US & World News

Standard & Poor's on Tuesday cut score of 15 large banking groups, mainly in Europe and the United States as a result of a major review of its rating criteria.

In total, the U.S. agency has reviewed the status of 37 major global banks. In particular, it confirmed the notes of BNP Paribas and Societe Generale."The lowering of S & P both on European and U.S. banks has undermined confidence in the markets," said Terry Pratt, IG Markets.

"This decision has overshadowed the progress made in Brussels on the issue of scaling the EFSF."

Another analyst, Guy Lebas of Janney Montgomery Scott, said that these banks will see their funding costs rise.

This month, officials from S & P indicated that they would gradually announce the ratings updated for more than 750 banking companies in the world, starting with the principal. New announcements are expected in the coming weeks.

For large banks, the rating adjustments are larger than S & P has provided for the entire industry.

A faxless payday loan can be a great source of comfort in that it can give you breathing space not just for the current emergency but after as well. Still, you should really consider only getting the amount that you absolutely need to get you out of your current predicament.

This bonus is 150 euros for a single person and 320 euros for a couple.

The Christmas bonus paid to recipients of certain social minima, as RSA, will be repeated in December 2011, announced Monday the Minister of Solidarity and Social Cohesion Roselyne Bachelot. "I can confirm that the Christmas bonus will be paid. This represents 380 million euros for the most vulnerable," said the Minister during the launch of the 27th winter campaign of Eating Heart in Paris. "For a single person, that's about 150 euros paid in the coming days and for a family with two children, 320 euros," said Ms Bachelot.

In 2010, the Christmas bonus had been paid to the beneficiaries including the RSA (active solidarity income) and those of the SSA (specific solidarity allowance, paid to certain unemployed at the end of law). She was concerned 1.7 million beneficiaries.The Christmas bonus was awarded for the first time in 1998 by the Jospin government under pressure from movements of the unemployed who have been demanding for years that it is substantially increased and the scope of its beneficiaries is expanded.

European shares were down in early trade Friday, the pressure on interest rates fueling fears that some fragile countries in the euro zone no longer be able to refinance at an affordable cost.

At 9:03, Paris passed under the 3000 points and lost 0.83% to 2985.19 points.

At the same moent, London lost 0.95%, Frankfurt and Milan 0.83% 0.73%. The Euro Stoxx 50 index of the principal values ​​of the euro gave up 0.69%.

The Spanish 10-year rate rose above 7% (7.11%) and Italy's is 6.94% while the German Bund yield the same maturity is around 1.87% and that of the French OAT around 3.6%.

Boeing said Thursday that the Indonesian airline Lion Air was about to sign an agreement for the purchase of 201 737 MAX 29 and 737-900 for a total, based on list prices, from 21.7 billion dollars (16 billion euros).

"This transaction, when finalized, will be the largest order of civil aircraft in the history of Boeing, both in value and number of aircraft ordered," said a statement from the U.S. aircraft manufacturer.

He adds that the agreement with Lion Air, Indonesia's largest airline, also has rights to purchase 150 additional aircraft.

Boeing said that U.S. President Barack Obama will attend the signing ceremony for the purchase of 230 aircraft.

Like the A320neo from the A320, the MAX 737 is the version of 737 for fuel savings. The first copies should be delivered in 2017.

JCDecaux has significantly exceeded expectations in the third quarter, posting a sales growth almost twice the stated goal, boosted by its transport division and the dynamism of France.

World number one outdoor advertising company in front of the U.S. Clear Channel Outdoor, has for the first time provided a forecast for the full year, saying rely on organic growth of about 5% of its turnover .

"The current economic uncertainties lead us to be cautious," said Chief Executive and Co-CEO Jean-Francois Decaux, in a statement, while the group's growth stood at 6.7% in the first nine months of the year .

Schneider said Thursday lowered its forecast for 2011 operating margin mainly because of a mix more negative than expected in terms of activity and contribution of geographic areas.

The French specialist of electrical equipment said in a statement that it now expects an EBIT margin (earnings before acquisition costs and impact of integration and consolidation of acquisitions in the year 2011) of 14% instead 15% previously forecast.

However, the Group confirms its forecast for organic growth of between 6% and 9% for the year.

"We expect, however, that profitability is impacted beyond the forecast, the combined effect of a mix more negative, due to growth of solutions greater than that of products and geographic mix less favorable, and a stronger inflationary pressures in emerging economies, "said Jean-Pascal Tricoire, chief executive, said in the statement.

The turnover of the group reached 5.697 million euros in the third quarter, representing organic growth of 7.7%.

At 9 months, organic growth reached 9.3%, faster than the annual target.

The activity "Power" (38% of sales in Q3) recorded organic growth of 7.6%, "Energy" (21% of sales) increased by 7.3%, "Industry" (19% of sales ) 6.6%, "IT" (15% of sales) of 12.6% and the activity "Buildings" (7% of sales) 3.0%.

The activity remained stable in Western Europe, the main market of the group (31% of sales), while Asia organic growth of 15% and North America 9%.

Emerging markets, which posted growth of 14%, now represent over 40% of the total turnover of Schneider.

Peter Brabeck-Letmathe, the chairman of Nestlé, is sounding the alarm over soaring food prices. It could mean new revolts in poor countries. An Indonesian dried corn grows, without benefit of the inflation of commodity prices. Indonesia is now the largest importer of maize. REUTERS / Sigit Pamungkas (INDONESIA – Tags: BUSINESS FOOD) AGRICULTURE)

The food prices are expected to remain high, which could lead to new hunger riots in developing countries, said President of the Swiss group Nestle in an interview published Friday.

"We have reached a level of food prices substantially higher than we had before. They are expected to stabilize at this level," said Peter Brabeck-Letmathe in this interview with the daily Salzburger Nachrichten.

"When you live in a developing country and we spend 80% of its income on food, we feel bound to it differently from us," where such expenses are around 8%, he argued.

For him, new hunger riots like those that had rocked Africa, Haiti or Indonesia in 2008 are likely to recur. "The situation is similar, it has become the new reality," he said.

Soaring food prices this year is considered one of the reasons that contributed to the "Arab Spring" in North Africa and the Middle East.

The price increase is attributed both to speculation, climate change, increasing population, or to changes in dietary habits in some emerging countries like India, where the middle classes have significantly increased their consumption meat.

For M.Brabeck-Letmathe, the issue of water is also crucial. "We already consume today" too much water, he said, encouraging businesses and consumers to waste less.

Italian energy company Acea said Wednesday its intention to take legal action against EDF regarding the acquisition by the French in 2005, through its affiliate Edison, a majority stake in Edipower.

Acea believes that EDF has acquired illegally participation in conjunction with Aem Milano, now part of the company A2A.

European shares opened sharply higher Tuesday, extending their rally started Friday afternoon, still supported by expectations of further measures to stem the debt crisis in the euro area.

At 9:36, the CAC 40 index advances 2.79% at 2939.25 points after taking 1.75% Monday, with a volatility index down 4.31% to 47.81 points.

According to the U.S. television network CNBC, which cited a European financial responsibility, a special fund could be created through the European Investment Bank to issue bonds and purchase of European sovereign debt.Bonds could also serve as collateral for the ECB, CNBC added.

Austria's Ewald Nowotny, a member of the Governing Council of the ECB, for its part, said at a conference at Harvard University, an increase in the size of the European Financial Stability Fund (EFSF) was likely but would probably not as important as what some people expect, "not the order of a thousand billion" euros.

The "rally" bear markets are more violent, says Frederic Buzare, head of equity management at Dexia Asset Management, which has 85 billion euros of assets under management.The rebound will not last if investors do not get clear action plan to resolve the crisis, he added.

In this type of policy-driven market, it's all about the risk premium. The valuation ratios are no longer relevant, adds the manager.We spend more time reading the statements of leaders (political) to study the balance sheets of companies, he says.

For his part, U.S. President Barack Obama said Monday night that the crisis of European debt was "afraid the world" and that European leaders attacked the problem but not as quickly as needed.

Other major European markets, the London Stock Exchange gained 2.1%, the Frankfurt 3.2% and 2.6% in Milan, while the pan-European index STOXX 50 wins almost 3%.

Bank stocks are still at the top of increases in the CAC 40, with a gain of more than 9% for BNP Paribas, over 8% for Societe Generale and more than 7% for Credit Agricole. Axa takes 7.8%.The index of banks in Europe advance 3.5% /

But all sectors benefiting from the rebound on Tuesday, including cyclic, with a rebound of 4.5% of the index motor and 4.1% of commodities that had posted the weakest performance yesterday.

A barrel of U.S. light crude rose 2.6% to 82.29 dollars and Brent from 1.2% to 105.22 dollars, causing the oil companies and related industries in its wake.

The performance of the German government bond (Bund) and 10 years is around 1.9% against 1.8% the day before closing, while the euro is stable against the greenback around 1.3530 dollar.

Kweku Adoboli was detained after appearing in court on Thursday. He is responsible for the loss of $ 2.3 billion by UBS. Kweku Adoboli in London.

Kweku Adoboli, the trader accused UBS of fraud that cost $ 2.3 billion in the bank, was detained, following his appearance before a London court Thursday. The boy will remain jailed at least until his next hearing on October 20, announced the judge.

One of the counts added was retained by the court in this case for a fraud committed between October 2008 and December 2010. "He is sorry for what happened, beyond what it can express," said his lawyer, Patrick Gibbs. "He went to the people of UBS and told them what he had done. It is now appalled by the magnitude of the consequences of his disastrous miscalculation," he added.

The trader, 31, who appeared Thursday in dark gray suit and blue tie, is suspected of fraudulent transactions within UBS. He was charged and detained last Friday in London. His lawyer did not indicate whether he intended to plead guilty at this point. The gendarmes of financial markets in Switzerland and the UK have also launched independent investigations into the circumstances of the losses incurred by UBS.