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The effect of the crisis was immediate for the television market and particularly for TF1. The first French commercial channel just announced for the first nine months of the year, a decline of 1.6% of its advertising revenue to 1.054 billion euros. The decline is even more pronounced for the third quarter, which ends, as advertising revenue in the chain were down 3.2% to 296.6 million compared to last year at this time.

An equation that TF1 attributed to "a macroeconomic environment less favorable than expected, especially from September." This "economic uncertainty", leads the group also anticipated for the year 2011 "a withdrawal of consolidated turnover of about 1%."In the third quarter, it rose from 424 million a year ago to 442.3 million in 2011. This improvement is also due, according to the chain, particularly by the strong performance of advertising on online video and the deployment of the MyTF1 in new telecom operators.

Lower cost of grid

In addition, the group continues its policy of optimization of the cost of grid, which stood at 639.4 million euros at end September 2011 against 693.1 million euros a year earlier. These savings of 53.7 million euros due to the fact that in 2010, TF1 had to endure 63 million euros for the world cup football. In 2011, the Rugby World Cup cost only EUR 12.4 million .. Finally, outside of this effort on sports rights, the chain has also made a saving of 2.8 million euros on other programs.

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Sale private-landed in the United States with AmEx

As of this afternoon, the Americans will, too, buy designer clothes at bargain prices at the site Vente-privee.com.

After Paul & Joe, 40 sales flashes of premium brands, at -50% or-65%, are scheduled: jewelers Chaumet and Fred, Calvin Klein, Moncler, Agatha Ruiz de la Prada …

Before landing overseas, Jacques-Antoine Granjon, the owner and founder of private-sale, has capitalized on a decade of experience in online retrieval cash advance. Patient, but ambitious. "We hope to achieve U.S. $ 500 million in sales within five years," says Le Figaro contractor, long hair flying and a great smile. To achieve its goal, Jacques-Antoine Granjon chose not to go solo and partner with American Express. Sale private-created joint venture in May at parity with the U.S. giant credit card.

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Russian gas delivered directly EU

Forsaking rigor few hours François Fillon inaugurated Tuesday morning largely pump Lubmin in northern Germany commissioning pipeline Nord Stream which will route first Russian gas EU ( EU) bypassing intermediate countries like Ukraine or Poland no fax payday loans.

To open valves snake steel which traverses 1224 km sub Baltic since Region Saint Petersburg Premier French will work alongside German Chancellor Angela Merkel his counterpart Dutch Mark Rutte and President Russia, Dmitri Medvedev.

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Make an impression. Take strong measures. Address permanently to the expense and do not simply stack "bits" of tax revenue. Above all, show that nothing, not even faltering growth, will deviate from the objective of reducing public deficits. Even if it means taking a big political risk and to bet-dare-that the French have so recognized the need to straighten the accounts they are willing to make a lot of effort.

The Government will acknowledge this morning by the Cabinet, a new plan of "balanced budget" – the second in two and a half months. François Fillon the detail in the wake of a press conference before returning to the "20 hours" of TF1. Two principles should guide the plan. First, not just to navigate to: most of the measures will have a lasting impact. With cap posted, the "zero deficit" in 2016.Second, spending cuts must be at least half the effort. With an idea in mind: "We do not spend more than we create wealth."

Benefits indexed to growth

On this logic, one track was seriously considering Sunday not to increase the most social benefits in line with inflation (around 2% per year), but in terms of growth (1% in 2012). Family allowances, and possibly pensions, would be involved. In contrast, all tested benefits, such as RSA-base and the minimum pension, will be spared.

So far, social spending had been saved. But evidence that the government thinks no taboo, rapid transition to retirement at age 62 seemed likely Sunday.

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At the bedside of the euro area. The major world leaders meet for two days, Thursday and tomorrow in Cannes for a G20 summit which could be captured by the debt crisis. And the Greek problem.

Last night, hours before the summit, Nicolas Sarkozy and German Chancellor Angela Merkel put pressure on Greek Prime Minister George Papandreou. It wants a referendum on the European rescue plan for his country. French and German leaders asked him an ultimatum: "the question to the Greek people come down to this: do you want it not to remain in the euro area?"

13:45: The ECB announced a decrease of a quarter-point rate at 1.25%. The surprise announcement of this decision relieves markets. The CAC progresses in the wake of more than 3%. Other exchanges in Europe follow the same trend.

1:18 p.m.: "End of the European meeting.

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Wall Street will rise unlikely this Tuesday from his fall yesterday. At the opening, the Dow posted a loss of 2.18%% to 11,691.19 points. For their part, the Nasdaq and S & P 500 lag decreases of 2.63% to 2613.77 points and 2.61% to 1220.34 points. As in Asia and Europe, investors are struggling to collect the decision of the Greek Prime Minister George Papandreou to submit to a referendum the new European plan to bailout the country reached at an EU summit last week. If 'no' wins, the Greek Constitution mandates the holding of early parliamentary elections.

The economic consequences would be severe.Oil prices retreated as much current European exchange, penalized by the rise in the dollar. Barrel of Brent North Sea crude for December delivery traded at 107.72 dollars on the Intercontinental Exchange (ICE) in London, down 1.84 dollars from the end of Monday. In electronic trading on the New York Mercantile Exchange, a barrel of light sweet crude for the same maturity lost 2.36 dollars to 90.83 dollars.

Values ​​to follow

The banking sector, which had suffered yesterday, expected to suffer the consequences of twists in the eurozone.

Signature Bank will take the place of Kinetic Concepts on the S & P MidCap 400.Opnet Technologies will therefore take the place of Signature Bank on the S & P SmallCap 600.

Pfizer released Tuesday quarterly earnings better than expected, thanks to growth in sales of prescription drugs in emerging markets. The first global pharmaceutical group announced a profit of 3.74 billion dollars (2.4 billion), or 48 cents a share in the third quarter, including a gain of $ 1.3 billion after the recent sale of Capsugel.

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From our correspondent in London

The City blues. The second world market in competition with Wall Street, is under attack from all sides. Of anti-capitalist camp outraged at his door on the steps of St. Paul is the symbol of a deep crisis.

The finance sector in London could lose 27,000 jobs this year, nearly 10% of its workforce, according to a study by the Centre for Economics and Business Research (CEBR). This would reduce the number to 288,000 jobs, a level below that of 1998, near the peak of 354,000 jobs in 2007. The agency has revised sharply downward its forecast that anticipated the creation of 2000 jobs this year and next year 3000 because of the magnitude of the crisis of the euro.

The U.S. and European banks have already announced 100,000 job cuts and prepare for new carts for the end of the year and early 2012.Bankers' bonuses this year are down 38% in London, instead of a 6% increase originally planned. The total would reach 4.2 billion pounds (4.8 billion), one third of that of 2007.

No recovery before 2014

More seriously, the CEBR expects two years of stagnation that hiring increased again until 2014 cash till payday. And job creation in 2014, 2015 and 2016 would not even recover by this time the level of 2010.

"These estimates show how the role of London as a key center of international finance is increasingly threatened, says Rob Harbron, an economist at the CEBR.The increased taxes and regulation weighs on the attractiveness of the London and closed the gap with emerging Asian stock markets such as Hong Kong and Singapore. "

The theme of the plot against the European City is a classic of the banking lobby, even if the projects the strictest financial regulatory Vickers from the project supported by the government, not Brussels. This does not prevent David Cameron to ride this hobbyhorse.

"London, the center of the European financial industry, is under attack constant direction of Brussels. This is a concern, a major national interest that we must defend, "insisted the British prime minister on Friday morning.

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The recapitalization of banks is launched

From our special correspondent in Brussels

Not everything has dragged on last night in Brussels. From 20 hours, the heads of state of the 27 EU countries have approved the launch of a large recapitalization of European banks, encrypted by the industry policeman to 106 billion euros. The principle was in fact acknowledged the last Saturday by finance ministers.

106 billion euros. This figure results from the examination of bank balance sheets after taking into account the loss of value to the end of September of sovereign debt Greek, Irish, Portuguese, Spanish or Italian, but also gains recorded on their German or British counterparts. On this basis, regulators assessed for each bank the way to go to 9% of regulatory capital ratio ("core tier 1" prudential banking jargon).This objective will be achieved on June 30 at the latest. And the addition is particularly heavy for Greek banks, of course (30 billion euros), but also in Spain (26 billion) and Italy (14.8 billion). In France, the bill is estimated at 8.8 billion, Germany at 5.1 billion.

A new showdown promises

This total was largely anticipated by the market and the banks themselves. However, a new showdown between the industry and promises to the authorities. "We ask banks to recapitalize. Not to cut their balance sheets, "argued a senior Wednesday ahead of the summit. Number of facilities provided to achieve because much of the effort flopped the sails, that is to say, by limiting their activities consume the most capital.But Europe is concerned about the impact of these strategies on the distribution of credit, especially in the east where the industry is largely owned by groups of Western Europe. The Council of the Union has insisted on its vigilance on this point. And regulators have developed their doctrine accordingly. End of June 2012, they calculate the ratio of each bank according to its balance sheet at September 30, 2011 …. It is therefore too late to play on the variable of total assets. Only an increase in capital will reach the famous 9%.

Putting aside the benefits

To avoid making capital increases in market conditions given the state of detestable share price values ​​the industry or, worse, to use the state to bail out the banks who can n ' have only one option: to put their profits in reserve, probably in much higher proportions for use.This means that the shareholders of the banks concerned will receive little or no dividend next year. Politicians hide it just, that sacrifice is almost as an objective.

All has not been lost to the banks. The Council of the EU, the European Banking Authority, promised to lay the foundation for coordinated action to help them take on the market. The sovereign debt crisis cut investors' appetite for foreign bank debts. However, they will raise more than € 600 billion next year. The European Central Bank has opened the floodgates of funding up to a year. But it can do much more as the industry needs stable funding, so many years.Government guarantees could be implemented.

Recapitalization of Societe Generale, and BNP to BPCE

BNP Paribas, Societe Generale and BPCE (People's Bank, Savings Bank) have additional capital needs between 2.1 and 3.4 billion euros while the Crédit Agricole Group is considered to be sufficiently capitalized, reveal tests made by the European Banking Authority (EBA) with the supervisory authority (CPA) on Thursday posted an indicative estimate.

According to stress tests published by the regulator which depends on the Banque de France, the capital needs of BNP Paribas is estimated at 2.1 billion euros, those of BPCE to 3.4 billion euros and those Societe Generale is estimated at 3.3 billion euros.

"This is an indicative figure and temporary, which will be modified to take into account the figures to 30 September 2011 – level of capital, exposures of banks, market values ​​- and we expect to publish the final figures in During the month of November, "said the CPA. "It is this last figure as a reference for the possible need for increased capital by June 2012."

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The CAC 40 on guard before the summit in the euro area

After resisting the morning, the Paris index has increased its losses Tuesday mid-day, finishing down 1.43% to 3174.29 points. Parisian investors have expressed a wait-and very excited at the eve of an EU summit in crisis considered major. Sign of a strong wait-and trading volumes did not exceed 2.6 billion euros. Some profit taking after two sessions of strong gains also came influencing the trend. Less marked decline elsewhere in Europe, where the German Dax has limited its losses to 0.14% at 6045 points and the FTSE in London 0.41% to 5525.54 points.

Immersed for weeks in a deep pessimism, investors had played the crisis Friday and Monday. However, the ability of European leaders to respond definitively to the debt crisis is still struggling to convince.A phenomenon that confirm the disagreements between countries in the euro area on the measures to adopt, and just wiping out the gains Monday. If the preparatory meeting of finance ministers of 27 (Ecofin) has been canceled, the leaders of the euro area, however, continue to negotiate before the meeting tomorrow Wednesday of Heads of State and Government (first of 27 and 17 of the the euro area).

At the heart of the discussions: the recapitalization of banks, the amount of the discount of the Greek debt, and strengthening the European bailout fund (EFSF). According to one diplomatic source, the representatives of the banks would like to limit the discount to 40% volunteered to stabilize the Greek debt, against 50 to 60% required by the euro area.Moreover, concerns about the Italian situation is escalated, while Silvio Berlusconi may have trouble getting the promised reforms the last weekend to reduce the debt of his country. The Prime Minister pledged to push trans to 67 years of age retirement.

Diving morale of U.S. households

In this context, mixed economic data revealed the Atlantic have increased pessimism. Stabilization of U.S. house prices in August, according to the Case Shiller index, and the unexpected plunge in the morale of U.S. households in October, have reinforced doubts about the health of the world's largest economy.

By sector, banks are logically the most attacked, BNP Paribas, lost 3.75% to 30.80, Societe Generale fell back to 3.80%, to 19 euros. Axa was down 1.76% to 10.90 euros.François Fillon, French Prime Minister confirmed that the banks of the Hexagon should recapitalize to the tune of "ten billion euros."

In contrast, cyclical stocks including oil services, were well oriented, supported by oil prices that reached a high for about three months. Maurel & Prom has awarded 2.86% to 14.90 euros and CGG Veritas was up 1.21% to 16.73 euros.

Also against the current, and two days before unveiling its sales for the third quarter, the title of Plastic Omnium has continued to rise (3.35%, to 20.76 euros) having already jumped more than 10% two sessions. Finally, on the eve of the announcement of its quarterly revenue, PPR has taken the lead in the CAC 40 with a gain of 3.84% to 111 euros.

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Euro crisis: Merkel and Sarkozy argued

The euro still waiting 72 hours for his fate. At an EU summit which took the warm-up lap, Nicolas Sarkozy and Angela Merkel Sunday near their positions on the fateful question of European bailout fund and its clout in the marketplace. But, at the repeated request of Germany, the final decision will be taken until the night of Wednesday to Thursday, after another crisis conclave convened in Brussels.

The president spoke Sunday night "a fairly broad agreement" on a platform of shared press conference with Angela Merkel. He especially made a decisive step towards the Chancellor, itself buttressed in his refusal to see the European Central Bank refinance long-term debt of countries like Spain or Italy. "The ECB is independent and we hold as much as Germany, Nicolas Sarkozy assured.No solution is viable that would not guarantee that independence. "

Credibility of the euro

Satisfied, Angela Merkel took note clearly stating that the bailout fund leverage its resources without further contribution of the states of the euro, or use means unlimited in principle of the ECB. With leverage, the EFSF – now with 440 billion euros – could see his strike force raised in 1000 or € 1500 billion.

To achieve this, Paris and Berlin are close to agreeing on a device with double trigger, say well-placed sources. First a direct guarantee from the EFSF, which would provide the investor when issuing new loans by the States financially fragile. Then a support fund or regulation, which would occur in the secondary market debt securities.The fund, which also benefited from a bond of EFSF, should attract private investors or sovereign-related, for example, China, Brazil and the oil nations.

Skeptical markets, the credibility of the euro and the "firewall" planned in Paris and Berlin also depends on economic and fiscal discipline strengthened saving account pay day loan. The spectrum of a Italian slippage has haunted the tops of variable geometry and ministerial appointments of the weekend in Brussels. Sunday morning, Angela Merkel and Nicolas Sarkozy have the message in private to Silvio Berlusconi, hoping to prevent the crisis from spreading to boot before the euro has built its new defenses.

Signs of impatience

Publicly, Angela Merkel asked the head of the Italian government to reduce its debt "in a credible way."Confidence, she says, "can not be won solely by financial wall (…) Italy must live up to its responsibilities." Nicolas Sarkozy went further: "There is no question of using Solidarity partners if those we help are not their own efforts. "

The Europeans must disclose in the middle of the week their response "global" to the crisis of the euro and the contagion of debt. The most urgent need is to stabilize the situation in Greece, over-indebted and recession. If they agree to continue to financially assist the Papandreou government, heads of state and government have yet to accept the creditor banks at a discount of 50% on Greek bonds. Germany and especially France overlooking the front of the signs of impatience.Addressing the banks, Nicolas Sarkozy launched: it returns "to each to take responsibility to avoid catastrophe."

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