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Adecco, the global staffing services, announced Thursday a simplification of its network in France which will result in the removal of over 500 full-time positions.

The measure, which will bring together networks Adecco and Adia, loads and require investment of 45 million euros to be included mainly in the second half of 2012, the company said in a statement ;.

Adecco, which France represents nearly 30% of total turnover, recorded in the Hexagon stable revenues of 1.46 billion euros in the fourth quarter of 2011, for a re RESULT operations (EBITA) of 62 million, up 8%. The margin improved 40 basis points to 4.3%.

Over the year, revenues and operating income in France rose 10% to 6.07 billion respectively, and 202 million euros.

In January, revenues fell 9% in France, told Reuters the group managing director, Patrick De Maeseneire. They grew at the same time by 2% in the U.S., said the CFO Dominik de Daniel.

At group level, revenues declined 1% in January, both on an organic basis as adjusted for working days.

"We see a slowdown, especially in Western Europe, as we have already observed in Italy and the Iberian peninsula in the third quarter. Only Germany and some Nordic countries are an exception, "said the CEO told Reuters

. STRONG DIVIDEND RISE

The restructuring comes amid Adecco confirmed its medium-term objective after numbers rather high expectations in the fourth ; me

. quarter 2011 net income attributable to shareholders fell to 133 million euros, against 141 million a year earlier and a consensus at 123 million. Turnover increased by 3% to 5.19 billion euros, as expected.

Of all of fiscal 2011, net income rose to 519 million, better than the forecasted 509 million, and revenue has grown from 10% to ; 20.54 billion, as anticipated.

"With the strong performance in 2011, continued price discipline and strict cost control, we are on track to meet our medium-term EBITA margin of over 5.5 %, "said Patrick De Maeseneire in a statement.

Adecco recorded in 2011 an EBITA margin up 10 basis points to 4%. The EBITA, expected 807 million over the year by analysts, has signed an organic growth of 14% to 814 million.

The Board of Directors will propose to the General Meeting a dividend increase to CHF 1.80 per share for the past year, 1.10 franc against the previous year. Markets expected 1.01 franc.

In exchange, the action of Adecco jumped 6.3% to 48.20 Swiss francs at 10:00 am (0900 GMT), signing by far the largest increase in the index of blue chips in Switzerland (0, 09%) and the largest increase in the European index of services (0.08%).

Analysts welcomed especially strong dividend increase, the proportion will grow at 40-50% of net income adjusted against 25-30% previously.

"But overall, the results are especially strong with a strong cash flow," said Michael Foeth, the bank Vontobel.

Same story at Kepler Capital Markets, where the analyst Matthijs Van Leijenhorst emphasizes that the competitor Randstad has registered a growth of 3% on a comparable basis, against 14% for the Swiss group.

European households reduced by 0.8% think expenditures for gifts, holiday meals and outputs, according to a study released Tuesday. In France, spending will increase from 1.9% to 606 euros per household. French households plan to increase spending Christmas from 1.9% to 606 euros per household in 2011

Consumers in countries most affected by the debt crisis, such as Greece, are cut in their budget for Christmas, but the French and other Europeans should forget the rigor and loosen the belt a bit this holiday season, according to a study published Tuesday. Christmas 2011 appears as "the last opportunity to have fun, but without folly, before 2012 is awaited with concern," according to the Deloitte study, conducted among 18,354 consumers in 17 countries in September."The French may have gone too far" in some trade-offs since 2008 and "they relax a little," said Antoine de Riedmatten, a partner at Deloitte, saying they want to "have fun", but "with caution ". For 45% of them think that their purchasing power will deteriorate next year, against 36% last year.

Money and books at the top of desired gifts

The French buy more food and great brands for these feasts, having directed forward towards private labels. Similarly, they offer gifts to a few more people and make a little less gifts grouped, he says. If the criteria price and value guide further choices, well-being will also be preferred, as reflected in the intentions of gifts, third place in spa services, care or massage behind the chocolates and perfumes and cosmetics.

The European Investment Bank (EIB) could provide up to 74 billion euros in loans to banks in two years in Europe if its own capital was strengthened, including with money provided by its shareholders, according to a document prepared for the finance ministers of the Union.

Prepared for the Council of Finance Ministers of the EU, which meets Tuesday, the report details the means that could be implemented if the credit crunch.

"The risk reduction of leverage by the banks is not negligible and it is important to maintain and even increase of EIB lending to the real economy through the banks," said Bank in this document, dated November 3.

Confidence will be key to reviving growth in the U.S. economy and soothe the anger that swells around the global financial system, determined by the Director General of General Electric, who said he understood the movement of "outrage" of Wall Street.

Jeff Immelt, who heads the world's leading manufacturer of aircraft engines and electric turbines is also senior adviser to President Obama for employment and the economy.

"Until we have restored confidence, we can not move forward," he said at a conference organized by Thomson Reuters in New York.

He called for exercise of "empathy" with respect to the crowds of protesters occupying Wall Street and parade through the United States last month to denounce the excesses of the financial system, inequality and the economic crisis.

"Unemployment reached 9.1%. Underemployment is even higher, especially among young people without a university degree," he listed. "It is natural to assume that people are angry."

"The only way to solve this particular problem is growth," he said. "If unemployment is falling, people will feel better.If unemployment rises, people will feel even worse, what happens on Wall Street, no matter what the reform of finance. "

Jeff Immelt also commented on the debt crisis in the euro area, which worries financial markets worldwide and has already pushed major banks like Bank of America and JPMorgan Chase to announce layoffs.

"The most likely scenario is that Europe has a low growth for a long time," he said.

European banking stocks were again down sharply Monday on the stock market due to lingering concerns of investors about the financial health of banks exposed to the crisis of sovereign debt in the euro area.

Around 9:50, the European banking index gave up 3.03%.

"This is the euro area is still Greece.We tend to underestimate the problem, "said one Paris-based financial analyst who requested anonymity.

"Clearly, I think of Greece, the banks will have to make additional provisions, especially after the statements of recent days as what the trajectory of debt (Greek note) was uncontrollable."

The analyst also noted that U.S. money managers have reduced their investments in European banks.

"Structurally U.S. banks will lend less to European banks as the crisis lasts," said he. "European banks will have to go looking for funding sources for other areas."

Among the largest declines, the German bank Deutsche Bank falling 6.74% to 24.25 euros.In Paris, Societe Generale was down 4.62% to 21.14 euros and BNP Paribas 4.14% to 32.0350 euros.

The action suffers from Deutsche Bank launched two investigations into the bank in Britain and the United States.

According to the Financial Times, the British authorities in the fight against fraud are currently reviewing certain transactions by Deutsche Bank and Goldman Sachs.

The bank is also part of the list of 17 major international banks covered by the plain of the U.S. federal agency oversight of mortgage loans (Federal Housing Finance Agency) for the role of these institutions in the subprime crisis.

Lagardère was forced to significantly revise down its forecast for operating profit for 2011 because of the difficulties encountered by the sports center in the first half.

An adjustment of annual objectives of the media group was expected, with Lagardère early March release a forecast that does not take into account the ongoing sale of its assets in international press whose impact is estimated at 35 million euros for exercise.

The surprise comes from Lagardère Unlimited, the results were significantly lower than expected by the group for the first half, forcing it to revise down further his ambitions for the year to expect a decline in the 5 to 7% of its recurring EBIT before associates (operating profit) media.

Without even considering the sale of its international magazines, the group could achieve a growth "somewhat positive" in operating profit in 2011 due to the underperformance of its sports division as it was previously an increase of about 10%.

"I remain very confident in the fact that sport is an engine of growth for the group in the years to come," said managing partner Arnaud Lagardère, in a conference call."What we have seen, this is not a problem but a problem of strategy execution."

It has set itself the ambition to make the pole a world leader in sport by 2015, investing over one billion euros since its inception, but the smallest of the divisions of the group has never been profitable.

After a blip in 2010, Unlimited had back hair of the beast in the sporting calendar for a more favorable but the division was weighed down by the first half of the items, including a dispute over cricket in India as well as implementation problems that resulted in an overhaul of its management.

IPO CANAL + FRANCE STILL SUSPENDED

The chief financial officer Dominic D'Hinnin said the shortfall was $ 40 million for the first six months, adding that some of the difficulties likely to continue in the second half.

"Sports has really collapsed, and it's not over," said Conor O'Shea, an analyst at Kepler Securities."The only positive is that this activity was considered low enough and at least the other divisions have posted results in line with expectations".

In the first six months of the year, the Media recurring EBIT before associates spring down 6.9% at constant exchange rates to 168 million euros to a total turnover of 3.72 billion euros.

The market was expecting an average of 178 Media recurring EBIT before associates million for a turnover of 3.673 billion euros, according to estimates by six analysts.

The group's performance was supported by the Services division, which owns the chain of newsagents and bookstores Relay, thanks to the sustained level of air traffic.

The publishing division, however, continued to suffer from dwindling sales of "Twilight" vampire saga by Stephenie Meyer successful, but should return to growth in the second half, said Dominic D'Hinnin.

Lagardère Active, which includes including Paris Match and Europe 1, has its share decreased by 3.1% on a comparable turnover excluding international magazines including the assignment to the U.S. was cordoned off for Hearst most end of May.

Asked about the proposed IPO of 20% held by the group in Canal + France, Arnaud Lagardere has confirmed that the current market conditions did not allow for time to consider a resumption of the process, suspended after the Japanese earthquake last March.

Asked if Lagardère could return to the table in discussions with Vivendi holding the remaining 80%, Dominique D'Hinnin said, "we want to sell and that's it."

Before the publication of results, Lagardère has closed up 2.26% to 23.80 euros. Since the beginning of the year, as a sign down nearly 23% while the index of pan-European media has given 14.34%.

According to Nathalie Kosciusko-Morizet, if movement of the plane generally niches from the Grenelle Environment Forum will also be involved. France-Info on Tuesday, Minister of Ecology says the tax loopholes of the Grenelle Environment Forum will be involved where the "general movement of the plane."

The tax loopholes resulting from the Grenelle Environment Forum will be involved where the "general movement of the plane," said the Minister for Ecology Nathalie Kosciusko-Morizet France Info radio Tuesday. "We understand that it's easier to spend than to save 10 billion 10 billion. And when you have to save 10 billion it has to be that everyone puts it," said the minister.

"I think if there is a general movement of the plane, from the niches of the Grenelle Environment Forum will also be involved," she added, stressing defend their "efficiency".The minister did not say what niche could be affected and to what extent.

In 2010, Tax Assistance "green" had already been a movement of the plane, including the tax credit on equipment in support of sustainable development (installation of thermal insulation, condensing boilers ,…) or that the photovoltaic systems.

The French will be more better off put to three years, the time to reduce the deficit, but the government should ensure the right balance to avoid an exodus of the richest, said Wednesday at the Reuters chief executive of Publicis Maurice Levy.

The French executive, who is about to announce a package of measures to meet its deficit reduction targets, including considering a contribution of more privileged who could take the form of an exceptional tax the highest incomes.

"The whole problem is to calculate the contribution so that it is not only symbolic and it is not a discouragement for the ruling classes, or advantaged people who say 'this If I go, '"said Maurice Levy, who also chairs the French Association of Private Enterprises (AFEP).

"So it's a balance to be struck so yes it is an effort, it is limited in time, it allows to solve problems, it is significant but it is not discouraging, "he said in an interview with Reuters.

In an article in Le Monde in mid-August, Maurice Levy floated the idea of ​​a contribution of the richest in France, before being joined by a dozen other CEOs.

The government and several officials of the majority suggested that the key contribution income over one million euros annually.The approximately 30,000 households concerned and would pay a total of about 300 million euros in additional taxes next year as determined by the UMP rapporteur of the budget in the Assembly, Gilles Carrez.

No cups ADVERTISING INVESTMENT

Some voices were raised to denounce a cosmetic measure, which would not affect the distribution of wealth in France.

"I do not want this to be only symbolic, I think it has to be a real contribution," said Maurice Levy, who initially pleaded for an effort of limited duration, without excluding a subsequent more comprehensive overhaul of the tax system.

"I think it takes three years to redress public finances if they have a sustained and vigorous," he added."Then we take stock, and if after three years you realize that it's better to reform the system, we will reform the system."

Maurice Levy was confident in the ability of France to redress its finances, while stressing the need for structural reforms.France suffers particular, he said, a cost of labor made too high payroll taxes, and a labor law particularly complex, especially with regard to restructuring.

Maurice Levy is leading advertising group in the third world in terms of turnover, whose activity is sensitive to changes in economic conditions.

While stock markets have come through three weeks black leaded by fears of a slowdown in the global economy and the problems of sovereign debt in the euro area and the United States, the head of Publicis said he did not see the signs of downturn.

"What we've done so far in August, is to call many of our customers and try to understand what was going to happen on future investments," he said. "For now, the indications we have are indications of continued investment without much change."

He was optimistic for next year, which will be marked by two major sporting events: the London Olympics and Euro 2012 football.

"With these two events, we already know that it adds between 80 basis points to 120 basis points for growth," he said.

For two days, France is the heart of the market storm. The cost of insurance against default on debt lights blazing. The contagion of the crisis of debt in the euro area appears to have reached France … French President Nicolas Sarkozy (here on a council of the euro area July 21, 2011)

It was predictable. After Spain and Italy, France is now the new target markets. Wednesday, rumors of degradation of the French note have plunged the European stock exchanges. Fears of contagion from the debt crisis in France have led Thursday by a surge in contracts of insurance against default (CDS) on debt lights. The CDS of France have indeed reached a record 75 basis points, which means it must pay 175,000 dollars a year to provide $ 10 million in French state debt to 5 years.In comparison, Germany CDS are 85 basis points, those of the United States to 56 points. The reasons for the increased tension on France.

Fears of loss of triple A

The CAC 40 is unscrewed from 5.45% Wednesday, amid rumors of degradation of the French note. Bercy immediately issued a formal denial. The three main rating agencies, Standard and Poor's, Fitch and Moody's, they all reaffirmed that the prospect of the "AAA" of France was stable. This means that there is no risk of downgrade tricolor short to medium term. Still, for many analysts and investors, the degradation of the note of the United States sounds like a warning to other countries with a triple A.But France has the worst ratios of the club budget of twelve (composed of Germany, the United Kingdom, Sweden, Australia, Canada, the Netherlands, Austria, Luxembourg of Norway, Switzerland and Finland). The French public deficit (7% of GDP) exceeds the level of other "triple A" in the euro area. France, also displays a primary deficit (excluding debt service charges) twice (3% of GDP) than its neighbors (1.6% in the Netherlands, Austria 0.9%, 0.5% Luxembourg, while Germany and Finland this year should generate a primary surplus).If it were, then, that a rumor, the prospect of a deterioration in the French note in the longer term is not excluded.

A sudden return of Nicolas Sarkozy ruled suspicious

Wednesday morning, the Elysee Palace announced the holding of a crisis meeting on deficits, with Prime Minister François Fillon, Minister of Economy Baroin and budget minister Valérie Pécresse. To do this, Nicolas Sarkozy, had to cut short her holiday to Cape Negro. During the meeting, the Head of State has asked his ministers to hand over on 17 August, "proposals to ensure compliance with the goals of deficit reduction." The arbitration will be made Aug. 24. Why Nicolas Sarkozy he called this meeting? As we know, before officially degrade a country, the rating agencies warn its leaders 12 hours.The initiative of Nicolas Sarkozy called a crisis meeting has encouraged the emergence of rumors about a possible loss of the triple-A French. "This has poured oil on the fire," admits one member of the French Government, quoted by the Financial Times. The other explanation – because the degradation did not occur – the holding of this meeting is to anticipate the cold shower that could be the announcement of the growth in the second quarter. INSEE is to publish this number on Friday morning. But after starting the year with a bang, French growth has slowed markedly.According to all forecasts, GDP should grow by only 0.2% in the second quarter, after +0.9% in the first quarter.

Commitments to reduce the deficit unconvincing

If the forecast 2% growth this year is achievable given the good start to the year, that of 2.25% in 2012, however, seems less and less realistic given the economic slowdown. Growth lower than expected means less tax revenue, so a larger effort to predict savings for deficit reduction. So, to achieve the objective of a deficit to 4.6% of GDP in 2012 and 3% in 2013, France will have to tighten their belts. In a report published mid-June, the Court of Auditors estimated that "the necessary efforts go beyond the measures that have already been taken." Particularly in terms of reduction of tax loopholes.According to the institution, the government's effort to reduce represent ten billion euros in 2012. The sages of the rue Cambon advocate an effort twice as large. Valérie Pécresse golds already announced that the government was ready to remove more tax loopholes that what was previously expected. The government is also considering taxing very high incomes, and increase taxation on life insurance. These measures will result in tax increases, targeted in 2012. Unless this commitment does the cost of the presidential campaign. Nicolas Sarkozy had indeed done in 2007 that he was not elected to raise taxes …

Job creation has accelerated more than expected in July in the U.S. and the numbers of May and June were revised up significantly, restoring hope in the ability of the U.S. economy avoid a recession.

According to figures released Friday by the Labor Department, the U.S. economy created 117,000 non-farm jobs in July, against an average of 85,000 expected by economists.

Job creation may have been revised to 53,000, more than double the previous estimate, and those from June to 46,000 against 18,000 initially announced a month ago.

The unemployment rate also fell by 9.2% in June to 9.1% in July against an expected stability by economists.

This decline can be explained by the abandonment of some research discouraged job seekers, but these figures are encouraging in the difficult economic environment facing the United States.

"In the context of a normal recovery, not a solid figure, but given the fear that gripped the markets, it is not catastrophic," he added.

In a context of strong market declines related to fears about sluggish growth in the United States, statistics allowed the stock markets and oil to make a brief rebound, while Treasuries retreated.

But the enthusiasm was short-lived, as Wall Street and European stock markets were quickly re-directed downward, as the dollar and oil.

European shares suffered Friday their largest decline in a week for almost three years.The pan-European FTSEurofirst 300 index lost 1.78% to 975.02 points, closing at its lowest for 13 months, down 9.8% on the week.

Among the exchanges of the countries 'peripheral' to the euro area, already proven on Thursday, have fallen by 1.2% and 2.25% in Lisbon to Athens, Milan and Madrid but ended up on declines lightest 0, 70% and 0.18% respectively.

Wall Street was changing also down sharply in mid-session, the Dow Jones yielding 1.62%, the S & P 500 fell by 2.21% and 3.02% for the Nasdaq.

PUBLIC SECTOR JOBS STILL DESTROYED

"These are good figures. The revision was made up and with a magnitude greater than expected.I do not think it will be enough to get us out of the economic downturn, but these figures do at least not a recession, "said Jay Feuerstein, chief investment officer at 2100 Xenon Group.

But other economists temper this optimism.

"It does not solve anything. Consider this instead as an opportunity to sell, rather than as a reason to get involved again in the long term.The upward revisions of previous figures are encouraging, but ultimately, we will retain only the number of low GDP last Friday, the ISM report on Monday and companies are starting to say that we are moving perhaps to a recession or that we are already there, "said Michael Marrale, RBC Capital Markets in New York.

All the creations of non-agricultural jobs is a credit to the private sector, which created 154,000 jobs in July against 115,000 expected from 80,000 in June.

The public sector has eliminated 37,000 jobs, however, after having already destroyed 39,000 in June.This further decline, the ninth in a row is mainly due to the temporary closure of public institutions in Minnesota, leaving thousands of employees of their wages.

In July, 24,000 manufacturing jobs were created, while 11,000 were expected. Most of the increase comes from the automotive sector. Employment in construction increased by 8,000, following a decline of 5,000 in June.

The average workweek was unchanged at 34.3 hours, but the average hourly wage increased 10 cents.