The top news headlines

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.

Banks still have not digested the 2008 financial crisis. JP Morgan has announced after the close of U.S. markets heavy losses of over 2 billion following the massive purchase of products that were derived originally from the 2008 financial crisis. CEO Jamie Dimon spoke of losses of "litigation of approximately $ 200 million" and "pre-tax losses the brokerage of over $ 2 billion" during a conference call surprise faxless pay day loans. The boss of the first U.S. bank by assets added that these losses could still grow up to an additional billion dollars. The asset portfolio has complained yet "a lot of volatility," said the leader. "We will manage up", but "it could cost us up to a billion dollars or more" and "the risk will remain for several quarters," added the CEO.  

Photo credits: LUCAS JACKSON / REUTERS

The thorny issue of Greece is further complicated with the rise of extremism in the parliamentary elections. And subsequently also in reaction to the election of Francois Hollande, Asian stock markets retreat this morning instead of Tokyo lost more than 2.6% in mid-session after being closed since Wednesday, the Hong Kong 2 , 4% at the same time the Shanghai index posted a loss of more moderate 0.3%. The doubts surrounding a possible policy change in Europe also weighed on the euro. The single currency dropped below the $ 1.30 early this morning, exactly at 1.298 dollars and 103.63 yen against 104.46 rating yen Friday night.

Japan will "closely monitor" the debates in Europe following the recent elections, said this morning the spokesman of the Japanese government, Osamu Fujimura. "The developments of the European economy significantly affect our economy," he said at a news conference. Greek and folder should be quickly put on the European agenda and the new president of the French Republic, Francois Hollande.

The thrust of extremist parties in Greece could indeed prevent the two major parties to maintain their position in the Greek Parliament. The new political situation poses a risk to the continuation of the austerity measures, a factor that could jeopardize the plan of assistance granted to the country. In fact, the parties opposed to an increase in austerity-with-a neo-Nazi training have won 150 seats in parliament, or exactly half. The remaining 150 seats, less than the absolute majority of 151 seats, the two parties come together in a governing coalition, PASOK (Socialist) and New Democracy (right).  

ALSO READ:

"The election worries Greek markets

»Week at risk to the Paris Bourse after the election

In Europe, stock markets resumed their breath on Tuesday, but uncertainty still hangs over the debt markets, fueled by the political crisis in the Netherlands and the period between the two towers of the French presidential election.

Spain and Italy have borrowed at rates up sharply Tuesday. Madrid has raised no issue 1.933 billion euros in vouchers at 3 and 6 months thanks to a strong demand of investors, but she had to pay his show twice what it had paid on March 27 for a similar operation; 0.634% to 1.580% three months and six months against 0.381% and 0.836 respectively

%

The Spanish Minister of Budget, Cristobal Montoro, speaking before MPs met to discuss the 2012 budget austerity, acknowledged that his country was "in a moment of extreme fragility", as the recession sets in peril promises deficit reduction. The country has promised to bring its public deficit of 8.51% of GDP at the end of last year to 5.3% this year and to 3% next year

The chief minister, Mariano Rajoy, said in Parliament that "the economic policy is a policy hard, expensive, that does not produce short-term effects, but this is what we need right now ".

Asian sovereign funds

For its part, Italy, who had taken advantage of favorable borrowing conditions since the beginning of the year, faces a rebound in interest rates business card design. The Italian Treasury has borrowed Tuesday nearly 3.5 billion euros on the market, as in Spain enjoying high demand, to 6.5 billion. But the rates of bonds maturing in 2014 surged to 3.355% against 2.352% at its previous similar operation in late March.

All is not lost, however, in the eurozone. Despite the political crisis and the threat of rating agencies on the Dutch AAA, the Netherlands has borrowed two billion euros in two years Tuesday, rates fell to 0.52% against 0.66% on secondary market on Monday. Many investors believe that the Netherlands has solid fundamentals frankly. "The yields are high but traders are satisfied," said Lyn Graham Taylor, bond strategist at Rabobank.

Another encouraging sign: the European Financial Stability Fund (EFSF) lifted successfully 3 billion to 7 years at 2.65%, or 160 basis points more than Germany. "This is a great achievement," commented Frédéric Gabizon, HSBC has submitted a tender. "Especially since 40% of the demand comes from sovereign wealth funds from Asia, which shows that outside of Europe investors are confident."

ALSO READ:

"The markets under pressure again

"SMEs have suffered from the credit crunch

"Ask the fiscal program of Sarkozy!

"Ask the fiscal program of Holland!

It speaks only of "it": family, friends, in shops, on leaving school … Less candidates in the presidential election evoke, he obsesses over the French. "It" is the higher taxes will fall on taxpayers in the coming months. For if not all are promised the same tax hell, few people are certain to escape. ISF for VAT through the income tax, local taxes or the CSG, all candidates for president – without exception! – Promise to raise taxes. More than seven in ten French expect, according to our survey Opinion Way – Fiducial.

Recognizing the need to redress the public accounts, the French are frankly skeptical about how go about policies. According to our survey, 83% believe it would be better to start by addressing the reduction of public expenditure. Las … Both favorites of 6 May, Nicolas Sarkozy and François Hollande, have detailed these days their tax proposals, which leave little doubt about their intentions.

Click on the thumbnail to enlarge the graphic.

Side of the president candidate, it is argued that the rebalancing of accounts goes to three quarters by controlling public spending. Higher taxes will do that for one quarter. Moreover, it adds in the entourage of the head of state, the bulk of tax increases has already been voted. In recent months, 32 billion in new revenues were indeed acts by Parliament and began to take effect. It is largely due to the increase in the tax burden that France was able to record a deficit lower than expected in 2011: 5.2% of GDP instead of 5.7% originally expected.

The reduced VAT rate increased from 5.5 to 7% in late December (except for staples). Social charges on savings have been identified, tax loopholes, planed, and an outstanding contribution is requested with the highest incomes. A total of 11 billion euros of additional levies on households' most-favored "have been decided," because the solidarity required "at this time of crisis, Nicolas Sarkozy justified in his Letter to the French. How to respond to the argument of "tax giveaways to the rich made" repeated by his opponents to long speeches.

Conspicuously absent from the count of the president candidate, rising by 1.6 percentage points of VAT, already passed, is expected to come into force on 1 October. "It is not a levy increase, as it will be fully offset by reductions in social charges on low wages," says one of his entourage. Not sure this is enough to convince the French, skeptical of this "social VAT" (52% opposed, according to our survey).

Nevertheless, it remains to be Nicolas Sarkozy another 8 billion euros to find to meet its goal of a return to 3% deficit next year. But the UMP candidate has promised if re-elected, "no tax increase will weigh on households', except the famous" tax on tax exiles, "which he expects 500 to 700,000,000 euros year.

tax reform is the No. 1 priority of Holland

With Francois Hollande, however, taxpayers will not have completed the tax increases. If elected, the Socialist candidate wants to make tax reform the "mother of all reforms" of his five years. He warned that the tax burden would contribute half the recovery of accounts of the country and announced a forty billion of new taxes, of which 16 billion would weigh on individuals, especially the "most affluent". The team of the socialist candidate is careful to note that these increases would be added to those of M. Sarkozy … because, apart from the increase in VAT on books (from 5.5% to 7% since April 1) and the "social VAT", the PS candidate does not come back on measures already enacted.

By the summer, according to its "road map" published on April 4, Parliament would be asked to vote shock measures announced during the campaign, such as capping of tax loopholes to 10,000 euros per year, great tranche of 75% for revenues of over EUR 1 million, but the end of the tax exemption of overtime.

Despite this clarification in the calendar, remains a big blur of headlights more ads. For example: measures of higher taxes on income, such as super-slice or ceiling niches, would come into effect this year or January 1, 2013? The tax on millionaires would it apply to income tax or the home, such as tax practitioners presentiment, by hand? What about the ISF – payable in June – that Francois Hollande plans to burden? Would it be postponed until September? Is there a tax shield to 85% of income as suggested by the candidate? His entourage of these questions is swept out of hand: "These are questions for a budget minister, not a candidate as president." Tuesday, Michel Sapin, in charge of the socialist project, said the super slice to 75% would last "as long" as the recovery of the finances of France require.

Beware of leaving headquarters

Meanwhile, it was panic. Tax consulting firms claim to be inundated with requests for expatriation. "There is a before and after 75%," says a Parisian tax. Unprecedented fact, artists stamped on the left as Jamel Debbouze have spread in the media against proposed tax of Holland. Francoise Hardy has even been suggested (Paris Match 5 April) that it would move to London if they win socialist. Not sure that her friend is still a rose … Especially as the Socialist candidate, in reply, accused the stars of "whining" about their taxes! But the Dutch team, in private, multiplies the reassuring statements. The super slice? This is to "send a signal to the bosses of the CAC 40 and their extravagant salaries," they say. Everything will be done to protect athletes and artists (how? Mystery, equal taxation is a constitutional principle sacrosanct).

And for everyone else? For the Socialist tax plan, if passed as is, would increase the rating of millions of taxpayers, far beyond a few hundred privileged, as shown by simulations that we have asked the Cabinet Delsol Lawyers. Certainly, large estates and high income are at the forefront. But they are not alone.

Take the alignment of taxation of capital income on those work. This provision "could have important implications for public shareholding," warns Mathieu Le Tacon, Delsol of Lawyers, which states that dividends are already taxed once at the corporate income tax (33.3%) in the company before being taxed at the shareholder. The taxation of overtime? It will affect many employees, and 235,000 teachers who have won, thanks to them, additional one billion euros last year.

Small revolution in the OJD, which is one step closer to seeing his measures of attendance on the Internet more recognized by the market. In its ranking of websites in March, the body that certifies the mailing of printed and digital press titles in France is hosting for the first time the orange.fr portal, one of the earliest in the hexagon with Google, Yahoo! and MSN.

Gateway to the telecom operator arrives directly at the head of the most popular sites last month, with over 450 million visits. The OJD measure all connections to the site (the "site-centric"), that is to say the number of visits and page views, without deduplicate visits on the same site by the same user. "We do not say in front of a screen but we certify the figures reported by the sites, which are the comprehensive measure of attendance," explained Stephane Bodier Bartement and Patrick, President and CEO of OJD. With the exception of Marianne, VOD or Humanity, all brand sites releases are already certified by the OJD.

Qualify hearings

The organization hopes that this will arrive in others, notably those of Yahoo! and MSN, which should seek, also, to certify their attendance. Google, which has developed its own measurement tool, Google Analytics, for its part could choose to stay out of the movement.

But there on the market another way of measuring the digital world personal business card. This is the tool with its Médiamétrie NetRatings ("user-centric") which, by observing a panel of 25,000 Internet users, to qualify (age, occupational status, etc..). The challenge now is to combine the best of both measures. Médiamétrie and OJD announced in early March signed an agreement for the supply by the second to the first of its basic results "site-centric." This merger of the two measures should allow the hearings to describe and measure, for example, the loyalty of Internet sites. It will materialize in June, with the publication of results by Médiamétrie Internet audience in April, via a hybrid measure that integrates both data and those of OJD, but also on the results of websites measured by Médiamétrie-eStat and certified by the OJD. "This agreement will help provide a market-based results more accurate and consistent," said Médiamétrie.

In the longer term, it will find tools to accompany the rise of advertising offers Web-coupled television. Médiamétrie talks with Google for the establishment of a study that would bring together data from television audience of those with Médiamat Internet.

ALSO READ:

"The French press has spread its falling

"Internet-first success of the paid area newspapers

Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

ALSO READ:

"Carbon Tax: Airbus warns

TF1 is not abandoning its status string of Formula 1. Monday morning, Laurent-Eric Le Lay, president of Eurosport and patron of sports rights acquisitions for the group TF1, wanted no misunderstanding: "The group intend to compete at the next tender" that launch the FOM (Formula One Management), he said in substance. "We will continue to treat an outstanding Formula 1 in 2012. And in view of the hearings, we will look very carefully the tender. It is true that today we believe that the price paid is very high, or too high fast cash now. " "Given the developments in television in clear, our means are more limited than before," he said.

Each year, the chain headed by Nonce Paolini does not less than 40 million euros to broadcast these competitions, more than two million per Grand Prix. An amount deemed too important by the group, although, on average, hearings Grand Prix on Sunday afternoon are in the chain, to 23.5%, about three million viewers.

On average, hearings Grand Prix on Sunday afternoon are in the chain.

The logs are exploding in the capital. With the cold polar current and higher hydrocarbons, chimneys begin to crackle louder. "The sales gallop since it's cold. We are running out of wood, a salesman explains the BP station on Avenue Paul Doumer (XVI). We sell the net logs from June to July, a quarter of a liter, 9.80 euros, with small kindlest handy for 4 euros. "A price high enough to not enjoy the warmth of the flames that occasionally and friendly . This is also the main motivation of the Paris market although this is changing. "We have no request to provide central Paris," said Sylvain Leonard, head of the wood logs Ile de France at the NFB (National Forest), through the joint venture Molinario NFB.  

European regulations

And contrary to popular belief, people in the capital can still make a fire in their fireplace. But on two conditions: "Do not bother neighbors and make two chimney swept every year: at the beginning of the start of the chimney and in the middle of the heating season," says Sylvain Leonard. While many consumers of central Paris have an approach of wood as approval, however in the Ile-de-France the consumer profile is different. Demand is steady and growing. "In the Ile-de-France, residential area, the consumption of wood logs grew by 30% over 12 months now with 30,000 cubic meters of wood delivered each year pay day loans. It starts to make a large volume, "says Sylvain Leonard. Main reason: consumption corresponds to an alternative energy source and complementary to traditional energy. "With the increase of oil, the wood is half the price of fuel oil and 30% cheaper than gas, says Sylvain Leonard. It's a bit more binding power of a wood boiler as this is an additional power source. "

Furthermore, with the next European regulations, it will become increasingly difficult to make fire by "open fire", that is to say, in a classic fireplace without insert. To limit the emission of particles, Brussels has banned the fireplace in large cities like Paris. "The interest of the pellet stove that adapt well to urban life becomes even more important, says Cyril Esnault, founder of the website Allobois.com. And can be plugged into any Internet magnet firewood. The Parisians are a third of our timber buyers, "says the manager. An energy source back to prehistory, which nevertheless still a bright future in the twenty-first century.

ALSO READ:

"The fires in Paris under certain conditions

SERVICE:

"All ads in the Ile de France with Explorimmo

FOLLOW THE REAL ESTATE ON FIGARO:

"Twitter: @ LeFigaro_Immo

The figures are record: 101,700 megawatts (MW) consumed by the French at 19 o'clock last night, a record that surpasses the previous day, to 100,500 megawatts. The previous record was 15 December 2010 to 96,710 megawatts. With each new wave of cold correpond a new historic peak of consumption to meet the increased need for hot water and heating.

Why do we save these records, while 2011 saw a decrease of 6.8% of electricity consumption in France? The sensitivity of electricity consumption to cold temperatures has increased over the last decade, the order of 70 MW per year, says the electricity transmission network (RTE), a subsidiary of EDF responsible for network of power lines. In addition, our electro-climate sensitivity is higher than our neighbors to each degree less, Europeans consume more today 5000 MW, of which only 2300 MW in France! In comparison, Britain consumes 600 MW for each degree lost, Germany and Italy 500 MW 300 MW.

This explains why the French electrical consumption was so low in 2011, the warmest year since 1900. Instead, the cold snap earlier this year led to a series of daily records: the scale of temperatures, the geographic scope (on the whole territory) and the duration of this wave creates a phenomenon of "cold accumulating," said Herve Mignon, Director of Economy, Planning and transparency in TEN.

More electric heaters, more devices

The origin of this particular sensitivity to cold in France: electric heating, which team nearly a third of homes and is installed in 80% of units built in 2009, according to the Environment Agency to control Energy (ADEME). "The electric heaters (except models with heat accumulation) contributes to peak electricity consumption observed around 19h," says this on his site. "It's a French specialty, says Francoise Clement, Information Officer at ADEME. We relied on electric heating, which makes us very dependent on climate. "

Easier and cheaper to install than central heating, it is elected by overwhelming in a country where electricity is more abundant than elsewhere. However, it may prove far more expensive to use, especially since many homes are poorly insulated. "The actual search for energy savings is still new in France, Clement says Françoise. We had no temperature control before 1975 and our expertise in high performance homes is still underdeveloped. "Now, the heat losses are significant: 25% to 30% through the roof, 25% by walls and 10% to 15% by windows.

In parallel, the use of electrical appliances has been steadily improving. In the living room consoles, computers and televisions are increasingly hungry for electricity, as well as kitchen equipment, such as coffee makers and electric robots. "The spirit of cocooning" increases in household demand, explains Françoise Clemente: "We like to equip themselves, we want to be like home."

We must add that the growing electricity demand with economic growth and the continued increase in population. In its latest forecast balance, RTE still see electricity consumption to grow by 1.1% by 2015. Then, assuming an improvement in energy efficiency in buildings, consumption could increase by 0.6% per year by 2030.