroso. The aim of the summit is crucial on Thursday, insisted on Wednesday the spokesman of the Greek government: "We have tomorrow (Thursday) a peak in determining the future of the country and Europe, Prime Minister (George Papandreou ) engages in a battle to ensure that Greece will stand on two feet. "

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Coincidence of timing, when the French government announced the rules for large PV installations, the producer of renewable energy Neoen and private equity investment Axa Private Equity participate in the consolidation of a growing industry but still very scattered. Neoen and Axa PE announced Monday the purchase of renewable Poweo activities. Founded by media Charles Beigbeder, Poweo is controlled by the group since 2009 Austrian Verbund. Its branch renewable 100% controlled by Verbund, is distinct from Poweo SA, the small challenger EDF is for sale. Taking advantage of the confusion, the action Poweo SA rose 18% on the stock market yesterday.

Active in offshore wind

The operation mounted by Neoen and AXA PE is around 50 million euros, according to Xavier Barbaro, CEO Neoen. The two buyers will share the assets of Green Poweo.Neoen take possession of 14 megawatts (MW) of photovoltaic systems in operation in France and a portfolio of projects. Totaling 50 MW in solar and wind power and 70 MW biomass project in the state approved.

Neoen also retrieves the trash from Poweo installed in the consortium recently with EDF to meet the tender of the State on the first offshore wind

This young company, founded in 2008 in the lap of Direct Energy, is now a "sister company", sharing the same shareholder, namely Jacques Veyrat.As part of his departure on June 30 of the Louis Dreyfus, one that Robert Louis-Dreyfus regarded as his spiritual son got in exchange of its shares in the group of trading, more active and which Neoen 39 2% of Direct Energy.

Supported by its new shareholder, the small Neoen sees far. With the acquisition announced Monday, "we will double our sales power," said Xavier Barbaro. And "it is only a first step," said the leader of this company recently opened an office in Portugal for investment in solar.

Xavier Barbaro time opportunists in photovoltaics in France is over. To evolve and grow in the highly capital-intensive renewable energy, whether solar or wind, "you have to reach critical mass."

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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 battle to win the big contract from the French offshore wind organized. After Areva, which has partnered with the Spanish Iberdrola last week, it was the turn of EDF Energies Nouvelles to partner with a foreign group specializes in offshore wind, according to Les Echos. A subsidiary of EDF should indeed unveil Monday morning a partnership with Danish DONG Energy to meet the tender to be published July 11, the newspaper said. The tandem will try to get hold of the entire order worth a total of 10 billion euros.

The project, detailed by Nicolas Sarkozy last January after being repeatedly postponed, for the first phase is to establish 600 wind turbines with an installed capacity of 3,000 megawatts (MW) in France. By 2020, the government is a target of 6000 MW of offshore wind, or 1200 units to be built.

In detail, EDF EN and DONG Energy would create a joint venture majority owned by EDF Energies Nouvelles. This new entity will offer a special place in the Danish group in the race to the contract and will allow EDF EN to join a specialist offshore wind. In fact, DONG Energy already operates eleven offshore wind farms in Europe. The Danish group have been very courted, especially by GDF Suez.

In contrast, the subsidiary of EDF is still not present in the field of wind energy at sea, but EDF EN goes into working order. Having established a partnership with Alstom to supply him the offshore wind, he offered the services of three groups who worked on the project.

DONG Energy and EDF EN, associated with Alstom, is positioned on the five areas covered by the tender in competition with Areva / Iberdrola on two areas and three areas with GDF-Suez, Areva Vinci.Other contenders could also decline by 11 July.

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Greece will operate at idle on Tuesday, the first day of a general strike of 48 hours. A movement to challenge the new austerity plan which must be passed by parliament before June 30 The unions and the opposition rejected the new tax increases and the waves of mass privatization included in this new plan.

And the movement promises to be monitored. As for transportation, airlines warned that Greek flights will be canceled and Athens, most buses, trolleys, interurban trains and trams will remain in port. Governments are also concerned. In hospitals, only emergencies will be provided, power cuts will be random and banks remain closed. The journalists will stop work for several hours. The outrage, the popular resistance movement apolitical, gathered on Parliament Square.

But despite popular discontent, the government maintains its plan, the adoption of conditions the release of a new tranche of loans from the European Union and the International Monetary Fund. Become indispensable aid to Greece to avoid a default. Prime Minister George Papandreou has even called yesterday to the "patriotic duty" of MPs urging them to vote in favor of the proposed budget for fiscal consolidation in the country. And voting will take place tomorrow and Thursday, promises to be particularly tight: the opposition and vote against certain member of the majority – that is up to five votes say they also opposed. If rejected, the Europeans have built up a "plan B", according to Reuters.It would be a plan in case of default anticontagion Greek, distinct from the French proposal, based it on a private sector participation.

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Emerging markets have gained a few percentages of voting rights since the reform as demanded by the IMF management. Their weight increased by 38.4% and 42.3% of the vote. But it is always the U.S. and the Europeans leading international institution in spite of the voting down 46% to 43.4%. These figures are determined theoretically based on State participation in financing the institution.

Countries are grouped by school, themselves represented by a director elected to the Board of Governors, the supreme decision making body of the IMF. Except for the most powerful of them. The United States, France, or Germany, but also Saudi Arabia or China, have a seat assigned to them.This system of representation for the pooled least major countries said that Spain, which supports the candidacy of Christine Lagarde, will vote for his opponent, Agustin Carstens. Indeed, his voice is attached to those countries in South America.

If the weight of each country into account, "the IMF tends to emphasize the consensus in the designation of candidates," said Jerome Sgard, research director at the Center for International Studies and Research (CERI). Large countries like Brazil and China, have not indicated their preference between Lagarde and Carstens. "This type of organizations do not publicize their internal conflicts", slipped the researcher.

In fact, the future boss of the IMF "is not elected," according to Jerome Sgard in an analysis published in Le Figaro."He is chosen, namely the international political establishment which gives it a personal mandate." In this race there, Christine Lagarde seems to have some advance on his Mexican challenger. Performance to be confirmed by June 30, when the "selection process" will be closed.

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