Monday, Greece had not yet given its response to the drastic conditions imposed by the European Union and the International Monetary Fund in return for a second plan help, and the meeting on that leaders of the major Greek political parties has been postponed until Tuesday.

In early trade, the Dow Jones lost 0.5% (64 points) at 12,798 points. The Standard & Poor's, wider, yielded 0.5% (7 points) at 1,338 points while the Nasdaq composite fell by 0.59% (17 points) to 2888 points.

"After a robust start to the year, investors take a break to reassess the drivers of the market," said Andre Bakhos to Lek Securities.

Values, Hasbro drops 2.7% after posting a fourth quarter earnings just above the expectations of analysts, who themselves had been lowered .

Lazard loose more than 7%. The investment bank posted a quarterly profit below expectations, hurt by lower commissions received as a financial advisory segment, which has not prevented ; to raise its dividend.

Lu Zhongyuan, vice president of the think tank Development Research Centre (DRC) of the Chinese government also believes that inflation will fall to 4.5% next year.

The economic slowdown expected – compared to a rate of over 9% expected this year – is estimated by the economist as "reasonable and acceptable" because, he says, the quality of growth improves.

While Budapest dismissed all claims with the International Monetary Fund since he took office in spring 2010, the decision of the head of the Conservative government to reconnect with the institution led by Christine Lagarde is a clear political defeat.

He assured that the government did not act in an emergency, Hungary continued to borrow in the markets and the agreement would not affect the financing of public debt.

"We are not dependent on the goodwill of others," he said.

The IMF representative in Budapest was not immediately available to comment on these statements.

The CAC 40 index ended down 2.17% to 3075.16 points in the wake of the fall in Milan instead of 3.78%.

The London Stock Exchange was down 1.92%, the Frankfurt 2.21% and the Eurostoxx 50 index of 2.34%.

The Stoxx European banks index (-3.67%) and insurers (-4.38%) signed the two largest declines sector in Europe.

Silvio Berlusconi said Wednesday he would resign the Presidency of the Italian Council once approved emergency economic reforms demanded by the European Union.In recent years, Greece, Ireland and Portugal have each in turn been forced to call for international help after seeing the cost of their debt to cross that threshold.

Most European stock markets had yet opened in the green, in the wake of positive fences in New York and Tokyo after the announcement Tuesday night, next to the resignation of Prime Minister Silvio Berlusconi.

But doubts about the timing of his departure, the identity of the successor and the risk of political instability continue in the third-largest economy in Europe have quickly gained the upper hand, replacing Italy Greece at the forefront of topics concern.

This loss, which is the highest charged by the Japanese electronics group in ten years, compared with a previous profit forecast that anticipated a net profit of 30 billion yen for the fiscal year to March 2012 and the benefit net 74 billion recorded during the previous year.

From July to September, Panasonic has released an operating profit of 42 billion yen, an amount greater than its own forecast of 4.4 billion yen, but below the 50 billion predicted by the Thomson Reuters consensus I / B / E / S.

Last year, at the same time, he recorded an operating profit of 85.2 billion.

The group now expects an annual operating profit of 130 billion yen, while previously planned 270 billion. Analysts on average had forecast 225 billion yen.

As a number of Japanese exporters, Panasonic is faced with the high yen, which discourages consumers to purchase products made in Japan.

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 hotel group is still operating income in 2011 of between 510 and 530 million euros on the table and continued work "sustained in the fourth quarter 2011," we read in a statement.

During a conference call, the CFO of the group, Sophie Stabile said he had found no signs of slowing reservations by the end of the year.

"It has always been a positive trend and no signs of slowing down in terms of bookings at the end of the year.On October, there has been good predictions in terms of bookings, "she said.

Accor has reaffirmed its goal of opening 35,000 rooms in late 2011 after having already commissioned 28,000 at the end of September.

The company, which counts among its brands Ibis, Novotel and Sofitel, achieved sales of 1.623 million euros in the third quarter, against 1621.8 million expected by analysts according to Thomson Reuters consensus I / B / E / S .On a comparable basis to rise is 5.8% (4.52% expected) and 2.7% as reported.

In high schools and mid-range, sales for the third quarter rose 5.3% on a comparable to 907 million euros in the third quarter of 2011

In Economy Hotels (outside the U.S.), the increase on a comparable basis was 7.5% to 516 million euros in the third quarter of 2011.

On this last segment, hotels in the United States conducted its largest increase since the beginning of the year (5.1% organically) to EUR 153 million.It is linked to higher occupancy rates (+1.8 point) and the improvement in average prices (+1.7%).

The action of the fourth global hotel group behind InterContinental, Marriott, Hilton and Starwood, closed Tuesday at 22.07 euros (-0.14%) showing a market capitalization of five billion.

The Basel Committee and will conduct the first global effort to force banks to hold more liquid assets, said Stefan Ingves, who is also governor of the Swedish central bank.

"A balkanization of rules on the long term is in nobody's interest," said Stefan Ingves FT.

The Basel III should lead banks to hold more capital to better deal with unexpected losses, but concerns are emerging that some countries do not respect them.

The newspaper reported that the committee plans therefore to publish maps showing which countries of the world follow the rules or not. The committee will also send teams of experts to check whether the transposition laws and regulations of each country are consistent with the agreement.

The Basel Committee is finalizing details of two rules of liquidity: the liquidity coverage ratio, which could require banks to hold sufficient liquid assets to survive a crisis 30 days, and the ratio net of stable funding, which would force financial institutions to make greater use of forms of long-term financing.

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.

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.