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The rating agency Moody's Investors Service Friday downgraded the rating by two notches of Cyprus on the grounds that the government will undoubtedly support the banking sector next year because of its exposure to Greek debt.

The U.S. agency has reduced the sovereign rating of Baa1 to Baa3 from Cyprus, is just a notch above speculative grade.

This new note has been placed under review for possible downgrade again.

The need for public support to the banking sector comes as Nicosia lost access to international financial markets, which would force the country to seek emergency funding measures, says Moody's.

"This state support will have a significant negative impact on the debt of the state," the rating agency said in a statement.

The first tax on sugary sodas will yield 240 million euros. MPs voted in a second, against the advice of the government, the sodas with artificial sweeteners. It will bring 40 million. Tax soda drinks should also touch with sweeteners.

The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial draft of the government, and also introduced a tax on beverages containing artificial sweeteners, sodas lights.

The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

A few hours earlier it had expressed its opposition to a tax extended to lights products."Broadening the tax base it would lose its coherence" had she said, stressing the goal of the fight against obesity project.

The European Financial Stability Fund (EFSF) could provide guarantees to investors who buy sovereign debt issued by a Member State, on Friday said a European source.

The initiative would encourage investors to buy sovereign debt otherwise considered too risky by providing a form of insurance against potential losses and in fact increase the firepower of the EFSF.

"Instead of buying 100% (of bonds), the EFSF could ensure, for example, 20% of the amount of debt issued to private investors," said the source.

Financial markets are worried that the size of EFSF, currently has 440 billion euros, sufficient to enable both to help a large country in the euro area while bailing out the banks vulnerable to the region.

European leaders are advocating a recapitalization of the continent by some estimates could cost between 100 and 200 billion or more.

Chief Financial Officer EFSF has in turn said Friday that applications to the rescue fund for recapitalization may be limited, the private sector and governments to be asked first.

"You must also take into account the fact that Ireland, Portugal and Greece have already set aside money for recapitalization of banks as part of their programs," he told reporters Christophe Frankel.

He added that the EFSF also looks to the money market, making funding more flexible and diversified.

"We will implement a strategy of short-term financing could be structured around a good program," said Christophe Frankel.

The Slovak Parliament has not met Tuesday night a sufficient majority to adopt the strengthening of the European Relief Fund. The opposition Social Democrats said it was ready to vote in exchange for early elections. Slovak and European flags fly over the castle of Bratislava

As feared, the Slovak Parliament rejected on Tuesday the strengthening of the Financial Assistance Fund of the countries in the euro area, potentially exacerbating the debt crisis. There is indeed no "plan B" to circumvent the veto.

"Of the 124 deputies present, 55 elected officials voted in favor, 9 against and 60 did not vote," noted the Vice-Speaker of Parliament Pavol Hrusovsky, after the vote. Without the 22 members of the SAS did not participate in voting, the coalition could not consider getting a required majority of 76 elected members.

Considering that the Slovaks are too poor to pay for the mistakes of others, Richard Sulik, the leader of this party, opposed the EFSF, unless that Slovakia is provided to pay his bill, an event swept by Brussels.

The result of this vote should logically lead to the collapse of the center-right party Radicova Ms. Iveta SDKU-DS who had associated with a motion of confidence in his cabinet.

EU leaders decided on July 21 to give the EFSF new powers including increasing its lending capacity to 440 billion euros. An envelope that could be used to recapitalize European banks.

But to become effective, these measures were to be ratified by the parliaments of 17 countries in the euro area, which had set up in mid-October. Sixteen countries have already approved these changes, Slovakia is the only one to refuse to ratify it.Bratislava had already refused to participate at the forefront of aid to Greece decided in spring 2010.

Strengthening the EFSF represents a contribution of 7.7 billion euros for this small country, entered the eurozone in 2009. Given the risk of paralysis, Bratislava has raised the possibility of a second parliamentary vote, in which the opposition Social Democratic Party (Smer-SD) could support the strengthening of EFSF. No date has been set for that vote.

The leader of the opposition Smer-Social Democrats SDn Robert Fico, former prime minister, warned that he would abstain from voting on Tuesday but could then provide support to the government in a second vote provided that early elections are held.

The European Commission had in turn put pressure indicating "strongly hopes" a positive vote to help ensure "the stability of the euro area".Monetary union is by no means destitute. But she should return to EFSF old formula, with a lending capacity and lower private supposed to allow new tools to stem contagion from the crisis in countries like Spain and Italy.

Already, the decisions taken on July 21 are partly obsolete. On the one hand, the EFSF will have probably still be muscular to leverage its clout to reassure markets on its ability to cope with a possible spread of the crisis in Italy or Spain.

On the other hand, the leader of the finance ministers of the euro area Jean-Claude Juncker acknowledged Monday that the losses will suffer the creditor banks in Greece are likely to be greater than expected.

Made outstanding contributions in the second aid package to Greece, decided July 21, banks had committed to eventually accept a depreciation of 21% of their portfolio of Greek bonds, in order to relieve Athens , awash in debt of close to 350 billion euros. But this figure of 21% now seems outdated. "The discussions focus on a discount of 50%" today, said a European government source told AFP.

If this threshold is reached, Greece would move to a default similar to Argentina in 2001. The country's creditors in the end had to accept a discount of about 70% on a debt four times less than that of Athens.

Greece, however, snatched on Tuesday troika comprising its creditors (European Commission, European Central Bank and International Monetary Fund) the promise of payment in November of 8 billion euros.

This will prevent an immediate collapse and allows it to buy time in negotiations to restructure its debt in the euro area. The fears weighing on the banking system led the Europeans to agree to recapitalize their banks. The Commission President José Manuel Barroso, will also Wednesday "proposals" in that it will present to the Commissioners.

The telecoms operator AT & T announced Saturday it had received more than 200,000 orders for the iPhone 4S in the first 12 hours of marketing the new Apple handset.

The successor to the iPhone 4 unveiled Tuesday, the eve of the death of the co-founder of Steve Jobs, has, according to the second mobile operator in the U.S., an "extraordinary demand", despite no change in design.

The three major U.S. telcos, AT & T, Verizon Wireless and Sprint, have begun taking orders for the iPhone 4S Friday.Apple's flagship handset will be available in stores from October 14.

Comparison with sales of the previous generation is difficult because the iPhone 4 at its output was distributed only by the operator AT & T in the United States. It was then passed to 1.7 million copies during the first three days of its launch.

Some analysts expect Apple sells between 27 and 28 million iPhones for the quarter October to December.

Handsets running the Android operating system from Google, as the Galaxy Samsung, have become formidable competitors of the iPhone while Tim Cook has just taken the reins of Apple and its founder, credited with a strategic vision, has disappeared as a result of cancer.

Pensioners' organizations in 110 cities protesting against the decline in purchasing power and delayed the reform of addiction. A retirement home in Paris in July 2006.

Organizations require retirees to protest Thursday in 110 cities against the plan anti-government deficits, the loss of purchasing power and delayed the reform of addiction. Paris will be the highlight of this day inter-engagement, with a planned demonstration at 14h between the Place de la Bastille and of the nation, the call of the UNSA-retired from UCR-CFDT, the Unar-CFTC, the UCR-CGT and the FGR-FP.

These pensioners' organizations have condemned the government decision to postpone indefinitely the reform of financing of the loss of independence and recalled "the need to create a universal benefit to compensate for the loss of autonomy regardless of age, care for national solidarity, as part of Social Security. "

Campaign promise of Nicolas Sarkozy in 2007, this reform was to improve the quality of care for older people and reduce the cost for individuals, has been postponed several times, the last time in late August. But is conspicuously absent from the bill funding the Social Security (PLFSS) for 2012, presented Wednesday by the Cabinet, even if it is intended as annual increases in funding for the elderly.

Regarding the purchasing power, "which continues to deteriorate," the five unions fear a further decline due to plan anti-government deficits announced in late August. At the same time, they demand a significant increase in pensions, especially for low pensions, minimum pension at the minimum wage and a new method of indexing.

The UCR-FO, which was signed in July calling for the single day of action, has finally shown solo on September 20 with all the militants OST to the trial of "austerity".

The title UBS has lost 2.17% this morning at the opening after the resignation of Oswald Grübel Saturday. The former CEO left the bank following a fraud of $ 2.3 billion by a trader. The CEO of UBS Oswald Grübel could be landed in the management of the bank after losing $ 2 billion by a trader.

The action of the first Swiss bank UBS has opened lower Monday after the surprise resignation of CEO Oswald Saturday Grübel after the scandal caused by the massive fraud by a trader who cost the institution $ 2.3 billion . After falling 2.17% at the opening, title UBS limited its losses, down 0.40% to 10.08 Swiss francs in a market down by 0.35% at 7:13 GMT.Sergio Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa and a former leader of the Italian bank Unicredit, will assume the position of interim CEO with immediate effect, UBS had said Saturday.

Gruebele Oswald resigned after the spectacular case of fraud which cost 2.3 billion dollars and another blow to the reputation of the first bank Helvetic. "The Board of Directors of UBS has accepted the decision of Oswald Grübel to withdraw from his duties" the bank said in a statement. Kaspar Villiger, President of UBS, said in the statement that "The Council regrets the decision of Oswald Grübel.The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. "

"This decision reflects the strength of its principles and integrity," added the president of UBS, adding that "during his tenure, he managed to turn the company around and increased impressively in the UBS base ". M. Gruebele, 67, was taken from his retirement two years ago to address the UBS, after leading the rival bank Credit Suisse. Taking the head of UBS in the midst of the financial crisis during which the bank had lost billions of francs and posted record losses, Gruebele M. had returned to profit in 2010.

Oswald Grübel "retires from office after having helped UBS to become one of the best capitalized banks in the world" acknowledged Saturday the chairman of banking giant Helvetic.Kaspar Villiger said shortly after during a conference call that the board of directors of UBS did not want to see Oswald Grübel leave immediately and would have preferred to keep jusqu''à the shareholders' meeting in spring 2012. But Oswald Grübel, abandoning his position as Chairman of the Executive next year would not have constituted a strong enough signal, said Chairman of UBS from Singapore. UBS disclosed last week have suffered a loss of $ 2.3 billion (1.7 billion) after one of its traders had made "unauthorized trading".

A broker of 31 years, Kweku Adoboli on suspicion of fraudulent transactions, was charged and detained in London, as part of this young man will affaire.Le jailed at least until his next hearing on 20 October.The largest shareholder in UBS, the Singapore sovereign fund GIC, had reacted severely after the discovery of the fraud, calling the Swiss bank "to react firmly to restore confidence in the bank."

There are less than a week, however, Oswald Gruebele, had told the Swiss Sunday newspaper Sonntag, he did not feel guilty in the fraud case and had no intention of resigning. "I am responsible for what happens in the bank. But if you ask me whether I feel guilty when I say no", said the banker, Sergio P. Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa, will assume the position of interim CEO with immediate effect, said UBS."The Board is deeply disappointed by the loss from unauthorized trading operations and will fully support the independent investigation," said UBS also in a statement.

Swiss bank UBS had started Wednesday in Singapore where one of its largest shareholders, a series of meetings of its Board of Directors, held in the utmost secrecy. Friday, Oswald Grübel, continued to assert that he had always trusted the board of the group, despite the fraud and rumors of his imminent departure, according to a Swiss newspaper. Réagisssant the shock wave caused by the announcement of fraud, UBS decided to suspend all advertising campaigns.

The meeting of European agriculture ministers failed to convince all Member States to maintain funding of millions of free meals. Update on the issues of the blockage. The European aid to the poor to distribute free meals to some 13 million people in Europe.

It must have the meeting "last chance". However, on Tuesday in Brussels, the European Ministers of Agriculture have failed to agree on the future of food aid to the poor, previously levied on agricultural funds. Six countries of the European Union (EU) refused to hold it in the state, saying its operation denatured for many years.Associations, including the Red Cross and Restos du Coeur in France, fear serious consequences, which could be felt in 2012.

What is the European food aid?

In 1987, in the heart of the cold winter that pushed Coluche to open the "Restos du Coeur", the European Commission created the European program of aid to the poor (PEAD). Backed by the Common Agricultural Policy (CAP), he plans to give to charity, today nearly 240 – the agricultural surplus of the member countries, then redistributed to the poor. Nineteen of the 27 EU states benefit now headed by Italy, Poland and France, for the preparation of some 13 million meals.

Since 1995, the surplus stocks are supplemented by a budget that allows you to run the program despite the fall in surplus.Between 1988 and 2008, its budget has risen from 97 to 300 million euros, reaching 500 million in 2009.

Why is the program being called into question today?

The current debate has in fact emerged in 2008. That year, "EU Commissioner has proposed to give a stronger legal basis to support plan by assigning two objectives: to reduce farm inventories, but also contribute to food security of the poor, with a social dimension" , said Nadège Chambon, researcher expert on the CAP for the think tank "Notre Europe". With this new legal base, the European Commission would have any legitimacy to buy food in the absence of surplus, or to expand the range of products supplied.

But the refusal of a handful of countries, including Germany, buried the project. These states were opposed to the feeding program is funded by the EU budget.In 2010, the current Commissioner for Agriculture, Dacian Ciolos, submitted an amended version. "It would increase the share of the envelopes of the EU, but also to open the co-financing private foundations, for example," says Nadège Chambon. The search for a compromise failed again today: Germany, United Kingdom, the Netherlands, the Czech Republic, Denmark and Sweden continue to oppose the text, forming again a minority of block which makes it impossible to vote.

What are the arguments of the opposing countries?

The strong position of these six countries is based on a jurisdictional issue. "In principle, assistance to the poor is good, but it is the duty of national states," said the German representative, the Secretary of State Robert Kloos, advocating that it be spring " national budgets and not the European agricultural budget. "In Germany, moreover, the associations are very few appeals to the European program, with emphasis on regional governments, municipalities and churches. (Read on the subject: Germany has does not (the restaurants) heart?)

In April, the Court of Justice of the European Union, seized by Germany, has proved him right, by canceling the article to fund the distribution of aid from the budget of the CAP.

And those of his supporters?

The European Commission is in turn firmly attached to the device. Members highlight the growing needs of the poor, still weakened by the recent rise in food prices."In 2006, an estimated 43 million people in the EU-25 were at risk of food poverty," she recalled in a discussion paper.

"The CAP has imposed tariff protection which may themselves have negative consequences on the food purchasing power of citizens. The European Union would have a real legitimacy to helping people by providing food aid to the poor" Nadège Chambon also observed.

Program funds be at risk in the short term?

Yes, largely. The decision of the Court of Justice already prevents the European Commission to use the budget of the CAP to fund the program in 2012, depriving him of more than 80% of its resources. Result, its funds could rise from 480 million euros this year to 113.5 million in 2012, since only the original part of the program, the distribution of the surplus can be maintained."The associations are likely to distribute 130 million meals in less than in 2012," responded Didier Piard, head of advocacy at the Red Cross.

Despite the determination of the Commission and the outrage of European public opinion, "I do not see many positive outcomes, both the position of countries who oppose the program seems strong," said Nadège Chambon. In anticipation of the forthcoming negotiations, the states in favor of maintaining the program should continue intense negotiations to bend the skeptics.

The U.S. Senate rejected Sunday by 50 votes against 49, a Democratic plan to raise the debt ceiling from Washington, but negotiations between Republicans and Democrats continue to find a compromise before next Tuesday.

The leader of the Democrats in the Senate, Harry Reid, originally the plan, failed to get the 60 votes necessary to validate the proposal.

Earlier in the day, the U.S. Congress, however, seemed about to reach a last-minute deal to raise the debt ceiling and prevent the world's largest economy a default.

Sign of an improving climate, Harry Reid announced a delay of several hours of voting on a plan to raise the debt ceiling to give more time for negotiators on both sides.

Despite the negative vote on Sunday, the talks continue and a bipartisan agreement could still be found in the day from the elements of the plan for Harry Reid. The Senate would be called upon to act quickly.

"The compromise we are trying to identify with the Republican leadership, administration and other is not there yet," said Harry Reid after the vote."We are confident that it is possible," he added, raising the possibility of a new vote.

According to Senate rules, any final vote on a proposal may indeed be postponed until Wednesday, one day after the deadline by which Washington would find itself in default.

The U.S. Treasury, which reached its debt ceiling in May, and Congress needs to borrow more, warned that if no agreement is reached after 2 August, the U.S. might not be able to fill their obligations vis-à-vis their creditors.

THE REPUBLICAN McCONNELL CONFIDENT

Also raising hopes of a positive outcome to the negotiations, ABC News reported that before the vote, according to congressional sources, the discussions on the U.S. debt had reached a tentative agreement on a framework to reduce the budget deficit.

The leader of the Republican minority in the Senate, Mitch McConnell, who plays a key role in these talks had even stated that this agreement would cover a total of 3000 billion.

"Our country will not be in default for the first time in its history, it will not happen," said Mitch McConnell, calling himself "confident and optimistic" about the possibilities to arrive in time to a bipartisan agreement.

If Democrats and Republicans agree on the need to raise the debt ceiling, currently set at 14,300 billion, stumbled up to the discussions on the timing and terms of deficit reduction to accompany recovery.

To reassure the markets fearing a reduction in the U.S. sovereign rating, the White House said he was ready to raise the debt ceiling a few more days in case of agreement on the debt that would require time to get the fire Green Congress.

The economic adviser Gene Sperling the White House also said before the vote that an emergency plan to enable Washington to meet its financial obligations would be presented in case of failure of a budget agreement in Congress.

The luxury group PPR and distribution studied a possible takeover of the Italian Brioni suit for about 350 million euros, told Reuters Wednesday two sources familiar with the matter.

This, though reduced in size compared to some recent acquisitions in the luxury and fashion, would be a step in the refocusing of the PPR luxury brands and fashion at the expense of distribution.

One of the sources interviewed by Reuters said that discussions "were under way" on a possible takeover of the Italian family group, known for its men's suits high-end.

The other, more conservative, said that Brioni has long been in the crosshairs of PPR and the operation was "far from being buckled."

"PPR is always watching, discussing (…) but it does not always translate into a concrete operation," the source said, estimating that the figure of 350 million euros is "" makes sense in terms ratios ".

Neither PPR nor do you want Brioni comment.

The Italian daily Corriere della Sera reported Wednesday that the leaders of PPR would be in Italy "in a few days" to study the accounts of Brioni.