According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Banks recapitalized to the tune of 100 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders, Belgian Finance Minister, before a meeting with his colleagues throughout the European Union on Saturday. These discussions, held in Brussels with representatives of the Institute of International Finance (IIF), the banking lobby, "still, there is no agreement yet," said a source told AFP familiar with the matter.

In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros. The subject was Saturday in the agenda of the ministerial meeting. According to sources cited by Reuters, an agreement in principle was reached by European finance ministers on the recapitalization. European diplomats interviewed by AFP were less categorical in the late afternoon. "There is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF). " On the other hand, "the ministers are trying to agree on the minimum capital."

The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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Delicate challenge

For Sharp, the bet is tricky. This is not to be the nth smartphone in the European market, running Android market segment dominated by Korean and Chinese brands. To differentiate themselves, the Japanese put on the 3D display of the phone. While it is the third, after LG and HTC to offer a device with such a characteristic. But only the Aquos almost instantly converts 2D images into 3D.It is also equipped with two optical, which can take photos or videos in 3D and then watch them on their smartphone, or share them on other screens in relief.

Abandonment of the shelf

On a strategic decision to Sharp raises some questions. The brand has announced the abandonment of its shelf Galapagos there just two weeks. But it also reflects the key role of the smartphone market for players in consumer electronics. To exist, they can not do without. Even if only a very symbolic presence. Orange has only ordered 10,000 copies of the Aquos, probably made prudent by the very small success of the 3D Optimus LG and HTC Evo 3D. Sharp will make us forget the bad reputation of free 3D, even on small screen, according to users, giving a headache and seasickness

An internal document in German Ministry of Finance, taken by the newspaper Handelsblatt, illustrates the degradation of the opinion of the Germans against the Greeks: "The Government will further Papandreou promised much to its partners, to access a new tranche of credit, but it will not happen, "it said. And his conclusion is clear: Germany is preparing seriously to stop helping Athens.

In fact, Berlin is now considering a very real insolvency of Greece.Finance Minister Wolfgang Schäuble is no longer small sentences like this weekend when it was hammered out of the question to continue paying for Greece as it does not fulfill the conditions set by its creditors.

The post-bankruptcy in the study

In gray and cream long corridors of the Ministry of Wilhelmstrasse, the teams of the latter were already working on the management of post-bankruptcy. According to Spiegel, two scenarios are discussed – the output of Pure and simple in the euro area. The Department neither confirms nor denies. But in an article published yesterday, the Minister of Economy, Philipp Rösler, openly spoke of a possible bankruptcy of Greece.

Yet next scene, the CDU denies pessimism. For the president of the parliamentary group in the Bundestag Volker Kauder, "an exit from the euro area is not a solution."The party's general secretary, Hermann Grohe, Cassandra pin that inflame the debate: "We need to encourage the Greeks. We help are people in this way. "

Chancellor Angela Merkel sticks, meanwhile, delivered the remarks Sunday in an interview with the daily Tagesspiegel, saying that one can not "fix overnight what is not done for years" . On Monday, after his meeting with José Manuel Barroso, it simply just a terse statement on the importance of the euro.But if his spokesman said that the government's official position is to rely on the conclusions of the troika (EU-IMF-ECB), which experts arrive Wednesday in Greece for a thorough audit, he added that Germany Greece would not help that "in very strict conditions."

Ruling coalition isolated

Within the ruling coalition in Berlin, the Christian Democrats are isolated. The brothers enemies of Free Democrats and the Bavarian CSU common cause. When Philipp Rösler, also chairman of the FDP and thus vice-chancellor, said that one should "refrain from further consider an orderly insolvency of Greece", the patron of Christian social applauds Horst Seehofer, "content that these thoughts are expressed out loud. "

The CSU has also adopted an important resolution yesterday internally.In fifteen pages, it will detail the conditions it deems necessary to accept in the future to vote on plans to assist countries in need. It says this sentence murders: "States which are not able to stick to common rules, and put the euro area in difficulty should expect to leave the currency area." In Germany, the time of indulgence is over.

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Less than two years after the vaccination campaign against influenza A (H1N1) from Asia, which cost 700 million euros to the state (France had ordered 94 million doses before returning to 45 million for … that finally only 5.3 million French people to get vaccinated) is the illustration chosen Monday by the Director General of the Center for Strategic Analysis (CAS), Vincent Chriqui, at the outset of a study on the "calculation of risk in public investments. "Purpose of this report, led by Christian Gollier, head of the Toulouse School of Economics: to show that it is possible to take into account the risk and uncertainty before launching expensive projects.

"A position of equilibrium"

For this, the document recommends "a balancing of possible or probable gains with losses likely, or unlikely but possible" (sic)! Concrete expression to this current example chosen by Vincent Chriqui: "The catastrophe of Fukushima reminds us how the apprehension of risk and its assessment is an essential component of a public investment program."

Take into account not only the approach of the engineer, doctor, biologist or climatologist, but also that of the economist.The report stresses the importance of considering cost-benefit, cost utility and cost-effectiveness and integration of risk in the economic calculation. CAS advocates actually define rules that would result in "a position of balance" between spending and risk reduction. It offers among others a "mainstream" risks in the economic evaluation of investment projects in fields as diverse as new drugs, transport infrastructure and energy production or the urbanization of areas exposed to natural hazards …

It is "necessary" to take into account the benefit that a project can bring to the community risks associated with climate change, changes in oil prices, economic growth, the report says.It should, for example, remember that oil prices could rise in coming decades, when evaluating the benefit of a railway line.

The report also introduce a "risk premium" in the calculations when the fundamentals of a project are strongly correlated to economic activity. This would in some downgrade in the order of priorities "to guide public policies for projects that reduce the risks borne by households."

The Center for Strategic neglects, however, in size: large investments must be decided according to their degree of economic rationality, certainly, but also political choices or ethical. They can even be taken under the fear of lawsuits.This is precisely what has weighed against influenza A: After the tragedies of contaminated blood or the heat, the top priority policy was that the French can not blame them for not being vaccinated when they wished.

It is first and foremost a marketing coup. Tesco is thus found in a modern day, is displayed at the forefront of latest technological innovations. It is a showcase, which due to its exceptional side, can promote the brand in the world, not just in Korea-du-Sud. For convenience, I do not think waiting for a subway train is the best space-time to go shopping …Ultimately, this may be convenient for some occasional purchases, but we will not fill his cart with 50 products in virtual stroll along a crowded dock.

In its promotional video, the retailer is betting to develop without physical opening of hypermarkets, while stating that fill his truck is increasingly seen as a chore …

True, but again, the subway is not a place suited to supply his larder. On the other hand, we can already go shopping on the subway-or any other place, using a smartphone connected to the Internet. Some retailers have already launched e-commerce applications that allow specific to shop and have them delivered at home.The American distribution, for example Amazon gives this possibility to its customers.

However, can we imagine the future of virtual supermarkets to open in place of traditional retailers? This would help retailers to make significant savings on logistics …

Shopping with a mobile scanning cryptograms is not really practical! And if so, what is the point to go to the store, then you can order from home via e-commerce sites? However, distributors do seek how to take advantage of m-commerce [trade through mobile, note] no fax pay day loan. Some think, for example at the opening of showrooms to boast a handful of new products, which could include purchase and take delivery via a smartphone.But this type of project is still in the pipeline.

What tomorrow will look like m-commerce in the distribution?

Initiatives will gradually emerge. The advantage of m-commerce is that you can set up "stimuli" throughout the city, like some promotional posters in the subway showing visual cryptograms. Once registered via a smartphone, they can learn about the offer, or buy the product directly boasted. But we must not forget that everyone does not have a smartphone in France *, unlike South Korea where the penetration rate is much higher.This is particularly the reason why this country is the world leader on the development of e-commerce and multichannel distribution, based on the joint development of natural supermarkets and online offerings.

* Nearly one in three French (31.2%) have a smartphone, according to figures published in March 2011 Médiamétrie.

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"The mobile phone, new payment

An analysis that justice has once again contradicted. After stopping the founder of the Supreme Court in 2008, the police court of Evry has indeed Carrefour sentenced Tuesday for non-compliance of minimum wage, requiring $ 3.6 million in fines.Although already substantial sum, but could be just a small fraction of those signs will have to pay in future years, as part of trials this time brought to tribunal.

For employees who have recently been successful with these professional bodies are gradually their first back pay for substantial amounts. "The 119 employees of Carrefour stores in Angers and Cholet who complained received an average of 2,941 euros on their payroll for the month of May for five years of unpaid breaks. The amounts paid ranged from 1360 euros to 6156 euros depending on the level and seniority of the person concerned, "said their lawyer, Bertrand Salquin. The amount of this money could help to motivate other employees to complain to their turn."Already, actions are underway to industrial tribunals against Auchan, Leclerc or Intermarché. We currently have 2000 files in process, "said Aline Levron, Secretary General of the Federation Services CFDT easy payday loans.

Snowball effect

"It is clear that these disputes will snowball, analysis of his side Gwénaëlle Arthur, a lawyer in employment law at Staub & Associates. Faced with potentially amounts claimed, the signs will probably no choice but to negotiate with the social partners a global settlement. " All non-managerial employees are indeed potentially affected. Nothing at Carrefour, approximately 60,000 people who could claim to collect back pay, for a total of several million euros, says Mr. Salquin.

At Carrefour, it defends itself by stating that employee compensation is above the minimum wage. Since the decision of the Court of Cassation in 2008, the agreed wage has indeed been raised throughout the industry to 105% of minimum wage, to cover the break time. The group also argues that by adding to wage conventional profit-sharing and participation, pay its employees well above the statutory minimum, like the cashier whose salary of 1612 euros gross excess of 18 % the minimum wage.

"It's called a red herring, says his side's secretary general of the CFDT services. We do not dispute the existence of these benefits. But if Carrefour meets the minimum wage in effect since 2008, this does not solve the issue of non payment breaks, for which the group has already been sentenced to an employment tribunal. ""HR departments of large retailers will have a job in the coming months!" Says Mr. Arthur.

"You've worked in retail and you feel concerned by this issue? Tell us your story in the comments area below.

In addition, investor optimism is reinforced by the continuing problems of sovereign debt in Europe.Today Greece and the "troika" will unveil details of an upcoming fiscal tightening.

Finally, operators are troubled by bad macroeconomic indicators in the U.S. which suggest that the recovery is still difficult for the world's largest economy. Yesterday, the bad news is still chained to the front of the productivity, prevents Wall Street rebound. This morning the Asian market was also very mixed. This especially since the rating agency Moody's has threatened Thursday to put the debt rating of long-term United States, currently at AAA, on negative watch.

The service sector slows in Europe

Finally, the wait dominates before the publication of several important statistics.In France, growth in services sector activity slowed slightly in May but remains close to the peak of nearly 11 years hit the previous month, final results showed on Friday of the monthly survey from the Markit Purchasing Managers . PMI Segment income $ 62.5 after hitting 62.9 in April, its highest level since September 2000. An initial flash estimate of 62.8 gave the May 23

This same index slowed sharply in Germany last month to 56.1, its lowest level since October against a flash estimate of 54.9 and a figure of 56.8 in April.

Then the United States, the appointment of the day will be the publication of the monthly report on employment from the Labor Department low rates payday advance. Then comes the ISM services.

As for currencies, the euro, which climbed to over $ 1.45 yesterday, continues its recovery. It traded at 1.4482 dollars this morning.Oil prices were also rising in electronic trading in Asia, due to the decline of the dollar, prompting investors to buy commodities. In morning trading, a barrel of light sweet crude for July delivery gained 20 cents to 100.60 dollars. That of Brent North Sea crude for delivery same took 24 cents to 115.78 dollars.

Values ​​to follow

The banking industry is again monitored while the budget plan for Greece and the "troika" will be unveiled. BNP Paribas (+0.78% at 52.82 euros), Societe Generale (0.57% to 40.43 euros), Credit Agricole (+0.48% to 10.40 euros) move.

TF1: -0.32% to 12.39 euros

Media rights to Roland Garros on Europe, formerly held by Eurosport (TF1), will change the diffuser to be allocated to the agency MP & Silva from 2012.

Vivendi: -0.18% to 18.91 euros

SFR announce next week an overhaul of its mobile offerings and partnership with the broadcast site Spotify music on the internet, writes La Tribune. The telecom operator will hold a press conference Tuesday, June 7

Thales: 2.54% to 29.68 euros, Safran: 1.89% to 28.30 euros

Discussions between the two groups regarding an exchange of assets will be using a mediator, Aldo Cardoso, former head of Andersen's consulting firm, said Friday the newspaper Les Echos.

Renault: 0.70 to 38.16 EUR

The manufacturer believes that the shortage of diesel that has weighed on its registrations in the month of May in France will be eliminated in the second half, especially against the backdrop of the expected slowdown of the market, told The Tribune on Commerce Director of the French subsidiary.

For the CGT, it is a "massive mobilization." If management of Carrefour says no school has closed, the CGT, she evokes two: Morangis (Essonne) and Bourg-la-Reine (Hauts-de-Seine). "There is no blocking and all clients are obviously received in store," insisted the group.By mobilizing and, employees of Carrefour Market hoping to shake up the leadership Carrefour, as did those of hypermarkets there is a little over a month.

On April 9, in fact, the movement of employees of hypermarkets – "historic" by the unions, had allowed the reopening of negotiations with management. The employees were then granted a special bonus of 220 euros gross July 31, the transition from 7 to 10% of discount on purchases (including gasoline) granted to staff and a commitment to renegotiate, the end November and a revaluation of the holiday allowance to go to a 14th month. The draft agreement, which will be endorsed on May 18, also provides for annual wage increases of 2% in March, is correlated with inflation, instead of the expected increase of 1% and 1% in March in October.

Beyond wages, working conditions are up for discussion.The union FGTA-FO deplores the removal of 10,000 jobs over the past five years, and denounced a "new business model based on night work generalized ultra simplified workflow and increased stress for employees.

Fighting the new economic model of the group

The Carrefour group is in the midst of strategic transformation, including its plans for divisions and development of its new hypermarket Planet. Mutations that cause a stir both at the executive level – the CEO France left the group last May 5, two months after the departure of Director – Europe and employees.

At the next general meeting to be held on June 21 next, they oppose the proposed division by the stock exchange's subsidiary Dia hard discount and the 25% of the land Carrefour Property.But their voice is low, employees own about 1% of capital and 1.76% of voting rights. The unions called the Mutual Fund Business (CIPF), which holds 1.33% shares and double voting rights, to say no, and so to endorse the position of the fund Knight Vinke (over 1 % of capital). In total, they would be 4% against the heavyweights Bernard Arnault and Colony Capital, which have 14% stake and 20% of voting rights. According to unions, these operations "purely financial and non-trade" would bring six billion euros to the two main shareholders, Bernard Arnault and Colony Capital.

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Signed in January for an amount close to EUR 900 million, the agreement signed by the end of the supply électricté by Veolia and EDF, through its subsidiary Citelum, the most beautiful monuments of Paris, some 1,800 red lights and almost 200,000 streetlights free online credit report.These providers have been evicted from historic call for tenders, against all odds, for want of form – some evidence required by the procurement code missing from the file – leaving the field open to Bouygues and Vinci.

The City of Paris "serene"

Daniel Canepa, prefect of Paris and the Ile-de-France. Photo credits: BORIS HORVAT / AFP

Transistors are like switches. They were so far consist of a stack of layers in two dimensions. The upper part acts as a "gate", which passes or blocks the flow between two components of the lower layers, the source and drain. But as the size of transistors has been reduced to a few nanometers, the conductive material between these elements are also refined, increasing the risk of current leakage.To remedy this, it needed to increase consumption.

The development cost under control

Faced with this challenge, Intel has changed its manufacturing process by embedding a thin part of the lower layer in the "gate" located above (see chart below). Thus, the current control can be done in three tranches of the fin, instead of one. "This allows the transmission of as much current as possible when the transistor is in active mode (in order of performance) and as close to zero as possible when it is in off mode (to reduce power consumption)," says Intel .

With this new architecture, the current control is performed on three slices (yellow).