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While the ongoing wrangle with Casino in Brazil has shifted in favor of its competitor, Carrefour has released Wednesday a turnover in line with expectations. Group sales in the first half amounted to 44.6 billion euros, up 2.7% at current exchange rates (+ 2.5% at constant exchange rates) and 0.1% in comparable excluding petrol, adjusted for the calendar effect. Sales for the second quarter amounted to 22.4 billion euros, up 1.6% at current exchange rates, but down 0.2% on a comparable basis, excluding petrol and excluding the calendar effect .

While the group had mid-June, revised down its operating income to 35% in France, it now expects a decline of 23%, due "mainly to France."Lars Olofsson said that "Carrefour has set up an action plan in order to achieve the target set by the Group to grow its sales and EBIT in 2011."

Uneven performance in France

In France, the performance is mixed. Lars Olofsson deplores a "unsatisfactory performance of hypermarkets," whose sales are down 3.3% excluding petrol in the second quarter and adjusted for the calendar effect, after falling 1% in the first quarter.

However, Carrefour welcomes the performance of its stores. Carrefour Market and saw its sales grow by 1.3%. As for Carrefour Planet, "the four stores models continue to show sales growth in double digits."In Asia, growth remained at 5.3%, with an increase of 8.3% in China.

In exchange, Carrefour began declining after the announcement of these results. After losing 3% on opening, the title was eventually closed up 1.52% to 22.325 euros in the last trade. The CAC finished up 0.51%

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"Air France has to make choices according to their needs." This is the answer unequivocally given by the president of EADS hundred members who pushed Air France, earlier this month, Airbus to prefer its U.S. rival Boeing. June 12, a petition launched by the UMP Bernard Carayon called the French airline (15.7% owned by the French government) to show European patriotism, when placing the next order giant had long haul. Expected this summer, the contract of tens of billions of dollars would move more towards a hundred Boeing 787 "Dreamliner."

For Louis Welsh MPs that pressure is unnecessary. "I remind you that 95% of aircraft we are producing for export," says the director in an interview with the Journal du Dimanche.From the first days of the Paris Air Show, which closes its doors Sunday night, the European aircraft manufacturer has announced an almost unexpected rain control, supported by contracts negotiated with the giant companies in emerging countries. Wednesday and Thursday, the group recorded two commands including records, first with the Indian carrier IndiGo, on 180A350, 150 Neo, then with Air Asia, with 200 A320 Neo, is the largest order in the history of civil aviation. "These emerging markets provide the" A "and represent over two-thirds of the global market. Our 730 orders and commitments demonstrate that our products meet the expectations of these new customers, "supports Louis Welsh, referring to the plebiscite met by Neo A320 aircraft during the rally.

Hunt on the lands of Boeing

Overall, therefore, the European group put on emerging countries to take advantage of an aerospace market returned to a "dynamic," says Louis Welsh. If political disagreements today Stems certain contracts, the group can always rely on its broad technological superiority to convince companies of those countries developing their flights to Europe and the United States. And ambitions of the European aircraft manufacturer does not stop there, the group wishes to continue to hunt on the lands of his rival always, Boeing.Referring to the age or obsolescence, of much of the fleet of U.S. airlines, the leader discount surf the success garnered at Le Bourget and "large needs to renew its fleet" (U.S. companies ) to increase its influence across the Atlantic.

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Finance ministers of the euro area suggest caution in setting up a system to prevent a collapse of Greece. To address the most urgent, the central bankers of the Eurozone have laid the conditions for payment "by mid-July" of the next tranche of 110 billion euros in loans over three years promised last year by the troika . The release of the loan is linked "to the adoption of key legislation on the budget strategy and privatization by the Greek Parliament," the ministers said at the end of yet another meeting on the Greek crisis started Sunday in Luxembourg. Without this loan, Athens, facing deadlines refinancing risk bankruptcy next month.

Especially the Europeans intend to set up an assistance program to enable Greece to avoid a default in the longer term. This time, the private sector should be involved."The ministers agreed that the additional funding required will be financed both by official and private sources," assured the European central bankers. The ministers also began to speak with one voice on such terms as this will help: they have indeed "welcomed the goal of voluntary involvement of the private sector in the form of roll-overs informal and voluntary debt Greek existing mature. " In other words, the creditors will agree to replace loans maturing by others of the same amount.

Jean-Claude Juncker, a leading finance ministers of the euro zone, said Monday he has "decided to convene a special meeting of the Eurogroup on July 3" to complete the program of aid to Greece.He also announced that members of the euro area agreed on the creation of a permanent fund for the euro area. It will have 500 million euros that will be lending to countries in the area who find themselves in difficulty.

The assistance could reach hundreds of billions of euros

So far the ministers were divided on the issue of assisting in Athens: Germany favored the idea of ​​longer maturities on debt, where Paris defended the option of "rollover" . "We agreed on the voluntary involvement of the private sector while there is a week or two options on the table," welcomed Jean-Claude Juncker.The most important thing is to convince investors that it is not part of a default of payment, liable to cause market panic and contagion to other countries in the euro area.

The amount of this aid has not been determined. Ministers have simply stated that this operation should be a contribution "substantial" in the Greek program "and avoid a default (of payment) selective" in the country. Some point to have a total of a hundred billion.

If the main principles of this new aid were recorded, details of the plan remain to be defined. The "main parameters of a new funding strategy clear" should be defined "by early July", say the ministers.The initial ambition of the ministers were, however, to "discuss the participation of private creditors," stated Jean-Claude Juncker, adding "the question is how far it can and must go."

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The state wants to step into the breach created by the false espionage Renault. Governments that hold nearly 15% stake in the carmaker, would like to take advantage of the replacement of number two Patrick Pelata to overhaul the state headquarters of Renault, says Les Echos.

For several weeks, the CEO, Carlos Ghosn has promoted Carlos Tavares, current head of Nissan's operations in the Americas, to replace Patrick Pelata. However, beyond the choice of a particular person, the debate among officers, directors and major shareholders of Renault is on the group's organization and its relations with the state, according to business daily. The Elysee Palace would have more influence on the choice of industrial builder and limit the power of Carlos Ghosn in particular through the recruitment of new blood in the group.

Several tracks

Reform could take several paths.The functions currently occupied by Patrick Pelata could be divided into several posts. Another track, the future heir of Carlos Ghosn could sit on the board and receive a title of CEO. That title would have the double advantage of providing greater autonomy to the number two group in relation to number one, Carlos Ghosn, and also make a successor designated by Carlos Ghosn. But Carlos Ghosn would not consider replacing it before 2014. The question of bringing the future number two immediately to the board of directors does not seem to have the endorsement of the CEO.

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The World Trade Organization (WTO) will make a decision of great importance to Airbus and Boeing on Wednesday afternoon (16:30). After six years of litigation between the two aerospace giants, the WTO will tell whether or not she believes that Airbus has benefited from illegal subsidies that would have allowed, according to Boeing, to take away its position as number one world.

The sums involved are enormous. If the WTO ruled in the U.S., Airbus might have to pay several billion euros. Nothing on the folder 380, the bill could reach one billion. And the A 350 loans that were granted to Airbus amounted to four billion.

Meanwhile, the European Union has filed suit against the United States, also accused of aiding illegal Boeing. In March, a panel of judges has accused the U.S. of having received five billion dollars in aid from the United States.Both parties filed an appeal.

As the complaint against the European aircraft manufacturer is at a more advanced stage than its U.S. rival for the European Union fears that Airbus is forced to stop receiving public assistance before those of the U.S. Boeing are suspended.

Airbus, a subsidiary of EADS, announced Wednesday its intention to increase the production rate of its single-aisle A320 aircraft from 36 to 42 products per month from the fourth quarter of 2012 to meet strong demand for this type of devices.

The monthly rate will steadily increase to 38 aircraft in August 2011 to 40 copies in the first quarter of 2012, said the aircraft manufacturer, claiming a backlog of more than 2,300 A320 aircraft still to be delivered.

Airbus delivered 510 aircraft in total by 2010, including 401 A320 family, and had already delivered 132 single-aisle end of April, which puts him "on track to surpass in 2011 the number of deliveries last year. "

This Saturday, employees at 300 stores – according to unions – the 600 Carrefour stores in France Market responded to the strike call by the CGT. They want to be housed in the same boat as their 65,000 colleagues in Carrefour hypermarkets, ie receive vouchers restaurants. They are also demanding wage increases of 5 to 10%. "5% is really the minimum. Given the increases that are everywhere, we can no longer live with that, "argued Lawrence Lamaury, Steward national CGT.

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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The list of seven is finally ready. On Friday, the G20 meeting in Washington, have managed to agree on the seven countries whose impact on global economic imbalances are greatest. They are members of the old G5 70s: the United States, France, Germany, Japan and the United Kingdom, enmeshed in two powerful emerging economies, China and India .

These countries, which each weigh more than 4% of the global economy, "are clearly more systemic," according to the French Minister of Economy Christine Lagarde, who chaired the meeting. They will therefore be a "thorough assessment" of their finances to reduce the imbalances they create in the world.More concretely, the G20 will analyze the changes since 1990 and projections until 2015, several variables including their public finances, external accounts, savings and private sector debt.

Towards a global growth "balanced"

The objective of this approach is to deliver recommendations to follow for these countries. For the U.S., it will thus reduce the triple deficit, commercial and household savings guaranteed payday loan. For China, it will move from growth to export-led growth fueled by domestic demand. Countries richly endowed with natural resources should also provide impetus to consumption.

On the part of capital flows in the international monetary system, emerging requested a strict evaluation of countries that are increasing the global money supply, as the United States or Japan.More broadly, the G20 also undertake to give more reliable figures and recent state of their oil production if they have one, or their stocks.

"It was a meeting of G20 subsided very, very constructive", welcomed the governor of the Banque de France, Christian Noyer. The G20 now hopes to finger the target at the summit in Pittsburgh in 2009: economic growth "strong, sustainable and balanced" for the world. A meeting of G20 finance on development issues, is scheduled for Washington in the upcoming meetings of the International Monetary Fund and World Bank in late September.

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It was always hammered he would leave the group before his 65th birthday. Lindsay Owen-Jones, the legendary chairman of L'Oreal, will deliver. As announced by The Journal of Sunday, March 17, the day of his 65th birthday, he will yield his chair to President Jean-Paul Agon, the CEO, named to take full powers in the world's leading cosmetics.

That day, it is one of the giants of French capitalism that will draw his bow. Lindsay Owen-Jones took the helm of L'Oreal in 1988 at the age of 42 years. The Welshman then became only the fourth president after 80 years of existence of the former dispensary capillary. Not easy to replace Francois Dalle, slipped one then.Not easy to succeed Lindsay Owen-Jones, who was long the only foreign head of ACC 40, the highest paid and also the most admired, given the exemplary course of the owner of Lancome, Garnier and other Helena Rubinstein.

Global brands

A pure product of L'Oreal is an expression often used to refer to Lindsay Owen-Jones, and Jean-Paul Agon, has all the redundant, as the strong culture of the firm Clichy is intolerant of foreign bodies. A graduate of Oxford and Insead, Lindsay Owen-Jones has started in 1969 at the bottom of the ladder, shooter bells in Normandy for selling Dop shampoo. Welsh physically Playboy is spotted in Italy where he straightens the subsidiary.He launched the Garnier brand instead of a collection of small marks without radiation: a prelude to the strategy of building global brands that will generalize later cheap payday advance.

When "OJ" takes the helm of L'Oreal in 1988, the company has surpassed the billion-franc profit, with a turnover of 20 billion francs. Last year, the group achieved a net profit of 1.8 billion euros for a turnover of 17.5 billion.

Best barometer of performance, the higher margins obtained under the guidance of Lindsay Owen-Jones has been hailed by the Exchange with a market capitalization multiplied by 14, over the period, reaching 53 billion euros. To do this, no break with the previous era.Innovation, marketing, internationalization: Lindsay Owen-Jones has cherished recipes and Charles Francois Dalle Zviak, but with the stubbornness and sense of perfectionism that are unique.

In 2005, the charismatic leader appoints Jean-Paul Agon as his heir. A year later, the boss of the U.S. subsidiary was promoted to CEO. On Thursday, the board of L'Oreal must approve the final handover. In an interview with Le Figaro in 2006, Lindsay Owen-Jones asserted: "I never considered anything other than a single term of four years." But in April 2010 when his term expires, the period is not conducive to change. There is the economic crisis, first with the shock of lower earnings. And the crisis of ownership, then, with the case Bettencourt.The sign that the man of the operational, Jean-Paul Agon, is ready to don the costume of a CEO.

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If only because they alone account for 16% of global growth, the BRICs are now indispensable. Striking and easily pronounceable in any language, the popular acronym has served the dynamic image of Brazil, Russia, India and China. A quartet that emerged brilliantly summarized from an economist of the U.S. bank Goldman Sachs had the idea. Ten years ago. The Bric have since hardly unworthy end of December, South Africa has tried, at the invitation of China to take the train, adding the s in south. Alas, the Brics are still struggling to do about them. What will there lately and unsavory "Burk '? Inspired by the success of marketing Bric (s), this new logo, devised by the Macroeconomic Research Center of the Russian bank Sberbank wants to promote four economies of the former USSR: Belarus, Ukraine, Russia and Kazakhstan payday loans lenders.Aware of the stylistic and economic weaknesses of the group and Markets, the analysts argue Sberbank, very self-critical, that Burke means in English, "a very hard piece of ore in a vein. By using this term we mean, they said, that the reforms will not come easily, however, they will face very strong resistance, both political and administrative. "

Convinced that Carrefour is under-valued stock market, the major shareholders of No. 2 worldwide distribution considering dividing it into three. The directors, advised by BNP Paribas, working on a project spin-off simultaneously Dia and Carrefour Property. The hard discount business and real estate branch of each group are listed on the Paris Bourse.

With 6647 stores worldwide, Dia made last year a turnover of almost 9.5 billion euros, down 0.7%. The hard discount sector is valued at four billion euros by analysts. Carrefour Property, meanwhile, owns the real estate group in France, Spain, Italy, Poland and Romania: 4.3 million square meters of 938 sites.Valued 11 billion euros by the end of 2009 Crossroads, the company collected 348 million euros in rents in the first half of 2010.

In the scheme under consideration, Carrefour remain the capital of two subsidiaries, shareholders will share the remaining stake in Carrefour and Dia Property. If the principle which could be decided at the board of directors on 2 March, was accepted at a general meeting, shareholders will receive shares of Carrefour the other two companies in proportion to their participation in the current group.

What interests?

This method has an advantage over the IPO and the sale of subsidiaries, it provides Carrefour to find investors. His goal is not to bring in new money, but the cumulative capitalization of Carrefour, Carrefour Property and Dia is tomorrow than that of the group today quick payday loans.This would give air to the principal shareholders, who did not wish to comment, as did the Carrefour management.

Colony Capital and Groupe Arnault, who own 14% of capital and 20% of voting rights, announced their arrival at Carrefour in March 2007 when the stock was worth 53 euros. Friday it closed below 34 euros. This difference requires Groupe Arnault and Colony to settle margin calls to banks that have lent to finance their increased stake.

It remains to define the future participation of Carrefour in its subsidiaries. If administrators prefer that the group retains the majority of Dia, they consider it keeps a minority in Carrefour Property. In September, Lars Olofsson, Group Chief Executive, said that in the event of an IPO of Carrefour Property, Carrefour is expected to retain over 51% of the shares.He fears that the loss of rent control does not relieve him of leeway in managing the activity. Lawyers working on a system for Carrefour to maintain control of its leases even if the minority. "The success of an IPO of Carrefour Property held in the group's ability to advance the commercial and operational performance of its hypermarkets in Europe, especially France," according to Nicolas Champ, an analyst at Nomura.