Sundial of world news

Sluggish start to the year for consumers. The French have reduced their spending by 0.4% in January, reports the INSEE. In December, consumption had fallen by 0.2%, a figure revised up 0.5 point. Compared to January 2011, consumption fell 2.2%.

Household spending fell in virtually all sectors. In particular, they continued to crumble in clothing (-2.3%), despite the sales and after falling 1.7% in December.

This is especially the collapse of automobile purchases by 7.6% in January from 2.8% in December, which sealed the figure released today. Registrations have also unscrewed 20.7% compared with January 2011. "Households may indeed have anticipated their purchases of cars face of tougher no-claims bonus on 1st January 2012," INSEE advance.  

Among the few sectors rising, the food recovers (1.4%), after declining steadily over the past six months. "This decline is expected to continue as households are turning to cheaper goods in shops cheaper", the BNP Paribas economists. Energy costs have in turn bounced (2%) with the return of cold. This trend should continue and thus provide some support consumption in February, economists expect Societe Generale CIB.

Rising unemployment and uncertainties related to the crisis in the euro area seem to continue to weigh on household spending. This traditional driver of French growth had stalled in 2011, dropping by 0.5% over the year.

ALSO READ:

"Car sales have plunged in January in France

"The French have less consumed in 2011

The knives are drawn between Casino and Galeries Lafayette, Monoprix owners. Both shareholders are certainly agree on one point: the Galeries Lafayette want to sell 50% of Monoprix, as they have indicated on December 7 at Casino, and it wants to redeem him. It will even soon have a war chest of 800 to 900 million euros, after its partial withdrawal of its subsidiary Mercialys. But both groups, associated for 15 years, do not agree on the valuation of Monoprix.

Casino, advised by Rothschild bank is willing to pay 700 million euros for 50% of Monoprix. Galeries Lafayette, advised by Societe Generale, in initially wanted $ 1.95 billion. The variance explained by the high volatility of the valuations of distribution groups, is such that JP Morgan, called to break the tie, threw in the towel.

Casino feels "taken hostage"

The conflict took a turn legal last week, when Galeries Lafayette Casino assigned to the Commercial Court of Paris to make their own estimate no fax payday loans. Meanwhile, Galeries Lafayette has made a new offer at $ 1.35 billion, still too far from the estimate of Casino.

Wednesday, a board of Monoprix, which was to convey, as of March 31, President of Monoprix to Jean-Charles Naouri, CEO of Casino, voted to maintain this position Philippe Houze, CEO of Galeries Lafayette … time an agreement is reached on the valuation.

The board is composed of three members appointed by Casino and three others by the Galeries Lafayette, but the chairman has the casting vote. Casino, who feels "taken hostage" will "seize the competent courts to uphold its commitments by Galeries Lafayette".

It was to be expected. Recruitment of young graduates in the audit consultant should decrease in 2012. However, nothing to do with the situation of 2009, the year of drastic reduction in hiring plans. Overall, the activity of firms is maintained but the turnover of employees, which can reach 20% in good times, tends to slow. With the financial crisis, young consultants do not receive many job offers from their customers. This is less of starters to replace. "Earlier this year, our recruitment should be more selective, confirms Baculard Hervé, President of Syntec management consulting. But we can not exclude surprises for the second half, with a wave of more opportunities for young graduates. "

Pending a hypothetical thinning, caution is called for. As with Deloitte, which provides 750 to 800 hires graduates, two-thirds of tray 5 and a third tray for two or three trades of public accounting. Same trend at Mazars, announcing 350 new hires for beginners, the same as in 2011. Sylvie Bernard-Curie, HR Advisory, KPMG Audit, estimates that it will hire "as much or slightly less than last year. Our goal is 720 graduates in CDI. " For its part, PwC expects a small decline: 470 recruits out of school against 520 last year. Less CDI also to sign with Accenture, which provides all the same 350 to 400 reinforcements of graduates (excluding trainees).

Open to university profiles

Side outlets, this is a return to fundamentals. The financial audit is to remain the preferred gateway for juniors. "This area is much more resistant than other more sensitive to economic conditions, such as transactions and mergers and acquisitions," says Isabelle encumber, director of recruitment at PwC. Beginners are also popular in the Outsourcing and Accounting and consulting in strategy and management. For these trades, "the needs are very important from our customers in areas affected by new regulations such as bancassurance, or the energy sector," says Jean-Marc Mickeler, Brand Manager of Deloitte employer .

In an uncertain economic times, employers do not they go play it safe by focusing on candidates in business schools at the expense of academics? The firms insist they will continue to open in the same proportions in the Masters 2 (bac +5). "Beware of clichés. The courses are less uniform than a decade ago. Now, there are Masters who have interned, completed a double degree or completed a stay abroad, ensures Sylvie Bernard-Curie. This makes them interesting and graduate school of management. "

According to the firms, recruitment of academics could be more if some schools were more open to the world of business. "We must do a great job of selection to identify the best Masters in terms of skills and language among the thousands that exist, says Caroline Haquet, Recruitment Manager at Mazars (25% of academics). However, to communicate with campus, we have not always clearly identified as an interlocutor. There is an entry barrier higher than in larger schools. "

Demanding recruitment processes

Personality test, business cases, interviews … processes differ from one firm to another.

Deloitte. Successful applicants are entitled to an initial interview with a collaborator. Meanwhile, they pass a personality test and English. The best after a second interview with a partner. The objective: to verify the intellectual agility, openness and adaptability of the candidate.

KPMG. After an initial selection of CV, the candidate is received for a "discovery interview" accompanied by an English test and a personality test by questionnaire. If it passes these tests, he participated in a morning with the program: a presentation of activities, a second interview with a manager or a partner in the area of ​​their choice and a lunch with a young executive in the firm who will advise on the new recruit.

PwC. Candidates whose CVs have been identified individually meet with an HR manager in a key English test computer. Second step for the survivors: the realization of a business case directly with an operational manager. Finally, the "cream of the cream" is entitled to a final validation interview with a partner. The purpose of this very selective process, "validate the candidate's interpersonal skills, ability to listen and understand customer needs."

Accenture. First step, an interview of "motivation", conducted partly in English with a manager. The same day, the candidates must address collectively, in groups of about 10, the resolution of a business case. Then, the floor is, this time individually on solving another case business. The best are selected to meet a partner.

Mazars. No personality test, or resolution of business cases. Each session (in January and June) begins with an oral presentation of the firm to selected candidates. Then place two successive interviews with the firm's business. Each interview covers a portion of the CV. If the candidate is selected, it has a third interview a few days later with a more senior manager or partner.  

ALSO READ:

"The recruitment of executives for 2012 remains uncertain

SERVICE:

"Find all the jobs in France and abroad with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

A slow start. The English concept of "charity shop" landed in France in 2007 when the NGO Oxfam has opened a used bookstore in Lille. Since then, the association has invested Paris, where two "book stores" have settled in the 14th district and in the 11th. It intends to move to the next level, opening mid-December, its first thrift store in Lille. "In line with our three stores, this new store will offer second-hand clothes, good quality at a smart price," said Stephanie Dufour, Deputy Director General in charge of finance and the development of Oxfam France.

With only four stores in four years, the NGO hard to take off his "charity shops" in France. In comparison, there were 45 shops in Ireland in 2010, 36 in Germany (where it is installed since 1995), 42 in Belgium and 697 in Britain, where the phenomenon was born in the 1940s.Today there are nearly 9000 "charity shops" across the Channel, all groups combined. "The concept is relatively new in France. It takes time to make it known, "said Stephanie Dufour. The charge is, however, before encouraging figures. "Our bookshop in Lille will achieve a turnover of 120,000 euros in 2011, a very respectable performance and comparable to those of traditional libraries."

Stores "like the others"

Unlike other charity shops such as boutiques Emmaus 300 or nearly 800 "locker room" and "vestiboutiques" of the Red Cross, Oxfam outlets wants to blend into the landscape business. "We develop like other stores, as well stocked and equipped.

Wednesday, Euro Disney action collapsed. The stock lost 8.32% to 4.13 euros. The valuation of the group is more than 160 million euros. Deficits accumulate in Euro Disney, despite a record attendance.

During the 2010-2011 fiscal year (ending September), the first amusement park in Europe has widened by almost 40% of its net loss group share to 55.6 million euros (-39.9 million against euros in 2009-2010) cash advance america. His last was in 2001 profits.

However, the number of visitors peaked at 15.6 million, 600,000 more than last year. With the exception of the Dutch, all nationalities have contributed to this increase. The French (49% of visitors), Belgians and Italians have never been numerous.

Even the British (13%), whose attendance was down for two and a half years, returned this year with Mickey.

Company margins have never been so high, companies are full of cash, they were debt-free … and yet their share price despair managers. Some values, such as Peugeot, Air France and Lafarge are at their lowest for 20 years. "Since 1990, the profits of European companies have more than doubled, while the PE (valuations on the stock exchange), declined. But will there for years or decades to return to normalcy "asks Jacques Burlot, manager" action "Tocqueville Finance. The management company is nevertheless optimistic about business conditions. "Their margins may decline, but not collapse.There are of course cycles, but historically each drop, the level reached is higher than the previous "says Nelly Davies, also manager at Tocqueville, which lists all the supporting factors that benefit companies: inflation remains low, interest rates are at their lowest, the cost can be further reduced through outsourcing, wage inflation is zero and productivity gains have not been completed payday loans. However, managers are careful Tocqueville predicted a bright future for investors. "Trying to predict the future is a waste of time. Remember Goldman Sachs, which in March 2008 predicted oil at $ 200 a barrel at the end of the year. He had fallen to 50 dollars "they ironically. What to do? Forget the computer screens, and visit the companies consider their strategy, the quality of their management.

The fall of a six-story elevator building in a housing project in Paris on October 27, revived the debate on the safety of these facilities. Work had been made last month on this lift-de-registered by the company Schindler Somatem, responsible for maintenance. Tenants of the building where the accident occurred will file a complaint against Paris-Habitat, owner, announced their partnership "Tenants angry." The social landlord, he has filed a complaint against X. An investigation is underway to determine if it was a defective part of the manufacturer or poor maintenance. Contacted by The Figaro.fr Schindler declined to comment.

France has 520,000 elevators, accessible to 482,500 people. National Park is the most dilapidated of Europe, half of the devices with more than 25 years and a quarter over 40 years, according to the Federation of elevators no fax needed payday loans.Now, nearly 100 million people use every day a lift. Following a series of serious accidents in 2003, Gilles de Robien, Minister of Works, Transport and Housing, has passed the law "safety of existing lifts" (SAE). State of play:

• High bill for owners

This text imposed new obligations on security, maintenance and technical inspection of elevators. A three-stage timetable was established for this compliance, depending on the severity of identified risks, with maturities in 2010, 2013 and 2018. "At 31 December 2010, the first term, 10-15% of the work was not done," notes Jean-Luc Detavernier, managing director of the Federation of elevators, which includes more than 110 companies (90% of sector).

A double crisis summit before the true summit! This is the shock treatment that Europe has inflicted over the last hour due to Greek crisis. Completely disrupting the predetermined agenda, European leaders met late Wednesday afternoon in Cannes on the eve of the official opening of the G20, to try to restore order in their home. The foundations of the euro have been greatly shaken by the surprise decision by Greek Prime Minister George Papandreou, to submit the agreement between EU leaders in Brussels on October 27, in a referendum. Called to come and explain this decision, the Greek ruler walked away from Cannes late Wednesday night.

In a press conference, Angela Merkel and Nicolas Sarkozy have shown a very high severity, both in form and substance. "We will not let destroy Europe and the euro," commented Nicolas Sarkozy.The Greeks have to say quickly and clearly if they choose or not to keep their place in the euro area. "

ALSO READ:

"The Greek crisis invites himself suddenly at the G20

"The Greek government supports the referendum

"SPECIAL – Depression, fear of debt

Not everything has dragged on last night in Brussels. From 20 hours, the heads of state of the 27 EU countries have approved the launch of a large recapitalization of European banks, encrypted by the industry policeman to 106 billion euros. The principle was in fact acknowledged the last Saturday by finance ministers.

106 billion euros. This figure results from the examination of bank balance sheets after taking into account the loss of value to the end of September of sovereign debt Greek, Irish, Portuguese, Spanish or Italian, but also gains recorded on their German or British counterparts. On this basis, regulators assessed for each bank the way to go to 9% of regulatory capital ratio ("core tier 1" prudential banking jargon). This objective will be achieved on June 30 at the latest.And the addition is particularly heavy for Greek banks, of course (30 billion euros), but also in Spain (26 billion) and Italy (14.8 billion). In France, the bill is estimated at 8.8 billion, Germany at 5.1 billion.

A new showdown promises

This total was largely anticipated by the market and the banks themselves. However, a new showdown between the industry and promises to the authorities. "We ask banks to recapitalize. Not to cut their balance sheets, "argued a senior Wednesday ahead of the summit. Number of facilities provided to achieve because much of the effort flopped the sails, that is to say, by limiting their activities consume the most capital. But Europe is concerned about the impact of these strategies on the distribution of credit, especially in the east where the industry is largely owned by groups of Western Europe.The Council of the Union has insisted on its vigilance on this point. And regulators have developed their doctrine accordingly. End of June 2012, they calculate the ratio of each bank according to its balance sheet at September 30, 2011 …. It is therefore too late to play on the variable of total assets. Only an increase in capital will reach the famous 9%.

Putting aside the benefits

To avoid making capital increases in market conditions given the state of detestable share price values ​​the industry or, worse, to use the state to bail out the banks who can n ' have only one option: to put their profits in reserve, probably in much higher proportions for use. This means that the shareholders of the banks concerned will receive little or no dividend next year.Politicians hide it just, that sacrifice is almost as an objective.

All has not been lost to the banks. The Council of the EU, the European Banking Authority, promised to lay the foundation for coordinated action to help them take on the market. The sovereign debt crisis cut investors' appetite for foreign bank debts. However, they will raise more than € 600 billion next year. The European Central Bank has opened the floodgates of funding up to a year. But it can do much more as the industry needs stable funding, so many years. Government guarantees could be implemented.

ALSO READ:

Moody's brandishing the sword of Damocles. The rating agency, which last week confirmed the AAA rating of the French debt, is now planning to revise its position on the "stable" outlook for this post. "Over the next three months, Moody's will monitor and evaluate this perspective in the light of progress made by the government to implement the measures announced to reduce the budget deficit," she says in a statement.

If the prospect should be revised to "negative", this would imply that Moody's would likely lower the rating over the medium term, most often at a maturity of three to twelve months.And France would become the new big country, after the United States to lose its prestigious rating that allows it to borrow on the current market conditions very favorable.

A budget supervision

In reaching its decision, Moody's analyze the ability of the French government to meet its budget commitments. She stressed that the financial strength of the French government "has weakened since the economic and financial crisis worldwide has led to a deterioration in its debt ratios, which are now among the lowest in AAA." In addition, "France could face a number of challenges in the coming months, such as the need for additional support to other European countries or its own banking system, which could increase significant commitments that must support the country's budget. "The remark came just after the adoption by the members of the guarantees provided by the French in the process of dismantling the Franco-Belgian bank Dexia payday loans for bad credit.

But Moody's does not forget to mention the strengths of the country where the government should build, "the large scale of its economy, high productivity, wide diversification, experience, innovation and a savings companies with high a moderate increase in financial liabilities of households and businesses. "These elements provide" a great capacity for shock absorption by France, as demonstrated by the strength of the demand during the global crisis, "reminds the statement.

France "will do everything possible" to keep the AAA

The rating agency said that the review is part of its annual financial statements for France and it is not yet a decision on the rating of the country.

But after this warning, the marathon budget to the Assembly for consideration of the budget 2012, which begins on Tuesday, should be closely watched.On France 2 last night, Prime Minister Francois Fillon warned it would take "new measures" austerity if France did not record a "minimal growth of 1.5%" in 2012, as the draft budget is "built on a projected 1.75% growth, but it works with a minimal growth of 1.5%."

Already, Tuesday morning, the Minister of Economy, Baroin, indicates that the growth forecast for 2012 is adopted "probably too high." He promised that France "will do everything possible" to maintain its excellent rating.

ALSO READ:

"France presents its budget discipline

"The rating agencies accused of aggravating the crisis