Members have pledged Tuesday to review a new draft supplementary budget for 2011, the fourth year that includes several measures of the new savings plan submitted on November 7 by the government.

This "supplementary budget" follows the decision of France to lower, from 1.75% to 1%, the forecast growth rate for 2012.

The draft budget law for 2012, being shuttled between the two assemblies, which is considered "obsolete" by the Opposition, was indeed built on a growth forecast of 1.75%.

The OECD expects growth in its share from 0.3% in France next year."We will meet our objectives of reducing the public deficit to 5.7% of GDP in 2011 and 4.5% in 2012," assured the minister.

She also confirmed that it would table an amendment bringing three to ten years the limitation period in respect of assets held abroad.

"This new austerity plan will have the effect of crack growth and impede the deficit reduction by increasing unemployment," said Pierre-Alain Mute (PS).

DEFICIT REDUCED TO 95.3 BILLION

"It's an inconsistent policy, over the water where France would need a comprehensive policy," added the spokesman of the Socialist Group.

The Italian prime minister will present this evening in Brussels a letter in which he promises savings measures in the country, notably to extend the retirement age to 67. The Italian Minister of Economy, Giulio Tremonti, and the prime minister Silvio Berlusconi

After intense negotiations with the Northern League and a minimal agreement on pensions, the Italian prime minister Silvio Berlusconi Wednesday in Brussels will present a letter in which he undertakes to carry out economic reforms, reports the press. The letter of fifteen pages, the Cavaliere, who managed in extremis Tuesday night in a minimal agreement on pensions with its ally the Northern League, said the government's desire to raise the retirement age of "old age" of 65 to 67 in 2026.

But in reality, this decision does not change much, according to the newspaper noted that in 2026, the retirement age should already nearly 67 years as a result of reforms adopted in recent years, including one providing for gradual increase in the retirement age based on life expectancy. The League is however remained adamant about the "retirement pensions" that allow currently retire at 60 with 36 years of contributions and any age from 40 years of contributions. In addition to retirement, Mr. Berlusconi engaged in the letter to adopt speedy measures to boost growth promised this summer but have not been presented because of the divisions of the majority.

Rome has involved the liberalization of professions and local public services, simplifying the administration, the revitalization of infrastructure projects, facilitating dismissals or the tightening of rules to replace retiring employees. The government also promises to accelerate the sale of public assets to reduce the huge debt of 1,900 billion euros (120% of GDP) that worries the markets. Berlusconi also points in this letter, according to press reports, draconian austerity measures adopted in recent months for a total of 60 billion euros by 2014, which will allow Italy to meet balanced budget by 2013.

Contacted by AFP, a spokesman for the presidency declined to comment. Mr.Berlusconi has been put up against the wall Sunday by its European partners who asked him to make firm commitments on reforms and debt reduction in order to reassure the markets and to ensure that Italy is the next victim the debt crisis, which would jeopardize the entire euro area.

Sony Ericsson is in discussions to buy the group's stake in their joint venture specializing in the manufacture of multimedia handsets, told Reuters on Friday a source with direct access to the file.

Thursday, the Wall Street Journal reported that Sony was close to buying from Ericsson in their joint venture.

Another source had told Reuters in July that talks about such a takeover was under way in anticipation of the expiry this month of the contract between the two companies.

According to many analysts, Sony needs to tighten its grip on Sony Ericsson to regain lost ground in the smartphone market, heavily congested.

Sony Ericsson was formed in 2001.The joint venture has failed to establish its presence with a market share of around 3% after peaking at 9%.

At the end of the meeting, as Sony lost nearly 4% while the Tokyo Stock Exchange advanced by almost 1%.

Driven by hopes of a European bank recapitalization, stock markets continued to grow yesterday. Pars won 0.9%, but Apple's stock in Frankfurt drop 4% following the death of Steve Jobs. Traders on the Frankfurt Stock Exchange. The DAX ended Tuesday, August 9 close to balance, down 0.10% at 5917.08 points, after an erratic session.

European shares continued their positive momentum on Thursday after strong rebound Wednesday, still driven by hopes of a coordinated recapitalization of banks in Europe to help them withstand the debt crisis in the eurozone. At the opening, the Paris showed a gain of 0.89% on expectations of support measures from the European Central Bank (ECB) to banks in the wake of the mobilization of political leadership on this issue.

In the first few exchanges, Frankfurt progressed from 0.70%.But the action of the American Apple dropped to the Frankfurt Stock Exchange after the announcement of the death Wednesday night of the group's co-founder Steve Jobs. The action, which is listed on the open market in Frankfurt, most U.S. markets, lost 3.8% to 272.20 euros at 9:11. The death of Steve Jobs, "one of the greatest American inventors" according to Barack Obama on Wednesday to 56 years, has generated an avalanche of responses to the measure of character, became the symbol of the success of the firm at the apple.

In other European stock markets, London progressed by 0.65%, Madrid and Milan by 0.50% to 0.55%. Wednesday, Paris won 4.33%, London 3.19%, 4.91% Frankfurt, Madrid and Milan 3.06% 3.94% despite the downgrade of the sovereign debt of Italy by Moody's. The strong rebound in European stock markets Wednesday has spread across the Atlantic, where the New York Stock Exchange also ended sharply higher Wednesday.

Back optimism also in Asia on Thursday morning. The Tokyo Stock Exchange ended the session with a gain of 1.66% while Hong Kong, Seoul and Sydney also evolved significantly positive territory. Shanghai was closed Thursday. After weeks of dithering, European leaders rallied Wednesday to prevent a collapse of the banking sector, weakened by the debt crisis, which brought down the French-Belgian group Dexia.

German Chancellor Angela Merkel said it was "justified" to recapitalize European banks in need, stressing that "time was running out" and that his country was ready to do "if necessary". "The German government is ready, if necessary, to achieve a recapitalization" of banks at home, assured the Chancellor, not excluding that the matter be discussed at the highest level at the next EU summit in Brussels on 17 and October 18.

The daily Die Welt, Merkel intends to convince French President Nicolas Sarkozy to act quickly to support banks, at their meeting on Sunday, while Paris would rather wait. Finance ministers of the EU have asked the parallel European banking regulator (EBA) to assess the impact on the banks of a deep discount applied to the obligations of the Greek state, reported the Financial Times. The International Monetary Fund (IMF), he, actually suggested Wednesday to inject 100 to 200 billion euros in the biggest European banks to stabilize the area.

In this context, as investors wait to see, around 1:45 p.m., what will be the decision of the European Central Bank (ECB) on interest rates. This is the last meeting chaired by Jean-Claude Trichet, whose eight-year term as head of the ECB ends October 31.The ECB raised its key rate twice this year for fear of inflation, this time could announce a reduction to support the economy in crisis in the euro area.

LyondellBasell employees were extended on Monday the strike and blocking the production units of the group. The SP displays its support for the movement and the government provides "mobilize." LyondellBasell employees are on strike against the planned closure of the Berre refinery, which employs 370 people.

Employees of the U.S. company LyondellBasell have extended their Monday strike and blocking the production sites of the group. They protest against the closure of a refinery in Berre L'Etang (Bouches-du-Rhone). Several hundred people took part in the vote at a general meeting in mid-day, as part of the action taken after the September 27 announcement of the closure by management.

The refinery and production units in September LyondellBasell are blocked at the site of Berre L'Etang, and a fuel depot in Rognac and propylene oxide plant at Fos-sur-Mer, two neighboring towns. Staff representatives were sent to the Directorate Sunday, through their lawyers, questions about the future of the site but have not received a response for now, their last contact dating back to Thursday night they say.

The closure of the refinery would cover the approximately 370 employees to 1,250, in total, working in the petrochemical complex of the American group around the Etang de Berre. In recent days, the political reactions are multiplying on the subject. Martine Aubry, the Socialist candidate in the primary, on Monday expressed its "solidarity" with employees. It asks the Prime Minister to consider "alternatives to closing track".The mayor of Lille also known as "shared anger and anxiety of employees: see anger on the part of LyondellBasell's refusal to dialogue and put forward false numbers to justify for a purely financial and stock market, and concern before the uncertainty over the future of a site which employs 1,250 employees and thousands of subcontractors. " According to her, "the passivity of the government to a matter as serious, witnessed the acceleration of the industrialization of our country is unacceptable. It is not enough to say, as the Minister of Industry, that" his services are closely monitoring the ".

"The challenge of this case is the local district, regional and national levels"

Indeed, Eric Besson said Saturday that the government "mobilizing" all its means to ensure the future of the site.But he admitted not yet be able to indicate what decisions it would take to sustain the site. The Minister of Industry is expected to receive in the coming days the unions and the management of LyondellBasell said a ministry statement. The Ministry, it was recognized that the state could not force a company to maintain an activity when it decided to stop or suspend. The Government will ensure that LyondellBasell fulfills its reclassification as employees affected by this closure affect redundancy pay sufficiently "important," one said.

The case began to take a political turn with the Saturday site visit by the candidate for the primary Socialist Francois Hollande, who has held a "roundtable indispensable" for "transparency about the intentions of the group" and "how we can keep the whole chain from refinery to petrochemicals. " "The challenge of this case, it is not just a refinery is a potential that can, if nothing is clarified in the coming days, to be phased in question, or even disappear. It is a challenge local, district, regional and national, "he told reporters, after meeting a half hour with Inter (CGT, CFDT, CFE-CGC, FOR, CFTC).

The computer manufacturer Hewlett-Packard on Thursday confirmed the appointment of former eBay boss Meg Whitman in his general direction, replacing Leo Apotheker decried.

"We are at a critical time and we need renewed leadership to successfully implement our strategy and take advantage of market opportunities ahead," said group chairman Ray Layne.

The Board believes that "the position of head of HP currently requires additional skills," he added in reference to Leo Apotheker.

The former CEO of the German company SAP management software was appointed late in September 2010 as head of the California group to succeed Mark Hurd.

HP is not necessarily ready to change strategy, it was explained to Reuters, which would run contrary to rumors on Wall Street.Some had thought that the departure of Leo Apotheker, head of the third row to be forced to take the door at HP would be the prelude to a coaster for substantive decisions taken during his tenure.

He has been considered a possible split of the branch PC and the acquisition of software developer Autonomy UK, some investors fearing that HP does overpays this acquisition.

In less than a year in office, Leo Apotheker has repeatedly reduced the forecast of revenue, returned to the promises concerning the integration of mobile software, amid 50% drop in share price of HP .

Meg Whitman, who was already on the board of directors of HP, is familiar with the consumer and distribution on the Internet.But it will not necessarily be the best choice, some analysts said.

The one who tried unsuccessfully to be elected as governor of California, has transformed the small eBay, which had several dozen employees in 1998, a major distributor on the internet. But the last years of his tenure were marked by growing more hesitant, intensified criticism on Wall Street and a series of acquisitions not necessarily sound like that of the Internet telephony company, Skype, ultimately sold to Microsoft.

HP ended down 4.8%, to 22.80 dollars, wiping out most of the gains of 6.6% recorded Wednesday.Investor enthusiasm for a change at the highest level has turned into caution given the fundamental uncertainty of the group, analysts said.

Strong differences of views on the management of the debt crisis have materialized Friday between Europeans and Americans.

At a crucial meeting of finance ministers of the euro area, which was exceptionally invited the Secretary of U.S. Treasury Timothy Geithner, Germany has refused to commit more public funds to support the euro area , as called for it.

In turn, Timothy Geithner has ruled out a tax on financial transactions, despite their wishes known by the heavyweights of the single currency area such as Germany and France.

The exchange was reported by some journalists to the Austrian Minister of Finance, Maria Fekter.

"He stressed that more funds were needed to prevent the system (financial) is in difficulties.(Wolfgang) Schäuble told him it was very unlikely to be possible to weigh the burden on taxpayers, especially if the burden is imposed on those countries AAA, "she said.

"In these countries, there is a desire to implement a tax on financial transactions (…) It (Geithner) was excluded," she said.

"I think especially that although Americans have basic worse than the euro area they tell us what to do and when we give them a suggestion, they immediately say no I (…) hoped that when they tell us how they see the world they listen to what we have to tell them, "she further said.

At the press conference following the meeting of the Eurogroup President Jean-Claude Juncker, also made a plea in to U.S. demands to curb austerity.

"We see in the euro area no flexibility that allows us to implement a new stimulus package," he said.

"Loose talk"

A debate is at work within the euro area and between Europeans and Americans on whether or not to put a brake on the policy of austerity, while the economic recovery is decelerating sharply.

According to several sources, the whirlwind tour of Europe by Timothy Geithner was to defend the principle of recovery and ensure that the euro area had the will and the tools to manage the crisis.

He called on governments and central banks to work together and avoid "loose talk" on the dismantling of the euro area.

According to several sources of high rank, he also pleaded Friday for the use of leverage to multiply the response capacity of the fund "euro area".

It is currently 440 billion euros but this sum could be too low when the new government fund to recapitalize banks and buy back sovereign debt will take effect this fall.

Jean-Claude Juncker has denied the existence of such a discussion between EU ministers and their U.S. counterpart.

"We do not discuss the increase in the size of EFSF with countries outside the euro area," he said.

A senior source said, however, that this possibility was discussed Friday afternoon.

Germany and other countries had so far rejected an outright increase in the size of the fund and the national parliaments have yet to ratify the new powers of EFSF decided at the EU summit on 21 July.

European stock markets, driven by banks, have sharply increased their earnings Thursday after the announcement by the European Central Bank (ECB) to the resumption of operations in dollars in three months from the fourth quarter.

By 1530, the CAC 40 index is 3.63% at 3056.24 points, after touching a high of 3086.64 points shortly after the announcement of the ECB, while the EuroStoxx 50 index shows a gain of 3.86%.

Bank stocks were the first to respond. BNP Paribas, which like other European banks, suffering from fears of difficulties refinancing dollar is 14.50% to 30.800 euros after winning up to 22% shortly after the news.

The index of bank stocks in the euro area shows a gain of 7.38%.Deutsche Bank is 9.12%, 6.8% Unicredit, Societe Generale and Credit Agricole 7.9% 7.55%.

"The acceleration of the increase was caused by the announcement of a joint action by central banks, after rumors of difficulties refinancing dollar," said one trader.

Wall Street opened Friday's session down sharply, preliminary figures for growth in the U.S. in the second quarter disappointed the market.

A few minutes after the start of trading, the Dow Jones already yielded 1.03% to 12,114.40 points, the Standard & Poor's 500 index 1.05% to 1286.95 points and the Nasdaq Composite 1.04% in 2737, 44 points.

U.S. growth in the second quarter was weaker than expected, according to preliminary figures released by the Commerce Department, due to sluggish consumer particularly affected by rising gasoline prices.

Gross domestic product (GDP) of the world's largest economy has increased by 1.3% over this period.

Values, securities Merck, Chevron and Starbucks opened the session down 1.34%, 0.65% and 1.76% after publication of their results.

Wall Street opened on an uncertain note Friday, disappointing trial results giants Microsoft and Caterpillar have overshadowed relief born of the Europe Agreement on the Rescue of Greece.

Ten minutes into trading, the Dow Jones lost 0.25% to 12,692.55 points, the Standard & Poor's 500 fell by 0.08% to 1342.76 points and the Nasdaq Composite advanced 0.27% to 2842.19 points.

Affecting the performance of the Dow Jones, Caterpillar fell by more than 7.4% after reporting quarterly earnings Friday on the rise but below market expectations.

Microsoft was lower after opening higher in the red.The group's earnings per share exceeded market expectations but sales of the Windows division declined.

McDonald's won for its 3.03% after publishing quarterly results better than expected.

Eyes turn now to the budget negotiations in the U.S., entering a critical stage Friday.

This is indeed the deadline set by President Barack Obama to try to reach an agreement with parliamentary leaders on raising the debt ceiling before August 2, after which Washington would find itself in default.

The rating agency Standard & Poor's reiterated Thursday that there was a chance that two lower sovereign rating of the United States within three months, Market News International reported.