The National Assembly, which constitutionally the final word, conducted Tuesday at the final reading of this PLFSS after the Senate, where the left is now the majority, was the once again rejected Thursday.

This bill provides for a reduction to 13.9 billion euros, against 18.2 billion in 2011, the deficit of the general scheme of Social Security in 2012.

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 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.

Speaking at a press conference with his German counterpart Angela Merkel, he stressed that Greece would fulfill its obligations for sure and that the country was a primary deficit to zero in 2012.

"Conditions have changed because of the recession," he said."But the goals have remained the same."

"But it is important to receive a sign of support from our European partners," he added.

Angela Merkel, for his part reiterated that the right-wing coalition in power in Berlin would get the vote of strengthening the powers of bailout funds EFSF Thursday without having to call on opposition voices.

Germany, Merkel said, wants a strong Greece "will do whatever is necessary" for this purpose.

But, she added, Greece must fulfill its obligations for the discharge of its donors meeting in the troika (International Monetary Fund, European Central Bank and European Commission).

The markets showed positive trends at the opening, the unit displayed the day before by Angela Merkel and Nicolas Sarkozy have partially reassured investors about the impending failure of Greece.

The CAC 40 has pressed the bar of 3000 points and finished with a gain of 3.27% to 3045.62 points.The index was pressed from the opening above a key technical resistance close to 2,950 points, which could lead the benchmark index of the Paris to its next significant resistance located nearly 3,120 points, analysts say techniques.

Investors are nevertheless concerned about the Greek case and a possible contagion of debt to other countries in the euro area, some traders felt that the current phase of increase is just a technical rebound.

"In our scenario, China is a bumpy landing, the euro survives, growth in the United States is at a new pace disappointing, but still positive, and central banks keep rates low for a while really, really long , "wrote strategists from Societe Generale."Meanwhile, risk indicators show that fears of a catastrophic scenario are already circulating."

Other European markets, London has gained 2.11%, 3.15% Frankfurt and Milan 3.55%. As for the pan-European Euro Stoxx 50 index, it took 3.47%.

FLIGHT OF BANKS IN THE AFTERNOON

The renewed optimism, even relative market has benefited particularly to financial and cyclical stocks.

The indices of banks (4.08%) and insurance (4.23%) topped the increases in perspective of a coordinated intervention by central banks to address the problem of liquidity of European banks.

"They have to do something. We saw the announcement yesterday that banks had asked for two dollars to the ECB.We are again in the dollar shortage. They are forced to address this problem.If they do not, everything stops, "said Philip Lawlor, strategist at Smith & Williamson.

Beyond the risk of losses from their exposure to sovereign debt vulnerable countries in the euro area, especially Greece and Italy, the market fears that European banks, French banks in mind, are facing problems refinancing if the market of bank financing to complete paralysis.

BNP Paribas has finished well ahead of increases in the ACC and the index of banks in Europe, with a gain of 13.38% to 30, 500 euros, after gaining up to 22% shortly after the announcement by the ECB the resumption of contributions in dollars.

UBS, however, ended in a fall of 10.8%, the Swiss bank has suffered from the revelation of a loss estimated at two billion dollars (1.46 billion) related to transactions by a trader.

The pressure to sell the investment bank will increase further after the discovery of the fraud in the Swiss financial institution.

Among the cyclical sectors, the European car gained 3.18% and the construction took 3.22%.

Some brokers are beginning to find that the decline in the prices of cyclical stocks has been excessive, including a false scenario of deep recession as the fall of 2008.Citi went to buy ArcelorMittal, saying it is time to buy the title, whose prices anticipate "the end of the world."

The action of the steelmaker gained 4.31% to 13.400 euros.

Illustration of a slight relaxation, the performance of the German government bond (Bund) and 10 years went back around 1.93% against 1.87% on Wednesday and that of the Greek debt to trade around 23.15 % against 25.15% the previous evening.

The euro also regained some ground against the greenback and is trading around 1.3860 dollars, against 1.3741 the previous day.

The Spanish Treasury has issued on Thursday to 3.95 billion euros in three auctions, reaching the top of the range expectancy of 3 to 4,000,000,000 euros, but at a high cost, despite the support of the Central Bank Europe in the context of fiscal crisis.

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.

European shares opened slightly lower Tuesday, opting for caution before the Franco-German summit on the governance of the euro area. After three consecutive sessions of gains, Paris opened down 0.73%, 0.68% from London, Frankfurt 1.02%, Madrid and Milan by 0.65% to 0.28%. Monday, Paris won 0.78%, London 0.57%, 0.41% Frankfurt, Madrid 0.71% and 1.37% on the Swiss Exchange. New York has erased all its losses last week in garnering 1.90% for the Dow and 1.88% for the Nasdaq.

Global financial markets are also showing much more attentive Tuesday.Asian stock markets were the first very hesitant: Tokyo has ended up slightly from 0.23% after a session sawtooth and Sydney ended down slightly by 0.86%. Seoul, closed Monday, was an exception by closing up sharply from 4.83%.

All eyes are on the meeting between German Chancellor Angela Merkel and President Nicolas Sarkozy from 4:00 p.m. at the Elysee Palace in Paris. "The markets are expecting a very strong signal: Is there a pilot on the plane to govern the euro area? Will you finally speak with one voice in the Franco-German and stop to maintain the cacophony that lasts for months and madden investors? "asked a Paris-based analyst who requested anonymity.

But hopes could be quickly showered.Berlin has in fact warned that they should not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Germany .

"It seems that there is an acute attention paid to this appointment, and we believe that the margin for a big disappointment," warned analysts at MF Global. This meeting should ultimately focused on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

The rating agency Moody's on Friday threatened to lower again the note of the Spanish debt, currently at "Aa2", pointing the finger once again the financial situation of the regions and sanctioning already six of them .

Degraded after the note of Spain March 10, the agency announced that it could still take away a notch.

If it did, during its review period of three months, the country would continue, however, borrowers in the category of high level, as classified by Moody's.The Madrid Stock Exchange responded with a drop, losing 1.42% at 0800 GMT, while the rates in Spain and ten years of going above 6%, an astronomical cost of financing for the country.

Thus, Spain has been good conduct several austerity plans to reduce its deficit and reforms to modernize its labor market, the pension system and banking sector for the rating agency, it keeps "an increasing vulnerability tightening the market. "

This fragility has also been felt in recent weeks about the bailout of Greece, which has been pitching the Madrid stock exchange and bond yields climb to record highs Spanish. The country is in the crosshairs of the markets for over a year now, Fitch and Standard & Poor's downgraded its rating in April and May 2010.

Moody's cites two reasons for its decision Friday.The first, "the continuing pressure to finance faced by the Spanish government," the pressures that could "escalate" to the Europe Agreement for aid to Greece. The latter has "set a precedent" by involving the private sector and a marked increase in the risk for investors, bondholders fragile in the euro zone, said the agency, which also threatened in June to degrade note Italy for "similar concerns."

Moody's second argument, the difficulty of Spain to reduce its deficit because of an "environment of low growth" and "fiscal gap that persists in many regional governments." The Spanish economy struggling to emerge from the crisis, with growth almost sluggish in the first quarter (0.3%) and rampant unemployment, which reached 20.89% of the population in the second quarter, the highest among industrialized countries.

In addition, rating agencies, analysts, as well as the International Monetary Fund (IMF) have expressed in months of their concerns about the financial position of the 17 Spanish regions, heavily in debt (121 billion euros in cumulated) with a strong financial independence and so far reluctant to reduce their deficits.

Not surprisingly, Moody's decided Friday to lower a notch notes six areas, one of the most powerful, Catalonia, due to "the deterioration of their fiscal and debt."

The other five regions are sanctioned Castilla-La Mancha, Autonomous Community of Murcia, the region of Valencia, Andalusia and Castile and Leon.Moody's "provides that regional governments will miss their collective goal deficit with a difference of up to 0.75% of GDP, which would make it more difficult to achieve the overall objective of the government deficit (6% of GDP in 2011). "

Until recently, regional finances were not controlled by Spain, which introduced a first follow-up, by setting targets for deficit reduction. But in 2010, it rose to 2.83% of GDP, well above the official commitment of 2.4%. In the first quarter 2011, only half of the regions had a deficit consistent with the objective, according to the Ministry of Economy. It displays its strength and has set ambitious goals for the coming years: 1.3% in 2011 and 2012, 1.1% in 2013 and 1% in 2014.

Finally, Moody's also threatened to lower notes of four Spanish banks, including the number one in the eurozone Santander, as well as the Confederation of Spanish Savings Banks (CECA). The other three banks involved are BBVA, La Caixa and Caixa-Bank. "A potential decline in the note by the Spanish government would affect only the notes of debt and bank deposits that have high individual ratings," Moody's said.

Santander, BBVA and CaixaBank, which are the first three listed banks in Spain, as have long-term rating Aa2 and P-1 short-term, which puts them in the category of borrowers to high level, as classified by the agency . La Caixa, the first Spanish savings bank, is rated A1 on the other hand, in the "medium high". Finally, Ceca is rated A1 long-term P-1 short term.