These are the first quarterly figures for Mariano Rajoy, and they mark new records. 24.44% of the Spanish working population is unemployed, according to the survey of the National Statistics Institute (INE), the most comprehensive report on the subject. To find such a high percentage, we must go back to 1994. As for the number of unemployed, 5,639,500, it is unprecedented.

The detailed figures are even more dramatic. Youth unemployment has surpassed the psychological half: 52.01% of those under age 25 seeking employment. More than 1, 7 million households survive without one family member has a job. A disturbing figure, in a country where family solidarity is one of the few buoys that are still resisting the crisis.

Degradation of S & P

The increase in the unemployment rate from 22.85 to 24.44% coincides with the entry into force on 12 February, the reform of labor law prepared by the Conservative government. A set of measures that flexibilisent working conditions facilitating dismissals on behalf of … the fight against unemployment.

The deteriorating labor market could lead to further abuses. "Having one in four unemployed will increase our deficit and debt," warns Alberto Pastor, professor of economics at IESE Business School. And conversely, "the achievement of deficit targets necessarily require additional austerity measures likely to deepen the recession and therefore further deteriorate the labor market," says Jesús Castillo, Natixis. A downward spiral.

Standard & Poor's, meanwhile, did not wait for the unemployment figures to punish Spain. By Thursday evening, the agency lowered its rating two notches, from A to BBB +. A decision justified by three reasons: the economic downturn, the difficulties in reducing deficits and fears about the fragility of Spanish banks.

For despite a process of concentration and recapitalization, financial sector remains a concern. Most Spanish economists exclude the possibility of a global rescue plan. They did not rule on the other hand a refinance outside banks. "Some will be forced to appeal to European funds," and believes Santiago Nino Becerra know, professor of economics at the Ramon Llull University in Barcelona.

On Wednesday, the Minister of Economy, Luis de Guindos, admitted that Spain was "perhaps one of the hardest moments for its economy." The government does provide an out of recession next year, a return to growth in 2014 and the balance of public accounts in 2016.

The Italian Treasury has borrowed this Friday 5.95 billion euros in the medium and long term testing at an auction. The operation went well. Borrowing costs are still rising at 5.84% to 4.86% and ten years to five years, but the offer has been fully covered. "The numbers are correct. At least, there is no bad news, "said Michael Leister, rate strategist for DZ Bank. Borrowing costs in Italy have averaged 5.61% since the beginning of the year.

Secondary market, the yield spread between ten-year Italian paper and paper German reference widened by only one point e basis, to 4.08%.

ALSO READ:

"The crisis in Spain repels immigrants

"Spain – areas under surveillance

"Choose well, choose Goal!" The old slogan of the number three of the furniture it always goes well. The company creates envy and indeed could, as revealed yesterday, Les Echos, soon change hands.

Reportedly, no less than five French investment funds have indeed shown interest in the brand of furniture from the current owners, Goldman Sachs and Colony Capital funds and OpCapita (former Merchant Equity Partners). Paragraph (Auchan group) looked at the file, but refrained. The name of the Austrian Lutz teaches that attempts since 2008 to enter France, is also advanced.

Officially, however, the group is not for sale. "No process was launched. Goldman Sachs and Colony Capital, which each hold 48.5% stake in Aim, rather sought a refinancing solution, "says a source close to the two actors, who adds:" They received expressions of interest, among others of Axa Private Equity and PAI, but they will refuse the offers if they are insufficient. "

Develop and design the kitchen

The three shareholders hope to sell Aim for 450 or 500 million euros, valuing the company at about six times its Ebitda (80 million euros in 2011). This is less than what was paid for Conforama Steinhoff – nearly seven times Ebitda – but the amount is close to that that the three had paid Kesa (Darty parent) in March 2008, ie 550 million euros.

Under the leadership of a new CEO, Regis Schultz Purpose managed to change course. The brand is losing its image with cheesy a thorough review of its range. More modern, but also more focused on the shelves carriers, such as decorating and cooking business card. And especially to lower prices, more in line with those of its competitors, thanks to tremendous work on own brands and supplies. Particular aim was to ally Cafom (Habitat-unique.com sale …) and joined the Central Purchasing SELECTIS to buy at cheaper prices.

The fleet of approximately 200 stores, almost unchanged for three years, was renovated. Purpose and City, a store designed for smaller and larger cities where the supply of appliances is only available on the terminals, was born in late 2010.

A nice improvement

The efforts are paying. Last year, sales grew 4.2 Goal% (LFL), reaching 1.8 billion euros. The company gained market share for the third consecutive year, from 9.2% in 2008 to 10.3%, despite the loss of eight franchised stores. But Goal acquired almost as many (five) since the beginning of the year, thanks to 200 million euros released by the sale of the walls of twenty-five stores last November. An operation orchestrated by Colony Capital, as he did at Buffalo Grill and encouraged at Accor. "Certainly, Goal has almost no debt and the bride looks very nice. But, with higher rents, its profitability will be even more difficult, "says one industry expert. Especially since prospects are rather gloomy furniture. In 2011, the market had grown by only 1.5%. "Goal should instead focus a competitor, French or European, who can achieve economies of scale in procurement," says this source.

ALSO READ:

"Retailers are catching up in e-commerce

Training remains a major challenge for companies. Especially in times of crisis, where the imperatives of productivity and internationalization require the DGs and their HR managers to work on climbing skills of their teams. Which levers businesses support each day to ensure the professionalism of their staff, how do they organize relations and the division of labor between HR and business managers? This is the theme of the fourth edition of Panorama conducted by HR consulting firm BearingPoint strategy, in partnership with Le Figaro economy, Sciences Po and Ipsos

When asked "why professionalize?", HR departments respond to 43% it is necessary to "secure certain profiles and some skills" and are 35% to emphasize the obligation "to achieve gains productivity "and 30% emphasized the" major alterations "suffered by some functions. "The HRD also mention the direct benefits of this professionalization for employees, is Olivier Parent du Chatelet, a partner with BearingPoint. Valuing employees is cited by 25% of HR and development of mobility by 62%. "

Concretely how firms organize the professionalization they? "The steps of professionalization rest today on a triptych: the training path, career paths and managing a business that includes the GPEC and animation business sectors", the authors of the study.

Several levers

In detail, the Panorama HR BearingPoint emphasizes development over the past fifteen years of corporate universities, the rise of business management, although it remains to this day the "poor relation approaches deployed" , while the definition of career paths is identified by only 40% of HR as a lever for action. "However, the involvement of businesses is a key appears in the definition of career paths. Today they are virtually absent from development approaches: only 19% of the sponsoring business managers, 13% fly them, "says the study.

Another weak link of political professionalization, their low integration. "Most often, different organizational structures are the individual career management and mobility, collective management skills and training, or facilitation of business networks, said Olivier Parent du Chatelet. Split between different levels of HR and business managers or business, they manage their policies and processes without real connection. "This undermines their effectiveness.

One of the recommendations of BearingPoint is also to integrate all of these courses offer a comprehensive HR, "at a crossroads between training, career management and planning of jobs and skills." These policies should also start thinking in terms of generalization, involving both business managers and HR, with a real efficiency target business, competitiveness and employee retention.

ALSO READ:

"E-learning is giving way in Europe

"The web edge in the new Masters 2012

SERVICE:

"Find your training Kelformation

"Job offers in France and abroad with Cadremploi

FOLLOW THE INSTRUCTIONS ON FIGARO:

"Twitter: @ LeFigaro_Emploi

Nicolas Sarkozy wants to extend to "large local governments" the principle of non-replacement of retiring in two applied to the public. According to him, modulate state grants would be "very healthy" to encourage savings.

"We will extend" the policy of non-replacement of staff on two "large to local authorities, who have quite the ability to make the same effort as the state," said the president-candidate in an interview broadcast Tuesday on the magazine's website Actors public.

"This is a very important issue: since 2007, local authorities have created 100,000 jobs, while the state removed 160,000", he said.

Nicolas Sarkozy, however, did not specify which communities that would be affected. Communities that employ the most staff are the major cities, regions and departments.

"The larger communities, which represent two thirds of local expenditures, must make the same effort that the state and they have the opportunity to reorganize, to be more efficient in their ways," Nicolas Sarkozy has insisted.

Unlike products that are struggling to attract equity investors, Stone devotes its safe haven status. If the majority of investors to prefer unfurnished apartment, either in the new with the Scellier or to renovate the former, others opt for furnished rentals, deemed combine flexibility and profitability cash advance loan. As such, residential services have a large supply of products apparently attractive.

Apartment in Dijon offered by Adagio to a business clientele. Photo credits: Adagio

We knew the fabric of SMEs insufficient in France. Comparisons with the German model, its "large SMEs' innovative and exporting family, were hardly flattering. But the new method adopted by INSEE to classify firms by size is even better in this light French weakness. The definition of the company formalized the end of 2008 no longer regarded as subsidiary companies of its own: it links them to the group they belong. In a study published on Tuesday, INSEE describes the corporate landscape of hexagonal resulting from this change. Conclusion: "The production base is much more concentrated than it seemed."

The breakdown by company size – large companies, medium-sized companies (ETI), SMEs and microenterprises – is turned upside down. In 2009, France had 2.7 million and entities (excluding agriculture and financial sector). Under the old way of counting, only a hundred of them exceeded the threshold of 5,000 employees that large companies. With the new definition and the inclusion of the concept of group, they spend a little over 200.

So, they employ 28% of employees, which is double what was the scope of large enterprises in the previous definition fast payday loan. They carry 33% of the value added (or 17% of GDP, also double the valuation date chosen) and account for half of exports. Similarly, with this new definition, the share of large enterprises in research and development expenses increased from less than 40% to 60%.

SMEs overrated

"Symmetrically, the weight of the other three categories of firms is less important," said INSEE. It is SMEs whose share "decreases the most." For nearly half of these companies with 10 to 249 employees are subsidiaries of a group or a larger enterprise.

Another lesson of the study, the weight of each sector is modified for the benefit of the industry, as the subsidiaries making or supporting business functions, previously classified in the service sector, are reinstated. The industrial workforce is located in "reinflated" by more than 2 points, representing 27.5% of total employees.

ALSO READ:

"How to boost SMEs?

"These successful industrial companies in France

So far, Francois Hollande was very talkative on controlling public spending. To prove his seriousness in budgetary matters, the PS argued the EUR 49 billion of tax increases planned – both graded increases to fund new measures and to reduce the public deficit to 3% in 2013. Change in tone Thursday on France 2. The Socialist candidate was more explicit result: the return to balance accounts in 2017 will also "by 50 billion savings on public spending," he said, highlighting a point that appears from the origin, but discreetly, in its program.

In fact, in a country where public expenditure accounts for 56.6% of GDP, while fiscal consolidation achieved through an action on the charges. Except as we stay in France. Unlike the choices made in the UK and measures imposed in Portugal or Greece, or Francois Hollande nor Nicolas Sarkozy proposed to actually reduce government spending, that is to say, the return of 100 euros a year to 95 next year. The two main candidates simply promise to slow the rise.

From 1978 to 2008, public spending grew on average by 2.6% per year, plus inflation. "We will limit their increases to 1% per year," said Francois Hollande. Right, this government promised in Brussels an increase of 0.4% per year until 2016. Then where are the savings put forward by both sides? This is actually a smaller increase in expenses, compared to their natural tendency (which is explained by the increase in salaries of civil servants, the increase in health spending, the rising number of retirees, etc.. ). This is supposed to be parallel to that of GDP. Example project with Holland. Without special measures, the approximately 1 trillion of government spending should increase as the national wealth (1.7% per year initially, 2.25% at the end, according to forecasts of the candidate). An average increase of about 2% per year during the future five-year-around 20 billion euros each year. The PS wants to limit their growth to 1% per year. The economy compared to the natural drift is 10 billion per year and $ 50 billion in the five year term. The weight of public expenditure in GDP would decline to 53.9% while in 2017 the government is 52.8% in 2016. In both cases, the action will inevitably unpopular.

Divisive options

Social benefits-health costs, pensions, family allowances or unemployment … – indeed absorb 45% of public expenditure. Just to bring growth in public spending to 0.7% in 2011, the current government had to reform pensions, act on Medicare and not to replace staff on two retiring.

Thursday, Francois Hollande suggested avenues for savings: lower prices and consumption of drugs, focus on health prevention, cuts in aid to enterprises, decentralization. Displaying its objective of stabilizing the size of the public, he admitted that there would be job cuts in all departments except Education, Justice and Home Affairs. "The salary policy will be serious," said Michel Sapin, program officer of the applicant, being careful not to promise any pay rise. And state transfers to local (one hundred billion a year) "will not progress." Not to mention that if economic growth is not at the rendezvous, the scheme collapses. Michel Sapin no plans yet not to intensify efforts in this case: "A real spending cuts could destabilize the economy," he retorts.

Advocating a greater effort, Nicolas Sarkozy announced the continuation of "one in two." The UMP also wants to cut $ 2 billion per year transfers to communities. Magnitude of the cuts, selected sectors: these options are politically divisive. But in a camp like in the other, the information disclosed so far are not enough.

ALSO READ:

"20 ways to reduce public expenditure

"The earlier measures valued at 20 billion a year

Axa will grow in non-life insurance in Asia. The French group is about to get their hands on some of the activities of the Sino-British HSBC. The Ace Group and Zurich Australian QBE were also in the race. The announcement of the transaction could, according to a source familiar with the matter, taken as soon as next week, as reported by several Chinese newspapers. At the headquarters of Axa, there was no comment Tuesday.

HSBC hoped to sell all of its activities damage valued around 750 million euros to 1 billion of net premiums collected in 2011. But the British would have resolved to give the geographical batch. And it is on Asia, the birthplace of the banking group, Axa would concentrate.

If it ends, the operation would be part of the new strategic plan for 2015 Axa. This project includes the objectives of growth, cost reduction and redeployment of capital to business lines and countries most profitable. Axa has recently withdrawn and certain activities in developed economies, by disposing of assets in Canada and Great Britain.

The group tries to conquer China for several years. He began a partnership in China in late 2010, ICBC (Industrial and Commercial Bank of China), the country's largest bank. ICBC had entered the capital of the joint venture specializing in life insurance with Axa had founded the China Metallurgical Group Minmetal and was committed to a distribution agreement. HSBC had begun the sale of its non-life insurance in September.

ALSO READ:

"Axa is an ally to conquer the Chinese market

The liquidation of the company SeaFrance Channel whets the appetites of competing operators. The subsidiary of SNCF had indeed a great market share and operating three of the ten vessels that supplied the Calais-Dover.

Now provides a new ferry crossing. Friday, the "Norman Spirit", which can carry 710 cars and 1,100 passengers, has completed its first run between Calais and Dover. It is chartered by the consortium Louis-Dreyfus Armateurs (LDA)-DFDS. The financing package for the joint venture "is not yet completed and may change," said LDA.

Initially, the "Norman Spirit" had strengthened the Dunkerque-Dover DFDS, opened in 2004. He now will leave Calais, where the crossing is the shortest – a port that is far refused to DFDS and LDA. The first company operates trains north (Dunkirk, Amsterdam). The second is present in the south, with Le Havre and Dieppe, and had tried unsuccessfully to revive the line Boulogne-sur-Mer, Dover, 2009.

There would be room for everyone

Leader on the Calais-Dover, P & O operates seven vessels, sixty trips daily, and has recently invested 360 million euros in two superferries, which have been commissioned. The first, the "Spirit of Britain", was launched over a year ago, the second in early February no fax pay day loan. Each ferry can carry 1,059 cars or 180 trucks and 200 cars.

Crisis requires SeaFrance, P & O had postponed the shutdown of ferries replaced by these vessels. The company admits to being "in an observation period with respect to competition," while observing that studies of the expansion of the port of Calais "forecast an increase of traffic in the coming years." So there would be room for everyone.

For its part, Eurotunnel, the operator of the Channel Tunnel, plays spoilsport in the sea. The company has announced its interest in obtaining the three SeaFrance ferries. Eurotunnel would lease a second time to the workers' cooperative (scop) that plan to launch the elders of the CFDT-sea SeaFrance. "We are not in the context of a coup, says Fabienne Lissak, director of communications. The elders of SeaFrance have maritime skills: we absolutely need them, our ferry business from scratch. "

ALSO READ:

"Only 90 employees of SeaFrance seduced by the SNCF plan

"SeaFrance: cessation of activity delivered

"SeaFrance: Eurotunnel wants to buy three boats