HIGHLIGHTS-French corporate chiefs hope economic clouds pass

PALAISEAU, France, Aug 28 (Reuters) - Following are comments by government and business leaders attending an annual conference organised by French employer organisation Medef, the country's top business lobby.

The comments were made on the campus of the prestigious Ecole Polytechnique in Palaiseau, just outside of Paris.

ON BUSINESS IN RUSSIA

Thierry Morin, chief executive of auto components maker Valeo (VLOF.PA):

Asked if the situation in Russia/Georgia could change Valeo's strategy in Russia: "No, no. Valeo works calmly and for the long term. We're there for the long term."

"We already have two (car component) partnership agreements signed. I announced that we would have five partnership agreements signed by the end of the year. They are joint ventures but Valeo is main shareholder. That won't change.

"I want Valeo to be present in Russia in all its business segments by the end of next year. You see, it's a blistering pace."

Remy Robinet-Duffo, President of MEDEF Paris:

"I don't think this will change the strategy of large French companies which have a long-term view, like most big firms. But I think this (political crisis) could raise the fears for smaller companies."

ON THE GLOBAL BUSINESS ENVIRONMENT

Franck Riboud, chief executive of yoghurt giant Danone (DANO.PA):

"Technically we may not be in a recession, but consumption is slowing everywhere -- Spain is a catastrophe and the United States is terrible. What really matters is companies' ability to react. For a company like Danone, what's important is the reaction but also preparation for the end of the bad cycle, the ability to pull out of crisis better than our competitors."

Are you adapting your products?

"Yes, we're launching a new yoghurt for 1 euro.

"We had the courage to change prices in step with rising costs of raw materials in the past, unlike some competitors, who are now suffering."

Jean-Pierre Clamadieu, CEO of chemical company Rhodia (RHA.PA):

"I think a couple of things have changed in the past few weeks...during this period we've seen the exchange rate changing quite significantly...euro weakening which is clearly good news for European based companies.

"We have been very much impacted by the very strong euro during the beginning of the year so clearly this is a positive point. Second important element is raw materials - we've seen a very significant reduction in the price of oil although this has not yet translated in the price of the petrochemical raw material that we buy and we are looking at that very carefully because this is a very important element for us.

"In terms of economic growth, we continue to see today good volumes across the globe with some very specific exceptions. We know that the construction market is suffering in North America, now in Europe, but it is not very important for us but overall we continue to see a good level of demand.

"We're looking very carefully at the current situation because people are much more worried than they were a couple of months ago regarding the situation of the global economy, but when I look at my order book today, I don't see actual changes. My order book is very similar to what it was in the first or second quarter of the year."

Robert Holtz, French representative for the World Association for Small and Medium Enterprises:

"I am not so pessimistic. I have the impression that maybe this difficult economy is favourable for small businesses because they can adapt themselves much better than big companies. They will always find niches.

"Everyone at this conference is unanimous in believing that the U.S. is going through temporary difficulties but in the end, the U.S. has an enormous capacity to rebound."

"There is some slowing, like in Germany, but I don't think that we are in a period of recession."

Jean-Claude Faradian, Vice President, Eurocopter:

"We could take an indirect hit from a recession. It would not be helicopters that suffer per se, there could be less demand for services and there could be less demand for helicopters.

"For the moment, we do not see this happening because there is an energy coming from the renewal of old fleets and there are also new markets which are being generated, notably in emerging economies. These two factors mean that we are seeing significant growth."

ON THE FRENCH ECONOMY:

Fabrice de Saint Sauveur, President of Manpower Professional, Paris:

"We feel that companies are recruiting less than at the beginning of the year and that they are more prudent. We feel that there is a slowdown and that we are being called on more for replacements in the workplace than for jobs which are being created.

"I think we will see a stagnation in the third and fourth quarters and that things will pick up from there. That is what I am betting on."

Francois Moutot, head of APCM, a body representing artisanal companies employing less than 10 people in France:

"Forty percent of the companies that we represent are involved in the building sector. Today in France, we see that the pipeline of new construction jobs has fallen off sharply although activity for now is holding up as normal. Our medium-term vision in this sector is worse than it was.

"If this continues we could have a problem with our activity but that is not the case for now."

ON THE U.S. ECONOMY

French Economy Minister Christine Lagarde:

The U.S. economy is showing signs of resilience in the wake of the credit crisis and had the capacity to bounce back despite its economic problems.

"The U.S. economy, where the subprime crisis began last summer, is able after a downwardly revised fourth quarter of 2007 to have seen a rise in the first quarter of 2008."

"The ability of the U.S. to inject billions of dollars into the economy to stimulate activity was an example of the country's ability to overcome bad times." (Reporting by Tamora Vidaillet and Brian Rohan; Editing by Swaha Pattanaik)