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Adecco is Tuesday first-quarter results better than expected, while announcing that the European environment is expected to remain difficult as North America, the second largest market of digital ; ro a global placement of personnel, should instead continue to do well.

The net result of the first three months of the yearâ increased 12% to 112 million euros, while analysts polled by Reuters had expected on average 100 million.

"We started in 2012. The turnover of the first quarter of 2012 is almost the same level as in the first quarter of 2011, a solid performance given the headwinds that blow in Europe, "says Patrick de Maeseneire, Director General ral of the Swiss group, said in a statement

. "Our sales in North America continued to hold up well." Revenues

the period rose 2% to 5.035 billion euros, against a consensus of 4.991 billion ..

……. Randstand, Dutch rival Adecco, spoke about the uncertain developments in Europe while the U.S. pre Manpower said ; see a double digit decline in southern Europe in the second quarter

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Francois Hollande took over France in a low growth in Europe depressed, with the main challenges the recovery of public accounts and employment.

The pressure is on the new president, who knows that its room for maneuver is more limited than those of his predecessors.

Having identified the growth as a condition of the reduction of public deficits in Europe, it will negotiate, particularly with Germany, measures to stimulate activity without deteriorating accounts of the States.

In France, he inherits an annual deficit of about € 100 billion, focused on the state and the financial statements. 

He promises to bring the end of 2011 from 5.2% to 3% of GDP end 2013 in accordance with the commitment of France, by raising taxes and curbing the rise in die ; think the effort is balanced between the two.

Priority of the French unemployment rises, it, every month for nearly a year and reached a forgotten since the late twentieth century.

To reverse the trend, adapting the social system and revive the industry, the new president plans to use fiscal and budgetary weapons and engage in important negotiations with employers' organizations and union. 

FAITH IN THE FUTURE

Like his predecessors, he hopes to be helped by a more dynamic growth than await the IMF, OECD, the European Commission and economists. Additional austerity measures could therefore be required.

GDP would grow by 0.5% according to him this year, 1.7% in 2013, 2% in 2014, and 2% to 2.5% from 2015.

Economists at Credit Agricole CIB-felt before the second round it was a forecast "too optimistic".

"Both programs lack a credible comprehensive strategy to boost competitiveness and growth", they added about the finalists.

Francois Hollande opposed to a sudden slowdown in public spending, want to avoid explaining a recessive effect that dry up the revenue of the state and would increase the deficit instead to reduce it. 

Increased spending would be 1.1% per year – against an average of 1.7% from 2007 to 2010 – which would decrease the amount as a percentage of GDP if growth is there.

His relatives said that the rating agencies were watching the growth prospects of the states, not just fiscal ratios.

Degraded by Standard and Poor's earlier this year, the memo from France – ever "triple A" by Moody's and Fitch – is negative outlook for all three agencies, which means other damage are possible.

RECOVERY HISTORY

Francois Hollande promises to balance the public accounts end of 2017, a first since 1974. The effort would be one hundred billion over five years, including about forty by the end of 2013, provided that the annual defense budget.

"Despite the strong commitment of candidates to control deficits, we highlight the historical magnitude of the adjustment would be needed", noted analysts at Barclays.

To lower the debt ratio to GDP, which tends toward 90%, about 80% end of 2017, Francois Hollande provides significant tax increases, where the impact would be in his the less sensitive: the richest households and the largest enterprises.

Thirty billion of new taxes would reduce the deficit, and fifteen more would finance a portion of its 20 billion euros of measures. Some of these measures according to him should support growth and employment, others restore "justice" as the softening of the pension reform.

It is however committed to removing the VAT hike decided for the month of October and that would affect all consumers.

Faced with unemployment at its highest since 1999, Francois Hollande relies on a battery of policy measures – including an increase in recruitment of officials – and on support for small and medium enterprises.

He promises a "generation contract" to integrate young people into the business while retaining older workers, and the creation of 150,000 "jobs of the future", a discount of up to date "youth jobs" of the Jospin government. He announced a refocusing of training on the less educated public and strengthening the capacity of job center.

STRUCTURAL WEAKNESSES

The new president will also reduce structural weaknesses that undermine the French economy since the end of the "thirty glorious years".

The foreign trade surplus that has been ten years since 1950, had a deficit of 70 billion euros last year, a record. The market share of France in world trade deteriorates to 3.3% last year against 5.8% in 1995. Exports and the deficit with the EU, representing 61% of total products sold outside France, widened further.

The imbalance of foreign trade is reflected in the current account deficit, which measures the evolution of the country's debt vis-à-vis the outside, so that almost ; s two-thirds of the stock of marketable debt held by French non-residents.

Francois Hollande surprised during the campaign by his discretion on structural reforms intended to reduce these imbalances.

"The discussions on an agenda of structural reforms (labor, goods and services) are, surprisingly, absent from the campaign of Francois Hollande," analysts at Barclays stressed. "That said, we see reason to believe in the ability of Francois Hollande to reform: the Socialist Party has traditionally good relations with social partners and Francois Hollande is known for build consensus. "

For Gilles Moec, Deutsche Bank, "its goal of zero deficit in 2017 is underpinned by ambitious growth forecasts which we believe are not credible without reforms rapid structural on which the Socialists are now completely silent. "

European shares ended sharply lower Monday, falling to a low of three months while disappointing economic indicators in the eurozone and political uncertainty in France and the Netherlands are threatening to stir the sovereign debt crisis in Europe.

In Paris the CAC 40 finished down 2.83% to 3,098.37 points, its lowest level in four months. The UK FTSE lost 1.85% and 3.36% the German Dax, while the pan-European FTSEurofirst 300 index lost 2.32%.

"The economic dynamics in the euro area is weakening and it will be more difficult for governments to achieve fiscal targets in an environment of low growth," said Emmanuel Cau, strategists ge at JPMorgan AM.

The sector index Stoxx 600 banks in the euro area fell by 4% to its lowest level since last November.

GDF Suez was down 2.68% despite increased performance in the first quarter thanks to Britain's International Power. It also confirmed its annual targets.

STMicroelectronics, largest decline in the CAC 40, fell 13.8% after the announcement of a further restructuring of its joint venture ST-Ericsson.

Dutch Prime Minister Mark Rutte said Monday it has presented his government's resignation to Queen Beatrix, who said she would consider it, paving the way for the e selection of a new parliament.

In France, Socialist Francois Hollande, topped Sunday, and the outgoing president, Nicolas Sarkozy, launched the campaign for the second round on May 6, whose outcome will depend part of the attitude of the voters of Marine Le Pen, the candidate of the National Front. 

On the purely economic front, the flash PMI released in the morning came out below the most pessimistic estimates and raised fears a continuing recession in the euro area.

Economists and analysts are far from unanimous on the eve of the first round of presidential elections on the possible impact of the vote in the markets and the debt of France.

This uncertainty was reflected in an excitement on the market of the French debt, whose resistance was tested Thursday on the occasion of a rumor of dice gradation of the sovereign rating of France.

"The continuation of the gap (between the French and German rates) depend on the evidence that will give the next president of the Republic of the fiscal framework that will implement , and this will depend on the coherence between the presidency and the majority it will enjoy in the Assembly, "said CM-CIC Securities in a note. 

The first round results on Sunday, to measure the influence that extremes may have on the face of the next National Assembly, while a socialist majority in the Senate and that a victory of Francois Hollande in the second round of presidential elections is seen as the most likely outcome among market professionals.

Uncertainty, they agree to say, will remain until the June parliamentary, government's announcement will come out and the decisions it will take to reduce budget deficits ; TARY. 

But, says Guillaume Menuet, an economist at Citigroup, "the markets could react negatively, especially if the candidate of the far left reaches Jean-Luc Melenchon third me, allowing his party and his Communist allies to influence policy, even at the margin ".

"DEBT RESISTS WELL"

A rate strategist at a major bank, who noted the relative stability of voting intention polls, sees no movement on the scale of market unless the two finalists are not Nicolas Sarkozy and Francois Hollande.

"There will not necessarily flow as a seller there is no flow buyer. Like right now, people will stay on the side," he said. He noted that currently, "(despite) the absence of flow buyer, the French debt up well", even as concerns over the euro area are back.

The French rate to 7 years maturity corresponding to the average of the entire French debt, varies from a low of 2.28% in early February 2.5% today, representing a decrease of 22 basis points only.

Many investors point out that the current market will continue to revolve around the financial situation of the countries 'peripheral' in the euro area, regardless of the next tenant of the Elysee. 

"We continue to believe that the first factor in the evolution of spreads will be the evolution of French spreads devices and macroeconomic prospects of the debt crisis in the eurozone" write economists and strategists from Barclays. "The elections will be a secondary factor behind Spain and Italy."

But for Robert Crossley, rates strategist at Citigroup, "the market seems serene, wrongly, on the prospect of victory in Holland. This victory is likely to result in a defeat on the economic front and market confidence "

." Mê ; myself skimming the election rhetoric, the hostility of Holland to the business world and his lack of experience in finance and bond markets begin to undermine the fragile market confidence, "he says

. He however advised to buy the debt of France to favor of widening spreads (yield spread with German debt, refer to the euro area) related to political uncertainties, this spacing to be temporary according to him. He suggests buying French bonds at 10 years and sell bonds or Austrian Belgian with the same maturity.

Meanwhile Sunday, the spread between the yield of the French loan to 10 years and its German equivalent has deviated 29 basis points (bps) since April 12, at 140 bps. The rate of the French loan to 10 years was him, stretched by 21 bps to 3.10%.

On the market very illiquid sovereign CDS, a sort of insurance policy against a default, the spread of the 5-year CDS of France rose from 177 to 210 points from 12 in April.

On the stock market, strategists advise to stay away from French values ​​facing their domestic market but to buy the CAC 40 index.

"The CAC 40 is not France," wrote Credit Suisse those that say that 66% of the turnover of the 40 companies in the benchmark index of the Paris Bourse are outside France, and 36% outside the euro area.

Sony's new boss Thursday drew the outlines of a recovery strategy includes 10,000 job cuts and a focus on mobile electronics and medical equipment, in hopes of re reconcile the group to profitability despite its difficulties in televisions.

Kazuo Hirai, who succeeded last month in Howard Stringer to the general direction of Sony, has doubled the forecast annual loss of the group to a record 4.9 billion euros and is faced with the daunting task of rehabilitating the brand, trailing Apple's U.S. and South Korea's Samsung Electronics. 

"We heard the many voices calling for change of investors," said Kazuo Hirai before a crowd of journalists gathered at Sony headquarters in Tokyo, not far from the first plant group, opened 65 years ago.

"Sony will change," he promised.

Sony, like its Japanese rivals Sharp and Panasonic, has suffered in recent years a decline in demand for televisions, fierce competition and competitiveness weighed down by the strong yen.

To bounce back, the Japanese manufacturer of consumer electronics said he wanted to strengthen its business in mobile phones, digital cameras and games, while seeking strategic investments in mate ; riel medical and batteries for electric vehicles. 

The group also confirmed press reports that he would eliminate about 10,000 jobs, or 6% of its global workforce, and provisionnerait a restructuring charge of approximately 75 billion yen (705 million) on the current fiscal year, ending March 31, 2013.

Sony also intends to reduce its costs by 60% and 30% fixed operating costs in televisions in 2013-2014.

"We can not shy away from tough choices," said Kazuo Hirai.

BET ON ENDOSCOPES … AND PORTABLE

By focusing particularly on medical equipment, which is booming, Sony aims for 2014-2015 a total turnover of 8,500 billion yen (80 billion) and operating margin of more than 5%.

The inventor of the Walkman and the PlayStation was one of the frontrunners to an alliance with the Olympus medical equipment manufacturer, which owns 70% of the global market for diagnostic endoscopes but whose finances have suffered from a large accounting fraud discovered last fall.

Sony sees endoscopes, it could enrich its imaging technologies, a growing market. He also said he was looking for partners to make batteries for electric vehicles.

"Expanding its presence in the medical field and electric vehicles is a good thing because these activities have better margins and these are areas where Japan has been proven," said Michael One (Beyond Asset Management).

But Sony has also promised to put smartphones in the heart of its turnaround strategy to triple its sales in mobile telephony to 1,800 billion yen over the next three fiscal years. Some analysts see an inconsistency.

"We do not understand exactly how they will adjust their activity in the electronics, nor how they will again create value," said Tetsuro Ii, president of Commons Asset Management.

Sony Ericsson has already bought full control of their mobile phone joint venture Sony Ericsson to strengthen its position in a market dominated by Apple and Samsung. He has since launched its first smartphone, the Xperia range, under the Sony brand.

Prior to these announcements, Sony has the action ended Thursday up 0.86% to 1,528 yen in Tokyo Stock Exchange.

The Group's market capitalization has shrunk by almost 20% over the last month. Samsung is now ten times and Apple – that some Sony executives were considering buying in the early 90 – thirty times.

Takeda Pharmaceutical announced Wednesday the purchase for $ 800 million (609 million) of URL Pharma, a U.S. laboratory specializing in the treatment of gout.

The first Japanese pharmaceutical company will provide further value based on future performance from 2015.

Japanese pharmacists are engaged in a flurry of overseas acquisitions, Takeda announced in the May 2011 takeover of Swiss laboratory Nycomed for € 9.6 billion.

URL Pharma achieved a turnover of about $ 600 million in 2011. Its main product is Colcrys, a drug for the treatment and prevention of gout.

Net sales Colcrys exceeded $ 430 million in 2011.

The countries pledged to reduce its public deficit to three points of GDP by 2012. To achieve this, the government announced tax increases and lower spending. The Spanish head of government right, Mariano Rajoy.

Brussels had requested an additional effort of 20 billion euros. Spain is best. The Spanish government on Friday approved its draft budget for 2012, which provides "over 27 billion euros' savings and new revenues, including through the wage freeze for civil servants and lower departmental budgets by 16.9% on average.

"We are facing an extreme situation," admitted the government spokesman Soraya Saenz de Santamaria after the Council of Ministers, and "our first obligation is to return to public accounts cleaned up", while the Spain pledged to cut the end of 2012 the government deficit, from 8.51% to 5.3% of GDP.  

Spain is the country with the least restated its fiscal 2011, the experts calculated at Credit Suisse. Its structural deficit (independent conditions) was reduced by 1 percentage point of GDP. A figure that is stain when compared to the effort in neighboring countries: more than 3 points in Portugal and almost 6 percentage points in Greece. To compensate for the delay in 2011, Spain had to work twice as hard. It's done. At least in part.

Most analysts expected the need for Spain to find about 50 billion euros between savings and new revenues, taking into account the recession, which should reduce the Spanish GDP by 1.7% this year. The rest of the effort must come from particular regions and municipalities, the fragile financial health since the bursting of the housing bubble in 2008.

Madrid, in any case, does not completely stifle the economy by embarking on a program of excessive rigor.

The return to a lower deficit will be "not achieved at any price," warned Soraya Saenz, stressing the need to "support those who need it most and does not block growth and job creation "In a country with record unemployment (22.85%). Thus, "we decided to keep the revaluation of pensions, freeze the salaries of civil servants rather than decrease, maintain unemployment benefits and social spending, including grants," she said. Similarly, "we will not raise VAT to not harm the consumer and the economic recovery, but we will increase the corporation tax for large companies."

Arnaud Lagardère, General Partner of Lagardère, has made further sales of shares of media group for a little over 1.7 million, after have recently sold for eight million shares.

According to advice published by the Financial Markets Authority (AMF), new assignments were made on 19 and 20 March for a total of 74,247 titles.

Arnaud Lagardère had already sold 346,653 shares between March 16 and 12, or 0.26% of the capital.

The group had indicated that these transactions were within the framework of the "unwinding of a financing package set up by BNP Paribas in 2004 to mark the settlement of the estate of his father and under the relevant contract. "

Salaries revved up on the Asian continent. In some Chinese provinces, the minimum wage is the same as in Romania. But China is really less competitive? A factory in China flat panel displays.

Competitiveness of Asia is it falling? The English-language newspapers and French launch debate, astonishing figures to support. The Wall Street Journal, remuneration ignite the entire Asian continent. In Thailand, the minimum wage should be increased by 40% in early April. In Indonesia, it has already increased by 20% in many areas in recent months. In China, wages have jumped 181% since 2004. In several parts of China, the minimum wage is now at the same level as Bulgaria and Romania, the newspaper Les Echos.

This surge in earnings, barely slowed by the crisis, he signs the end of the "low cost" in Asia? It is still too early to tell. Certainly, if one believes the economics textbooks, China and its neighbors will lose, with wage growth, competitive advantage in sectors intensive in labor, such as textiles and electronics. A phenomenon which should result in a second step, an upscale Asian.

Except that on the ground, it's not really what we observe, notes Francoise Lemoine, China economist at CEPII. In recent months, China's exports, for example, slowed less quickly than international trade. In other words, the weight of the Middle Kingdom in trade has rather strengthened over the recent period, although the announcement of a record trade deficit has cooled the market!

Moreover, China still has a structural advantage in competitiveness. Wages are only part of the story. We must also look productivity, says Francoise Lemoine. It increases by 10% per year. And foreign companies operating in China are careful not to let this figure decreasing through investments. Indeed, even if wages increase rapidly, especially in the eastern regions which provided further in 2009 nearly 90% of exports, their growth does not exceed that of productivity frankly. Ultimately, the competitiveness of China is still largely preserved.

Especially since the Middle Kingdom has another asset: its reservoir of manpower. China continues to move part of its production in the inland provinces, where wages are lower. Of course, Beijing began a decade ago a rebalancing policy, which should eventually lead to an increased weight of consumption over exports. But do not misinterpret this policy: China has not given up being an exporting nation, says Francoise Lemoine.

In fact, given its advantages, China may well remain very competitive for ten years. However, its scope for growth in the markets today is much lower than that of a decade ago, due to wage increases of course, but also because of the proliferation of protectionist measures, such as the segment solar panels. One statistic sums up the situation in China. Its share in world exports of manufactured goods reached 16%. But in the past, this level has always been a peak for the major exporting countries, whether the United States, Germany or Japan.

The debt-swap plan (ISP) must be completed Thursday night. Lack of agreement with private creditors, Greece risks bankruptcy. The agency Standard

Greece is entering a critical period. Its private creditors have until 2000 GMT Thursday to say whether or not they participate in the swap of debt (the famous PSI).

Why the looping of the PSI is it important?

The success of this operation is vital: through it, the slate of Greece (EUR 350 billion today) should be lowered by more than 100 billion euros. Specifically, private creditors must agree to waive 53.5% of the face value of Greek bonds they hold. They must also agree on a new Greek bonds, a longer maturity and bearing a lower interest rate. The PSI is also the condition for the EU and the IMF in the wake unlock a second credit line of € 130 billion to Greece, private market access. European aid plan that provides more than 60 billion euros in aid to banks, which at least 30 institutions only Greek. This massive support to banks, which aims to try to avoid the repetition of the 1929 crisis, however, is hotly disputed, both in the protests in Greece, as the former Argentine Finance Minister Roberto Lavagna, the main architect of his country's recovery after its bankruptcy a decade ago. All denounce the drastic sacrifices imposed on the Greek population in exchange for aid purely financial.

An agreement will he find?

Not sure, and that is what worries the markets. The Greek government is between 75 and 90% acceptance rate for private creditors. But the financial sacrifice is asked of them is important. Their participation in the exchange is likely to be lower than expected. Below 75%, the government has already announced that the project would be abandoned. Greece would be at risk of a default on March 20, when the country must repay a maturity of 14.4 billion euros. The Eurosceptics, like the British think tank Openeurope, opposed the entire plan of aid to Greece, for their part provide a default inevitable future of the country on the rest of its debt will weigh on the shoulders of taxpayers Europe. In the immediate future, the Institute of International Finance (IIF), which led the negotiations with banks on the side of the Greek government, drew a scenario Apocalypse if the PSI was not adopted at least 75%, in a confidential report was leaked to the press. The IIF has amounted to over EUR 1,000 billion cost for the international economy of uncontrolled bankruptcy of Greece in case of failure of the PSI. The report also refers to the ECB in difficulty, and the rapid contagion in Portugal, Italy, Spain.

Is there already private creditors in favor of PSI?

Yes. The heavyweights of European finance announced on Monday night agreed to participate in the deal: three German Allianz, Commerzbank, Deutsche Bank, the French Axa, BNP Paribas, CNP Assurances, the Dutch ING Bank, Italy's Intesa San Paolo The three Greek banks Alpha Bank, EFG Eurobank and National Bank of Greece (NBG) and the U.S. fund Greylock Capital Management. According to Bloomberg, the private creditors in favor of PSI represented 20% of total Greek debt by mid-day. We must now reach 50% in the shortest possible time. Indeed, from this threshold, special provisions allow the imposition, under certain conditions – restructuring to all creditors. In this case, the turnout would be at least 86% calculate the BNP Paribas' experts. Meanwhile Thursday, the Greek government shows its serenity betting on involvement "and substantial enough" to PSI, and repeating the recalcitrant creditors that there will be no better offer.