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.

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.

France and Germany called Saturday to the new Prime Minister of Greece Lucas Papademos the "full implementation and full implementation of all commitments" by his country to emerge from the crisis, according to the Europe Agreement of 27 October.

Italian President Giorgio Napolitano Sunday continued its consultations for the appointment of a new government to replace the outgoing team of Silvio Berlusconi, who resigned Saturday evening under the jeers of the Roman people.If pressed, the index may end up around 1100 early 2012, says he.

Many investors bought put options (selling) before the weekend to guard against a possible drift to lower Wall Street next week. However, seasonal factors could play for the Exchange.

November marks the beginning of the "best six months of the year", a period when the Dow Jones recorded a gain of 7.5% on average and has been for 50 years against 0.4% for the other part of the years, according to the Stock Trader's Almanac.

The holiday season partly explain this discrepancy.

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.

American billionaire Warren Buffett has released details of its income and its tax-bill, encouraging other rich Americans whose boss of News Corp., Rupert Murdoch, to follow his example.In a letter to a congressman, Warren Buffett, the third richest man in the world, said it had won a total of $ 62.8 million last year, reduced to a taxable amount of 39.8 million dollars after tax deductions.

Warren Buffett, who supports the attempt by U.S. President Barack Obama to pay higher taxes for wealthy Americans, said it had paid a total of 6.9 million of taxes, a rate of 17.3%. This rate is much lower pay than many Americans, including his own secretary, said Mr. Buffett to Republican Tim Huelskamp in his letter dated Tuesday. Warren Buffett said to Mr.Huelskamp, ​​who criticized his position on taxes, that most of the senators and deputies, pay more than 30% of their income in taxes, "as all employees of the office except me."

Open war with Rupert Murdoch

Warren Buffett, who has accumulated a fortune of over $ 50 billion through its investments through his company Berkshire Hathaway, responding to a call from Mr. Huelskamp asked him to prove the truth of his statements on the few tax to which it is subject. "What would be helpful to see more of the ultra-rich publishing their taxes," Mr. Buffett wrote. "If you could get other rich Americans to publish their taxes at the same time as me, it would be very useful to get an intelligent dialogue on reform of taxes," said the billionaire.

"It is clear that many ultra-rich pay even lower percentages than me and get the federal government the amount of taxes could be useful to legislators to establish a fair tax code", he still writes. In particular, the billionaire city "Rupert Murdoch, one of my colleagues ultra-rich" owner of the Wall Street Journal that criticized last week Warren Buffett calls for higher taxes for the rich and had demanded the release its tax-bill.

Mr. Huelskamp has responded on his website regretting that Mr. Buffett has not yet released its official tax form. "If Mr. Buffet wants to actually pay its fair share + + tax the government can easily send voluntary contributions to President Obama and the federal government. This, apparently, he did not," concluded Mr. Huelskamp.

German MPs began at 9 am Thursday to discuss the expansion of the bailout funds in the euro area, where they must decide by late morning. The Bundestag (lower house) has to decide on expanding the envelope and skills of European relief fund created in 2010 (EFSF) to assist countries in the euro area in need.

The relevant law should be approved by a large majority. "One or the other friend has a different conception of things," conceded the first speaker, the leader of the Conservative caucus (CDU / CSU) Volker Kauder, referring to the reluctance of a number of members of the majority to engage in Germany even before the rescue of its partners."But we will show that this coalition is able to act: the future of Europe is in good hands with the government," he said.

The vote on Thursday will be "an important contribution to our country for the future of Europe," he promised. Tuesday after Slovenia and Finland Wednesday, Germany will be the eleventh country to approve the mechanism. Six other countries will be asked, including Estonia, which must also discuss the issue Thursday, and Slovakia, still reluctant. The implementation of the mechanism requires the approval of 17 members of the euro area. But the green light from Germany, Europe's largest economy and biggest contributor to the bailout fund with 200 billion euros of guarantees, should give a decisive impetus.

After the vote registered, the number of dissident liberals and conservatives will be scrutinized carefully as an indicator of the flexibility of Merkel to confirm the next steps of European rescue plan. The exact number should be known only in the afternoon. The Bundestag is to vote this fall on a second plan of aid to Greece and early 2012 on the permanent mechanism MES, to succeed the EFSF. European leaders hope to have finished the EFSF expanded by the end of October, even though the discussions are already raging over a new building that would, if necessary, assist Italy or Spain.

The disappointment with the decisions and statements pessimistic about global growth of the U.S. Federal Reserve made the day before the European stock markets fall heavily at the opening Thursday, banking stocks again touching the bottom.

The Paris Stock Exchange opened down 2.66%, 3.22% from Frankfurt, London, 2.75%, Milan 3.02% and 2.43% in Madrid.The modesty of the support measures announced and pessimistic about the future of the global economy expressed by the Fed had pushed the European stock markets Wednesday, as Wall Street. The measures taken by the Fed do not forget to markets that "the crisis in the euro area remains at a high level," noted Padhraic Garvey, ING in Frankfurt.

"The Fed gave up stronger measures" that would have reassured the markets noted for his part Berenberg Bank. Wednesday morning, Asian stock markets have also accused the coup and Tokyo ended its session on a net decrease of 2.07%. Always at the forefront, banking stocks fell sharply. In Paris they yielded between 3% and 5% in Frankfurt, they were the red lanterns, Deutsche Bank and Commerzbank losing 4.81% 4.19%.

After two days of meetings, the outcome was awaited eagerly by investors, the Fed announced it would sell by the end of June 2012 for $ 400 billion of treasury bills and buy for the same amount with longer maturities. The purpose of this measure, dubbed "Operation Twist", is to lower interest rates in the long term to support the activity.

The evolution of the situation in Greece is also still followed by the markets Thursday. The Greek government resigned Wednesday to take further austerity measures in 2011 and 2012, under pressure from its creditors, the EU and the International Monetary Fund (IMF).

The non-reimbursed health costs, known as "co-pay" has declined slightly in 2009 and 2010, said on Wednesday the Ministry of Health, confirming a report in the daily newspaper Les Echos. According to figures from the DREES (Direction of research, studies and evaluations and statistics), which depends in particular the Ministry of Health, rest paid from a peak of 9.7% in 2008 and dropped to 9.4% in 2010.

This phenomenon is explained by the growing importance of 100% reimbursement by health insurance care for the chronically ill (ALD / long-term illness), which increases the average statistically supported.However, other measures, taken a few years ago, had the effect of this increase is dependent: franchises 50 cents on each box of medication, lower rate of reimbursement for certain drugs, increase in daily hospital fee increased from 16 to 18 euros.

"Contrary to some, supported by national solidarity is still very high, and the amount still to be paid by households is the lowest in Europe after the Netherlands," said Wednesday Les Echos the health minister, Xavier Bertrand, who is chairing the Commission on Wednesday health accounts.

For ambulatory care (non-hospital), the figures of the Drees set dependent than the rest of 12%: support for health insurance is down to 55% on average, while the complementary reimburse 33% health.For drugs, patients are out of pocket to the tune of 16.3%. For the hospital, rest paid is 3.2%. For ambulatory care (hospital treatment free night in the hospital), it was 12.7%.

The composite PMI, which includes industry and services, rose to 53.6 in version of "flash" against 53.2 in July.This last figure marked a low of 23 months.

In services, the purchasing managers' index, which also shrank in May, has started to rise to 56.1 from 54.2 last month.

But this obscures the rebound of the index decline of manufacturing, which dropped to 49.3 and returns for the first time since July 2009 under the 50 between contraction and expansion of the business.

Economists and analysts polled by Reuters on average expected a less pronounced decline to 49.7 for the industry and a decline to 53.5 for services.

The survey also shows that the new contracts signed by French companies (industry and services combined) recorded in August their lowest growth for two years.

More worrying in the services, the expectations component of business leaders is down more than five points from one month to another.

"Manufacturers are faced with the contraction in output and order books at a time when declining confidence in the services sector," he told Reuters Chris Williamson, chief economist at Markit. "So we really can not imagine how the growth of the service sector can remain at current levels."

Based on the latest figures from PMI, the French economy would see growth limited to 0.1 or 0.2% in the third quarter, he said.A rebound that would be only symbolic after the stagnation of the period from April to June announced ten days ago by INSEE.

Among the few positive results of the flash PMI figure the resilience of employment, which is an upward trend, the number of recording even the most sustained growth for four months.

These indices are calculated on the basis of about 85% of respondents in the sample followed by Markit, consisting of 750 business services and manufacturing.

The cost of school students in 2011 will increase by over 4%, calculated their organizations. While inflation was 2.1%, the "cost of student life" increases of 4.1% compared to last year, according to UNEF, the first student union, and the "cost of school "4.2% according to Fage, the second organization, which is more than in 2009 and 2010. The return cost and 2657.3 euros a student and Ile 2265.8 euros in the province, said the Fage.

For both organizations, the increase was mainly due to housing and mandatory spending levels announced this summer by the government (fees, meals academic, social security). The UNEF insists that small units of large Cities are those whose rents are rising the most. "The figures of the Observatory of Student Life (OVE) give us an average of 646.6 euros for rent student Ile-de-France, an increase of 7.7%", details the Fage. As for increases validated by the government this summer, they represent an increase of 4.4% of the cost of living, according to UNEF.

As a result, the organization requests that the government does not sacrifice the purchasing power of students on the altar of debt reduction and the maintenance of "AAA" rating of the debt of France, while the budget announcements are expected Wednesday ."These decisions" will be viewed with extreme caution and extreme firmness by UNEF. It is not for students to pay the triple A of France, "he told a press conference the chairman, Emmanuel Zemmour, claiming that the tenth month of stock is properly funded.

The government will present its own assessment of the cost of the return within 10 days

But the executive defended himself: "The rising cost of this return is probably one of the lowest in the last five years," he told AFP the Minister of Higher Education Laurent Wauquiez. He cites as evidence an overall increase in rents at the national level "of 1.2% this year against 1.5% last year" and higher ticket university meal 1.7%, after 3.4% in 2010. Mr Wauquiez said that increases in the ticket "UK" or in license fees (1.7%) are "below inflation" (1.9%)."I do not take lightly the issue of cost of student life, but we need everyone to take the measure of the efforts," he added.

"France is the European country in which to study is the cheapest" and the government chose "not to increase, with the crisis, student fees, unlike Britain, Spain or Italy, "insisted the minister. "Student organizations are perfectly legitimate and in their role out of ciphers, but these are not scientific and statistical evaluation", he further argued, promising formal evaluations by "ten days".

However, the UNEF judge's record five-year "bad" in terms of purchasing power of students: on average since 2006, mandatory spending for students increased 33.2%, but the welfare of 13%.In higher education, the proportion of students from lower income households fell in the same period by 9.1%, "a historical perspective" according to Emmanuel Zemmour, because "the financial barriers to acccès are becoming larger ".