These funds would supplement the effort to prepare to make private creditors of Athens by accepting a discount of at least 50% of their Greek bonds and would the country to reduce its debt to about 120% of its gross domestic product by 2020.

"This is mainly because of the need to recapitalize banks after the Greek private sector participation (in the debt restructuring)," said one source. 

Last October, members of the eurozone pledged to contribute up to EUR 130 billion to help the new plan, designed to take over a first program of bilateral loans of 110 billion euros agreed in May 2010.

The British, French Sodexo's main competitor, displays the full year operating income (Rex) from 1.09 billion pounds (1.26 billion euros), according to 12 analysts' forecasts a study provided by it.

Its sales rose by nearly 10%, with organic growth of over 5%.

The action Compass, which has outperformed the FTSE 100 by 10% since the beginning of the year, opened Wednesday down more than 3% before reducing its losses.

Research firm, which also reported a slowdown in activity in the third quarter, does not mention in its press release of a forecast growth in sales for 2011.

The group had said previously a target organic growth of over 6%.

"However, this reduction in growth prospects do not undermine the objective of Ipsos – Synovate out – to reach a record operating margin of at least 11% in 2011," the company said in a statement .

Ipsos, which became the third largest global market research industry by closing early October the acquisition of Synovate, said that the activity of the new entity should return to a normal rhythm "no later than summer 2012 ".

The third quarter sales of Ipsos, Synovate out to be consolidated from 1 October 2011, was $ 287.6 million, up 5.4% at constant scope and exchange rates, while Analyst estimates ranged from 5.6% to 6.0%.

It reflects a slowdown after growth of 6.4% announced in the second quarter and increased 6.2% over the first three months of the year.

The first nine months of the year, organic growth stood at 6.0% for sales to 845.8 million euros.

"The operating margin was up compared to the same period of 2010," said the company in a statement, without providing any figure indicated.

The French research company was particularly penalized in the third quarter by the slowdown in its business market research and advertising associated with a reduction in the number of client projects, Ipsos said.

Emerging economies, however, take the pace, with organic growth of 17% over nine months.

In its statement, the company said that the merger of the teams Synovate and Ipsos should be effective from January next year before the launch of a new integrated offering scheduled for February 15.

Coca-Cola has lost. The National Assembly approved Friday the establishment of a tax on soft drinks, the amount will be doubled from the initial project of the government. And it also introduced a tax on beverages containing artificial sweeteners, the lights, against which stood the giant soft drinks. The tax on soda, two cents per can, bring 240 million euros, half of which would finance the reduction of social security in agriculture, and the sweeteners on 40 million euros, said the Minister of Budget, Valérie Pécresse.

It is not Coca-Cola because of trying to oppose it by conducting intensive lobbying. The point that the UMP Bernard Reynes, the source of the amendment proposing to tax the lights, was pessimistic about the chances to see him go. "And I will not deny that it bothers me that the creations of law are dependent groups such as Coca" he admitted even to the expansion. Com shortly before the vote.

"One of lobbying juggernaut"

Drinks lights are in fact 60% of the revenue of Coca-Cola. Well above its competitors. Where the offensive of World No. 1 soft drink for the desired version of the tax. Mailings burst, increase in phone calls and requests for appointments, Bernard Reynes supports even have really been "harassed" by the group. "I had an unacceptable pressure. It is normal for multinationals discuss with MPs.But not how it happened. "

And it is far from alone in being surprised by the firepower deployed by Coca. Many players linked to the Assembly (lobbyists, MPs and their families) show a lobbying "huge", "scary", "pressing as is not permitted" and "the strength of a tank "the giant soft drink with parliamentarians and government.

"They call everybody! We have received phone calls from friends, Bercy for example, who did not care at all about this, but had been called for by Coca they are trying to convince us of abandon the project, "said a member of the cabinet of Jean Dionis du Sejour, Vice President (New Centre) of the Committee on Economic Affairs. Until the discreet meeting between Nicolas Sarkozy and the President of Coca-Cola Europe, Dominique Reiniche, revealed Wednesday by Challenge.fr.

Promises to invest in France, threatens to leave, may give an anti-American image that may scare away other groups … This mixture of "caresses and threats" Coca has been confirmed by several sources MPs we interviewed. In the end, however, the U.S. group may have done too much … "If there is one lesson it is that of the lobbying juggernaut does not work," says Paul Boury, subject matter expert.

A "catastrophe", really?

The action of Coca has not been completely ineffective. The final version of the tax on the lights was indeed amputated 80 million euros compared to the original text. "But that Coke does not care, provides a lobbyist familiar with the matter on condition of anonymity. The group was even willing to pay 250 million euros to the government to abandon the measure.The principle of a tax on lights is a national disaster for them. It stigmatizes products. And a tax, especially in France, is always liable to change. "

The battle is not yet definitively lost to Coke. Valérie Pécresse, who did not support the expansion of the tax, received two separate taxes are adopted. This compromise, said the minister, can "legally secure the device", separating the tax on sodas "we know that the law is indisputable" and that on sweetened beverages, which it has less chance of pass "on the Constitutional Council." And it might explain the legal complaint "arbitrary tax" because not related to a vital public interest clearly identified.In fact, the argument of the national association of food industries, which already qualifies tax sweeteners to "unconstitutional". According to them, in fact, taxing sodas lights rather than any product has "no motivation."

The trade balance posted a deficit of 45.61 billion dollars, while the market was expecting a hole of 45.8 billion.

In July, the deficit eventually amounted to 45.63 billion (44.81 billion in the first estimate).

Exports were down 0.1% from July to 177.61 billion dollars while imports remained unchanged at 223.22 billion dollars.

The United States has accused a record trade deficit in relation to China, to 28.96 billion dollars against 26.96 billion the previous month.

In the morning, China announced that its trade surplus had declined in September for the second consecutive month, a statistic that reflects the weakness of the global economy and the slowdown in China itself, thus being factor decline in world stock markets.

Representatives of international donors in Greece (EU-ECB-IMF) urged Friday to the Minister of Transport on the need to deregulate transport, including taxis, said the Greek press agency Ana (semi-official ). The delegation, called Troika, and the minister, Yannis Ragoussis, also discussed the planned restructuring of public transport in Athens, and railroads, committed to a partial privatization, said the Ana.

After the meeting, held behind closed doors in a local government, Mr.Ragoussis agreed on the need "not to yield to the demands corporatist," referring to the mobilization since the summer of taxi owners against the liberalization of their profession, explicitly demanded for months by the troika. The meeting, scheduled before the Ministry has been postponed until mid-day, due to a manifestation of thirty employees who were blocking the entrance of the premises, protesting against the measures provided for compression of the public sector.

Friday morning, following the return of the troika in the country to endorse austerity measures announced by the government hopes to secure the release of the sixth tranche of the loan granted to the country in 2010, other ministries, including Finance and Environment, remained "occupied" by officials who are protesting against the austerity imposed. The talks with the troika M.Ragoussis occur before the next parliamentary scrutiny of the bill opening the taxi industry to competition. The measure provoked the ire of the owners of small employers who refuse to enter the market of large corporations. The tug-of-war between taxis and the government has been ongoing since the summer, with series of strikes that disrupted traffic and hinder tourism and urban services. The final took place on Wednesday and Thursday as part of a strike by public transport in Athens, which has completely paralyzed the capital.

For their part, employees of companies of buses, trolleys and trams have been involved in the strike to protest against lay-off thousands of employees of public companies under the government as part of fiscal austerity .The auditors of the troika had left Athens on September 2 after finding a new slide in the Greek government accounts, to allow time for the Government to take additional measures designed to meet the objectives of reducing the public deficit.

The troika, consisting of Matthias Mors representing the European Union, Klaus Masuch of the European Central Bank (ECB) and a representative of the International Monetary Fund (IMF) must also meet Friday afternoon with Finance Minister Evangelos Venizelos. Another thorny issue to be discussed, the implementation of measures laid off in the broader public sector, covering 30,000 employees by the end of December.This subject, which was initially included in cabinet Thursday, is on the agenda of an extraordinary cabinet meeting convened by Prime Minister George Papandreou on Sunday on the eve of a meeting of finance ministers from the euro area in Luxembourg.

A 31 year old man was arrested Tuesday morning in London to a folder on unauthorized transaction, which could result in a loss for UBS in the third quarter.

The case falls even worse for UBS as the number one in the banking industry in Switzerland had worked hard to restore confidence undermined after being rescued from bankruptcy in 2009.

"This is all the more surprising that UBS had installed a system of tighter controls to address the problems that the bank had recorded with the subprime affair in the United States," said an independent analyst in Geneva.

"It's amazing that such a case could happen again after what happened with Société Générale and Kerviel affair," he adds.

In January 2008, Société Générale announced extraordinary transaction carried out by Jerome Kerviel.The unwinding of these positions had cost the French bank nearly $ 5 billion and was caused by departure of CEO Daniel Bouton.

The criminal case also reduces to naught the efforts led UBS to reduce its cost base. The bank had announced in late August it would cut nearly 3,500 jobs to save about two billion francs by the end of 2013.

This fraud could spell the end of investment activities, already under fire since the beginning of the financial crisis in 2007 because of huge losses it has caused within the group.

The investment bank has accumulated between 2007 and 2009 pre-tax losses of almost 57 billion francs.It has started its recovery in 2010 with a pretax profit of 2.2 billion.

HEAVY DAMAGE IMAGE

Fraud will provide arguments to those who argue for a scaling of the investment bank. "This case gives a new reason to significantly reduce this business and joins a long list that already exists," said another analyst.

Act that is all the more necessary as money management, which has kept afloat while UBS investment bank was taking on water, could be affected by the turmoil. "There is the risk of a material influence and affect future operating trends."

Others are more relentless."UBS will probably sell the investment bank, Oswald Grubel has no real choice, the credibility of this division is at its lowest. Reputational risk could affect the private bank in the short term," said Guy de Blonay in Jupiter Asset Management.

For most analysts, the investment bank will struggle to restore his aura. "The damage is sensitive to image," said a trader based in Zurich.

He added that the fraud case could result in a change of management, while Axel Weber, former president of the Bundesbank, to join the board of UBS in 2013 before taking over as President Kaspar Villiger;

An opinion shared by Peter Thorne, an analyst at Helvea. "Gruebele saved the bank and its task is done.It is a matter of time before his departure. But investment banking is a disaster and some will ask the head of Carsten Kengeter. "

Carsten Kengeter leading investment bank since November 2010 after being named co-director in April 2009. He joined UBS in December 2008.

"It would be completely irresponsible for the government. That's why it will not happen. The Social Democrats will not give up," she said at a gathering of the Social Democratic Party broadcast by the channel public television YLE.

Before her, a Finnish government source warned that the granting of collateral in exchange for the participation of Finland in terms of aid to Greece was an absolute prerequisite.

The website of a European institution had advanced earlier Helsinki waive this requirement.

"It seems there was a misunderstanding.Our demand is still very topical. The collateral is an absolute prerequisite to the participation of Finland to the aid plan, "said the government source.

"Discussions are ongoing on how to make these possible collateral," she said.

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The European Commission gave the green light Thursday, August 11 for Spain to restrict, temporarily, the free movement of Romanian workers on the labor market. "The European Commission has authorized Spain to restrict access of Romanian workers to its labor market until 31 December 2012, due to serious disturbances in this area," the EU executive said in a statement.

The Spanish government decided in late July, to restore the requirement for Romanian citizens to apply for a work permit if they want to practice in Spain for its decision by the high unemployment in the country.Spain was strongly affected by the crisis. The unprecedented drop in GDP (-3.9% between 2008 and 2010) resulted in record levels of unemployment in the EU, over 20% since May 2010. "The continuing rise in the number of Romanian residents in Spain and high unemployment have affected the country's capacity to absorb new labor flows," said the Commission in a statement.

The European Commissioner for Social Affairs, Laszlo Andor, but stressed that the measures taken by Madrid "would be limited as much as possible in time and a positive overall attitude towards the free movement of workers would continue to predominate in Europe ". "This decision was taken because of the very specific situation faced by Spain in employment.In general, I am convinced that the restriction of free movement of European workers is not the answer to the problem of high unemployment, "said Andor. According to the Commission, more than 800,000 Romanians are currently living in Spain and are affected by an unemployment rate of 30%.

The temporary restrictions on access of Romanian nationals to apply its labor market to all sectors and regions, said the Commission. The decision does not concern Romanian citizens already active in the Spanish labor market. On the entry of Romania and Bulgaria into the EU in 2007, the Accession Treaty allows countries to limit for a maximum period of seven years the access of citizens of these countries to their labor markets .

Spain had lifted the moratorium in January 2009, however, is keeping the right to reinstate the restrictions by invoking a "safeguard clause" in case of difficulties of its labor market. Spain has invoked this clause in the letter sent to the European Commission July 28, 2011. This is the first time that the safeguard clause is invoked in the field of free movement of workers. Now, "the Romanian citizens who want to work in Spain on behalf of a company must apply for prior authorization based on the existence of an employment contract", the Spanish authorities have planned.