Wal-Mart is no stranger to litigation. The last internal investigation by the world's largest distributor could well become a new folder in the long term. In a document submitted to the U.S. stock market authority and revealed Friday, the group admitted that the corruption scandal that it faces is not only its Mexican subsidiary. The case was initiated by an article in The New York Times on April 22, which stated that Wal-Mart had concealed having used the large-scale corruption to grow in Mexico.

Fines, injunctions, orders of suspension …

The board of directors of Wal-Mart seeks in particular to determine if the group has broken the law on foreign bribery (Foreign Corrupt Practices Act). "Although the company does not currently believe that these problems can have a significant negative impact on its operations, given the uncertainties inherent in such situations, the company can provide no assurance that these problems will not have to substantial impact on its activities in the future, "admits Walmart. The retailer believes it can be of "one or more lawsuits on this issue", which could result in "judgments, settlement agreements, fines, injunctions, orders termination, sentencing and other criminal penalties."

"The complaints of shareholders could result in judgments against its directors and current and former officials named in these proceedings," he says. One of the key executives of Wal-Mart, Eduardo Castro-Wright, is particularly targeted because he led the rapid expansion of the teaching in Mexico and would have paid $ 24 million in bribes, kickbacks to local officials. Thursday, Wal-Mart announced a net profit of $ 3.7 billion in the first quarter, up 10% thanks to higher sales in Brazil, the UK and also in Mexico.

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Imagine that the "Greek Mélenchon" Alexis Tsipras, took power in Athens. The charismatic leader of the far left Syriza hoisted his party to second place in Sunday's parliamentary election. It may well prevail during the next legislative likely in early June. But Alexis Tsipras advocates stopping the austerity and maintenance in the euro area. Problem: he can not have one without the other.

Immediately canceled the cuts, the International Monetary Fund and the European Union would cut funding to the Greek State. However, it turns through a continuing infusion of tens of billions of euros paid by its partners. Credit Suisse has calculated that 143 billion had been paid from 2010 to today. Athens also expects a further payment of 5.3 billion euros. If the bailout fund approved this assistance, it nevertheless reduces the amount of one billion that has been blocked for a possible payment in June.

Without this money, the Greek state would be bankrupt by the end of June The government could fine delay payment of his bills, he could no longer pay civil servants and pensions, spending a few weeks. The State could not repay such 25 billion of debt held by local banks. Another blow to these institutions, themselves deprived of their infusions so far granted by the European Central Bank (ECB). Failing banks, companies can no longer pay their employees who would join in the street and retired civil servants too dry.  

The return to the drachma

At one point during the summer, to prevent the situation from worsening, the government would be forced to issue its own currency to pay his debts and wages. One way or another. "Greece could opt out of the euro area if it was unable to resume growth by remaining in it, and if severe measures were undermining the commitment to the European idea, or if the populists came to power," summarizes the rating agency Fitch. The risk that such a scenario occurring is difficult to assess. Credit Suisse analysts estimate it at 15%, those of the U.S. bank Citi from 50% to 75%.

The cure would be worse than the disease. "Greece would live a financial collapse and recession far worse than it is now experiencing," warns Willem Buiter, chief economist at Citi. The country's economy would probably collapse in half, according to Stephane Deo, an economist at UBS.

The euro would probably be replaced by a return to the drachma, the former Greek currency. If the government decides to start a drachma equal one euro, this parity would not last. Runaway inflation, massive flight of foreign capital … very quickly, the new currency would not be worth much. Eventually, the Greeks could buy with a dram about half of what they previously available with the euro, said Patrick Artus, chief economist at Natixis.

Ruin savers

The falling value of the drachma by 50%, the price of goods purchased abroad, so foreign currency, oil to the iPhone, would double. However, Greece is a country that imports more than it exports. Companies would face enormous difficulties with their foreign suppliers. At the same time, investors would be ruined, their euros have been converted into drachmas at the exit of Greece in the euro area. In contrast, debt, starting with the State, would gain: their claims would melt as the drachma collapses.

The crisis is broadcast in parallel in the rest of the euro area. Athens could refuse to honor its debts as planned by its partners. At stake, more than 143 billion euros granted by international institutions since 2010, according to calculations by Credit Suisse. Banks, insurance and other private foreign investors would be affected only to the tune of 36.3 billion euros, according to estimates by UBS.

However, these are not the direct loss of most concern. The greatest risk, but also the greatest unknown, lies in the domino effect caused by the event. "A taboo is broken, the output of a country in the euro area," said Willem Buiter. The extent of the disaster would then depend on the ability of other European states to seal the crisis. There are divergent views. Some, like Fitch, believe that the contagion-proof tools exist, such as financial firewall 500 billion euros. And displayed a strong support to other countries in difficulty, coupled with greater integration of the area, the last calm fears.

More pessimistic, other observers expect a response too little too late in the Member States in case of contagion. As was the case until now, they said.

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The National Frequency Agency (ANFR) Tuesday reported its initial findings on the cover of the Free Mobile Industry Minister, Eric Besson. The agency frequencies confirms that 92% of tested Free Mobile antennas are based. But keeps his distance measurement methods used by Constable telecom (ARCEP), which has already validated the cover of Free Mobile last week. "The theoretical coverage does not reflect the reality of operating a hybrid network, such as Free Mobile, based largely on homelessness," the report said.

Clearly, ANFR ARCEP believes that should not have to use the same thermometer Free Mobile as that used for Orange, SFR and Bouygues. Last Thursday, Jean-Ludovic Silicani, president of ARCEP had justified its method of calculation on BFM. "It would take a different thermometer for Free as that was selected for France Telecom, SFR and Bouygues. This is both unfair and incomprehensible! This thermometer, it is the same. Whether to make it evolve in the future, for future licenses that are not of the same nature as this one, why not, we reflect. But for now, we apply the thermometer, "he said.

Quarrel method

This quarrel, which may seem technical, is actually the heart of the competitive battle that is played on the telecom market. Free Mobile has launched on the market, with the obligation to cover on its own 27% of the population. Constable telecom was measured and confirmed twice in December and February. For the rest, Free Mobile can use the Orange network, through roaming agreement concluded between the two groups. But competitors did not took off, saying that over 90% of traffic would be passed by Free Mobile Orange. Jean-Bernard Levy, chairman of Vivendi (SFR), denounced a strategy of "cuckoo" and Roussat Olivier, CEO of Bouygues Telecom, a "true-false network."

The whole question is whether to link the concepts of coverage and traffic flow. "The level of traffic passing by the Free Orange network is not a regulatory matter, but the application of a private law contract concluded between France Telecom and Free in conditions they have defined" , explained Jean-Ludovic Silicani last week at his hearing before the National Assembly.

Planning

"The calculation of the effective coverage of a network is a very important subject for the development of digital technology," said Eric Besson Tuesday. "We can not, on one side, set very high coverage obligations and, on the other, adopt a method of calculating coverage too soft," he said.

This will be discussed Wednesday in the working group on mobile coverage, which brings together operators, parliamentarians, local councilors, and ANFR Arcep.

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Car sales in the U.S. reached their highest level in four years last month. Nearly 1.15 million vehicles were sold, 15.7% higher than February last year, according to figures from Autodata firm. The latter states that annualized seasonally adjusted, this represents 15.1 million vehicles. The most since February 2008!

While gasoline prices rose 10% in February compared with January, the fuel efficient cars are spared Thurs Toyota, for example, recorded better results than expected with sales up 12.4%, with an increase of 52% for the Prius and 60% for all of its hybrid models of all brands. Figures from other Japanese manufacturers are also very well oriented: Honda saw its sales rise 12.3% to 110,157 units and Nissan from 15.5% to 106,731 vehicles.

For his part, General Motors, which has just completed an agreement with the French PSA, recorded 1.1% growth in sales year on year to 209,306 vehicles. This figure exceeds expectations, while leaders of the global market leader company provide a good year in 2012. The Chevrolet brand door activity, while sales of its big Cadillac erode by 27%. Ford sales up 14% year on year, reaching 179,119 units, with a doubling of sales for the Focus. Those of Chrysler, the number three in the U.S. market, even soar by 40%, to 133,521 vehicles. The group controlled by Italy's Fiat said it is the 23rd consecutive month of sales, with a growth rate exceeding 20% ​​for nine consecutive months.

Market shares redistributed Chrysler start, GM back

With the surge in sales, the Chrysler brand has seen its U.S. market share grow to 11.3% against 9.6% last year. Conversely, that of General Motors declined to 18.2% against 20.8% a year earlier, as Ford has eroded to 15.5% against 15.7%, while Toyota was down to 13 , 9% against 14.3%, while Honda was down 9.6% against 9.9% and Nissan remained stable at 9.3%, according to data from Autodata.

Common to all manufacturers: their optimism for the coming year. Besides the economic upturn, they emphasize the need for replacement of vehicles in which the average age is high.

"If gasoline prices continue to rise, people will perhaps reduce their discretionary spending, but if employment improves, they will need to buy cars to work," noted Jenny Lin, Ford economist. For his part, Don Johnson, GM, concludes: "We do not believe that short-term fluctuations in gasoline prices will stop rising sales of GM and the industry in a better position that three years ago. "

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No wonder that the backup industry has become an issue in the presidential Since 2001, the manufacturing sector has lost over 800,000 jobs in France. Each week brings a lot of sites in need. After the textile factory Lejaby and module manufacturer Photowatt, it is the turn of the steel plant of ArcelorMittal Florange in Lorraine, put to sleep by the judgment of its two blast furnaces, to generate the anxiety … and the attention of politicians.

Francois Hollande visited Florange Friday. There promised legislation that would prevent a company wanting to emerge from a French site to block a takeover by a buyer. Filed Monday in Parliament, this bill has no chance of being passed before the elections. But its content must be dated. In detail, the text is not so coercive as that. "If there is no buyer, we will force the company not wanting to close the plant to find one," said Alain Rousset, President of PS Aquitaine and responsible for industrial matters within the Holland team.

Defensive tool

"By cons, if buyers are presented, the company can no longer refuse to cede the factory, as sometimes happens now. This is the commercial court which will then choose the buyer, "added the official, who sees the device as a defensive tool against abusive practices by companies not wanting to deliver profitable customers or technology to a potential buyer competing .

On the other side of the political spectrum, we do not share this vision. "The logic of this bill is a logical administered economy that always leads to impoverishment," Francois Fillon on Monday denounced the Salon de l'Agriculture. RTL, Nicolas Sarkozy said he preferred to act through the Strategic Investment Fund (ISF), the armed wing of the State acquires a stake in companies. "It makes sense, is to invest," said the president-nominee. Nevertheless, in the case of ArcelorMittal, the use ISP has nothing obvious, the group being held to 40.8% by the Mittal family. Similarly, the government can push, as reaffirmed by Nicolas Sarkozy, the direction to invest in the blast furnace restarts in the second half. But this is ArcelorMittal, as a private company, which will decide whether to invest, based on economic criteria.

The state could in fact intervene through Ulcos European project, focused on CO2 reductions. Through this project, a new blast furnace could be built to high performance Florange. Last autumn, the French government is committed to provide 150 million euros to this program. Commitment that Nicolas Sarkozy confirmed on RTL. Still, it must also get the green light from Brussels. The European Commission must give its opinion in October 2012. Francois Hollande had gone to discuss the subject in Brussels last November. Nicolas Sarkozy has promised to speak at the European summit later this week. But again, the project will not succeed if it is not economically viable

.

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Skills transfer will take place earlier than expected at the head of Canal +. By the beginning of 2013, Rodolphe Belmer, now deputy director general in charge of the publishing division, will replace Mr. Meheut operational as president of Canal +. According latribune.fr, the television group would prepare the encrypted handover, while the current president's mandate runs until 31 December 2014. This plan would have been endorsed by Jean-Rene Fourtou, almighty man of Vivendi, parent company of Canal +.

Bertrand Meheut, who took the head of Canal + in complete disarray in 2003, has restated the financial statements and the group's image in recent years. If it passes control to Rodolphe Belmer, who seconds since 2003, Bertrand Meheut keep one foot in the house as President nonoperational. An unusual transaction in the media world where the big bosses tend to devour their children to organize their succession.

In fact, Rodolphe Belmer is already one that drives the progress of Canal + to define whether the strategy or make appointments. He is the architect of the historic change that the group is trying to achieve by establishing a presence in the market for free TV. Against the initial notice of Mr. Meheut, Canal + has led to develop the draft Canal20 free channel. Then in the summer of 2011, he contributed to the redemption of DTT channels free of Bolloré, Direct 8 Direct Star, proving its ability to convince its president.

Ramp-up

This strategy is more widely in the conviction of Rodolphe Belmer that the future of television will belong to those capable of building strong and clean content cash till payday. They must guarantee the autonomy and the attractiveness of the audiovisual group.

Rodolphe Belmer also imposed the idea that in matters of pay, it could not be any offers low cost. A position which today is reflected in the decision to close the Canal + TPS Star channel on the DTT present and whose financial losses amounting to millions of euros.

But the rise of those who arrived as number two of the group in 2003, at the height of the storm, was also illustrated by the process of appointments within the group during the summer. Wishing to renew and rejuvenate frames, Rodolphe Belmer organized the transition i-TV, the news channel group with the appointment to head one of his relatives, Cécilia Ragueneau. It also decided the appointment of Peter Fraidenraich, former head of i-TV, at the head of sports rights acquisitions.

Finally, there is barely a fortnight, Rodolphe Belmer has redesigned the organization of the group by naming the head of a center of free TV Aprikian Ara, and poaching of BETC Euro RSCG Raphaël de Andreis, now supports of pay-TV operations.

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Football clubs are they like other entities? The question worth asking, when European football comes back to show a record deficit for its fiscal year 2010: more than 1.6 billion cumulative loss by 665 European clubs in first division. As for the debt, it reached nearly 15 billion euros, according to the latest data from the European body of football (UEFA). An aberration by some as a time when European countries are asked to clean up their finances no faxing payday loans. Besides, if football clubs were rated, they would pass the test? Not sure … There is a little over a year, research firm AT Kearney also noted that "if they were functioning as normal businesses, the championships of Spain, England and Italy would be put in bankruptcy within two years. "

Spanish and English clubs have reached an astronomical debt.

Groupama has appointed investment bank Morgan Stanley to test market interest in Gan Insurance, which has the fourth network of general agents in France quick payday loans. Axa is mentioned among the potential buyers, as the most motivated. EUROCOURTAGE Vie and Groupama Gan could also be assigned, provide financial sources.

At the same time, management is considering a merger with an investor temporarily.The head of communications, Frédérique Granado, also decided to leave the band.

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The full team of the French version of the Huffington Post should be presented soon. Arianna Huffington, founder of the site and managing editor of AOL-Huffington Post media group, said on October 10 in the columns of the World want to "start small, with a team of eight people. We will increase the size when the site becomes profitable. "The editor like the rest of the team were now being recruited. The host of M6, Marc-Olivier Fogiel, was closely associated with the project.

The Huffington Post hopes to capitalize on the French hearing Post.fr, collaborative website of the World in financial difficulties. Result of an agreement between Le Monde, AOL Huffington Post Media Group and the New Independent Publishing, the holding company of Matthew Pigasse, the site work well in full for the presidential election. The popularity of Anne Sinclair, remained intact despite the affair that has reduced her husband could help boost future audience of the site.

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