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.

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 German Finance Minister Wolfgang Schaeuble said Thursday a "total agreement" between France and Germany on measures to resolve the crisis in the euro area, but warned that this did "not yet a European solution. " Asked about the outcome of consultations on Wednesday with Chancellor Angela Merkel, French President Nicolas Sarkozy and other senior EU officials, the minister said that the positions of France and Germany were "total agreement" but suggested that differences remained with other members of the euro area.

Earlier in the day, the Secretary of State for Finance Steffen Kampeter had, in a letter to German MPs, acknowledged the persistence of differences on certain issues, including the exact definition of the skills fund to support the euro area The EFSF. These differences do not seem to be the result of the two largest economies in the euro area. They "have a responsibility to control Europe, but it does not replace the negotiations of the 17 countries" in the euro area, found Mr. Schäuble.

European leaders have promised solutions to the debt crisis at the latest at the EU summit scheduled for Sunday, and negotiations for this purpose are underway. On the issue of a "lever" that would allow the EFSF to help European countries to the penalty beyond a volume of 440 billion euros, "we have no joint proposal" for the moment, a recognized the

Kweku Adoboli, 31, was charged with false accounting and fraud.Wearing a light blue sweater and a white shirt, the trader, in tears, was served that he would remain incarcerated until next Thursday.

It is defended by the British cabinet Kingsley Napley, who had advised Nick Leeson, the British trader who caused the collapse of Barings Bank in 1995.

Kweku Adoboli, son of a Ghanaian UN official retirement, had specialized in index funds.

Fraud is a blow to the new director for risk management at UBS and has ruined the banking industry's efforts to convince that this situation could happen again.

Market rumors suggest the hypothesis of a foreign exchange loss resulting from the decision of the Swiss central bank set a floor for the franc-euro parity, which has pushed the Swiss currency and the stock market bounce.

UBS said losses related only to the shares. She did not comment on the indictment of the trader.

A trader at UBS in London said he expected further job cuts in the next two weeks.

"In my team people are afraid and are low profile. The idea is to remain here and keep his job.In the current situation, it would be difficult to find work elsewhere, "said the trader told Reuters on the condition of anonymity.

UBS INVESTMENT INDUSTRY THREATENED

A senior UBS said that the meetings and other meetings were canceled because he said the crisis experienced by the bank or an appointment with the financial regulators.

"The morale is abysmal," said the banker."It's very bad for our reputation."

The bank has dropped the stock market Thursday, having reported that it could record a loss in the third quarter as a result of these uncontrolled transactions.

The loss erased in fact the two billion Swiss francs ($ 2.3 billion) of savings that the bank hoped to release as a result of a cost reduction program announced in August that will result in the elimination of 3,500 jobs .

It also threatens the future of investment banking, which is evaluated by the CEO Oswald Grübel as part of restructuring.

UBS, which says that no position of customers were affected, held on November 17 a day for investors to probably announce the restructuring of the investment bank.

"I would not be surprised that we have a preliminary confirmation of a reduction (of staff) major, perhaps as early as this weekend," said Matthew Czepliewicz, an analyst at Collins Stewart.

"This announcement can not wait for the third quarter results and Investor Day," he added.

The first two political parties the Swiss People's Party and Social Democrats, called for separating UBS's investment banking arm of its asset management.

Rating agencies Standard & Poor's and Moody's placed the credit rating of UBS on negative watch.

The UMP Gilles Carrez, general rapporteur of the budget in the Assembly, is considering raising the VAT rate on luxury hotels, after the Finance Committee of the Assembly was retoqué a similar measure for theme parks, Les Echos reported Friday.

"By raising the VAT to 19.6% of the few luxury hotels, as was the case from 1981 to 1994, Gilles Carrez hopefully garner revenue the same as those expected with the theme parks: 13 million euros this years and 90 million per year from 2012, "the paper said.

The business daily said that no decision has been made for establishments covered by any such action and that this project has not been approved by the government.

Asked by Les Echos, the president of the National Union of Hoteliers (Synhorcat), Didier Chenet, considers that an increase in VAT rates on luxury hotel would be "intolerable" because it would penalize an industry that attracts a customer generation of significant tourism revenue. The increase in the VAT rate in the theme parks has been repeatedly criticized since its announcement in the anti-deficit plan decided by the French government.

Jean-Pierre Raffarin, Senator of Vienna, Department of Futuroscope, has reiterated Thursday that it was "inappropriate action" and that it was the "delete". The founder of Park du Puy du Fou (Vendée), Philippe de Villiers, has also requested its withdrawal.

The Finance Committee of the Assembly on Wednesday adopted an amendment introduced by some fifty members of the majority, against raising the VAT rate in the theme parks.

To be adopted, it will be voted on next Tuesday in open session.

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.

Records on Air bound for Algeria Algeria resumed in the confusion on Friday morning, four days after locking the strike aircrew who stopped Thursday night. Hundreds of passengers crowded on Friday morning before the check-in to take the first flight of Air Algeria scheduled for 9:00 to Algiers. A cordon of police officers and staff of the Algerian company trying to organize the queue. Source airport, nine flights will be operated by Air Algeria on Friday.

"I spent the night here, I await a flight to Oran," explained Samira with her baby two months and his 4 year old son.She says she is "relieved" at the end of the strike but also "disturbed" and "tired" by the wait. "There is no reason to put people ahead of yesterday today is poorly organized," one irritated neighbor. "Everyone will leave today, I do not know at what time, but everyone will leave," said a staff member. Passengers crowded, recording their ticket in hand, hoping to take advantage of this first flight of the day.

"We only call people to Algiers," an official launched into a megaphone. In the queue before check-in, first smiles on the faces appeared weary travelers.The strike by cabin crew of Air Algeria for wage increases and the status of some 900 stewards and stewardesses ended Thursday night, while replacement flights have delivered throughout the day some of the thousands of holidaymakers stranded in France for four days.

This concerns four projects totaling ten billion euros, the source added.

Rheinmetall, and MAN must build Fuchs armored personnel carriers. Daimler plans to sell trucks and ATVs. ThyssenKrupp plans to build frigates and train naval personnel.

Export licenses have yet to be issued but no longer considered an obstacle, still the source said.

Be afraid. Be very, very afraid. That's essentially the message of the ECB when Jean Claude Trichet warned that failure to Greece cause a chain reaction to Lehman Brothers. U.S. authorities had believed in September 2008 that they could leave the failing investment bank subordinated to the lead … They had no idea that his fall would shore financial markets. Thus, some fear that the failure of a small country like Greece, which represents only 2.6% of GDP in the euro area and 4% of its accumulated deficits, could also have dire consequences globally.For the channels of contagion are many …

The domino effect on other "weak links"

If Greece fails, it means that the bailout failed. Investors conclude that the plans for other fragile states could be just as ineffective. So they start to sell their government bonds en masse Portuguese and Irish. It blew up the interest rates charged to these countries, which consequently even harder to refinance, which increases in a self-fulfilling prophecy mechanism usually markets, the chances that these countries will also default.

According to calculations by Dexia AM quoted by Le Monde, the cumulative financing needs of Greece, Portugal and Ireland reached 201 billion euros for the next 24 months.The European emergency fund and the IMF – which can reach up to 750 billion euros – can cope. Except that investors are so their attention on countries with intermediate risk: Spain, Italy and Belgium. By adding Spain, the amount of passes needs to 523 billion euros. But contagion to Italy more than doubled the borrowing requirement (1123 billion) and is the European emergency fund is insufficient. Nothing prevents these countries to fail and leave the euro area to find a more competitive currency.

European banks sink

Not only the Greek banks, force-fed up to 45 billion euros of public good, are collapsing, but the German and French banks, which hold 10 and 15 billion euros of Greek debt, wipe also heavy losses. Not to mention the exposure to the private sector.For French banks have also taken stakes in companies and massive Greek banks. Taking into account the public and private debt, the French banking sector is by far the most exposed in Europe with 44.3 billion euros.

But that's nothing compared to the consequences of failure to Spain, the French banks that have lent the equivalent of 9% of French GDP, the Dutch banks 16.4% of GDP of the country and the Portuguese 13 %, according to economist Charles Calomiris of Columbia University.

The interbank market is flu

More European banks are making losses on their claims, most other banks are reluctant to lend on the interbank market. Moreover, according to British newspaper The Telegraph, Barclays and Standard Chartered have begun to reduce the amount available to lend to banks in the euro area.Result, Spanish banks, unwelcome in the interbank market, crowd more than ever to stop the ECB from which they borrowed 53 billion euros in May, an amount up 26% from the previous month. More generally, the poor health of European banks results in a credit crunch and then a new recession.

U.S. banks affected

If European banks are those that are directly exposed to the debt of the weaker, the U.S. banking and insurance are not necessarily spared. Above Bank of America, Morgan Stanley and Goldman Sachs, who sold to European banks CDS as insurance against default risk "PIGS". According to the financial blog The Street Light, the United States are exposed to the Greek debt to the tune of $ 41.4 billion and therefore as much to lose from a defect that the Greek EU.

The saviors of last resort have disappeared

In 2008, banks on the brink had been imploring the assistance of states. Not this time: these states are now indebted to the neck, attacked by the markets and put on a diet. And to whom these states can they turn? The ECB, savior of last resort to which the euro is to survive so far, will hardly be in a good position if Greece fails, it will be busy as its losses on its portfolio in Greek bonds, estimated at 45 billion euros …

The rating agency Moody's warned Thursday, June 2 the U.S. Congress it was considering lowering the credit rating of the United States if elected and the government unable to agree quickly to raise the debt ceiling public. Moody's Investors Services' plans to place the debt of the U.S. federal government under surveillance for a possible lowering in the absence of progress [of negotiations] on raising the debt ceiling in the weeks to come, " a statement from the agency.

Moody's said that this warning is motivated by the fact that there is a "very low risk of default but growing passenger" of the United States to their obligations.The U.S. public debt subject to limit congressional mid-May reached the legal limit beyond which the state can not increase its debt (14.294 billion U.S. dollars).

The U.S. Treasury has been asking to be elected in January to raise this ceiling. It has implemented since the beginning of May a number of exceptional measures enabling him to continue to issue bonds without increasing the net debt of the state. According to his estimates, however, it can no longer continue to operate in this way beyond the August 2, the date from which he would be found in default on certain obligations maturing. For now, negotiations between the government and the Congress on the question of raising the debt limit are deadlocked.