National, World, Business News

The New York Stock Exchange opened slightly lower Friday, the market pausing after rising last days in the absence of indicators and key results.

In early trade, the Dow Jones yielded 0.06% (7.80 points) to 12,972.50 points. The Standard & Poor's, wider, fell by 0.06% (0.83 points) to 1,373.26 points while the Nasdaq composite lost 0.05% (1.50 points) to 2,987.47.

The S & P 500 should still show on its third consecutive week.

Among the values ​​for the power group Sara Lee earns more than 4% after the announcement of the demerger of its activities next coffee and tea, along with a special dividend.

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.

Dell on Tuesday announced a profit below expectations on account of its fiscal fourth quarter and forecast sales below Wall Street forecasts for the current quarter This has reduced the action in the off-market transactions.

The world number three personal computers is expected to drop 7% of its revenue this quarter compared to the previous. Revenues for the fourth quarter being raised to $ 16 billion, this amounts to provide a revenue of $ 14.9 billion for the first quarter, while Wall Street expects about 15.2 billion.

The fourth quarter result also showed lower than expected despite healthy sales to businesses (5% yoy, to $ 4.9 billion).

But sales to the public sector showed signs of weakness (-1% to 3.9 billion). The consumer sales were down 2%.

"With a turnover of 65 billion dollars, it takes time to move the needle toward the most relevant sources of income of a strategic perspective. And for now, we do sees no sign of progress, "says the analyst of ISI Group, Brian Marshall. "It will take time for Dell to right the ship."

PC makers are struggling with falling demand, as consumers tend to turn increasingly to mobile devices like the Apple iPad, while floods in Thailand restrict the supply of some components.

Excluding items, Dell reported earnings of 51 cents per share in the fourth quarter while the market was expecting 52 cents.

Gross margin for the quarter was 21.1%, against 20% a year ago.

Currently, only businesses in tourist areas can open on Sundays. Nicolas Sarkozy, if elected, will extend these conditions, says Frédéric Lefebvre. Frederic Lefebvre, Secretary of State to the Minister of Economy, Finance and Industry, responsible for trade, craft, small and medium enterprises, tourism, services, professional and consumption

President Nicolas Sarkozy wants, if re-elected, "broaden the conditions for opening of shops on Sundays," said a statement read on his behalf Friday by Secretary of State for Trade Frederic Lefebvre. It's "give you more freedom, it's growth for your business is employment for the French," he added, among others, in this statement read to the Estates General of Trade at Bercy.  

This measure is also "purchasing power" for employees and will "strengthen the tourist attraction that France is strong," the statement added, without specifying what form these would take "flexibility" in opening Sunday. The Trade Council of France asked him the opportunity for traders to open free from 10 to 12 Sundays a year, even when they are outside the tourist area.

The Labour Law of Sunday August 10, 2009 can store openings on Sundays that vary with the type of business and location (specific tourist areas or perimeter). Apart from cases under that Act, all stores may open five Sundays a year on administrative authorization.

ECB expected to leave interest rates unchanged after its policy meeting Thursday but could pave the way for a decline in March, while the Eurozone recession is threatened by the fallout from the debt crisis and the situation in Greece.

If no agreement is reached by Thursday on the austerity program needed to allow the raising of the Greek State, the President of the European Central Bank, Mario Draghi, will probably be attacked questions about the possibility that the institution waives its potential profits on Greek bonds it holds.

And if an agreement is reached by then, it must explain its terms, its consequences and the precedent thus created. 

Financial markets will also be on the lookout for clues that the ECB expects its second refinancing operation three years, scheduled for 29 February.

The first such operation in late December, allowed him to inject 489 billion euros into the financial system and to push at least temporarily the pressure on the banks of the euro area.

The latest Reuters poll forecast of professional money markets, the ECB could allocate additional 400 billion to banks at the end of the month.

Regarding rates, the threat of increasing net of a relapse into recession in the euro area has increased the likelihood of an easing in March, especially as inflationary pressures have receded ;. 

THE SITUATION Degrades

The ECB has never cut its refinancing rate, the main instrument of monetary policy, under 1% and some members of the Governing Council are reluctant to make it fall below this threshold.

In March, the new forecasts for growth and inflation teams of the central bank could give additional reasons to take the plunge.

"The March forecast will be worse than December," predicts Christian Schulz, an economist at Berenberg Bank. "It can be estimated at 60% probability of a rate cut in March because their growth forecast is too high."

In December, the ECB economists predicted further growth of around 0.3% in the euro area this year.

For Padhraic Garvey, head of rates strategy at ING, the ECB can afford to wait to learn more about the changing conditions before changing its rates.

"The next fall does not need to take place in March. We think it will take place during the first half," he says, adding that the decline in Euribor interbank rates is at least as important as rates of the ECB.

"The most important is that Euribor rates are trending down. The evolution of the Euribor for a month is equivalent to an actual reduction in rates, "he says

. The three-month EURIBOR , regarded as the main barometer of the market for interbank loans, dropped 26 basis points since January 1, to return as 1.1%, the lowest in 11 months … INFLATION RISK It

……

reflux reflects the efficiency of the operation refinancing to three years of the ECB, which has become the main weapon to combat the crisis of the ECB since its purchases of government bonds are now running in slow motion

…… Mario Draghi said … expect the transaction to three years late creating demand "significant". And some bankers expect to see the ECB banks allocate an amount higher than EUR 400 billion provided for traders polled by Reuters.

Christian Schulz estimates that more than 1000 billion injection on Feb. 29 could create inflationary pressures.

"The ECB should react very vigorously, by raising rates," he adds.

On the Greek chapter, the ECB is under pressure from certain creditors of Athens who wish to see transferred to the Hellenic State will generate profits that the debt Greek it has acquired since the beginning of the crisis.

According to sources from the ECB, it spent 38 billion euros to acquire these bonds, 12 billion less than their face value. 

Retroceding in capital gains, the ECB would contribute to the restructuring of the Greek debt finance directly without a state, which prohibit its statutes.

To do this, it could sell the shares at the European Financial Stability Fund (EFSF) at their purchase price, on condition of surrendering the EFSF away in Athens.

"I do not think the ECB will try to keep its obligations at any price," said Christian Schulz. "I think it would be quite happy to get rid of."

The number of registered employment center has again sharply in October. The unemployment rate could pass the symbolic threshold of 10% this year as the economy is threatened lights of a new recession. Explanations. Agency employment center in Nice

Unemployment continued to fly in October in France: the number of job seekers without activity (category A) has again increased sharply in October, 1.2%, or 34,400 people, to reach 2.814 million , according to figures released Monday by the Ministry of Labour. The total number of people seeking work, including those engaged in a reduced (categories A, B and C) also increased by 17,200 to 4.193 million people (0.4%).

The Tokyo Stock Exchange ended Friday in a piecemeal, according to a new low of two and a half years in session for the Nikkei, while France and Germany have not reached the day before to convince investors of the imminence of a consensus on the answer to the debt crisis.

The Nikkei lost 0.06% (-5.17 points) at 8,160.01 points, while the Topix, broader took 0.52 points (+0.07%) to 706.60 points.

For the week, the two indexes have lost respectively 2.6% and 1.9%.

At the conclusion of a tripartite meeting in Strasbourg between the Italian Prime Minister Mario Monti, the French president Nicolas Sarkozy and German Chancellor Angela Merkel, the latter reiterated his opposition to any change in the mandate of the European Central Bank (ECB ) and the introduction of Eurobonds.

"Some investors bought oversold values ​​in the afternoon (Japan), but concerns about the situation in Europe remains" Judge Kenichi Hirano, Tachibana Securities.

According to the Uruguayan Minister, Louis Almagro, Nicolas Sarkozy was very upset to see that its proposed regulation, including tax havens, were not retained. Nicolas Sarkozy.

Luis Almagro, Uruguayan Minister of Foreign Affairs, said French President Nicolas Sarkozy was "very upset" with "the failure of the French strategy at the G20" and that he expressed in his statements on tax havens cause of a crisis with Uruguay.

"I think his statement (was dictated by) the bitterness and is linked with the failure of the French strategy at the G20", held in Cannes (south-eastern France) in early November, said M . Almagro in an interview published Thursday in the weekly Busqueda. "The four or five worn by strengths (Nicolas) Sarkozy at the G20 were rejected, as (the idea) to cap prices or on financial issues, etc..He used the G20 as a political platform, but it emerged weakened because the final statement did not address its program. I think it was upset and he has expressed in this unfortunate statement, "he added.

In early November, Nicolas Sarkozy said after the G20 summit that tax havens would be put "beyond the pale of the international community." He said that was part of the capital Montevideo which "did not have a legal framework for the exchange of tax information." These statements have angered Montevideo. The French government then explained that it was a statement on behalf of G20 and not of France and expressed its confidence in the willingness of Uruguay to fight tax evasion.

The rating agency Moody's warned Monday about the risks posed by the rise in yields on French government bonds on the rating of sovereign debt of France in a context of uncertainty on growth.

"The sustained high funding costs amplify the fiscal challenges facing the French government in a context of deteriorating growth prospects, with negative consequences on credit", written Kockerbeck Alexander, an analyst at the agency.

Moody's announced in mid-October that it would monitor and assess the stability of the perspective of the French Aaa rating within three months.

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.