While consumption in électricté soaring these days, the automatic assignment of social tariffs for electricity is still conspicuously absent. Yet, the measure should come into force on 1 January. This had been announced in the autumn Eric Besson, Minister of Energy. Indeed, he had promised for this winter complete automation of the procedure for awarding the tariff of primary necessity (TPN), commonly called the social rate of electricity

This delay, which should continue for several more weeks, is because the "last formal consultations" between government and industry must always be held together with a notice of the State Council, said the Ministry of energy, confirming the information of the Parisian …

These special rates are reserved for beneficiaries of the Universal Health Coverage (CMU) or any person whose monthly income is below 634 euros a month (for a single person). Entered into force in 2005 for electricity and for gas in 2008, social tariffs were previously allocated on demand to beneficiaries (the limit is 7800 annual revenues of approximately EUR for a single person and 11,700 for a childless couple, ed), but by lack of information or administrative complexity, many do not demand.

Only 600,000 households currently receive social tariffs so that 1.5 to 2 million are eligible, a situation that had prompted the government to promise its automation. The reduction is estimated by EDF and GDF Suez at about 90 euros per year for electricity and 140 euros for gas.

"The decree is under review by the State Council, it should be able to give its opinion in the coming weeks, as he will have the last formal consultations that are normally involved in early (February Ed.) . The decree will be published in the coming days, "the ministry said in a

. commmuniqué, president of the Syndicat Intercommunal the Outskirts of Paris for Electricity and Communication Networks (Sipperec) Catherine Peyge noted that there was "urgent." Some 3.8 million households, or 14.4% of French households in the metropolis, are currently considered in fuel poverty, c 'ie they spend more than 10% of their budget for their energy bills, says she. "What do the government to publish the decree and to end this anomaly is that a tariff, decided in 2000, implemented in 2005, still unable to protect families who need it? Meanwhile the electricity prices rose 6% in two years, and the bill could rise by 30% by 2016 ", criticized Ms. Peyge

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Maureen Miskovic, the risk manager questioned after the scandal caused by the loss of 1.85 billion francs resulting from unauthorized transactions of one of its traders in London, left the group she joined in January.

It will be replaced as director of risk by Philip Lofts, currently director of UBS Group Americas.He had previously held that position at UBS between 2008 and 2010.

Robert McCann, who joined the group in 2009, will serve as the head of UBS Group Americas in addition to his duties as head of wealth management Americas.

Ulrich Körner takes the former position of Sergio Ermotti at the head of the Europe, Middle East and Africa (EMEA) and keeps his position as Chief Operating Officer (COO) and Director of the Corporate Center.

The director of investment bank Carsten Kengeter is kept at his post, although it has been heavily criticized after the scandal losses brokerage in London.

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 euro retreated against the dollar after the seven-week high hit the previous day in the wake of the Brussels agreement on the management of the debt crisis.

In the bond market, the Italian bond yield to 10 years has exceeded 6% after the award of the Treasury, while the German Bund futures cut their losses.

Brent crude dropped below the threshold of $ 110 and U.S. crude has returned close to 92 dollars.

These reductions, announced in conjunction with the release of third quarter results will speak mainly in Switzerland and the United States, and will be offset by the creation of 700 jobs in low cost countries and other countries, Novartis said in a statement.

The group also plans to close two locations in Switzerland and Italy. Part of the research will also be transferred from Switzerland to the United States.

For the third quarter, Novartis presented figures in line with market expectations.Revenues totaled $ 14.8 billion, up 18% in dollars and 12% at constant exchange rates.

Net income reached 2.49 billion dollars, an increase of 7% a year in dollars and 15% at constant exchange rates.

Analysts polled by Reuters on average expected a turnover of 14.86 billion and a net profit of 2.84 billion.

At 9:25, the title yielded 1.64% to 50.95 francs, while the European Health Index fell back 0.4%.

The government is considering an increase in future tax on soft drinks that could go to his double, said Wednesday the government spokesman Valerie Pécresse after the Council of Ministers.

"It is envisaged that an increase could not be more than twice," said budget minister, adding that the tax, announced in late August as part of the anti-deficit plan would not be extended to sweetened beverages, fruit juices and mineral waters, as has been said Wednesday morning in the press.

The Dow Jones has given 2.36% or 258.08 points at 10,655.30 and the S & P-500, wider, fell 2.85% or 32.19 points at 1099.23 , a low of thirteen months.

The Nasdaq meanwhile lost 3.29% (79.57 points) to 2335.83.

The financial sector was particularly hard hit, after the 10% decline marked by the Franco-Belgian bank Dexia. The group very exposed to the Greek debt, illustrates the risk posed by the financial situation of Greece in the European banking sector.

Bank of America has dropped from 9.64% to 5.53 dollars per share, its lowest level since March 11, 2009.Morgan Stanley has in turn yielded 7.63% to $ 1.03.

Both banks have also seen prices soar credit default swaps on their bonds, in part due to speculators betting on a deteriorating situation.

Citigroup and Goldman Sachs have respectively dropped by 9.8% to 23.11 dollars and 4.7% to 90.08 dollars.

The KBW bank index plunged 4.78%.

In addition to the fears of Europe, analysts fear that the poor state of the U.S. economy does reduce bank profits and thus would reduce even more their ability to absorb losses related to mortgages.

"Fear and uncertainty will guide these values ​​until we find the clarity in one way or another," said Jason Ware, of Albion Financial Group.

The index of manufacturing activity in the United States had temporarily supported the meeting before the downturn in the wake of financial resources.

The group that owns Gucci and Puma, in the very focus on luxury and sports fashion, is in discussions for several weeks with high-end Italian tailor, had they learned from sources close to the matter.

The sources said the Italian company would be valued around 350 million euros.

"We are in discussions with them, as with others, but nothing is finalized," said the CEO of PPR François-Henri Pinault a few journalists during a trip to China last weekend, according to the spokesman for PPR.

The CEO added that PPR was in competition with others, as well as investment funds.

He also said to be interested in Chinese brands have a "strong identity," but said not to have found so far.

Asked about the sales process of Redcats (La Redoute, Vertbaudet and Cyrillus), François-Henri Pinault has recognized that the deterioration in the credit markets might complicate the operation.

"Access to credit is crucial.There is a risk, for sure, and we watch it closely, "he said.

PPR was happening in late July to begin the process of transfer of Redcats, which he sought to draw between 1.5 billion and 2.0 billion euros.

With the turmoil that has gripped financial markets, the valuation problems it poses and the deterioration in the credit markets, many bankers fear a setback to the resumption of mergers and acquisitions initiated this year.

Already, some observers doubt that the auction held for Redcats to succeed.

The American Mead Johnson, the world of the market behind the Swiss group, prefers to focus on organic growth, said the banker.

Danone, the world number three for this activity, Nestlé and Wyeth are in a growth driver, with nearly 80% of its sales in emerging markets, said the source.

The two European companies seeking to evaluate the possible competition problems that could arise when securities are offered.

"Nestle and Danone see Wyeth as a strategic operation in a market where they will both grow and are clearly seen as the favorite to start of the auction," said the banker.

The two groups estimate that nearly 10% market growth of infant formula. Wyeth, with its brand of milk SMA, would allow them to accelerate growth in markets such as Asia and Latin America.

The deterioration of the sovereign rating of the United States has given an international dimension to the debt crisis, hitherto confined to the euro area, which requires global coordination, the source added.

"The G7 will meet by telephone.It is not known yet whether this will happen in one or two steps, today and tomorrow, "the source said Saturday.

Italian Prime Minister Silvio Berlusconi proposed Friday that the G7 meeting should be held in the coming days but the French finance minister, Baroin, said Saturday morning that it was "premature" to consider an early meeting.

France is the current chair of the G7 group of seven major industrial powers in the world but China is excluded.