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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.

In short, if you want cheap car insurance for your new driver, don't just buy any car and then look for deals. You need to be deliberate in your selection of vehicle.

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

After seven weeks of political crisis, the good student of the euro area has fallen into line. The Dutch Minister of Finance, Jan Kees de Jager, snatched on Thursday night, a tentative agreement with the liberal VVD, D66 Democrats, the Greens of GroenLinks and ChristenUnie promising to return to 3% deficit in 2013.

The Dutch stability program will be sent this Friday in Brussels before the deadline of April 30. For achieving compliance with the Stability Pact, the Netherlands had to find 14.4 billion euros in savings. This agreement has been hailed by assitôt markets: the borrowing rate to 10 years in the Netherlands fell back to the lowest of the year.

Retirement at age 67 in 2024

The austerity plan, rejected by the extreme right – provides for cuts in many areas. Government salaries will be reduced. The health system will be reformed in order to save 1.6 billion euros. The subsidy on home loans, very sensitive issue for decades, will be revised downwards, which will allow the state to recover 5 free instant credit score.4 billion euros.

Revenues are revised upwards: the richest taxpayers must pay a "tax crisis". The retirement age will increase by one month, starting next year, to reach 66 years in 2019 and 67 in 2024. VAT from 19% to 21% and the tax paid by banks will be doubled.

The political agreement was obtained following a procedure described as "unprecedented" by former Prime Minister Mark Rutte. His finance minister has succeeded in five days what the government (VVD, CDA) had failed to do in seven weeks. Geert Wilders, leader of the Party for Freedom (PVV), which supported the government broke off negotiations last Saturday.  

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Living under the bankruptcy system, the famous Chapter 11, is not easy for a company. In a document filed with the court last week, the company found, in fact "a marked rise in employee departures in the first quarter." Departures deemed "particularly damaging" to the management level.

That's why Kodak offers to pay $ 8.5 million in an initial group of 119 frames, which still represents more than 71,400 dollars per person, to retain them. Another group of just over 200 employees, has been identified and should receive $ 5 million, or about $ 25,000 per employee.

Out of "Chapter 11" is a real possibility in the United States. The most striking recent example of a successful exit is to make the assets of General Motors bad credit unsecured personal loans. This scheme allows the company to restructure while being protected from its creditors, a situation similar to the existing backup procedure in France. To achieve this, we must however keep its senior most "critical activity and the restructuring process," according to Kodak.

The company explains that "among the 7,600 employees of the group, there are many who have unique skills and value, but the weakness of available funds requires the group to make a strict selection of the beneficiaries" of this plan.

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Unions of La Poste have been heard. Rocked by three suicides in six months, the postal group has taken the measure of social malaise that reigns within its walls. According to the Journal du Dimanche, its CEO, Jean-Paul Bailly, is expected to announce Monday a suspension until September of the reorganization of the branch e. A break of nearly six months during which discussions will be held with employees to improve their working conditions. At the local level, first, the regional offices of the Post Office will begin negotiations on the reduction of work patterns in post offices. At the national level, then, Jean-Paul Bailly launch the establishment of a "social warning unit" and could also release a budget to support the weakest agents, specify the sources cited by the weekly Sunday. Contacted by The Figaro.fr, the group was not immediately available for comment.

La Poste has accelerated its timetable for ending the crisis, after the suicide last Sunday as part of a group in Britain. In a folder left behind, this forty, who had been off long illness since November and was found hanged at his place of work in Brittany, had denounced a hard three years from its hierarchy. This was the second suicide in Breton Post in ten days. February 29, Jeremy Buan, a senior of 28 years, had committed suicide by jumping from the top floor of La Poste in Rennes, in the Ille-et-Vilaine. He too had reported his "outstanding work" in a letter released by his partner. Immediately, the Post Office had opened on Tuesday for talks with the unions on "health and welfare at work", promising that "proposals" would be made "before summer".

The bracketing, albeit provisional, of the restructuring of the business mail should satisfy the unions who denounced social climate "anxiety" since the suicide last September of a 52-year employee who was, also, défenestrée the fourth floor of the financial center of the 15th arrondissement in Paris. "This situation is unfortunately not unique to the post office," said Antoine Le Séguillon this week, a union representative GSC in Figaro.fr. "And it is not unique to Britain," he said hoping that the leadership would engage quickly "concrete actions".

Action plan against erosion mail

Faced with the erosion of its mail business, which it considered that the volumes would collapse by 30% over 2008-2015, the Post Office had drawn a new plan in 2009. Jean-Paul Bailly had emphasized that this branch should "reinvent themselves" by offering new services. Gradually, the schedules of post offices have been extended throughout France, robots have been installed to reduce waiting times for customers and, last September, The Post has completely redesigned its line of mail.

A strategy that has "paid off", welcomed the group during the presentation of its annual results on March 8. While lower volumes continued with a decrease of 3%, after falling 3.3% in 2010, the mail business recorded a turnover stable at EUR 11.5 billion (+ 0.3%), more than half of the total activity of La Poste. But for the unions, these good results have been costly to employees. According to the CGT, it was obtained "at a price of 10,091 job cuts" and an increase in sick leave.

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Who will be the big loser of the arrival of Free Mobile? While Orange, Bouygues and Vivendi have just published their annual results and must submit his Free Thursday, the operators have their accounts.

In only six weeks, Free Mobile would have earned 1.5 million customers, according to estimates by Stéphane Richard, CEO of France Telecom. Free for now refuses to confirm.

But everyone sees what he lost. Orange said 400,000 of its customers had left for Free Mobile. Bouygues Telecom, a quarter of customers since January parties have joined Free Mobile or 134000. SFR did not elaborate, but analysts said it could provide around 300,000 customers Free Mobile.

500,000 net new subscription

It remains to evaluate clients lost by MVNOs, network operators without these, like Virgin Mobile, La Poste Mobile, Auchan Telecom, etc.. "Some of these operators have lost heavily at the start of Free Mobile. While some have reacted very quickly, it was to stop the bleeding. They have de facto acted as shock absorbers for Orange, SFR and Bouygues, "said one analyst.

MVNOs with models based on commitment and with a strong distribution network suffered the least. And NRJ Mobile, which has 90% of customer engagement in and benefits from the network of bank branches CM-CIC, has limited the damage. The operator that displays 1.1 million customers continued to win in January, before losing around 5,000 in February. "Ultimately, MVNOs may have lost between 200,000 and 300,000 customers," said one analyst.

Summing up all these figures, Free Mobile would have earned about a million customers in the market in its various competitors. The remaining 500,000 would net creation, that is to say, new subscriptions. Given its attractive price, consumers who already have a subscription and can be subscribed to the offer 2 euros (EUR 0 Free for subscribers) as a second subscription or subscription relief.

One thing is certain: the fierce competitive battle was triggered not leave room for all operators and everyone is fighting for its survival.

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Inequalities between men and women die hard. On wages, women continued to earn 20% less than men in 2009, INSEE said Wednesday in its latest publication on employment and wages. If this gap has narrowed significantly since 1954 (he was then 35%), it is virtually stagnant since the early 1990s.

This inequality is calculated based on hours of work the same for men and women. But if one takes into account the number of hours actually worked over the year, the gap increases again, due to the higher proportion of women working part-time while they earn nearly 30% of less than men. Positive, however, wage inequality tends to be reduced in less than 25 years.

INSEE explains this persistent inequality by "a qualifying structure" different from each sex. More men, for example, are managers (19% against 12% of women). Even within the same occupational category, inequalities remain payday loans. And sometimes compounded: a female manager in the private sector and 23% earn less than men.

Involuntary part-time

This is partly the effect of the famous "glass ceiling" that prevents women from accessing certain positions. It is also, according to INSEE, the resulting choice of training, industries or career operated by women. Many of them, for example, moving towards the sectors of health or social work, pay less.

The highest proportion of female part-timers do not necessarily result also a choice, especially motivated by family reasons. Even among those who have no children, the proportion of part-time employees is 17% higher than that of men. A figure that reflects the overrepresentation of women in the service sector, where part-time is more widespread.

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France, she missed electricity this winter? Nine months after the German decision to phase out nuclear reactors eight of seventeen will be stopped before the end of the year, the question of feeding the Hexagon concern to the government. Yesterday, on the occasion of the presentation of the report of the electricity transmission network (RTE) on the transition of winter, the industry minister, Eric Besson, has expressed its "vigilance".

Governments based on the calculations of the EDF subsidiary responsible for networks and very high tension. In the first nine months of the year, French exports of electricity to Germany increased by 11% over 2010, while imports fell by 50%.With all these elements, RTE suggests a risk of disruption "moderate fast cash loans."

Regarding the availability of the generation French, it is mixed: most important for the period January, at least in contrast to the months of November and December, due to the revised schedule of the facility.

Wednesday, Eric Besson welcomed RTE can count on an average of 1400 MW: Further expansion of wind power, new combined cycle gas came expand the portfolio of means of production.

Remains the black spot in Britain, has long been known. The region, which produces only 8% of the electricity it consumes, is particularly fragile. Certainly, infrastructure building projects exist, but they are slow to be realized.

CEO and American colossus original Welsh, Howard Stringer, missed the turnaround as promised by Sony. For the fourth consecutive year, the electronics group of Tokyo will be in the red. A loss of 90 billion yen (841 million) is expected for the fiscal year ended March 31, instead of a profit.

The various decisions of closures, massive layoffs and alliance with Samsung in flat panel LCD TVs have been failures. Certainly, the fate of the Japanese groups persists. Penalized first by the great earthquake that froze production in the archipelago, they now face a strong yen, measures to save energy drastic floods in Japan and Thailand.Production of television sets will also be halved, falling to 20 million units per year instead of 40 million Payday advance.

For seven years, the business of television is losing. It will be in the red for the eighth consecutive year. And should head out of water in 2014. In this context, the new challenge that has been made in mobile phones seem to be a bit risky. Sony has decided to resume participation in its joint venture with Ericsson joint smartphones.

Of course, the sun never sets on the group. But it is the issue of replacing Howard Stringer, CEO of Sony since 2005, that arises. His predecessors have missed the shift to digital music. Left him spun the televisions and internet tablets. A market where it will arrive late.

His successor will probably be a Japanese.

After Societe Generale and BNP Paribas, is the turn of Credit Agricole announced asset sales. As announced by the Financial Times on Wednesday, the bank's objective of a structural reduction of 50 billion euros of its debt between June 2011 and December 2012.

Without going into details, the statement, issued while the CEO of Credit Agricole, Jean-Paul Chifflet, speaking to investors in a Paris hotel, said that three branches are involved. The first, the investment banking and investment will suffer a reduction in its funding requirements from 15 to 18 billion euros, which will involve the phasing out of "certain activities after a portfolio review "and" the closure of non-strategic locations abroad. "

For specialized financial services, reducing financing needs will be 9-11000000000 including "the sale of the loan portfolio." Finally, to retail banking in France and abroad, the effort reduction is most important, between 21 and 23 billion euros.

Target capital confirmed

Tuesday, the head of Crédit Agricole in the UAE had told Reuters that the bank had closed its merger and acquisition in North Africa and the Middle East.

With these assignments, Crédit Agricole plans to reduce its refinancing program medium to long term from 2012 to 12,000,000,000 euros markets in 2012 against 22 billion in 2011 poor credit personal loans.The institution also confirmed a target of 9% equity in 2013.

Limited exposure to the peripheral countries

Crédit Agricole profits from these ads to minimize its exposure to euro-zone countries in trouble, she calls "limited and manageable." This is 0.7% of total assets in Greece, Ireland, Portugal, Spain and Italy. The countries receiving international aid (Greece, Ireland, Portugal) weigh only 0.07% of the balance sheet, according to the bank. Regarding Emporiki, its Greek subsidiary, Credit Agricole said conducting "enhanced measures" on the diversification of the refinancing and the cost of risk.

This exposure to the debt crisis in the eurozone has earned the bank a deterioration in his note by Moody's ten days ago, as its rival Societe Generale. At the Paris Bourse, to 15 hours, the Crédit Agricole sells 1% to 5.13 euros in a market down by 0.47%.

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