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"Re-enchantment of the hypermarket." Of the seven projects announced just last year by Lars Olofsson, Executive Director of Carrefour, the biggest boost to sales in hypermarkets, particularly the larger ones, whose attendance continues to decline in France.

Tests are carried out recently in a handful of stores in Belgium, Spain and Chambourcy, near Paris. But in Rhone-Alps that focuses the bulk of the efforts of the distributor réattirer customers and make them spend. The group also planned to hold its investor days, 15 and 16 September in Lyon.Between two presentations on the progress of plan savings of 3.1 billion euros, brokers and analysts will be invited to a tour of hypermarkets completely "re-enchanted.

According to our information, the most spectacular project will be unveiled in Ecully, in the upmarket suburb of Lyon. Work will start in the coming days and be completed in late August. The different radii, starting with those on the non-food (textiles, hi-fi …) will be reorganized in the form of blocks, or shops open on a driveway. A radical break with the organization of gondolas "spike", perpendicular to the rays.

Expensive and spectacular

Another radical change, hyper might be organized around a single street, which would allow customers to wander at will … without missing a spoke."A spiral path, which would impose a smooth path to clients as Ikea," says one close to the matter. A precision belied by Carrefour.

Rather expensive, spectacular concept, designed by the design office Malherbe, should be reserved for the most hyper among the high-end 231 of the brand in France. Also, changes may not be as radical, but they should nevertheless be numerous, as in Venissieux.

There remains the issue of the less profitable stores in the chain. Here the group test by the end of an adaptation of his Brazilian concept Atacadao involving hypermarket and hard discount, with few services and references 7000 sold to declining prices based on volumes purchased.Eventually, nearly a dozen stores could be converted, and renamed Hypercash.

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After a long weekend of three days, U.S. stocks ended the session sharply downward after Abor open in bright red, then climbed into the green after two good U.S. indicators.

In the end, the Dow Jones folds of 113 points (-1.14%) to 10,023 points, the Nasdaq drops 1.54% and the S & P lost 18 points to 1070 points (-1.7%). Oil, too, ended down sharply on 72.7 dollars a barrel, weighed down by a series of disappointing economic indicators in Europe and China, bad news for energy demand.

On the energy side, the sector suffers greatly (-4.3% for the sector index) of the state of BP (-14.97% to 36.52 dollars), which fails to control the flow of oil 's escapes into the waters of the Gulf of Mexico since April 20.Titles BP have lost more than 13% at the London Stock Exchange on Tuesday and 40% since the explosion of the platform.

The United States has opened a criminal investigation and civil and criminal cases to shed light on the oil slick in the Gulf of Mexico caused by the explosion of a platform operated by BP, said Tuesday the U.S. Department of Justice.

Two good stastitiques U.S.

The increased activity in the manufacturing sector in the United States has slowed slightly in May, the ISM index fell to 59.7 with measuring, according to figures released Tuesday by the association. But his pace, however, exceeded expectations and the industry and displays its tenth consecutive month of growth.

Moreover, construction spending in the U.S. jumped 2.7% in April, according to official figures released Tuesday in Washington, showing up much more than expected by analysts.Economists on average had forecast an unchanged rate of expenditure after the decline of 0.3% originally announced for March.

June catastrophic better after May

Yesterday, the NYSE was closed for Memorial Day. Friday, after falling heavily in meeting Wall Street had ended the week around the equilibrium. The Dow Jones had lost up to 3% in session after the announcement of the lowering of the Spanish debt rating by rating agency Fitch has finally yielded 0.23% at closing.

The month of June begins on a note strongly negative, while the month of May had already been disastrous for U.S. and European financial centers.

The euro hit a four-year low

On the foreign exchange market, the euro is down sharply.The euro fell Tuesday to 1.2115 dollars in morning, its lowest level in more than four years against the greenback.

The currency was dragged down by a report suggesting the ECB further write-downs for banks in the euro area. According to the ECB, the need for reserves of banks in the euro area to cover potential losses amounted to 90 billion extra in 2010 and 105 billion in 2011. After dropping Friday, the euro had rebounded Monday above $ 1.23.

Prudential pressure

On the side of values, the U.S. insurer AIG (-3.19% to 34.25 dollars) on Tuesday sent a procedural bar to his British rival Prudential, which claimed to be lowered from 14% the price of selling its Asian subsidiary AIA, which could derail the transaction record in the history of insurance.

Also note, the aircraft manufacturer Boeing Co. (-1.92% to 62.95 U.S. dollars) has won a tender to provide civilian aircraft to Russian conglomerate Rostekhnologuiï facing the European Airbus and United Aircraft Corporation Russian UAC.

Among the largest declines in the Dow, Alcoa is the red lantern, with a decline of 3.87% to 11.2 dollars, then comes JPMorgan Chase, which fell 2.63% to 28.54 dollars.

Only six values are listed in the green, including Kraft Foods (+1.05% to 28.9 dollars), more strongly, and Wal Mart (0.71% to 50.92 dollars).

General Motors has for its part announced its intention to invest $ 385 million in Brazil in the renovation of its existing production units. The U.S. company plans to renew the production line of a factory that manufactures Classic, Corsa and Vectra in Sao Paulo.

"Greece can she leave the euro area?

"What is the role of rating agencies?

"Greece can go bankrupt?

"Is there a risk of contagion to the rest of the euro area?

"What risks for European banks?

"Why do they attack the markets as Portugal?

"Does France have any reason to worry?

• Greece can she leave the euro area?

»Back to top

The want it – despite the financial risks – Greece would have the greatest difficulty to get out of the eurozone for legal reasons. If a Member State may be expelled from the EU if it no longer meets the political criteria, this option is not provided by the Treaties for the euro area. This legal vacuum is subject to interpretation."It is inconceivable that a Member State legally so the euro area without retiring in parallel with the European Union," says Phoebus Athanassiou, legal adviser to the ECB. As for expulsion from the monetary union, it would be "virtually impossible from a legal standpoint, because it would amend the treaties unanimously, says he, in a research note. Angela Merkel had called in March to exclude the possibility of a country does not fulfill the conditions of membership of the single currency. Without revising the treaties, the option of expulsion would be "perhaps achievable through the back door" by establishing a de facto monetary union with two speeds. The emerging countries could keep the euro as parallel currency.But it is more of a possibility is more theoretical than practical, as the hazards are many.

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• What is the role of rating agencies?

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Rating agencies – the number three in the world – are private and independent agencies that assign a score to countries or financial companies. Investors rely on this note to know the risk level of bonds they buy. Each agency to its own methodology. Standard & Poor's, for example, attributes the "AAA" rating to the best transmitters, then descends to "AA" and "A" and "BBB". Each time, these notes are accompanied by signs + or -.Then, the notes come down to "BB" and are then considered to reflect the level of obligations "rotten" … In general, the rating reflects the percentage probability that the issuer will default. Thus, an issuer rated triple AAA, like France, has 0% chance to fail in three years. An issuer 'BB', as is now Greece, 23.08% to fail within three years.

• Greece can go bankrupt?

»Back to top

Photo credits: AFP

STOCK markets take a breather. In Paris the CAC 40 tumbled 1.94%, to finish the session in 4000 exactly 3 points at 986.63 points. The announcement of action against the U.S. investment bank Goldman Sachs has literally showered the markets.

The indices that had evolved sawtooth most of the day were immediately plunged. Almost everywhere, investors chose to pocket their gains on the values that have risen more. In London, the FTSE fell 1.39% and in Frankfurt the Dax dropped 1.76%.

Wall Street had previously lined up six sessions was washed away.Shortly before the close of European stock exchanges, the Dow Jones slid 0.51% and the Nasdaq by 0.76%.

Goldman Sachs Sticky

The U.S. stock market watchdog, the SEC announced Friday it was suing the U.S. investment bank Goldman Sachs to "fraud" on the sale of investment securities linked to subprime mortgages, called "subprime" ( see also page 21). The good news continued to flow as the business side as the economy fell into the background. Thus, the highly anticipated conglomerate General Electric, as well as those of Bank of America, the Internet giant Google, the specialist of AMD microprocessors, or the toy maker Mattel has exceeded all expectations.

Good news also on the side of macroeconomic indicators in the United States.Housing starts housing as the number of building permits issued rose more than expected in February. In Europe, the public debt remains a central concern. Greece announced Friday its intention to raise 1.5 billion euros in Treasury bills. Tuesday an initial public offering had already helped to raise 1.56 billion euros. The announcement comes as the Europeans and the IMF are finalizing the program of aid to Greece. Finance ministers from the euro zone met in Madrid on Friday for an update on the crisis in Greece. And a new mission of the IMF and the European Commission is expected in Athens on Monday.

The green color should still be the day the Paris Bourse. Comforted by the end of the Japanese Nikkei up on Monday, the CAC 40 should continue its momentum on Friday. The key index in Paris had ended the week up almost 2%, surpassing the 4000 points to 4050 points.

Investors should be reassured by Parisian rescue plan with Greek details, as expected, were finally unveiled this weekend. The European system, operational since Sunday, includes up to 30 billion euros in loan agreements with joint assistance from the IMF. The new fact in any case already boosted the euro. In morning trading, the euro is worth 1.3675 dollars, up 0.12% against the greenback.

On the face of macroeconomic indicators, no news likely to react to the markets is expected.Important data such as current accounts or French industrial production in the euro area, will in the coming days.

However, the quarterly publications begin Monday in France and the U.S. cash till payday. Intel, Google, Bank of America, or General Electric are expected across the Atlantic this week. The France oversee Alcoa or Atos Origin.

Values follow

In an interview with the Journal du Dimanche, the chief executive of Publicis said this weekend that the advertising investment is not expected to regain its 2008 levels by 2012.The latter also expressed readiness to re-evaluate its offer for the advertising of France Televisions, if the advertising was finally upheld.

France Telecom is in difficulty in Egypt where a court on Saturday confirmed its decision to block the bid from France Telecom on the minority of ECMS, the first mobile operator in terms of number of subscribers.

According to sources close to the deal, EADS will unveil its position on a possible bid to tender for the supply of tanker aircraft to the U.S. Air Force.

Alcoa publishes figures for its first quarter after market close in New York.

LE FIGARO. – Your estate at the head of Generali was held a week ago by Mediobanca, the main shareholder. The agreement was then found that satisfy you?

Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where anyone outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy, it was the time of Enrico Cuccia, the issue has always been to return to power at Generali No teletrack payday loan. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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In discussions for several months, Renault and Daimler could seal the alliance next month. Reportedly, Renault convened April 6 board of directors on this extraordinary subject. Y will be referred to the amplitude of the partnership between the two groups and an exchange of shareholdings which reach a symbolic level of around 3% of the capital, the Financial Times.

The holding of this board proves both that the proposed partnership is strategic and that Renault wants to make a quick decision. The aim is to announce in the wake to shareholders of Daimler and Renault, whose general meetings held respectively on 14 and April 30.

A partnership on small cars appears to be established."We saw no fundamental obstacle that would prevent an agreement", said earlier this month Dieter Zetsche, head of Daimler, maker of Mercedes and Smart. Both groups were formalized in late 2009 for discussions on small cars. He would share components between models Renault, the successor of the Mercedes A and B and the Future Smart, and even create a common platform to both manufacturers for smaller models. The agreement would also cover vehicles and electric utilities. This would allow Daimler, which has lost a lot of money with its smart, make economies of scale crucial.

Carlos Ghosn, CEO of Renault, has never hidden his willingness to open the Renault-Nissan Alliance in a third partner, bad credit payday advance . Objective: "search for additional synergies.The owner of the mark in the Diamond does not believe the alliance cooperation without capital, only "a symbol that the relationship is long term." "It is difficult to ask the engineers of two competing companies to share fully their skills without the link," said he.

Participation Nissan

The Japanese Nissan, which Renault owns 44%, could also be part of the agreement with Daimler. According to the Nikkei, Daimler would provide bigger engines to Nissan, which in turn would make electric cars and batteries to the German group."If Renault signs an alliance with Daimler extent, I suppose Nissan will join the alliance," said a Nissan executive quoted by the Japanese newspaper.

An equity cross between Renault and Daimler mean that the obstacle of the valuation gap between the two groups (10 billion euros to 37 billion French and in German at the current rate) has been bypassed. To simplify things, Daimler would provide the 3.5% it owns in his own group, according to Bloomberg. Finally, the merger could also speed the withdrawal of Renault in Volvo AB, the truck manufacturer with the French group holds 20%.

It is now 96 billion euros that the bank will reserve the financing of small and medium enterprises (SMEs) and very small enterprises (TPE: companies with less than ten employees). Criticized for inadequate funding of the real economy and suspected tightening the screws on small and very small banks were received Friday morning at the Elysee Palace by Nicolas Sarkozy, Fran?ois Fillon and Gerard Rameix, the Credit Ombudsman. After their meeting with Economy Minister Christine Lagarde at the beginning of February, they had once again put money on the table to demonstrate their goodwill.

They were committed in February to book a package totaling 38 billion euros "new money medium and long-term" cash advance till payday .They will now add 58 billion euros to authorize appropriations for the short term, for a total increase of 3% of the amount of credits granted, compared to the year 2009.

The year 2009 has indeed been particularly hard to finance small and very small, which have seen the amount of cash loans granted to them fell by 14% over the year. Even as the needs of new money was made more critical by an economic crisis.

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After giving a first pressure on the management of the oil company, Christian Estrosi, Minister of Industry, insists the government "will not accept" the closure of the Total refinery at Dunkirk "as long as n 'There will be no guarantees the necessary continuity "of some 800 jobs involved," he said Monday on radio BFM.

The Government looks forward to the official position of Total in this case. The group must decide precisely Monday on the fate of the Flanders refinery, which employs 370 employees and 450 subcontractors. Since mid-September, the site is in "stop cyclical" because he can no longer sell its output, given the current weakness in demand for fuel.

"For the moment we have no binding commitment on the part of Total and I say very clearly, the Government will be firm," said Minister of Industry.

The previous March 2009 is remembered

In any case, the government has warned it did not intend to be outdone in the folder "Total" payday loans . "We will not accept an initiative to be taken unilaterally without any commitments are made to sustain current employment at the refinery," says Christian Estrosi.

Last Tuesday, the Minister noted that Total was considering the possibility of opening an LNG terminal in the port of Dunkirk.

In March 2009 already, the oil company had attracted the ire of politicians, after announcing the abolition of 555 posts in France, including 249 by 2013 in the refinery.A few weeks earlier, had issued a total record profit for 2008 of 13.9 billion euros.

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"Venezuela: a devaluation at high risk

The devaluation of the Venezuelan currency, announced January 8, will have an impact of around 40 million euros on profit before tax and non recurring items of the group in 2009 and approximately 15 million euros on profit current net after-tax, said Accor in a statement. Despite this impact, the Group maintains its objective of profit before tax and non recurring items of between 400 and 450 million euros for 2009. Accor is present mainly in Venezuela through its prepaid service activities (luncheon vouchers, preloaded maps, gift certificates).

Venezuela on Friday announced the devaluation of the bolivar. The currency, whose exchange rate was 2.15 to one U.S. dollar, now trades at 4.30 to the dollar.

Last October, the fourth global hotel group confirmed its financial targets in 2009 but expressed cautious for the year 2010.

Accor will publish its turnover in 2009 January 19 next.

The Accor share price closed Monday down 0.63% to 37.59 euros while the CAC 40 lost 0.05% to 4043.09 points.