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Member States of the European Union plan to withdraw from the future European Stability Mechanism (MES) the possibility of involving the private sector in the financial rescue of a country, said Friday four sources familiar with the matter.

Ongoing discussions are taking place in the broader context of trade reform on the European Treaty, on which Nicolas Sarkozy and Angela Merkel agreed Thursday in Strasbourg, it was said the same source.

This does not however affect the participation of banks and insurers in the second EU aid package to Greece, where they pledged to remove 50% of their claims to the country.

"France, Italy, Spain and the peripheral countries are in Germany, Finland and the Netherlands are against," said one source.

"(The first) say that Greece is a unique case in terms of private sector participation (…) He felt that if it is a unique case, then do not include in the text (the European Stability Mechanism).

The Tokyo Stock Exchange ended down 1.27% Tuesday as investors fearing a deterioration in the European debt crisis when approaching a crucial parliamentary vote in Italy.

The Nikkei lost 111.58 points to 8,655.51 and the Topix, larger yielded 12.42 points (1.66%) to 738.03.

Title Olympus plunged 29%, the group acknowledged having made M & A loans to cover losses on investments in stock dating from 1980.

The accumulation of incidents at NYSE Euronext since June annoying and worrying more and more investors, who do not hesitate to use alternative trading platforms to carry out their transactions.

The transatlantic exchange operator in Europe has undergone eight technical issues between June and October, resulting in the suspension of publication of its indices, including the CAC 40 stock market delayed opening, or cancellation of certain transactions.

These technical problems are partly the result of significant changes made in the information systems of NYSE Euronext, and the large volumes of transactions processed (50 to 100 million transactions a day).

"We may take a very large number of precautions in terms of development and testing prior to the start of production of new systems when we change information systems – which are extremely sophisticated – we are increasing the risk of incidents have "Fabrice told Reuters Peress, head of market operations at NYSE Euronext European cash.

However, the panel of European regulators, with which NYSE Euronext talks every month, closely following the problems encountered by the exchange operator should be able to cope, stress analysts.

Consequently, some investors are tempted to work with alternative trading platforms such as MTF (Multilateral Trading Facility).

"Incidents of NYSE Euronext, is detrimental to them because they are not able to quote when you want to place an order, customers will go elsewhere," said Frédéric Jamet, Managing Director at State Street Global Advisors France.

Since the beginning of the year, platforms like Turquoise, Bats and Chi-X have continued to take market share from traditional stock exchange operators in Europe.

The Swiss pharmaceutical group Novartis announced Tuesday the elimination of 2,000 jobs at the group level and a series of measures designed to absorb the price pressure.

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 francs (12 billion), up 18% in dollars and 12% at constant exchange rates.

Net income rose to 2.49 billion francs, 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 francs 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 eviction of Pierre-Henri Gourgeon the CEO of Air France-KLM and the takeover of the group by its president Jean-Cyril Spinetta could be a lifesaving shock to the Franco-Dutch company, hit by financial indicators in red and a controversial management of the disaster Rio-Paris flight.

The second European airline in terms of sales has also confirmed the appointment of Alexander Juniac, former chief of staff Christine Lagarde, the newly created position of CEO of the national carrier Air France, and so set to resume eventually lead the group.

The arrival of this 48 year old technocrat had been widely anticipated, unlike the departure of Pierre-Henri Gourgeon, whose mandate was renewed for four years ago three months ago.

"It's a shock. It is a little surprised because Air France is not a company that used to act like that. However, it is rather good news for Pierre-Henri Gourgeon has not really good news to analysts, "said one analyst who requested anonymity.

Jean-Cyril Spinetta, who finds his chair as CEO, will be Deputy CEO Leo van Wijk, the current vice-president of the group, while Philippe Calavia remains chief financial officer.They will provide strategic coordination group to the holding of a genuine Air France-KLM, postponed from early 2012 to current 2013.

"The goal is to improve the operational and financial performance of the group in a context marked by economic uncertainty, their impact on European air transport and the situation of Air France face of increased competition from new players "the company said in a statement.

Pierre-Henri Gourgeon became Group Chief Executive in January 2009, while Jean-Cyril Spinetta, architect of the merger between Air France and KLM, had retained the presidency alone.

AIR FRANCE-KLM TROLLING

Stock Exchange on Monday welcomed the prospect of change to an increase of the share of Air France-KLM 1.43% to 5.606 euros, giving a market capitalization of 1.7 billion, against the market trend in Paris.But it remains down 59% since the beginning of the year, underperforming both the largely German Lufthansa and IAG, an entity formed by the merger of British Airways and Iberia.

Pierre-Henri Gourgeon and pays the price for its management of the company, which the French state owns 15.7% of the capital, considered too indebted, too slow to react and too wasteful, including labor costs well above those of its competitors.

The group, which now hold their exercises on the calendar year, merely to predict the end of July a positive operating result in 2011, when he had to exceed 28 million before the year 2010 on a comparable basis.

"It is believed that the duo should be able Juniac-Spinetta implement the measures necessary for the restructuring of the company that Gourgeon should have realized for several years," said another analyst.

"Two caveats, however, do this a few months before the presidential election seems a bit difficult in a society as symbolic Air France.Then, the decision appears to have been in a hurry, it will therefore take time before we truly know the new organization of the company. "

Even before the official announcement, the CFDT, which denounced the months of "rumors, calculations and combinations" between the leaders of the group, said he filed a "social watch" kind of notice of strike to get quick answers to questions employees and a clear strategy.

"We need a flight plan coherent economic and social level," he told Reuters Gilles Nicoli, secretary general of the CFDT Air France."It should not be the result of this reorganization is to delay the action plan."

Another delicate matter left to the new tandem: the catastrophe of Rio-Paris flight in June 2009. The third serious accident suffered by Air France in ten years has also raised questions about the technical training of its pilots, after publication of the interim report of the Investigation Bureau and analysts (BEA).

The G20 said Saturday that the next EU summit on October 23 would present a comprehensive plan that can make a "robust response" to the crisis in the euro area.

Gathered in Paris last Friday, finance ministers and central bankers from the G20 also reported progress in the definition of an action plan for coordinated policies to address the current crisis and strengthen global growth.

In a statement, they indicated that this plan will be discussed at the upcoming G20 summit in Cannes in early November, provided by the advanced countries the implementation of policies to promote domestic demand for those who are in surplus and the savings for those with large current account deficits.

Emerging powers in turn adjust their macroeconomic policies "to maintain the growth momentum to face downside risks," those who are in surplus pledging to accelerate "the implementation of structural reforms to rebalance the asked to give more room for domestic consumption. "

They will continue their parallel efforts "to move towards systems of exchange rates determined more by the markets and achieve greater flexibility in exchange rates to reflect economic fundamentals."

He came in first, but he can not win without the votes of the champion of de-globalization … It is not in the field of economics that François Hollande will look for the voters of Arnaud Montebourg. But where, then? François Hollande at a rally in Rennes on 27 september 2011.

Article published previously in The Express. Fr

With 17% in the first round, Arnaud Montebourg is a huge problem with François Hollande. Topped, but with only 39% of the vote, it has very little reserve of votes for the second round. Manuel Valls support does not weigh enough to allow him to cross 50%. Worse, it might even seem like a poisoned chalice left facing a party Francois Hollande is imperative that court to win his match against an Martine Aubry to Montebourg that voters are supposed to go more naturally.The countdown has started to find the magic formula that allows to do the splits. In Dutch, and long, it's called the art of synthesis.

"We know that 25% of PS is in favor of an interventionist left, says a close friend of François Hollande. There was simply a transfer of voice Segolene Royal to Arnaud Montebourg and it does not change the economic position of Holland". On the prohibition of dismissals stock, the golden rule or the how to deal with banks, differences between the two candidates, at least in discourse, are indeed very important. And François Hollande, no question of becoming, overnight, a defender of the de-globalization. It's not the economy that will dredge the voters Arnaud Montebourg, but on morality in politics, where Guerin gives him an advantage over Martine Aubry, or Europe.

Some, however, want to believe that the economic positions are not all as far as it seems. As says economist Elie Cohen, a member of the Council of Economic Analysis and writes notes to François Hollande, "when you scratch behind the concept of de-globalization, which defends Montebourg is the need of the reindustrialise countries and to fight against relocation. He often cites the case of South Korea. This can be an interesting ". In the second debate of the primary, Holland had also argued, like the others, for state support to industry. But not financial support, rather the definition of an enabling legislative framework. Without giving details. This is also where the problem lies with François Hollande, who has favored a few guiding ideas without necessarily deepening."On many issues, he will be forced to be more precise, it says in his entourage. François did not shoot down all his cards at once, but he has no choice."

It will include further justified on the contract generation, a cornerstone of its commitment to youth, which was strongly criticized by Martine Aubry. Exemption from the companies that hire young people without being separated from their seniors, the mayor of Lille does not. She prefers the 300,000 jobs of the future, a move that raises the youth employment in 1997 and has scope to include the project within the PS. François Hollande, who do not believe, there is resignation, but wants the book to young people. Guardian of the PS project, Martine Aubry will not fail to criticize the liberties taken by the Netherlands over a series of proposals which it has acceded and which, he recently recalled, "the hire".

Extension or not of austerity measures, private participation in the background of Greek and multiplication fund to support the euro area will be central to discussions of EU finance ministers next week, even if no decision is expected on these records.

Met Monday and Tuesday in Luxembourg, ministers should also initiate discussion on strengthening the governance of the euro area in anticipation of a summit of leaders of the single currency on October 18 in Brussels.

"The recession alarms began to ring in a number of countries in the euro area and the debate on whether or not to extend fiscal austerity measures will be a common thread to the summit on 17 and 18 October, "said a senior source within the euro area.

"This will be the discussion of the next two weeks," added the source, adding that the discussion would focus on the revaluation of the conclusions of EU summit of 2009 which had then asked the bloc to put an end to measures to support the economy to engage in an accelerated phase of consolidation of public finances.

A second source said the meetings Monday and Tuesday would open a political sequence of one month to the G20 summit in Cannes in early November, where it will be then for the major world powers to agree on a message common support for global economic activity.

"The message next week will be divided into three parts: one, the euro area should continue on the path of fiscal consolidation, two, member states must implement structural reforms to stimulate growth, three, in some countries there are margins to take a break from the austerity and let the automatic stabilizers, "said the source.

Germany, the only country in the euro area have such leeway, and whose size would allow him to have a ripple effect, however, already indicated that it did not intend to go down this road.

GREEK PLAN

The question of the participation of major banks and European insurers in the background of aid to Greece should also dominate the agenda, while the Greek Prime Minister George Papandreou was in Berlin and Paris this week to take stock of the situation in his country.

The agreement of 21 July on the support plan for involving the private sector at 50 billion euros, including through an exchange of current Greek bonds against future carry a discount of 21% but also additional guarantees provided by the countries of the euro area.

Athens, however, just to collect the 90% minimum participation of the private sector she wanted to accept the plan and, according to several sources, deteriorating market conditions in recent weeks has increased the cost of the guarantees offered by governments, casts doubts about the implementation of the program in its current form.

"We are not far from the threshold of 90%. In fact, we're almost there.So we do not think the question is to review the private sector, "said one source.

She said that in case of difference between the expected participation of banks and the finally obtained, it is also possible to further explore the option of repurchase by the Greek state's own obligations to a value lower than their face value, thereby lowering the level of debt.

However, this issue should continue to be discussed during the next two weeks and no decision is expected before another meeting of the Eurogroup on 13 October and peaks of 17 and 18 October.

Multiplication of the EFSF

Finally, ministers should also consider the question of extending the power of the fire fund to support the euro area (EFSF), although again no decision is expected in the next two weeks.

The euro area is trying to find a way to more effective use of 440 billion euros available to the EFSF to demonstrate to financial markets that has a size sufficient to stabilize bond yields Spanish and Italian – a task currently provided by the European Central Bank.

But the euro-zone countries want to wait that Slovakia has ratified the agreement of July 21 before opening formal debate.

"This is not the question of when.And besides, if the agreement of July 21 is implemented in its entirety, this question becomes irrelevant, "said one source.

On Friday, Economy Minister German Philipp Rösler has also said that the Bundestag does not seem willing to leverage the fund Thursday after approving the expansion of its prerogatives.

The banking sector soared after news reports citing additional support by the ECB to financial institutions. BNP closed up nearly 10%. Initials of the BNP on the Place de la Bourse in Paris.

The Paris Bourse rebounded on Friday and took 1.02%, after a volatile session, helped by the rise of the banking sector on information suggesting actions in support of the ECB, which reduced fears about the global economy.

The CAC 40 gained 28.43 points to 2810.11 points, in a trade volume of 4.082 billion euros. The day before, he had lost 5.25%.

The Paris market, which fell more than 3% in session on fears about the global economic outlook owes its rise in banking stocks that have ended on a sharp rise.

BNP Paribas gained 9.78% to 2.32 euros, Crédit Agricole 4.78% to 4.43 euros and Societe Generale 8.76% to 16.65 euros. Thinning came from a member of the Board of Governors of the European Central Bank (ECB), Ewald Nowotny, who suggested that the institution "could reintroduce refinancing operations a year for banks," according to information Press.

These words have to take second place to concerns about the risks to the global economy, particularly in the United States and Europe, as the lack of policy responses. The central bankers of the leading countries in the world, gathered in Washington for a summit of the G20, are committed to preserving the stability and liquidity of the banking sector, but no specific action has been announced.

Several values ​​highly dependent on conditions ended up as Alcatel-Lucent (0.28% to 2.18 euros), Bouygues (4.03% to 24.90 euros) and Renault (0.59% to 24.65 euros).

The price of crude oil ended down nearly 1.5% Wednesday, partly because of higher-than-expected stocks of gasoline and distillates in the United States and despite a fall in oil reserves.

On the Nymex, the contract on October U.S. crude (WTI) ended on a loss of $ 1.30, or -1.44% to 88.91 dollars a barrel.Meanwhile, Brent advanced 0.41%, or $ 0.46, to 112.35 dollars.

In volatile trading, the Brent has received some investor optimism about the crisis in the euro zone after the European Commission said it will shortly introduce proposals for Eurobonds.

Crude inventories fell 6.7 million barrels to 346.38 million, according to the U.S. Agency for Energy Information (EIA). Economists on average had expected a decline of 3.1 million barrels.

Gasoline inventories rose by 1.94 million barrels and reserves of distillates, which include heating oil, rose 1.71 million barrels while the experts had expected 500,000 barrels and 700,000 respectively barrels