No firm is appointed headhunters, and the board of Carrefour has left Lars Olofsson to the end of the year to prove itself.With a slogan to ensure that the group takes its objectives, several times revised downward, to carry on a 2011 operating profit down 20% from last year … For administrators, it is out of the question to make a new Carrefour profit warning and even less to allow the CEO to change again its executive committee. Furthermore, it is planned to start of the year stock of stores converted to the concept Planet, presented by Lars Olofsson as the solution for "re-enchant" the Carrefour hypermarkets. The decision will be made whether to continue the deployment of Planet.

Courted for months

In fact, without prejudice to all these results, the process of identifying the ideal candidate is already done. The best profile in the opinion of all experts (and only for the worst) is that of Georges Plassat.

The clothing and footwear (+2.2% over one month), suffer from the end of traditional promotions and balances of the summer.

The board of directors of the group was convened in plenary session Friday in Singapore. Initially, Oswald Grübel had yet to defend him. According to press Helvetic, he had to enjoy a visit to the Singapore sovereign fund GIC, which holds 6.41% of UBS, to ask the Board of Directors of the bank vote of confidence.He wanted to get his approval to remain in power until early 2013 and to complete the restructuring of the banking and wealth management at UBS.

Oswald Grübel, CEO of UBS. Photo Credit: Steffen Schmidt / ASSOCIATED PRESS

The firm, which will incur up to two years in prison, but hopes a dismissal during the trial, relying on a pure and simple abandonment of the prosecution.For him, it is only a "political farce" orchestrated by "old enemies" of opposition now in power. Evidenced, according to his lawyers, that it is the only politician to appear in court. They argue that the parliamentary committee responsible for determining the individual responsibilities of the former government had initially proposed the indictment of four people.

To many political scientists, this position of scapegoat undermines the credibility of the judicial process. "Unfortunately, the Althing (parliament, dominated by a leftist coalition, ie) was not smart in deciding to charge him," said political science professor Gunnar Helgi Kristinsson, University of Iceland cheap credit report.According to him, "shenanigans and personal stories have weighed heavily" in the current troubles of the former Prime Minister, who is the victim of a revenge from former opponents.

A European survey

In this "house cleaning", Reykjavik has added a European dimension. Icelandic President Olafur Ragnar Grimsson asked Sunday in Brussels to launch an investigation to determine how it may have allowed Britain and the Netherlands to exert such pressure on the country in case of bankruptcy Icesave bank in 2008. London and The Hague had then advanced 3.9 billion euros to compensate their nationals injured 340,000. But Icelanders have rejected state reimbursement of that amount in two referendums.But last Thursday, the bank Landsbanki, parent company of Icesave, said he had recovered sufficient funds to pay all bank deposits.

Instead of rushing to accept applications and "absurd" of Great Britain and the Netherlands, "experience shows that it may be wise to wait," commented the president of Iceland. Remarks that sound like a lesson for EU officials entangled in the debt crisis. While on the other hand, Iceland seems out of the woods, growing from 2% in the first quarter compared to the same period last year. Similarly, observers believe that the country could do without the final installments of the loan of 1.45 billion euros granted by the IMF after the collapse of its banking system.

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency payday loans for bad credit.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The first political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

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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.

Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday. Another indicator of the relief the markets: oil, which accounts for the opening of Wall Street about 2.7% to 98.28 dollars.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Market reassured for a time only

Thus, if the news was appreciated at the time, markets have not been won by either euphoria and await confirmation of the plan by one vote. Yet some Republicans have expressed strong opposition to the agreement. Already around noon on Monday, the dollar back down a little, one euro was trading against 1.4437 dollars (0.23%).Same against the Swiss franc, another safe haven, which goes back to full speed against the dollar and finds its historical levels of force, to 0.78 Swiss francs to the dollar. On European stock markets, the increases were massed in mid-day. Then on Wall Street, the Dow has advanced little in early trade to 15.30, about 0.7%. Not enough to make up for the fall of 4.4% registered in the past week.

Then, around 3:45 p.m., the European and American markets have nose dive.It is not there a sudden distrust towards the agreement on U.S. debt, but a strong reaction of markets to the publication of the U.S. ISM index, which measures the strength of manufacturing activity across the Atlantic and came out in sharp decline.

Many uncertainties remain

A disappointing statistic that echoes the poor performance of U.S. economic growth in the second quarter, and falling very badly, while the federal government announces measures of fiscal restraint. The markets also show careful because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections.Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped.

However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded. In this case, markets may again sink into depression.

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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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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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For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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