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The rapid increase of the debt crisis in the euro area threatens the credit ratings of all European states, warned Sunday the U.S. rating agency Moody's. Moody's in New York.

In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.

Other countries may need help

While countries such as Italy and Hungary have more and more difficult to obtain financing at rates viable markets, Moody's wrote that "the political momentum to implement an effective solution to the crisis could n ' be found after a series of shocks, which could lead more countries to be deprived of access to funding markets for an extended period. " The agency is referring to countries like Ireland, Greece, Portugal or Hungary, which have benefited from one or more financial rescue from the European Union or the International Monetary Fund. She said other countries may need to use this kind of solution if the EU fails to quickly find an adequate response to the crisis, these countries would then most likely lowered their rating to that of a investment "speculative."

Greece has one last chance to stay in the euro area and must make a "maximum effort" to avoid being brought back several decades, warned Wednesday the central bank Hellenic.

Painting a picture severe the nation's finances, the Bank of Greece said that the failure to achieve its fiscal targets, delays in implementation of reforms and strong economic contraction had questioned his recent claims about the sustainability of the country's debt.

"The country must avoid at all costs further delays or deviations from objectives; every effort is needed to do better than the targets," said the Bank in its interim report on monetary policy.

"The current situation is the most critical period of Greek history of the postwar period. What is at stake is whether the country will remain within the euro area."

The new prime minister, Lucas Papademos, promised to push reforms forward, although he met a mixed support for the main parties and trade union opposition to the new austerity plan which he has committed.

Objective: six to eight billion euros in additional savings.The French government Monday unveiled new measures to contain its deficit and preserve its sovereign rating as part of a budget among "the most severe since 1945."

Prime Minister Francois Fillon, who will present the plan in mid-day after the cabinet meeting, prepared the minds saying Saturday that there was no alternative to the reduction of public spending.

The executive, who proceeded to the final Sunday arbitration, fails to speak always of "rigor" or "austerity" but "the moment of truth" announced by the prime minister sounds like this six months of the presidential election.

Moody's is more secure than the debt of France still deserves the highest rating possible. Degradation could occur in the next six months. The consequences for France and the euro area would be dramatic. The budget minister Valérie Pécresse and the Minister of Economy and Finance Baroin

The sacred triple A of France is under pressure: the rating agency Moody's announced Monday night that it planned to lower the perspective of the note lights. A warning to potentially dramatic consequences for France and for the euro area. Explanations.

Our triple-A is really threatened?

For now, Moody's said it just gave himself three months to determine whether his perspective "stable" was still warranted.The agency is careful to note that this review is part of its annual financial statements for France and it is not yet at this stage, a decision on the rating of the country. However, if the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months). France, would become the new big country, after the United States to lose the precious talisman financially.

This warning is justified? The presidential campaign hostage rating agencies?

The possibility of a deterioration in France is not a surprise. The warning from Moody's, yes. Rating agencies usually just an opinion or negative stable and degrade or maintain the rating. This is especially the timing is symbolic in three months, the campaign for the Elysee Palace in full swing.A negative outlook on the triple A French will become a major issue of debate. The presidential campaign of 2012 will therefore be under supervision of rating agencies. Read about the blog corridors Bercy.

Concerns about a possible deterioration in the sovereign rating lights are not new. France shows the worst ratios of budget club triple A. Government deficit (5.7% this year) exceeds the level of other triple-A in the euro area (Germany is 0.9%, Denmark 4.8%, Netherlands 3.9% Austria 3% and Sweden has a surplus of 1.5%). France, also displays a primary deficit (excluding debt burden) twice (3% of GDP) than its neighbors (1.6% in the Netherlands, Austria 0.9%, 0.5% Luxembourg, while Germany and Finland should generate a primary surplus this year).Finally, France is also one of the few members of the Triple A club to suffer from a deficit in its trade balance. Also, since the deterioration of the U.S. Standard & Poor's this summer, the French note seems undeserved. However, all agencies – including Moody's – had denied market rumors in August, reiterating that they maintained their confidence in the Triple A of France.

The context was it damaged?

Since this summer, nothing goes to France: there was no growth in the second quarter and looks just as sluggish by the end of the year, the euro area is still mired in the debt crisis and banks French are in the financial market turmoil. This is precisely what worries Moody's. It is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unexpected challenges," noted the agency in a statement.Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments to be borne by the budget of the country, "she adds. In short: France has more financial flexibility. We understand better the current government reluctance to recapitalize its banks with public money and increase the discount to private creditors of Greece.

What consequences for France if they lose their triple A?

The fact benefit from the best possible rating allows France to borrow in the markets on very favorable terms to finance its debt. Lose this note would increase interest rates, so an increase in the cost of borrowing of the French state.The difference between the rates of French government bonds to 10 years (OAT) and German government securities of similar maturity (Bund) has also passed on Tuesday for the first time, a percentage point. At the same time, insurance against a default on the obligations of the French state (CDS) increased by 10 basis points. Currently, it costs 194,000 euros to insure against exposure to 10 million euros in French government bonds. France must make 8.6 billion euros of bonds by December and 179 billion in 2012 to renew its stock of debt. Direct consequence for the first time, the debt burden will be the first budget item next year, on top of School. According to government projections, it will amount to 48.77 billion euros. If France is losing its triple A, it could be more.Because unlike the United States, whose Treasury bills are still considered a safe haven, the obligations of the French state is not immune to a general distrust of investors, because of the context of European crisis.

And for Europe?

The loss of the triple A French would not be good news for the euro area. This would call into question the quality of borrower of the European Financial Stability (EFSF, which currently enjoys the highest rating possible), because France is the second largest guarantor. Now this tool is the cornerstone of the plan to end the crisis in the euro area. Moreover, France would potentially the camp of countries to aid those who need help.This would call into question the relationship quickly the Franco-German motor of advances in European governance, as both countries do more than talk on equal terms (triple A to triple A). The temptation would be great for the best students in the euro area to operate in a vacuum and cease to be in solidarity with the lower-rated countries. This would result in the breakup of the euro area.

Can we avoid losing our triple A?

"The continued commitment to implement economic reform measures and budget, and visible progress in the goals" for reducing debt "will be important for maintaining the stable outlook" of the note of the country said Moody's. The Minister of Economy and Finance Baroin said Tuesday that Paris would "do everything possible" to keep its deficit reduction targets.For 2011, the deficit target of 5.7% seems achievable. He enrolled in the draft budget law in 2012 (4.6% of GDP), that MPs prepare to vote today, the state seems inaccessible, because built on a growth assumption of 1.75 %. However, most forecasters expect at best a GDP growth of 0.9% next year. That means ten billion euros in additional savings to identify. Last night, Prime Minister Francois Fillon acknowledged that it will take "new measures" austerity if growth is not at the rendezvous. At the risk of bringing France into the spiral-rigor recession in Greece and Portugal for two years.

A few days after the piracy suffered by Areva, Paillou Patrick, the patron of the National Security Information Systems, was called to order hexagonal businesses and governments. He said protection systems are "permeable" and "abandoned." A participant of the Chaos Communication Congress, held in Berlin in December 2010.

Computer protection systems administration and French companies are they permeable? In any case, the conviction of Patrick Pailloux, the executive director of the National Security Information Systems (ANSSI). He called to order Friday in Monaco these companies and administrations judging their systems "in danger". "The situation can not remain as it is, information systems are in danger and we sometimes feel they were abandoned to their fate," said Mr Pailloux.

In his closing conference on security and information systems of Monaco, which were held from October 5 to 7, he was willing to cite any company. But the speech comes just days after French nuclear giant Areva has admitted being the victim of a cyber attack. The hackers had required the intervention of the ANSSI agency attached to the General Secretariat of Defence and National Security, a service of prime minister. Areva has ensured that the attack was focused on "non-critical information and not on sensitive information."

"We are far from the account. The situation everyday reality on the ground, is that our information services are often porous, and that malicious actors have benefited greatly.We often security loincloth, who does not eat bread and that ultimately does not bother anyone "insists the director general of ANSSI. And to prevent him:" we must take back control of our own systems, it no fatality, it's possible because it is not that difficult. We must mobilize to ensure that safety rules are followed. "

The Health Minister urged to sign the mutual agreement on the reimbursement of excess fees by the end of the week, in which case the government "take responsibility". The Minister of Labour and Health Xavier Bertrand

The Health Minister Xavier Bertrand on Tuesday reaffirmed that if by the end of the week did not sign the mutual agreement on the reimbursement of excess fees in certain specialties, parliamentary and government "take responsibility". "I prefer appeasement rather than confrontation," assured the minister of LCI considering that "it is the interest of patients that we take care in an organized and excess fees in certain medical specialties ".

According to Xavier Bertrand, mutual initially had agreed to the project and "bang, because there was the tax on contracts managers, they tell us no.""We need that before the end of the week, there is a meeting to see if it's yes or no, and if yes, when," he said. Without mutual agreement, "the government and parliament take their responsibilities." "We need a clear agreement," he said.

The medical convention signed in July between GPs and health insurance provides for an optional area in which said tariff would fall practitioners who agree to limit their fees, conditional relief from their charges.Les additional reimbursement to patients overruns capped nationally.

They have until September 30 to sign the agreement but they want to continue the discussions, including consideration of regional disparities in rates charged by practitioners.Mutuals are also unhappy with the increase in the tax on their contracts, health caring and responsible decision in the austerity plan.

Steve Jobs, Apple's iconic chief, resigned from his position as general manager, said Wednesday night the Apple brand.

On sick leave since January, Steve Jobs has been appointed Chairman of the Board of Directors of Apple and Tim Cook replaces the position of CEO.

"I always said if I ever came to not being able to perform my duties and obligations as CEO of Apple, I'd be the first to let you know. Unfortunately, that day has come" he wrote in his letter of resignation.

For many analysts, the resignation of Steve Jobs, predictable long-standing, should not prevent the group from Cupertino to continue on the path he laid out, marked by timed out.A new iPhone could also be marketed in September and the third version of the iPad tablet in 2012.

"I would say to investors not to panic and stay calm. Is the right thing to do. Steve Cook is president and CEO," responded Colin Gillis, an analyst at BGC Financial.

At 56, Steve Jobs has survived pancreatic cancer and was on sick leave since Jan. 17.

He was briefly interrupted in March when, emaciated, he came to present the new version of the tablet from Apple, the iPad.Steve Jobs was then photographed at a meal with President Barack Obama.

Since sick leave, Tim Cook held the position of CEO on an interim basis.

Steve Jobs spent all day Wednesday at the headquarters of his company in Silicon Valley, officials said a source close to Apple.

He met with the board and his closest collaborators and intends to play an active role in his new role, they added.

"Investors are very comfortable with Tim Cook, even if Jobs was the engine of innovation.Tim has shown that Apple could totally outperform when he was CEO of Apple, "said Shannon Cross, analyst at Cross Research.

Trading in Apple stock was suspended in electronic transactions. By 2300 GMT, it was indicated down 7%.

After a week of trading the most volatile memory, the New York Stock Exchange finished up Friday, raising hopes that the worst is over regarding the massive sales of securities that have been observed day funds.

The rebound Friday has not helped to erase the losses of the week, and U.S. markets are on track to achieve their largest decline over three weeks since March 2009.

The Dow Jones gained 1.13% or 125.71 points to 11,269.02 points and the S & P 500 has been 0.53% or 6.17 points to 1178.81 points.

The Nasdaq was awarded for its 0.61% (15.30 points) to 2507.98 points.

For the week, the three indices yield respectively 1.5%, 1.7% and 1%.

Sign that investor anxiety has subsided somewhat, the volume of trade Friday was much lower than in the previous four sessions, and changes in the rating were less violent.

"The decline in volume today clearly indicates that the current market a little less worried," commented Ken Polcari of ICAP Equities prior to closing.

He said that if the economic indicators next week are in line with expectations, the trend may continue.

"Before you go higher, the market needs to repair itself a little and to rebuild a database.This is what happens now. "

The rise in European markets, due to the ban on short selling some financial stocks, has helped to support Wall Street.

The U.S. economic indicators have meanwhile been blowing winds in the markets.

The numbers of consumer sentiment have molested standing at their lowest since 1980 but the July retail sales showed their biggest increase in three months.

As for values, title Nvidia fell 3.95% to 12.88 dollars, offsetting the strong gains made last after the announcement that the group included a higher than expected its quarterly revenue.

S & P has taken a decision resounding Friday: leave the first world power of the inner circle of the most reliable borrowers. Now the United States are nothing more than "AA +". To reduce the deficit, U.S. President Barack Obama largely agrees to cut public spending, including social, but demand for part-against higher taxes for the wealthy.

The rating agency Standard and Poor's lowered the rating Friday on the public debt of the United States, deprived of their "AAA" for the first time in history, citing the "political risks" facing the challenges of the deficit budget. S & P said in a statement it had lowered the rating a notch, the best possible, to bring it to "AA +".It also downgraded the outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it is to be lowered again.

It justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" , said the agency, citing the law known as "control the budget" passed Tuesday.

The United States were rated "AAA" by Standard and Poor's since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings. The U.S. government has accused S & P based its decision on serious errors in calculations. "An appraisal contains an error of 2.000 billion dollars speaks for itself," he told a press spokesman for the Treasury Department. U.S. media said the government had severely challenged the projections of analysts of the agency after reviewing the findings of S & P. In vain.

The pitch was not easy to be taken to a U.S. agency."They have downgraded a bunch of European countries, and Europeans were bent on rating agencies: why you lower your bill and not the U.S.?" Fell on the Bloomberg TV channel economist Nouriel Roubini, who became famous for his dark predictions.

The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now. The U.S. Treasury is an undisputed reference: a standard cost of money, usually an instrument of "collateral" (guarantee) in a variety of transactions, and a refuge for investors in troubled times. "Uncertainty about the impact on the market is high," said recently the investment bank Goldman Sachs, exploring the potential consequences.The lowering of this note should indeed force investors to reassess risk widespread.

Standard and Poor's warned in April that it was considering lowering, given the persistently high budget deficit and rising public debt. The unfolding conflict of budget debates in the coming months, which culminated Tuesday in extremis on raising the legal limit of public debt, had only compare this perspective. John Chambers, President of the Evaluation Committee of S & P, said Friday on CNN that Washington could have prevented the lowering of the notes within the ceiling earlier. He said the responsibilities were shared by the Administration and Obama, but also to "the previous administration."

The first political reaction in Washington have shown just block pointed to by S & P.Mitt Romney, candidate for the Republican primary, has called the downgrade of American "latest victim of the failure of Obama's economic" and the Republican chairman of the House of Representatives as "a consequence of control spending in Washington in recent decades. " The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with spending cuts but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea party", in the recent discussions on the dates.

The S & P announcement came as the markets had closed for the weekend, but initial reactions are mixed from Asia.The Japan, the second holder of U.S. debt world, assured that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. France "with complete confidence in the strength of the U.S. economy," said Saturday told AFP the Minister of Economy Baroin. But China, by far the largest creditor of the world the United States, found that it was "now all rights to require the United States they are addressing their structural problem of debt."

The United States had their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances.According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan. It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

Vicat said Thursday expect a slight reduction of its operating margin in 2011 due to the revolution in Egypt, rising energy costs and start-up costs of factories in India.

The cement, which was conducted in 2010 an EBITDA margin of 25.0%, said however that it should enjoy this year, however, a gradual recovery in activity in mature markets, the dynamism of emerging confirmed except the Egypt and the pursuit of its savings measures.

Vicat achieved in the first half EBITDA margin declined 1.5 points to 22.1%, with a turnover of 1.146 million euros, up 10.7% at constant scope and exchange rates.

Vicat said to expect a gradual recovery in sales volumes in France, its main market, while prices should stabilize or slightly improve.

United States, Vicat also provides a very gradual improvement of markets in terms of volumes and prices, a sustained growth is not expected before 2013, while stressing that the visibility is currently very low.

In Egypt, Vicat showed a fall of 13.9% of consolidated revenues in constant currency, within the scope of a 6.4% contraction in sales volumes, lower prices and a sharp contraction more than 10 points in its EBITDA margin as a result of the revolution of the early years and the current tensions in the country.

"Nevertheless, the group remains confident about the evolution of the Egyptian market in the medium and longer term and its ability to fully benefit from its growth," said Vicat.

The West Africa and the Middle East is the second area of ​​the group behind France in terms of sales.

Before these announcements, the action Vicat finished down 2.83% to 46.80 euros in a market down sharply, giving a market capitalization of 2.10 billion. It falls 25% since the beginning of the year, after winning 6.3% in 2010.