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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.

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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Presidential in major cities Paris | Leeds | Lyons | Toulouse | Leeds | Sheffield | Liverpool | Bordeaux | Lille

High school students and students seeking a future career or employees looking for your conversion, go to CareerCast.com. You'll find 12 jobs in gold favored by the Americans, but also those to avoid at all costs because of their low growth prospects, levels of remuneration, the stress function or quality of the environment working.

Among the jobs to avoid at all costs, across the Atlantic, the lumberjack (dangerous, poorly paid and endangered) of dairy farmer or a soldier! Other trades that are no longer dreaming, perhaps because of their poor prospects for hiring in the coming years, that of a journalist in a newspaper or radio reporter

. Trades dream

Conversely, the best job for the Americans is that of a computer engineer. The salary range is between 55,000 and 133,000 dollars, with an average salary level of 88,000 dollars high risk personal loans. About the prospects of hiring, they are important short-medium term. Other "dream jobs", actuaries and human resource managers (whose development prospects are greater than 20% per year by 2020) hold the rope.

These positions correspond to business students that dreams are made of this side of the Atlantic? Several surveys have been conducted in recent years on this subject, with sometimes surprising results. 18-25 The overwhelmingly popular crafts such as actor, ambassador, singer or airline pilot. While others see themselves as secret agent, a successful writer … or supermodel.

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Less than three weeks of its annual general meeting, it is very bad news just learned that the 40,000 shareholders of Berkshire Hathaway. Buffett suffers from prostate cancer.

"This note to say that I was diagnosed with prostate cancer stage 1. The good news is that my doctors told me that my health does not put anything in my life in danger or does not weaken me enormously, "says legendary investor highly respected in the financial community, in a letter. In his message, he explains that he and his doctors decided he would undergo radiation therapy for a period of two months starting in mid-July.

This protocol will restrict its ability to move, but not prevent it to work everyday, he said. The shareholders of its holding company, Berkshire Hathaway, will be required to the evolution of his health, he further said.

However, the American billionaire sought to reassure its shareholders. "I feel very well – as if my health was perfect – and my energy is 100%" guarantee multibillionaire. More importantly, this announcement comes six weeks after the guru of finance said that the estate is already assured. He concluded: "I will inform the shareholders (Berkshire Hathaway) immediately if my health changed. One day, of course, it will happen. But I am convinced that this day is still far from us, "he concludes.

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.

Since the tsunami of 11 March and the Fukushima nuclear disaster, the Japanese atomic reactors were arrested, one after the other to be auscultated. Today, on the fifty-four boilers that supplied 28% of electricity in the Archipelago, only two work. And they should, they also stop in April to be tested for safety.

The streets of Tokyo shine though all their neon lights, and the life of the megalopolis of 35 million people saw the usual pace of its thousands of trains daily. Certainly, the corridors of Meti, the Ministry of Economy, are left in the dark, for an example. But the great campaign to save energy this summer ended.

This return to almost normal life despite the closure of fifty-two reactors, Japan pays a high price. Imports of oil and gas only for rotating thermal power plants in 2011 jumped by 77% and 18%. For the first time in thirty-one years, Japan had a trade deficit in 2011, 24 billion euros. And began the year with a record monthly deficit of 15 billion euros for the month of January, dug by the price of crude.

In this context, the government and power companies do not hide their desire: to restart nuclear plants faster. Large industrial fear a surge in the cost per kilowatt hour are pushing in this direction. The electrician Tepco, which operated the plant in Fukushima Daiichi and navigates to the brink of bankruptcy, announced an increase in its rates 17% for its major customers.

Restart nuclear facilities, just a year after the nuclear accident which forced 100,000 people to evacuate contaminated area? "For the Japanese, it's almost existential debate," says a French expert on energy, visiting Tokyo. The surveys that follow indicate that the majority of the population wants a nuclear phase-out.

Breach of trust

Reflecting Yuichiro Yonei, student 23 years specializing in energy met at the University of Tsukuba, who lived on March 11 as "a break". The young man, who no longer has confidence in the government's word on disaster management Fukushima, became antinuclear. Many young people who share his position on social networks come to sign the petitions in the tent erected militants since the fall before the Ministry of Economy.

The government Yoshihiko Noda walking on eggshells. It will not go into force. Formally, it does not need the green light of regional governors, elected, but nevertheless takes shelter behind them. To restore confidence, after pointing a report of TEPCO and failures of government, the government is reforming the nuclear safety authority, discredited.

Sixteen reactors only have registered for "stress test". Two of them, Ohi 3 and 4, have been deemed suitable by the International Atomic Energy Agency (IAEA) and could be the first to restart.

The government plans to present in June or July of its energy strategy for the coming years. "We must remove our dependence on nuclear power and build medium to long term a company that will not have to rely on this energy," said the Prime Minister Noda Saturday.

By the summer season of peak power consumption due to the massive use of air conditioning, the Japanese will have to make tough choices: restart their nuclear reactors or pay the current high price; suffer outages new current or reduce their consumption of 10 to 15%.

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Fitch Ratings lowered the rating two notches from Spain, which now stands at "AA-". Spain held so far a "AA +", the fourth highest on a scale of twenty. More worryingly, the note is accompanied by a 'Negative' outlook, which means that the agency could lower it back to medium term.

Spanish growth at half mast

Moody's in turn should decide by the end of October on a possible downgrade Spanish now "Aa2" (the third best possible)."With significant funding needs" of the Spanish State, to cover its budget expenditures and net external debt is "one of the highest in the world" (91% of GDP), said Fitch, "the more volatile strong a negative effect on financing conditions in the market of Spain. "

But there are also internal factors in the country "risks to fiscal consolidation as a result of performance parts." The same agency Fitch has lowered Wednesday including the long-term rating of the Basque Country, one of the richest region in which it criticizes the "weak fiscal performance." Growth forecasts have been revised downwards. Wednesday, the Bank of Spain announced that the country's growth expected to slow in the third quarter, to reach an economic activity 'lackluster'.The Spanish government has also recognized that the economic growth targets it had set for 2011 and subsequent years would be "hard to reach" because of the risk of recession in the world.

Italian governance into question

Fitch also lowered the rating one notch to Italy, "A +" against "AA-" and does not see her again in the fall if the country would miss its targets for reducing the budget deficit. Fitch was the last of three major international rating agencies have not downgraded from Italy since the beginning of the debt crisis in the eurozone guaranteed unsecured personal loan. She explained that the high level of public debt and budgetary financing needs, combined with the low level of potential growth (the country), made in Italy especially vulnerable.The Agency is challenging the country's governance and stressed that the differences in the Parliament and the escapades of the prime minister Silvio Berlusconi, help to weaken the ruling coalition.

Belgium heckled by Dexia

Belgium is also in sight. The agenceMoody's said it was considering lowering its rating, currently at "Aa1", the second best possible. The agency cited three reasons: the crisis in the euro area, concerns for economic growth and the possibility of additional support to the banking system, particularly in establishing Franco-Belgian Dexia.

Another European country in turmoil, Portugal, has been confirmed its rating of "BBB-" (the last before falling into the category of "speculative") by Fitch, which continued on negative watch at least until the end of the year.Standard & Poor's, confirmed Tuesday the rating "BBB-" from Portugal, while maintaining it as a negative outlook. Portugal, the third country in the eurozone after Greece and Ireland to receive international financial assistance, is facing new economic challenges that undermine his efforts to clean up its public accounts. Progress in implementing the program of the European Union and the International Monetary Fund (IMF), and its budget for 2012 will be crucial.

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The discount is as brutal as sudden. While markets were expecting a deterioration of the Italian debt by Moody's, its rival Standard & Poor's (S & P) has the first shot. On the night of Monday to Tuesday, the U.S. rating agency downgraded a notch credit ratings long and short term attributed to the third European economy A/A-1 against A + / A-1 + before. She also maintains a negative outlook on the evolution of the country's economic activity. Rome was quick to respond, criticizing a decision "dictated" by the media and "distorted by political considerations."

Above all, the rating agency believes to have taken someone a traitor. "There is nothing in this sudden degradation defends Martin Winn, Vice President of the London office of S & P, noting that the Italian debt had already been placed under negative outlook on May 21.A decision which in the eyes of the agency at least, appears as "a very clear indicator," said Norbert Gaillard, an economist and specialist rating agencies. In fact, a negative outlook indicates that degradation can occur at two-year horizon, says Norbert Gaillard yet. Unlike a "supervision order", indicating a probability of discount "stronger in the next three months."

Quagmire of the magazine Italian Greek

The question is whether the markets have built-or not-this "indicator". And there, the doubt remains: "Normally this should be the case," suggests Norbert Gaillard.Adding that markets were also able to consider a positive outcome for Italy, when Moody's, which was placed on negative watch Rome in June, was given "one more month" to determine a deterioration in the adoption of an austerity plan for Rome in mid-July.

However, even if investors are mild at first, the degradation of Standard & Poor's suggests a bleak future on the other side of the Alps. "There are now three notches score difference between Moody's and Standard & Poor's, which is huge," says Norbert Gaillard. He said Moody's may well be tempted to turn degrade the Italian debt, "especially to preserve its credibility." With in this case, "a risk of panic 'markets.

In addition, S & P has not ended with Italy, since the rating agency maintained its negative outlook on the economy Alps.Now, if Moody's was focused on the austerity measures, its competitor seems only need a high debt, a fragile political situation, or a sluggish growth prospects for taking action, counting up Norbert Gaillard. Questioned on this point, Martin Winn mentioned merely "a probability of 33% of a further deterioration in the next two years." As negotiations dragged on over Greece, which still awaits its next tranche of EUR 8 billion, Italy is transformed into a dangerous powder keg for the rest of the euro area.

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