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In turmoil, PepsiCo faces a turbulent new shareholder. The investment fund Relational Investors, known to oppose the management of companies in which it invests, bought for $ 610 million of shares of the giant drinks and snacks, or 0.6% of the capital.

The activist fund could give voice to advocate a division of PepsiCo. It would be a step backwards for the inventor of Pepsi. Well ahead in the world by Coca-Cola on its core business, he had experienced a boom until the mid-2000s by diversifying successively in chips (Frito-Lay), fruit juices (Tropicana), the cereal (Quaker Oats) or yogurt (Wimm-Bill-Dann).

Officially, the group of Purchase (in NY) is doing well. "We have had constructive meetings with Relational, said Wednesday a spokesman. Our management regularly meets with investors, and Relational is a respected institution. " The co-founder of Relational Investors, Ralph Whitworth, who bought earlier this year 11 million shares of Western Union and 2 million Abercrombie & Fitch, is since last year a director of Hewlett-Packard. He campaigned successfully in several companies (ITT, L-3 Communications Holdings) for the separation of their activities.

8700 jobs lost

He will reach his goals in the world's second largest agri-food? The split is fashionable in the sector. Another giant, Kraft Foods, completes the separation of its international activity of snacking and its historical American brands. Same thing at United Biscuits, in his sweet and salty snacks.

PepsiCo, the specter of a split between drinks, but profitable low growth, and snacks, which are growing faster, is agitated for several months. A portion of the board would have been favorable towards the end of last year, according to U.S. media. Some investors see it as a remedy for the ills of the past four years the group headed by Indra Nooyi, particularly in the United States. By itself, the North American beverage business accounts for one third of overall sales. But in 2011, its activity dropped 1%, reflecting price increases and insufficient marketing investments. For eighteen months, its flagship beverage was relegated to third place behind American Coca-Cola and Diet Coke. These setbacks have led to a standstill since the arrival of the title of CEO in 2006.

If split, the value of the two entities would be greater than the current capitalization, many analysts believe. Such an operation would also build a true enterprise culture in beverages and attract the talent required to develop them.

In early February, Indra Nooyi has dismissed a split, insisting that "the value of PepsiCo was maximized as a single company." The boss of PepsiCo, which predicted a decline of 5% of its profits this year, has opted for a drastic austerity: 8700 job cuts by 2014 and a savings program, 5 billion. Implementation of its plan will be followed by its new shareholder. If it was not successful, Indra Nooyi – the rumor of the departure – could be forced to reconsider the scenario of a split.

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The Junior Enterprises are unaware of the crisis. Despite a difficult economic environment, they display a very insolent health. Present in schools and universities, student associations such as dee managed companies had in 2011 a turnover of 8 million euros, up 14.5% compared to 2009, the year 2010 was marked by a high consolidation. Last year, no fewer than 2300 companies have sought the services of Junior Enterprises 160 French members of the National Confederation of Junior Enterprises (CNJE), which promotes the concept and the brand "Junior Company".  

Created more than forty years in order to bring the teaching of the business world, these associations Act 1901 and non-profit professional nature consist only of student volunteers perform consulting and service delivery for clients with very different profiles. "This can range from a business plan for a self-contractor, charged 1,000 euros for a qualitative study of several months for a large group, billed 30,000 euros," said Lamia Bennani Toulouse Flight's Junior Council, voted Best Junior company in France in 2011 by the CNJE.

The university is catching up

These associations have indeed lower social charges due to their special status, allowing them to offer rates up to four times lower than those offered by a traditional provider. "Besides the attractive rate of our services, it is also our expertise which is trusted," said Adrian Vasse, Chairman of the EDHEC Junior Etudes, which has seen its turnover double between 2009 and 2011 to 220,000 euros. A view shared by Matthias Brottier, the president of the CNJE, for whom "it is the concept itself is pleasing. Our members are dynamic and provide a fresh, innovative and pioneering customers. " Their microstructure and quality of association allow Junior Enterprises to be responsive, flexible and personalized service and differentiate themselves from large consulting firms.

Contrary to popular belief, the Junior Enterprises are not just about the areas of finance and engineering. They cover a wide field of activity that both of agronomy at the optical, pharmacy to graphics through the mail. Long reserved for schools, universities are fast catching up. Under the plan "Student Entrepreneurs" launched in September 2009 to publicize and develop contractor status in universities, Valérie Pécresse, Minister for Higher Education at the time, wanted to be created a "junior business "in each of the 83 French universities with the help of CNJE. Three years later, the number of junior students has almost quadrupled from 11 to 40!

Among them, the Sorbonne Junior Council, created in February 2010 into the fold of the School of Management at the Sorbonne (Paris I) and sponsored by the Education Minister Luc Chatel. During his first year, she made 10 missions including one for Air Liquide. "It's a relatively small but very honorable for a first year," said Francois-Xavier Renault, its president. The Group Tollens paints, which uses the Junior Company for a mission, declares himself "satisfied" with the quality of the mission carried out and skills emerged.

A concept taken abroad

An experience that allows students to practice the teachings they receive and identify the problems of the company while being paid. Not to mention the professional network that is built up over the missions. All assets which may be valued at the time to enter the workforce.

At a time when the political struggle to stop the rise of youth unemployment and with its experience, the CNJE intends to participate in the debate. Club Junior Enterprises, its think tank, has published a white paper last March bound for presidential candidates to improve the employability of graduates through ten proposals.

A business model that has proven to the point of export beyond our borders. Founded in 1992 on the initiative of CNJE, the JADE federates European Junior Enterprises. In 2012, there were thirty Junior Enterprises in Germany, 25 in the Netherlands, as in Italy, Switzerland 8 or 3 in Romania. And proof that we never stop learning, corporate universities also on the rise.

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Full financial and economic crisis, Spain will nationalize Bankia, the fourth largest bank, formed by the merger of seven Spanish savings banks in December 2010. The information, released Wednesday by the newspaper El Pais and ABC, has been confirmed in the evening by the Ministry of Economy. This indicated that the government would take 45% stake in banking group, which would make the majority shareholder. "The nominal value of these investments amounts to 4.465 billion euros," the ministry said in a statement. The money would come from public funds to support Spanish banks, the Frob, founded in 2010.

Shortly before this announcement, the Bank of Spain was also confirmed that Bankia had applied its partial nationalization. Announced for several days, this bailout is intended to reassure investors, while the bank accounts are sealed by prime mortgage risk.

The prospect of nationalization of a large Spanish bank, unprecedented in the country since 1992, does not please the markets. On Wednesday, all Spanish banks were sanctioned Exchange: Santander and BBVA have yielded 4.52% and 4.73%, respectively, while Bankia lost 5.84%. Sector In falling throughout the Ibex 35, which closed at a new level since 2003.

A rescue plan Friday

If the measure makes sense in Madrid, Spain is not the first European country to have nationalized its banks since the crisis erupted in 2008. Belgium, the Netherlands, the UK and Ireland nationalized much of their banking sector. In Ireland, the cost of bank bailout was so high, it has increased the deficit to 32% of GDP, forcing the country to seek IMF assistance and the euro area no fax pay day loans.

In Spain, the nationalization of Bankia a turning point in worrying the banking crisis. After the collapse of Lehman Brothers, the big Spanish banks such as BBVA and Santander were cited as examples for their strength. The problems came from "cajas" savings banks that invested with a vengeance in real estate. Today, they are more than a dozen sips but risky assets, including 37.5 billion for the only Bankia.

The government has already asked in early February to banks to provision 53 billion a year, is preparing to present a new rescue plan on Friday, the Council of Ministers.

Recapitalization needs of the Spanish banking sector are estimated at EUR 100 billion, while loans amounted to 143.8 billion euros, according to the latest figures from the Bank of Spain.

Unable to refinance when rates soar on debt markets, Spanish banks have no other choice but to call for help from the state. But the government has not the means to save the entire sector, while its deficit already stands at 8.5% of GDP. And he has already committed for 2012 of 47 billion euros saved. Even if it costs him politically, Mariano Rajoy could be forced to go through using the EFSF (European Financial Stability Fund).

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Observers who doubt the competition in the French energy market may return to their position. This is a Spanish group that emerges winner of the European tender for the Syndicate of the gas and electricity in the Ile-de-France (Sigeif) for the supply of natural gas and energy efficiency services to benefit 267 communities and public institutions in the region. Gas Natural, the first Iberian gas, gets the two most important lots, or 73% of the volume allocated to the tune of 1,100 gigawatt hours (GWh). The amount of the contract, which runs over two years (from 1 July 2012), reached 50 million euros.

EDF and Poweo hunted

Behind Gas Natural, GDF Suez won a lot – the power of public offices of housing and hospitals, 320 GWh in all – a market of 13 million euros. Finally, the alternative supplier Altergaz, a subsidiary of Italian oil Eni, retrieves the provision of the reception center and hospital care of Nanterre – a single site for a volume of 40 GWh. The three operators selected by the Sigeif renew completely the range of partners. For the previous command (over 2010-2012), were respectively selected suppliers EDF, Tegaz, a subsidiary of Total, and Poweo. Therefore a triplet hunting another.

"The competition was tight. As for larger volumes, all operators are interested, soberly summarizes Jean-Jacques Guillet, President of Sigeif and also deputy mayor of Chaville (Hauts de Seine). Both sides win. While suppliers have visibility, our members enjoy good purchasing conditions. "

In view of the regulated gas prices, the prices obtained show, according to the batches, gains from 18.9 to 24.7%, a reduction of the annual bill of 19 million euros for members of the group of commands . This bill would be $ 84 million with regulated prices. In detail, the Regional Council of Ile de France, through the power of high schools, carried 4.4 million euros in savings. And nearly 8.8 million for the 122 municipalities grouped by the Ile Sigeif. "Certainly, in the previous tender, we got a discount of about 40%, but back then we were in the gas bubble. It is no longer the case today, "says Jean-Jacques Guillet.

The tender of Sigeif is the largest in France in the energy, to the extent of a Parisian crown representing some 5.3 million people. This procedure in the field of gas on the rise: already, new communes want to be associated with orders for the period 2014-2016. "The expansion of liquefied natural gas (LNG), with its ease of delivery, gives flexibility to the gas market. We wish more than ever to enjoy, "concluded Jean-Jacques Guillet.

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LE FIGARO. – The Netherlands seems to suddenly become Eurosceptics. Why?

Luuk van Middelaar. – In reality, they have always been skeptical about some aspects of the European Union. The Netherlands were among the six founding countries, but their motivation was primarily economic, unlike France, which favored the political dimension. The Dutch have always fought for measures that represent an economic interest, such as the European patent. Then the country became a net contributor to EU budget around 2000, which is not conducive to enthusiasm! As for the current debate over the stability pact, we must not underestimate the impact of the crisis of 2003, when Paris and Berlin have violated common rules: it has reinforced the inferiority syndrome of small countries.

Failure in the referendum on the constitution has he not been exceeded?

France and the Netherlands voted no, but for very different reasons. The French were especially opposed to Europe "neoliberal" characterized by the Bolkestein directive on services, named after the Dutch commissioner … In the Netherlands, by contrast, we did not want an "other" Europe, but "less" Europe, if at all! The Dutch were not opposed to a political Europe.

The debate on the return to national currencies is more violent than elsewhere in the Netherlands. Why?

In the Netherlands, the euro has always inspired mistrust. These fears are now confirmed by the mismanagement of other member countries. Dutch MPs debated the creation of two variants of the euro, the "neuro" for the North and the "Zeuro" for the South. But this debate has remained economically, while the euro has a geopolitical origin: it is a concession of the Germans at the time of reunification.

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Financier, philanthropist, George Soros published by Presses de la Cité The Global Financial Chaos, a book in which he details the relentless chain of events that precipitated the world of the subprime crisis than in the euro area. He shares his solutions for the financial reform and save the single currency.

LE FIGARO. – How do you judge the situation in the euro area?

George Soros. – The crisis is worsening day by day. Politicians have said that it was prematurely terminated, but that is incorrect. The situation is even worse since the beginning of this year certainly intelligent and exceptional measures taken by the ECB has lent € 1,000 billion in three years European banks have helped alleviate these and indirectly support loans States, but they have only to save time. The underlying problems remain. The differences in competitiveness between countries, which have widened when interest rates were converging, remain. Furthermore, the differences between creditor and debtor countries have worsened. One of the most disturbing in the euro area is currently re-nationalization of the debt markets to which we are currently observing. Spanish banks buy debt Spanish and French banks of the French debt, but you see more of French banks to buy Spanish debt. This could potentially blow up the euro. As if we were trying to recreate eggs after making an omelette. It is however not an inevitable process and there is still time to reverse things by taking political decisions really original.

Why?

Europe must establish a real growth policy. We can not escape from a situation of excessive debt just by practicing austerity, because it causes GDP to fall and, ultimately, in nominal terms, the debt burden increases compared to the national wealth. The ultimate risk with too much austerity, it is plunging into a deflationary trap of over-indebtedness, which is the road to disaster. The best way to reduce debt is therefore parallel to the rebalancing of accounts, to maintain GDP growth.

How to sustain this growth? By stimulus measures or structural?

Structural reforms are necessary but not sufficient. We must put money back in growth projects. It is impossible for countries to have exceeded the limits of Maastricht. The only solution is to raise capital throughout Europe.

The rest of the world can he finance this stimulus?

No. If Europe makes the right decisions, they can save themselves only. She has no choice: it is absurd to be financed by the Chinese whose standard of living is one-tenth that of Europeans. How can we ask in these conditions for China to continue to pay our way of life? In addition, we should not always rely on help from the IMF, because the loans from the fund are always compared with other seniors. Mechanically, this degrades the value of other debts contracted by governments and costs more to them, which does not solve the problem of financing the fund. And do not forget that IMF assistance in exchange for drastic savings measures, the country may plunge into a lost decade, as in Latin America of the 1980s.

How can Europe pay her own recovery?

One of the problems of the common currency is that it prevents countries from issuing their own currency and that their obligations are, somehow, in foreign currency. However, we can reverse things a bit, because states have transferred their right of seigniorage – the one to beat the currency – the ECB, which draws 25 billion profit a year. According to independent studies conducted by two economists, Willem Buiter, Citibank, and Huw Piil, Goldman Sachs, the seigniorage represent a capital value from 2000 to 3000 billion euros. We could group them in a special fund to lend to states to finance their raise in exchange for serious budgetary commitments of the latter.

The Germans would they agree to such a policy?

The German people have difficulty understanding why a policy that worked in his case may not necessarily work for all of Europe. Reduce wages and profits to regain competitiveness is an expansionist policy one way he can not play consistently across an entire area. In a closed system, not everyone can be a creditor at the same time. The Bundesbank should understand but it is unfortunately prisoner of his ideology that recognizes the dangers of inflation and prevents him from seeing the risks of deflation. His situation is ambiguous because she feels that the eurozone is threatened. Proof, it is taking steps to limit its losses in case of dissolution of the euro area. This coverage is raising, asking for higher guarantees to other central banks of the Eurosystem in which it lends money, is potentially self-fulfilling.

The euro bonds are they a solution?

I agree with President Sarkozy when he said that the euro bonds may not happen at the end of the process, when better budgetary cooperation is established between the countries.

Bank regulation is necessary?

Yes, more than ever. The crisis is more a banking crisis a fiscal crisis. With the exception of Greece, all other European states experiencing fiscal difficulties have now slipped because of their banks: Ireland has cut its deficit to nationalize its financial institutions and Spain is experiencing tension because its banks suffering from the bursting of the housing bubble.

France can it be attacked by the markets after the second round?

France must prove its ability to quickly boost its economy, taking strong structural measures, but they may not be sufficient. There is a reality in any case in which France can not escape: his difficulties in reforming the place permanently in a weak position against Germany, which is only in charge of Europe at the moment.

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Undisputed king of big hypermarkets, Auchan is still not satisfied with its supermarkets in France. The revival began in 2009 has not had the desired results. That year, Atac supermarkets had moulted within a few months in Simply Market, a concept "midway between discount stores and supermarkets," considered at the time as one of the most innovative.

Like the hard discounters Aldi and Lidl, the sign promised to offer low prices permanently, without promotion, building on the savings from reducing the number of references. The investment of 100 million was the largest ever made by the supermarket industry. But in the first month the Simply Market are struggling to approach two goals: increase revenue by 5% to 10% and volume growth of 10% to 15%.  

"We started to rework the concept in April 2010, adding between 400 and 500 references, including national brands and premium stores in 21 tests. The results were improved immediately, Hamet recognizes Gilbert, chief operating officer of the Ile-de-France Sud, which inaugurated Tuesday in Saclay, near Paris, a concept more upscale, radically different from the original. We had to go even further. The Market Simply type, like Saclay, has 14,000 references, 4,000 or more than three years ago. "

This description applies only to the Simply Market in category "food supermarket of attraction." As Auchan is also reneged on its uniform concept, which was not sticking to park Atac, very heterogeneous. Supermarkets, which vary from 500 to 3,000 m2, now have no fewer than five different vocations, the store "ultraproximité" located at the foot of the buildings in the downtown "store of great attraction" in rural areas, compared to small hypermarkets.

60 stores will be revamped this year

"All the Simply Market are committed to being the cheapest way to store their catchment area, Gilbert said Hamet. Our price image has suffered from the gradual introduction of national brands. We lower our prices again and communicate about it in May. We insist particularly on the products in less than a dollar, supplemented by our own list of 52 products permanently low prices, including for example the croissants and steaks. "

Simply Market also relies on promotions, which were reintroduced: an article in ten is now sold at a discount. It is still two times less than the average recorded in supermarkets, but it's the level of promotion in Monoprix.

By the end of the year, sixty Simply Market will be revamped in France. They are especially enlarged to accommodate more products. Auchan seeks a return on investment in 5 years instead of 7. Gives an important family group, which has invested heavily in 2009 and wants to finally find the right formula for its supermarkets. Despite these tentative beginnings, the group is still growing 12% a year for this industry, which must have 3,000 stores worldwide, including 1,000 built in 2015.

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Release still stands. While the newspaper has recently published a full page to remember that it won 5.39% of distribution paid France last year, according to OJD, the best performance among the national dailies, all employees, together in civil society personnel Liberation (SCPL), Tuesday signed a letter of genuine grievances against their managing editor and publishing, Nicolas Demorand.

"One year after the arrival of Nicolas Demorand, the graft did not" attack the SCPL, including the editors of Liberation. "The list of grievances is long," continuing employees, evoking by turns being "dispossessed" of the newspaper not to identify with it. They blame their managing editor, former France Inter recruited by Edouard de Rothschild in early 2011 to revitalize the newspaper before the election, not to give clear direction, only to take "no account of what the drafters, they can learn according to their skills and ability to work together. " They say they are despised by a direction described as "authoritarian and arrogant." "Differences of view" would be the source of "confusion as editorial organizationally."

The SCPL editorial criticizes the current, that Nicolas Demorand prints for over a year, "one eye-catching," an "editorial treatment supporter" Libe … yet made the subject of regular times in the press reviews and in social networks for its one noticed, especially when the DSK affair last May or the beginning of the presidential campaign. This "policy Cover" has undoubtedly contributed last year to an increase in newsstand sales (individual sales) of over 10%, nearly 9,000 additional copies.

June 2011, a motion of no confidence was passed by the same SCPL, which already criticized Nicolas Demorand of being "out of step with the culture of the newspaper." The grievances were already numerous.

Nicolas Demorand has not yet responded to these attacks.

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"In 2010 we re-starting the engine of our development. In 2011, we intensified this process. " Two years after Théolia came close to filing for bankruptcy, its general manager, Fady Khallouf, welcomed the turnaround began. The operator Wind "now walk on two legs" on one side, Theolia operates parks for its own account – and it is green electricity producer – on the other, it develops and installs wind turbines on behalf third parties. "This is the guarantee of a balanced growth that allows us to make the most of opportunities," says Fady Khallouf. This refers in particular to long-term contracts -15 years or more – which can have suppliers from wind.

Currently, the assets of Theolia reach an installed capacity of 910 megawatts (MW), which operated for 604 partners. In 2011, the company has commissioned 18 low rates payday advance.4 MW in the Hexagon. But his biggest development project in Morocco is concentrated, with a 300 MW a third scheduled to be operational in 2014. "The site will be commissioned in installments: engineering studies are completed, with the National Electricity (ONE), the Moroccan electrician, we are preparing to launch tenders to select the different OEMs, "said Fady Khallouf.

To Theolia, 2011 is the first year that the operator posted a net operating profit excluding items, up from 10.3 million euros. But the group posted a net loss of 39.2 million euros, following the impairment of goodwill in Italy where the system of feed-in tariffs is being revised in proportions much less profitable for the operators. "We cleaned up the balance sheet, we can now develop on a sound footing," said Fady Khallouf yet.

Tension mounts between Opel workers and their U.S. parent, General Motors (GM). The unions are still hoping to be able to bend GM, when approaching a crucial supervisory board, scheduled for Wednesday, during which its European subsidiary must submit a proposal for the closure of two plants in Europe. In a letter to the chief executive of Opel, Karl-Friedrich Stracke, unions representing 40,000 employees in the twelve production sites in Europe – in Germany, France, Britain, Italy, Austria, Poland, Spain and Hungary – say they will refuse any negotiations with management on wage cuts, which make competition between sites.

"Dear Mr. Stracke we will conduct any negotiations with you at the local level," they write according to an excerpt of the letter published by the Frankfurter Allgemeine Zeitung. The unions are responding to requests by management at each plant separately. Opel claims including greater flexibility in work schedules, a waiver of premiums for weekends and worked an abandonment of wage demands. The sites do not bowing to these guidelines should not expect to be selected for the production of new models, according to Peter Thom, head of production at Opel.

30% reduction in production capacity

Karl-Friedrich Stracke said a few days ago that he would respect the commitment not to close any site before the end of 2014. According to German media, GM is preparing to announce a reduction of about 30% of production capacity. The project would include the closure of sites in Bochum, Germany (3200 employees) and Ellesmere Port, UK (Vauxhall factory, 2100 employees) payday loans lenders. And relocation destinations in the cheap production costs: Poland, China, Korea, Mexico.

GM operations in Europe have lost billions of dollars over the past decade and plant closures is seen by the world number one automotive and investors on both sides of the Atlantic as crucial to restore the group's profitability in the region.

Between seven and ten plants in too

But unions are headwind against this strategy, claiming that GM could increase profitability by increasing sales or by locating more production in Europe. "GM repeats regularly with excess capacity equivalent to 500,000 cars a year, we have two factories in too, and the new manufacturing manager visited the sites one after the other by playing against each other," said Thursday a union representative of the supervisory board at Opel.

"We know the main points of the strategic plan could be presented Wednesday: he plans to plant closures and no growth for the company," he added. "If it is voted, the entire union side will vote against this plan." For Dan Akerson, Managing Director of GM Europe's automotive sector has a total of between seven and 10 plants in too. The closure of one or two sites by GM could therefore increase the pressure on his new French ally, PSA Peugeot Citroen, for it is committed on the same track.

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