International Headlines and Stories

A day back in the middle of August. Nicolas Sarkozy will be in Paris today for lunch with François Fillon, then to meet with German Chancellor Angela Merkel, herself back from vacation.

At a time when the euro area is attacked, France and Germany are trying to show a united front and show their determination to end the crisis. The mini-summit will be devoted to devising solutions to improve the governance of the euro area, which concern failures in financial markets. Although not conclusive a priori – "do not expect anything spectacular," said a spokesman yesterday the German government – the meeting should enable the two leaders to lay the groundwork for the future.

Sensitivity of the issue Eurobonds will however not address, contrary to the hopes markets.Berlin's opposition to the creation of common obligations to countries in the euro area has long been known. The Merkel government has good reason to be against: issued in the name of all countries, eurobonds have an interest rate equal to the average rate in effect in all countries. It would therefore be higher than that which currently takes Berlin. Until now, France is merely to show little enthusiasm for these Eurobonds.

Yesterday, Paris is out of the woods to show his unity with his partner. "The Euro-bonds are not an adequate response today. Common issue bonds requires a degree of economic integration and budgetary countries that we have not met, "says one as president fast cash. Paris joins Berlin on another "nyet" to increase the capacity of the European Financial Stability Fund (EFSF), now with 440 billion euros."The level of funding is appropriate," they say at the Elysee.

Hours before his meeting with Angela Merkel, Nicolas Sarkozy has discussed with Francois Fillon and French public finances. Lead to disappointing growth, the government has no choice: even a few months before the elections, it must take further austerity measures. France, which is followed closely by the markets, absolutely must bring its deficit to 4.6% of GDP in 2012.

Niche in their sights

To achieve this, taking into account a sluggish economy, the figure of 10 billion euros of savings is often cited. But do not confirm Bercy. In the entourage of Valérie Pécresse, the budget minister, it says only that "these savings are the result of efforts on spending cuts and tax loopholes."Last week, he had urged his counterparts from the euro area to take all necessary measures, including the creation of Euro-bonds, to avoid disintegration of the single currency "that would be an economic catastrophe, including for the United Kingdom ".

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European stock exchanges succeed they continue their rebound started the day before? Nothing is less certain on Friday morning, when the index in Paris fell into the red immediately after opening up 0.17%. Ten minutes after the opening, the Paris index yields 1.59% to 3040.59 points. Frankfurt and London have opened in the red: the Dax yield 0.64% to 5760.41 points and the FTSE-100 lost 0.70% to 5126.81 points.

Thursday, ACC closed up 2.59% to 3089.66 points, after falling in mid-session. The day before, he had plunged more than 5%.The same volatility dominates in Frankfurt the Dax closed Thursday up 3.28% and in London where the FTSE-100 index gained 3.11%.

Investors should prove once again nervous at the end of a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during trading Thursday before returning to the colors. Investors were reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area. In addition, U.S. markets were supported by two good indicators of the jobless and real estate. Wall Street has ended sharply higher: the Dow Jones has gained 4% and the Nasdaq 4.69%.

Despite the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values. Still, banking stocks are still abused in the image of BNP Paribas, which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale and Credit Agricole.

No growth in the second quarter

On the macroeconomic front, INSEE reported this morning from zero growth in the second quarter in France (0 saving account payday loan.0%), against an increase of 0.9% in the first quarter. Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Oil is, meanwhile, resumed its decline in trade in Asia, having recovered Thursday in the United States.In morning trading, a barrel of "light sweet crude" lost 47 cents to 85.25 dollars and that of Brent North Sea fell by 57 cents to 107.45 dollars.

Other values ​​to follow, Carrefour pulls out of the game: the title ahead of 3.32% to 18.53 euros. U.S. giant Wal-Mart have mandated UBS to investigate the acquisition of the Brazilian subsidiary of French retailer, according to Reuters, citing a source familiar with the matter.

Goldman Sachs lowered its recommendation on Lafarge (-0.62% to 28,835 euros) and withdrew the title from its list of recommended values ​​in priority to the purchase.The intermediary has instead built his list to Saint-Gobain (0.55% to 32.975 euros) and Vinci (-0.30% to 34.36 euros).

Europacorp (0.63% to 3.22 euros), the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline its turnover in the first quarter.

Derichebourg (-1.05% to 3.489 euros) Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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The French plébiscitent increasing the "Made in France" and it has not escaped the business. A craze that falls well: rising transportation costs and wage inflation from 15% to 20% in some coastal factories in China are converging today to encourage repatriation of some production lines to France and Europe. But if some companies are beginning to consider such a policy change, few are still those who skip it.

"There is clearly more interesting now than to relocate whole or in part," says Jean-Luc Fonteneau, a partner in the consulting firm Diagma logistics. "But do not mistake: these factors on their own are not sufficient to stimulate a significant movement of relocations. For now, our customers are content to talk about it.The cost differential is still largely in favor of Asia, "said he.

Geneviève Lethu, Rossignol, Decathlon or Meccano, who chose to relocate all or part of their production in recent years, rather figures are therefore exceptions. Geneviève Lethu for example, production costs remain two to three times higher in France than in Southeast Asia, says Edmond Kassapian, its CEO. The company has nevertheless chosen to relocation, mainly to improve the quality of its products.

In this context, the rise in commodity prices and wage inflation in recent months weigh little. "In textiles, for example, transportation is only 5% to 10% of the production cost of an item.As for wage increases, even if the percentages are impressive, they represent less than 3% of payroll French, "Jean-Luc Fonteneau calculated. Some companies also try to compensate by shifting their production to Vietnam …, the consultant observed.

Automation

The figures confirm this analysis. According to a recent study by two economists at the University of Poitiers, Liliane Bonnal Olivier Bouba-Olga and the relocations to France remain marginal effect cash advance now. Based on data reported by the Centre for Investment in 2008 and 2009, economists have identified all the operations of investment and divestment activity in France. Relocations represent only 0.3% of these operations, 24 cases in two years.In total, they recorded a relocation to six relocations, and a job created for 30 jobs lost because of offshoring. "Only 500 jobs were created in two years because of relocations," says Olivier Bouba-Olga.

Because they "do not result in any case not by major job creation," said El Mouhoub Mouhoud, an economist at Paris Dauphine University and author of "Globalization and offshoring of business" by Editions la Découverte. In most cases, they are indeed driven by companies that have chosen to automate their production. "So that the jobs lost in Southeast Asia and elsewhere are almost never compensated in France," the judge economist.

The marginal nature of the relocation is also reflected in the lack of excitement generated by government schemes to encourage them."The tax credit for relocating business established in 2007 has hardly ever been used," says El Mouhoub Mouhoud. As for the relocation bonus, with a budget of 200 million euros and announced with great fanfare in the aftermath of the States General of Industry, it is simply more. "The premium has been recast in within a broader, that of using the re-industrialization," says one to the Ministry of Industry. The latter has only 20 million euros. If "the world's factory" that is China is losing some ground, France did for the moment that gets a few scraps.

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The 3700 points in the viewfinder will be investors in the Paris Stock Exchange on Wednesday. Yesterday, the Paris has managed to recover, ending on a rise of 1.21% to 3694 points. Operators should be encouraged by the good performance of U.S. markets, driven by advances in parliamentary negotiations in the United States for raising the ceiling on the debt. President Barack Obama for the first time reported "progress" in this debate, adding that the new Senate plan, presented Tuesday, was "consistent" in its approach. The Chairman stressed however that "not much time" before the deadline of August 2 to avoid a default. Wall Street was also good indicators for rasurée and industrial results better than expected.Asian markets were also sending positive signals this morning.

Time, however, should still be prudent on the eve of a crucial European summit for the future of the euro area. The heads of state are to meet Thursday in Brussels to discuss the bailout of Greece. Several proposals for involving the private sector are on the table.

In addition to this news, investors will learn in sales of existing homes and oil stocks in the United States. On the currency side, the euro is still down slightly against the greenback at 1.4139 dollar.Oil is, him up: a barrel of "light sweet crude" for delivery in August takes 80 cents to 98.30 dollars and that of Brent North Sea crude for September delivery gained 69 cents to 117.75 dollars .

Values ​​to follow

Havas

The advertising group has announced the acquisition of a majority stake in the Australian Host, the first independent agency of the country, for an undisclosed sum.

Saffron

Tuesday the group received the green light from Washington for the purchase of American specialist of biometrics L-1 Identity Solutions. The agreement was announced last September for $ 1.1 billion in cash.

Laurent-Perrier

The group announced Wednesday an increase of 11.5% of its turnover in the first quarter thanks to a mix effect prices soaring and exports still strong.

Accor

The group was optimistic Tuesday in announcing an acceleration of organic growth in the second quarter due to increased occupancy rates and the gradual recovery of prices.

ADP

The group announced a 4.6% increase in passenger traffic at its airports in June, driven by growth across all trajectories with the exception of Africa and the Middle East.

PPR

Fnac, a subsidiary of luxury group, unveiled Tuesday a five-year strategic plan, called "Fnac 2015", which should enable it to boost sales after a disappointing performance.

EADS

Boeing, seeking to rescue a potentially very large contract with American Airlines, has offered to install a new engine on the current 737, while the airline is still considering a generous offer to Airbus. Moreover, the French military shipbuilder DCNS said Wednesday negotiate with the German Atlas Electronik the creation of a joint venture between their respective activities of underwater weapons, confirming a report in Les Echos. Atlas Elektronik is owned by EADS and ThyssenKrupp.

Biomerieux

The group announced the acquisition of French company Argene Molecular Biology and confirmed the objective of growth of its business year after an increase of 3.5% of its turnover in the first half of 2011.

Sanofi-Aventis

The Canadian Valeant Pharmaceuticals announced yesterday the signing of an agreement to buy the French laboratory marketing rights and distribution in Canada of a cream against osteoarthritis.

Manitou

The group raised its forecast Tuesday for 2011 after signing up 45% of its turnover in the first half despite the continuing difficulties of supply.

Always on the side of publications, sales of the first quarter of Alstom and the second quarter of Medica are expected before the market opens.After market, Unibail will present its second quarter results and Ubisoft will announce its earnings for the first quarter 2011-2012.

Today, Genevieve Lethu almost a pioneer. It's been almost ten years since the specialist tableware decided to repatriate most of its production in France. The group did not wait for the rising costs of transportation and wage inflation that affects a part of Asia to relocate its production in France and Europe. While 40% are still manufactured in Southeast Asia in 2002, this proportion has now dropped to 9%. Aim of the operation to improve the quality of its products.

According to Edmond Kassapian CEO Genevieve Lethu and origin of this strategy, the manufacturing conditions in emerging markets were no longer satisfactory. "We see a lot of flaws too: for example, the colors were sometimes not good.Moreover, China does not always meet the hygiene standards required by the manufacture of kitchen utensils, "said he. Three or four people were paid full-time, just for the after sales service. Manufacturing defects that the company, positioned on a medium-high-end, could not pass up. With a significant portion of its customers for export, being a French brand was not selling enough. "Our customers are demanding products made in France, not South-East Asia," said Edmond Kassapian.

Especially these failures were added to other problems. "Our own suppliers copied our collections to sell at lower prices," recalls the CEO. Occur in Asia also means longer production lead times, which complicate inventory management.In addition to transport by ship, which takes about two months, the status of "world factory" in China in some areas it is a work organization to lean. In this context, start or restart a production cycle requires a waiting period of up to six to eight months.

Model difficult to transpose

By bringing back most of its production in France, Geveniève Lethu won as responsiveness and quality. But this shedding was not built without problems. "Finding plants in France and Europe that can ensure our production has not been an easy task. Invest in tools, machinery was necessary. The repatriation was ultimately effective only from 2004-2005, "said Edmond Kassapian.Despite the cost of transportation and the "huge mess" deplored by the specialist tableware of its products made in China, produced in France is generally two to three times more expensive.

Why the model Genevieve Lethu is not easily transferable. "Some activities simply can not be relocated. Products requiring significant labor to manufacture or those who stand out from the competition will cost products in Asian countries. Our relocation was only possible because we are positioning ourselves in the middle and high end because the argument made in France for us was a selling point, "Edmond analysis Kassapian.

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The U.S. Treasury Secretary Timothy Geithner has sought reassurance on Sunday, while negotiations stretch again about raising the ceiling of U.S. debt: "The U.S. will not default, he repeated . There is no way to give more time in Congress. Leaders of major parties understand this. "

The aim of these negotiations is twofold: first to raise the ceiling of U.S. debt authorized, currently set at 14,300 billion and achieved since mid-May Without agreement on this point, the Treasury warned that the United States would find themselves in default of payment on 2 August. A scenario unique to cause global bond market crash.In an interview Sunday at the program "This Week", the new general director of the IMF, Christine Lagarde, has also warned the U.S. against the "truly deplorable consequences" of such a scenario for country and the world.

Elected officials must also agree on a comprehensive plan of savings, without which Democrats as Republicans admit that the U.S. debt would be difficult to sustain over time. An aging population should lead to higher mechanical effect of public debt, charged in the future by heavier spending on health and higher costs related to the pension system. However, the U.S. national debt has already reached the summits, looked with suspicion by the rating agencies.

Budget cuts

But elected officials have reviewed this weekend to lower their ambitions.The Republican chairman of the House of Representatives of the United States, John Boehner, said Saturday that he would not agree on the broad deficit-reduction plan advocated by Barack Obama. Instead of four trillion dollars in savings over ten years requested by the President of the United States and considered necessary by the rating agencies, is now on a more narrow the range of 2000-3000000000000 dollars, to be negotiated between the elected officials, said John Boehner guaranteed pay day loans.

"Despite good faith efforts to find a common base, the White House will not consent to a broader agreement on reducing the debt without raising taxes. So I think that the best approach might be to focus on a smaller, "said the Republican.

Electoral concerns

After days of deadlock, negotiations had yet appeared to unravel Thursday, after Obama met with leaders of both major parties in Congress. In granting budget cuts for health and social security, so far regarded as untouchable by the Democrats, Barack Obama has paved the way for an agreement that he would like "historic".

In return, the president was calling for concessions from the Republicans on the taxation of the rich. "We can not ask the middle class and senior citizens to bear alone the brunt of budget cuts, held Saturday, spokesman for the White House. Are also the richest pay their fair share, and we believe that Americans agree on this point. "

For their part, Republicans are reluctant to vote for one trillion tax increases that Barack Obama is calling for. In general, Republicans as Democrats are concerned that measures spending cuts or tax increases adopted in the savings plan does not cost them the next election.

Barack Obama would meet again in the early evening the leaders of the House of Representatives, where Republicans are the majority, and Senate. The White House said in the wake of the announcement of John Boehner she still hoped to get him back on his positions.

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"We all costs to avoid dispersion." This is how the head of state has summarized, in the fourth press conference since the start of his five-year, the method used for 18 months in the allocation of the general loan. Devoted to investment for the future, the meeting with journalists was an opportunity to the President of the Republic to take stock of its economic policy, and investment for the future that the arbitration had been made public December 14, 2009.

Eighteen months after the launch of the programs, 1.7 billion were directed to higher education and research, € 2.85 billion has been committed to industry and SMEs, 1.64 billion for sustainable development and 610 million for digital.Among the priority sectors, Nicolas Sarkozy also stressed the importance of health, with 2.4 billion euros allocated directly to the sector, accompanied by one billion euros to peripheral actions.

"It is essential that we have a world center of research against cancer," hammered the president on this point, stressing the danger of the fragmentation of research. The Head of State has also asked the government to "think" and "make suggestions" on the funding of an Institute University Hospital (IHU) focused on cancer. And for good reason: the six projects selected under the IHU of the call for projects large loan, financed to the tune of 850 million euros, none is focused on cancer.This has been the subject of much criticism, since this disease is the subject of a "Plan Cancer" initiated by the multi-year Department of Labor from 2009 until 2013, with the aim to unify, coordinate and accelerate research.

Finally, the President refused to ignore the nuclear, confirming that a billion would be allocated "to the nuclear program of the future", including the fourth generation. "There is no alternative to nuclear power today," he thought, pledging 1.35 billion investment in renewable energy.

Annual evaluation of projects

In total, about 35 billion euros announced in late 2009, about 13 billion has already been committed. By the end of the year, the Elysee hopes that two-thirds of the loan, or twenty billion, are effectively injected into the economy."France has never made such an effort in the service of investment," supported the president, noting that the successful projects were selected by international juries, very selective. The Head of State welcomed the enthusiasm shown by researchers and entrepreneurs, with over 1,500 projects submitted in 18 months.

Beyond the list of investments, Nicolas Sarkozy has strongly emphasized the leverage of the device waited, hoping that the 35 billion euros invested become "60-65000000000 through co-financing companies and local communities. "

Meanwhile measure the effectiveness of this leverage, the Head of State is committed to achieving an annual public review of the general loan disbursement, as well as "projects that have won awards and their results ".These results will be a press conference and a meeting of Parliament, Nicolas Sarkozy promised further. An evaluation he described as "normal" given the extraordinary in every project.

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Co-leader of drones, unmanned aircraft, with the United States, Israel has come into force at the Paris Air Show. Under the leadership of "Israel Export & International Cooperation Institute" and the commercial department of the Israeli Embassy in Paris, fifteen companies representing the flagship of the aerospace industry, display their latest creations. By visiting the house of Israel, visitors can "touch" the latest innovations.

Among them, a strange machine to look worthy of Star Wars called AirMule. Urban Aeronautics presents a model of the UAV helicopter whose rotor is not visible because housed in the body of the device. AirMule has already made several test flights. It is intended to convey the property or to perform medical evacuations in theaters of operation in urban environments or in complex natural sites difficult to access.Its specifications in fact enable it to obtain dual certification (civil and military). It concerns the Israeli Ministry of Defense and NATO.

Another original concept developed by Aeronautics Defense Systems, the transformation of a civilian aircraft into existing UAV MALE (Medium Altitude Long Endurance). "UAVs often have reliability problems because of their platform that can also be certified to fit into the civil air traffic," said a company representative. Aeronautics Defense Systems has decided to work from an Australian aircraft, the Diamond DA 42, the cell tested. And he turned into MALE UAV called Dominator.The company that specializes in unmanned air, land and sea, began production in February Dominator.

Partnership with EADS and Thales

Israel is a major player in the defense market with a global market share estimated at 7 payday loans.5%. In 2010, according to the Israeli Ministry of Defense, the export sales of armaments have reached $ 10 billion, twice more than in 2008. The industry occupies 150 companies whose leaders are the group Rafael, Elbit and IAI, which employ some 44,000 employees. Israel has often been a pioneer in the field of defense. His army was the first to use drones, manned aircraft from the ground station, on a massive scale in 1982 in the Bekaa Valley during the war in Lebanon.

These leading companies have, for years the card partnerships with U.S. and European manufacturers.The group thus provides the platform IAI Heron which is the basis for the Snowy, the MALE UAV militarized by EADS, which is used by the French Air Force in Afghanistan. In Britain, Thales has set up a joint venture with Elbit group to make the platform's tactical UAV Wachtkeeper which has a technology transfer platform Hermes 450. Wachtkeeper was developed for the British Army who ordered 60 copies. It will enter service in late 2011.

In all, Israel has developed a range of UAVs double duty (civilian and military) that goes from the micro-craft to the general observation drone high altitude long endurance (HALE).The fleet in service on five continents has accumulated 700,000 hours of flight, a world record.

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Unsurprisingly, Georges Tron, accused of sexual assault by two former employees, resigned Sunday as Secretary of State for Public Service, announced earlier this afternoon in a statement the Prime Minister François Fillon who said "take note" of this decision. According to the Elysee is Baroin, minister of Budget and Appropriate Minister Georges Tron, who resumes his duties. A decision that provides the Elysee Palace to make a slight adjustment.

This decision was awaited. In the morning, Le Journal du Dimanche had reported that the resignation of Secretary of State would intervene in the day. According to the weekly, the decision was taken Saturday.It is François Fillon person who would be responsible for prescribing the manner of his departure.

He defends himself in his letter of resignation

"As a private citizen, I will make a personal matter to recognize my innocence while fighting the charges of vindictive two former employees, one was fired for embezzling public funds entrusted to him and the other resigned because of conduct unbecoming, "said Georges Tron in his resignation letter that was provided Lexpress.fr.

"Anyway, the press campaign that they have caused – before any intervention of the judiciary – has received such coverage in the media, that our citizens can consider myself as guilty before my rights have been begin to be implemented: think, Mr. President of the Republic, I have not even informed me that the complaint is, the procedure does not provide (presumably because it does not the public trial that I did), "said the now former Secretary of State for Public Service.

Alain Juppe pushes him towards the exit

In the columns of Le Parisien on Saturday, Georges Tron still seemed to want to believe. "I do not want to be annoying," he noted, while ensuring they do not feel "under siege". "I am extraordinarily serene," he explained in everyday life.Saturday afternoon, his lawyer indicated he would resign if the Head of State or Prime Minister asking him.

But on Sunday, the deal seemed to have changed. Alain Juppe including implicitly invited the secretary of state to resign, saying the government members must be "above reproach". "For now, he is presumed innocent," said Minister of Foreign Affairs on Canal +. "The rest is a matter of personal ethics. I have no lessons to give, but there are moments where he must learn to take responsibility themselves, "he said.

Secretary of State for Public Service is currently the target of complaints from two former employees of Municipal Common Draveil (Essonne), where he is mayor. The prosecution of Evry has given the police a preliminary investigation for sexual assault and rape.The two women have long been heard Thursday by the investigators, who have provided a list of witnesses, mostly city employees, may corroborate their versions.

A third complainant?

Sunday, JDD reveals that a third alleged victim would have emerged and should be heard in the week by investigators. He is a commissioner Draveil moved "on demand" by Georges Tron earlier this year. If we do not know yet the details of this story, a union officer told the weekly that the Secretary of State "was hard on her (the woman) for months. (…) I do not know exactly what happened between them, but I know she has lived all this very badly, "he said.

The lawyer Georges Tron, Mr. Olivier Schnerb, denounced Sunday the "media manipulation which has been subjected.""It is presented in the media as a culprit condemned already" while his two accusers' delight to show on television, "he said. "The defense of Georges Tron has not yet begun.

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Result surprise among the barometer Actineo / TNS Sofres on quality of life in the office made in April 2011 *. Certainly the interests of labor (53% of employees of which 63% of executives) is always ahead but the quality of life was cited by 38% of respondents followed by the level of pay (37%). The layout of offices and premises of their business has an impact "important" on their effectiveness (for 80% of them) and motivation (72%). A majority, 59% feel "somewhat satisfied" with their quality of life during their occupation. But behind these overall figures, there are considerable differences in the type of office attended, gender or family of the situtation.

Employees who attach more importance to the quality of work life are those who live alone: ​​49% against 38% on average.The women also admit to further pay attention: they are 45% to make this point against 38% on average across all respondents.

Alain d'Iribarne, CNRS Research Director and Chairman of Scientific Actineo, explains that this difference in response reflects the growing porosity between work life and personal life. "The problem is that this happens outside the workplace, the employer there is not too familiar" he says.

Define a function for each space

The barometer also highlights disparities depending on the office in which employees work. For 90% of employees have an individual office, the quality of work life is good. This figure drops to 63% for those who work in an office landscape (open space).The concentration is more easily known example in private office in the office landscape (the gap between the views of each other then 32 points). Alain d'Iribarne stresses the need for specialized areas of work: some supporting "the intimate relationship" and the other the "pooling".

In all cases, the quality of relationships with colleagues is seen as contributing most (84% of respondents) the quality of work life. The working space available to place second with 48% rating.

* The survey was conducted among a sample of 547 employees working in an office, from a nationally representative sample of 4000 people. Interviews face to face interviews were conducted between 1 and April 19.