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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.  

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In the second of the five-day strike of cabin crew of Air France, the company promises, as before, to ensure 80% of its flights. Even if the unions, who believe that the movement is followed, announced an intensification of the mobilization against the proposed reduction in the number of cabin crew in some planes.

About 200 flights on the 1000 planned were canceled Saturday. "We have given the forecast. Saturday at midday, only 200 passengers 3,000 were in trouble, "noted the direction of the company. Air France has temporarily limited to 100 passengers the ability of its medium-haul flights from Orly to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. Result: Passengers waited. This strategy and the delays it caused affected customers were exasperated. "It's a nightmare. We have been waiting seven hours.Of all of the day, Air France plans to cancel 14, according to a spokesman for the airport.

Modified or exchanged for free tickets

Without an agreement this week with management on the number and mode of assessment of cabin crew, six of seven unions called the stewards and stewardesses 15,000 to go on strike for the weekend of All Saints, usually of overcrowding, until Wednesday, November 2 included instant payday loan. In 2007, a similar strike, triggered by the same six unions to the same period, had caused major disruptions. Air France was forced several times to review downward its traffic forecast: 90% of flights expected to be provided the day before, this had increased to 60% during the weekend.

The company called to check passengers before they leave for the airport, on the website of the company, the list of flights canceled or delayed. They also know the traffic forecasts by sending an SMS to 63654 with their flight number. The company also points out that the tickets can be changed or exchanged free of charge.

Air France has apologized to its passengers' taken hostage by a strike that has no purpose. " "We negotiated for ten days, day and night, and responded favorably to 90% of union demands for flight attendants." Jean-Cyril Spinetta, who took over the reins of the group a week ago, sent an open letter to the hostesses and stewards, in which he warns against the dangers of such a strike.

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.

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Moody's has raised the spiral of fear by breaking down Tuesday night, three notches note the country of Silvio Berlusconi. Of course the capital of French banks are not sufficient to withstand the collapse of the third global bond market. But no one could. Want to increase bank capital to absorb that risk, it would be like worrying about the thickness of sandbags protecting a barricade when a nuclear explosion threat.

Beings consanguineous

Wait and bite the bullet. It is the only rational response. The pressure is so strong, however, that the government is trying to sweep these arguments make sense to force the banks to recapitalize. Why not finally, if that would reassure everyone and restored the flow in a system where banks no longer find lenders? Even better if it is a coordinated European action.But then, the market experts themselves have good problem turning in all directions for days: there is no guarantee that this would be enough to calm the speculation.

The crisis of today has nothing to do with that of 2008, when the suspicion was limited to the health of financial institutions. This time, banks are just the scapegoats for a crisis of confidence is most striking over-indebted States. Banks and States are beings inbred. Once recapitalized banks will continue to be viewed askance because of their exhibits sovereign will continue to suffer from higher funding costs because of concerns about their country, continue to be threatened by a rise in questionable provisions as the economy is sinking. It will probably recapitalize banks. But there is only one cartridge.Better not pull too early, when there are still many uncertainties elsewhere.

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"Il Cavaliere" did not like to see the note in his country degraded by Standard & Poor's. "The ratings of Standard & Poor's seem more driven by stories in the newspapers as the reality and they seem to have been negatively influenced by political considerations," said Silvio Berlusconi in a statement. The Italian prime minister said that the country has already approved measures to balance its budget in 2013 and Italy in adopting new ones to stimulate growth. The austerity plan of 54.2 billion euros adopted on September 14 does not seem to have convinced the rating agency which doubted the credibility of the government and the Italian president.

Without having published a press release responding directly to the attack of the Italian President, Standard & Poor's is fighting back."The sovereign ratings by S & P ratings are apolitical, based on the evolution of" credit risk, provided to investors, "says one in the U easy to get unsecured personal loans.S. rating agency.

Moody's and soon …

S & P also ensures that its assessment is based on "independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt.""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," said the rating agency.

Entangled in new revelations about his private life, Silvio Berlusconi is aware that the decision of S & P is a blow to the country, as Moody's may degrade the note of Italy in October that had never been lowered since the beginning of the debt crisis.

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The Paris Bourse has continued to widen its losses on Friday. After an opening down 1.19%, the CAC 40 slipped 3.5% in response to the publication of U.S. employment figures earlier this afternoon. Then the index was down enccore in the red, losing up to 4% just before 17 hours. Finally, the CAC shows a significant decrease of 3.59% to 3148.53 points. No value of CAC has been able to climb into the green on Friday. For the week, however, the Cac 40 shows a gain of 1.97%.

Elsewhere in Europe, the Milan Stock Exchange closed on a fall of 3.89%. In Frankfurt, the Dax lost 3.36% at the final bell and the FTSE in London fell by 2.34%.The European indexes have been sealed by banking stocks, which still suffer from concerns over European debt, including the stalled talks in Greece.

Thus, investors have been cooled by zero job creation in August in the United States. In July, the first estimate of recruitment was greatly scaled down from 117,000 jobs created to 85,000. The unemployment rate remained steady at 9.1%, as expected. "The labor market is expected to remain sluggish in the medium term and the unemployment rate should rise slightly or remain at its current high level" of 9.1%, says Inna Mufteeva at Natixis.This publication reinforces the eyes of experts, the probability of a new monetary response from the U.S. Federal Reserve at its next meeting on September 20 and 21.

In addition to the waits before publication of the report, traders were disappointed by yesterday's U.S. indexes mixed. The weekly jobless claims have fallen and certainly the contraction was avoided in the manufacturing sector, but construction costs and productivity plummeted. In addition, the White House confirmed the pessimism about the weakness of the recovery across the Atlantic in scaling back its growth forecasts.

Euro stable

On the foreign exchange market, around 17:30, the euro 1.4207 dollars, against 1.4260 on Thursday, its lowest level in three weeks.Yesterday, the euro had fallen sharply under the impact of renewed concerns vis-à-vis the health of the euro area, where industrial activity contracted in August, unlike the United States.

In France, higher energy costs caused a 0.5% increase in producer prices in July in the euro area, as expected, but overall inflationary pressures subside to the extent that the area economy patina.

The bank collapse

Fear seizes even Greek European banks. The establishment of a second aid plan seems to be complicated. The troika of creditors of Greece left Athens Friday, giving the government 10 days to advance structural reforms in the country, weighed down by a recession that will prevent it from holding its budget savings target.In Paris, Crédit Agricole fell 7.38% to 6.65% Societe Generale, BNP Paribas and Axa of 6.24% to 5.73%.

Arcelor-Mittal: -6.10% to 14.17 euros

The group plans to resort to short in the fourth quarter at its plant in Florange (Moselle), and will ask 600 of the 3,000 employees of the plant to take RTT in September, officials said Thursday a union source

Total: -2.69% to 33.40 euros

The oil will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to Les Echos.

France Telecom: -2.37% to 13.17 euros

The operator has received numerous expressions of interest for its Swiss division, told Reuters CEO Stéphane Richard, noting that financial market volatility would not affect projects sales of assets of the group.

Bouygues: -2.14% to 25.61 euros

The Standard & Poor's announced that it placed the long-term rating of A-group under review with negative implications following the announcement by him of a proposed acquisition of securities.

Sanofi: -3.25% to 49.75 euros

The group confirmed Thursday it has reached an agreement with Pfizer to produce in France generic versions of Lipitor, the cholesterol featuring the American group.

EDF: -3.23% to 20.95 euros

Goldman Sachs has revised down its price target on the title, which goes from 49 to 31 euros, while remaining on the purchase value.

Carrefour: -2.83% to 17.66 euros

HSBC lowered its recommendation to "overweight" to "neutral" and target price of 30.50 to 20 euros.

Stallergenes: – 0.81% to 49 euros

The laboratory of immuno-allergic Thursday announced a net profit up 18% in the first half to 23.7 million euros, benefiting from the "business growth" and a "moderate increase spending research and development. " In the process, Oddo is to reduce its recommendation to neutral.

Safran – 2.77% to 27.05 euros, Suez Environnement: -4.23% to 11.09 euros

Saffron is the best candidate for an entry in the CAC 40, while Suez Environnement, whose price has fallen heavily since the beginning of the summer, should come out, say professionals in the Paris Bourse.

Nyse Euronext – 1.93% to 18.56 euros

The London Stock Exchange has confirmed a press report that it is discussing a possible settlement with LCH.Clearnet.Discussions are at a preliminary stage and there is no guarantee that it would, he said.

Neopost: + 10.39% to 56.30 euros

The group raised its forecast of annual sales for the second time, following an accelerated growth in the second quarter, thanks to the dynamics of North America.

How do you explain the economic slowdown in recent months and the downward revisions to growth prospects?

More than a brake unexpectedly in the economy, we see a reversal of perception. The latter is even more brutal than the general opinion was, in my view, tainted with excessive optimism. Then it is difficult to know what, the political farce about debt in Washington, the loss of the AAA American or poor statistics justified the change of outlook on the economy.

The publication of poor growth in the second quarter in the U.S. and the downward revision of the statistics of activity since 2008, have changed the vision of recovery.We start from lower than initial estimates, and we go up the slope much more slowly than expected.

We also witnessed a particularly brutal realization that the inflationary between autumn 2010 and spring 2011 was a major blow to the head of consumers. With a depressed job market and debt strategy, it was not much more to demand falters significantly.

Do you believe in a scenario back in recession?

The situation is much more fragile than earlier this year. The risk of a recession back to a horizon of six months has increased considerably paydayloans. In my view, two scenarios-slow growth or recession-are as likely to occur. The first scenario would lead to growth of only 2% in the U.S. and 1% in Europe, below the trend in previous upturns.The fault mainly mass unemployment. As for the recession, it could happen if everyone is convinced it is inevitable. Given the current environment, the market may in fact remain in panic mode, accumulating indiscriminate bad news one after the other.

Some economists raise the specter of the 2008 crisis …

In response to the bankruptcy of Lehmann, banks no longer wanted to lend to each other, freezing, and the global economy for six months. We're not there. Of course, we see signs of stress in the interbank market, but they have nothing to do with the situation three years ago. At the time, the Fed has provided up to $ 600 billion to other central banks to provide liquidity in dollars. Currently, the hotline is used up to 200 million.

In a recession, states will they try to revive the economy?

Western countries have largely emptied their cartridge: operating margins are much narrower. Any potential action, if it increases the debt carries with it much more likely than before.

Asian stock markets are in a bad mood on Thursday. Investors in the region are not reassured Wall Street that ended Wednesday in the balance after a volatile session. Fears of an economic slowdown in the world come to the fore.

The Tokyo Stock Exchange sets the tone with an opening in the red, down 0.42% for the Nikkei. The Japanese benchmark index widened its losses in the morning to show a decline of 1.24% to 8944 points at a time of closing. A new mixed indicators on the front disrupted operators: Japan reported in a July trade surplus, four months after the earthquake of March 11, but the surplus has shrunk by more than 90% because of lower exports and a surge in energy costs.The third largest economy last month generated a trading profit of 72.5 billion yen (650 million), confirming a recovery in economic activity, but its exports fell by 3.3%.

Tokyo is hit by a rise in the yen against the dollar, which traded below 77 yen again this morning values ​​exporters are under pressure, in the image of Mazda Motor (-5 fast cash without a hassle.65%), Fuji Heavy Industries (-5 , 16%), Nissan (-2.96%). The electronics sector is hit by the fall of Dell in the U.S. markets. Toshiba lost 4.45% and 2.34% Panasonic.

Hong Kong is the perfect balance while in Shanghai, the stock market unscrews from 0.34%. The Korean Kospi lost 2.95%, the S & P Australian loose 1.40% and the Indian Sensex was down 0.73%.

Oil off again down

Oil prices were down Thursday morning in electronic trading in Asia as investors await key U.S. economic indicators, the first consumer of black gold in the world. On the menu, including: the weekly jobless claims, the index of leading indicators and consumer prices.

In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars. That of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

The world welcomes the U.S. agreement with relief. And sometimes with caution. France, through the voice of the Minister of Economy and the Baroin Budget Valérie Pécresse, on Monday welcomed the compromise that must still be voted in the Senate. "This is great news for the world economies, a very good news for the United States but also for Europe," said the minister.

Baroin for its part related to the Europe Agreement on Greece on Thursday and compromise between Republicans and Democrats: "All that has been implemented for two weeks three weeks, the agreement of the euro area on the issue Greek, the Washington agreement on the question of raising the ceiling of U.S. debt in the right direction. "These agreements" are going in the direction of the reinforcement of global growth, "he said, and they will" reaching consequences for global economy is recovering. "

Earlier in the night, Japan applauded the U.S. agreement. "We welcome the agreement on the U.S. debt and hopefully it will stabilize markets," said Chief Cabinet Secretary, Yukio Edano instant payday loans. The islands observed at the forefront of American debt crisis.It is the second largest holder of U.S. Treasuries, after China.

BlackRock prudent

It is not clear, however, that the announcement of Washington, as expected, calms markets. The largest asset manager worldwide, BlackRock, welcomed the plan cautiously. "The proposed framework for reducing federal spending is a positive step," said the fund in a statement. But "the exact composition and timing of all the spending cuts will determine whether the proposal produces a real and significant reduction of the deficit," he added.

Markets "need to perceive a clear path to deficit reduction to encourage confidence in the U.S. dollar," says BlackRock."This is essential if we are to retain the AAA rating of the United States and encourage long term investment."

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Brussels off again to war against the invoices received shock after summer vacation by Europeans who used their laptops in a neighboring country with a new legislative proposal expected this week.

The Commission often evokes the German and French tourists who go to Spain, to use their phone to call or download a movie, as they would at home, and are then claiming hundreds or even thousands of dollars by their operator.

Commissioner for telecoms, Neelie Kroes, on the other hand aims to have a genuine single market for telephony in Europe by 2015 with a near zero difference between the price of mobile home and those roaming abroad ("roaming").

Neelie Kroes will present a legislative proposal Wednesday to allow Europeans to buy separate packages for their specific communications abroad, with the operator of their choice without having to change the number. The proposal, which will be submitted to MEPs and EU governments, would take place from the summer of 2014.

Three out of four are rationing their calls abroad

The EU currently imposes maximum prices, called "Eurotariff". Introduced in summer 2007, initially only for voice calls, they were reduced steadily and expanded to other mobile services like SMS.Brussels will propose to extend the Eurotariff, which were removed in 2012 but will remain until end 2016, and continue to drive down.

From a maximum of 35 cents per minute excluding VAT today, roaming voice calls could fall to 32 cents in July 2012, 28 cents in July 2013 and 24 cents in July 2014. For receiving a call, the Euro-tariff increase from 11 cents a minute today to 10 cents in July 2013. And the price of SMS would decrease by 11 cents today to 10 cents in July 2012.

Brussels wants to finally introduce a new price limit on data downloaded when the user surfs the Internet, check e-mails on a BlackBerry or iPhone … Retail prices are still about 50 times higher abroad that domestically, in Brussels.Such prices are "a nightmare for businessmen, tourists, young people," who "do not dare to use their mobile phones, let alone multi-function" when traveling in Europe, denounced Neelie Kroes.

A European survey published in mid-February has proved him right: 72% of European travelers surveyed said limit their roaming calls because of their cost.

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