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From our correspondent in London.

Welcome to the UK! Passengers arriving today in the country's airports may have to wait until noon to cross the border, prevent the authorities, because of a strike of public service followed by immigration officials. In an attempt to avoid chaos, the government has asked airlines to cancel or divert flights. For several days, in the form of disaster volunteers and employees of departments of the military at passport control to take over the strikers.

The strike of civil servants to the call of 30 trade unions against the pension reform is already billed as the largest since the 1970s. More than 2 million people could stop work and attend one of the 1000 events in the country. Nine out of ten schools should remain closed payday lenders.Thousands of canceled operations in the hospital for lack of nurses. Garbage will not be collected. After a day walkout in June to the call of four unions, today is the biggest challenge faced by David Cameron since he arrived in Downing Street there eighteen months.

The Prime Minister described the strike as "irresponsible." "I call, even at the last minute, the union leaders to give it up. This does not solve anything and it's going to hurt our economy, "said Cameron, whose government Tuesday announced measures to counter the worsening crisis. After months of fruitless negotiations, the unions are protesting against pension reform officials that provides increased contributions and lower pensions.

The effect of the crisis was immediate for the television market and particularly for TF1. The first French commercial channel just announced for the first nine months of the year, a decline of 1.6% of its advertising revenue to 1.054 billion euros. The decline is even more pronounced for the third quarter, which ends, as advertising revenue in the chain were down 3.2% to 296.6 million compared to last year at this time.

An equation that TF1 attributed to "a macroeconomic environment less favorable than expected, especially from September." This "economic uncertainty", leads the group also anticipated for the year 2011 "a withdrawal of consolidated turnover of about 1%."

However, if the proceeds of the TF1 channel degrades, the group announced a turnover in nine months, up 0 paydayloans.7% to 1.826 billion euros.Other activities of the group saw their income rise by 3.9% over the same period to 784.4 million euros, while in the third quarter of 2011, this position is up 12.6%, to 264, 6 million euros. This is due, according to the broadcasting group, "the increase in sales related to the acquisition of TMC and NT1 and the performance of subsidiaries of diversification." In fact, the first nine months of the year and all antennas together (TF1, TMC, NT1, pay channels), the advertising revenue rose 2% to 1.494 billion euros. In the third quarter, it rose from 424 million a year ago to 442.3 million in 2011.

After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a sharp decline from 1.89% to 3185.30 points before to increase its losses. He plunged from 3.09% to 3142.59 points in the opening minutes of the transactions. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Madrid plunged by almost 3%.

Traders are not present reassured by the fences down Asian markets this morning and those of the U.S. financial markets yesterday. They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize.They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).

In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing instant payday loans.com site financial analysis. In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis."Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.

Greece still worried

Greece, in fact, placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt. If 'no' wins, the Greek Constitution mandates the holding of early parliamentary elections. "This will plunge the country into an economic downturn and unprecedented political," says a member also left anonymously. The news was greeted coolly by the markets on Tuesday.

The future of Standard Poor's 500 and Nasdaq 100 predict a small increase in opening of U.S. stock markets on Friday. Thursday already, the New York Stock Exchange ended without direction.

U.S. investors, like their counterparts in Europe and Asia, should be particularly attentive to the development of the debt crisis in the eurozone. They should avoid taking risks when to begin a crucial summit on the debt crisis this weekend. Paris and Berlin have announced that Nicolas Sarkozy and Angela Merkel would speak well Saturday in Brussels to prepare an "ambitious and comprehensive response" to the crisis. Concrete measures will be considered Sunday to be adopted during a second peak "no later than Wednesday."

Discussions will focus on how to increase the capacity of the European Financial Stability Fund (EFSF), but also on the rescue of Greece.Meanwhile, in Greece, the anti-austerity continues. A new law has been de rigueur in the Greek Parliament voted Thursday.

Summit high risk in Europe

For many observers, however, profound differences remain between France and Germany. "There is no joint proposal" European at the moment, has acknowledged Thursday the German Finance Minister Wolfgang Schäuble. For his part, President of the European Commission Jose Manuel Barroso called on Europeans to "compromise" to reach decisions "resolved" and "immediate."

Another failure might further undermine investor confidence in the ability of Europeans to fight effectively against the debt crisis.They would now have a highly sensitive situation at the G20 to be held in early November.

Pressure rating agencies

Rating agencies are increasing the pressure on the euro area. After Moody's, S & P raised doubts about the AAA rating of the long-term debt of France. The agency suggests a probable degradation of notes France, Spain, Italy, Ireland and Portugal according to economic conditions no fax pay day loan.

On the macroeconomic front there is no any major indicator on the agenda of U.S. investors on Monday.

On the foreign exchange market, the euro retreated slightly to 1.3741 dollars against 1.3772 dollars on Thursday night. Oil prices were, themselves, up in the wake of the announcement of the disappearance of the former Libyan leader Muammar Gaddafi.The barrel of "light sweet crude" for December delivery gained 71 cents to 86.78 dollars on the New York Mercantile Exchange while in London, a barrel of Brent North Sea crude for December delivery was appreciating eight cents to 109.84 dollars on the Intercontinental Exchange (ICE).

Earnings up for Microsoft

The side of values, after the close, Microsoft released the first quarter, revenues of $ 17.4 billion, up 7% year on year. Net income reached 5.74 billion, up 6%, while earnings per share rose 10% to $ 0.68.

Sandisk has reported a turnover in the third quarter of $ 1.4 billion, up 15% year on year.Earnings per share were $ 0.96 against $ 1.34 last year.

Altera has recorded sales of 522.5 million dollars in the third quarter, down 1% year on year and down 2% from the previous quarter.

Capital One Financial has released the third quarter net income of $ 813 million against 803 million last year and 911 million in the second quarter.

Chubb Corp in the third quarter earnings per share of $ 1.04 against $ 1.8 last year.For the full year, the U.S. insurer expects operating earnings per share of 5.1 to 5.2 against the dollar from 5.55 to 5.85 dollars in a previous estimate.

Note also, from Monday, October 24, the company Groupon, which specializes in online distribution of discount coupons for shopping in local markets, should do its IPO on the basis of a valuation from October to December billion. However, it is far from the capitalization of 15 to 20 billion, of which Andrew Mason, founder of the company was still dreaming in June.

Jean Lesieur, head of the drafting of the news channel France 24, sent his resignation by e-mail to Alain de Pouzilhac, CEO of Audiovisual outside France (AEF).

To explain, the leader does not hesitate to copy the entire wording of the news channel continuously, reflecting his refusal to make budgetary decisions required by management and which for him would be only " maneuvers that prevent me perverse to maintain the cohesion of writing and reward they deserve all those who make France 24 what it is payday loan. "

This new twist extends the open crisis in the news channel continuous with the departure of Christine Ockrent, six months ago.

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French bond yields increasingly deviates from the reference German. And if the price that France has to pay its creditors rises relative to that payable by the neighbor across the Rhine, is that the repayment capacity is considered less French.

This distrust on observed past few days has increased further this Tuesday morning, after a warning from the rating agency Moody's. The French rate to ten years and have removed more than 1% (100 basis points) German rates, which are the reference unwavering in terms of sovereign bonds in Europe.

A disturbing record since the introduction of the single currency. On the London market, the French rate to ten years in the early morning reached 3.04%, while its German equivalent, the "Bund", down 9 basis points (-0.09%) to 2%.

At the same time, insurance (CDS) against a default on the obligations of the French state have seen their costs rise significantly. CDS to five years in France and were up 10 basis points shortly after 9:40, to 194 basis points according to Markit data. In other words, it costs 194,000 euros to insure against exposure to 10 million euros of bonds.

The gap could widen further

"We must relativize the gap (called the" spread ") bond rates between France and Germany: the level of French is extremely low rates, grade Cyril Regnat, strategist at Natixis. The ten-year French course is slightly above 3%, but the last five years, it stood at an average of 3.75%.In these circumstances, the spread can still dig a little. "The analyst believes, however, that the cost of debt already includes a breakdown of the French note one notch to AA +.

On this point, however, opinions differ. "The decline of the note is not yet in the curves: the rate could still rise from 30 to 50 basis points, that is to say 0.3 to 0.5% in the worst case, and reach a rate differential with Germany of 150 basis points, or 1 guaranteed cash advance.5%, "calculates Norbert Gaillard *, consultant to the World Bank and specialist rating agencies.

Why the interest rate differential between France and Germany increases

The rising cost of the French debt occurs observed Tuesday morning despite the fact that Moody's has taken more precautions than ever to launch his warning."She chose a time when the stress in the markets was relatively peaceful and has added a step ahead of the traditional reporting system in three stages," Norbert Gaillard analysis. Usually, the agency established the first note of the country "negative outlook" and then put the note "under review" before degrading it if necessary.

"It is very likely that the next move by Moody's, provided in three months, or to place a negative outlook on the rating of France," said Norbert Gaillard."How the country can indeed solve the three problems it faces: slow growth, deficit reduction and the difficulties of Greece and its banking system?"

In this context, "the Moody's decision means that the French can not help itself with its banks without risking his note: it has more room for maneuver necessary," Judge Cyril Regnat. "If the banks recapitalize without the state, then the fears will be evacuated on the AAA market and we should see an easing of interest rates." Investors have already understood: after the warning from Moody's, French banks have dropped the stock market.

* Author of "A Century of Sovereign Ratings", ed.Springer (USA), 2012

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From our correspondent in Beijing

It became the big hot topic on the Chinese Internet to the desktop as local leaders. The distress of Chinese SMEs in need of cash is in China proportions "hysterical", according to press reports in Hong Kong. To the point that the government has announced a package of measures to help them and calm the unrest.

The crisis of Chinese SMEs is symbolized by the incredible epidemic of bankruptcies in the city of Wenzhou, in the heart of the exporting province of Zhejiang. The Chinese press said Thursday that since the beginning of the year, more than 200 patrons had fled or hid after their coffers have dried up. Others have committed suicide. Some 20% of the 360,000 SMEs in the region have already had to close shop for lack of money.And the situation will get worse in January, when the Chinese New Year, traditionally the time when patrons enjoy a vacation to disappear without paying their employees. According to the New China News Agency, SMEs create around 80% of jobs in the country.

The State Council (Chinese government) has subsequently announced Tuesday a series of measures, financial and tax to help small and medium enterprises. The first is to facilitate access to credit. To do so, against the current of their policy, the authorities will allow the minimum reserve ratios "comparatively low" for local banks lending to SMEs, while this ratio was usually around 21% for large banks. Moreover, these small businesses can more easily borrow by issuing bonds. The other part is to exempt SMEs from a battery of taxes and charges.Banks are also prohibited from charging their services at prices "unreasonable."

"Informal Credit"

Wenzhou has become a symbol for it is the Chinese capital of the "informal credit". Private reserves by banks, which prefer to grant loans to large corporations, small businesses are strangled. They have no recourse but to turn to private security companies that have developed lending. The rates are incredibly high, ranging from 20% to over 100% … Some analysts believe that the share of informal loans may exceed 25% of total credit in the country. Credit Suisse has estimated that black market credit of 456 billion euros, with an increase of 50% per year.

Chief economist at the Development Research Centre of the State Council, Zhang Wenkui believes that the latest measures only bring temporary relief.And nothing will change until the banking sector do not be reformed, by offering different services to different types of customers. He has a vivid picture to describe the current situation: "It's like an irrigation system with water that would go to large trees and ignore all the shrubs." The problem is that in the short Beijing term can not open the floodgates too, failing to challenge its efforts to the credit crunch.

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The influx of voters on the Socialist primary this Sunday will reduce the cost of the operation. In fact, a minimum contribution of one euro was requested to the voters to fund the organization of the election. Thus, in addition to a successful democratic movement of the two and a half million participants in the election allows the party to reduce the bill of 2.5 million euros at least. In an interview with L'Express. Fr, Régis Juanico, the treasurer of the PS, acknowledged recently that "often, voters give more," the gifts of up to 150 euros.

Voter participation could offset the overall cost of the operation, however, revised upwards. The latest estimates by the Socialist Party reported a budget of 3.5 million euros, against 1.5 million originally planned.In an interview with Journal du Dimanche, the spokesman of the High Authority of the primary, the lawyer Jean-Pierre Mignard estimated that this cost is related primarily to "the need to recover a significant number of voters who were in the wrong format. "

Moreover, strengthening the means of control is more weighed on the invoice. In particular, the PS did not foresee the rental digital pens to prevent fraud. The cost would reach 300,000 euros guaranteed pay day loans. Similarly, the recruitment of many bailiffs should have a significant cost, recognized Jean-Pierre Mignard.

Elected officials and activists in support of the campaign budget

In addition, the campaign paid envelope to each candidate was revised upwards just before the campaign. Thus, each participant had € 50,000 instead of 30,000.A total re-evaluated to finance new travel and meetings and printing of new leaflets.

But the two favorites polls, Francois Hollande who collected 39% of the vote to Martine Aubry (31%) did not hesitate to seek their support, politicians and activists, to finance their campaigns. In the end, the campaign of François Hollande should cost 250,000 euros to 200,000 euros against Martine Aubry. The deputy director of the campaign Arnaud Montebourg, John Palacin, recently reported that the campaign Arnaud Montebourg cost nearly 100,000 euros, funded in part by the militants.

Only the winner of the primary campaigns will have their accounts credited to the budget allocated to the presidential campaign.

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The hatchet between opponents of the exploitation of shale gas and industry is far from buried. Following the withdrawal of operating licenses for three shale announced yesterday by the Government, José Bové, leader of the anti-shale has expressed its "satisfaction". Overall, however, said he was "very surprised by this decision." The group has indeed been canceled the license of Montelimar in the Drome and is seeking clarification from the government "to understand what legal grounds" takes place this cancellation. Two other permits, assigned to the U.S. Schuepbach, were also removed, one in the Ardèche and the other in the Larzac.

And if the state backed down on these permits is due to law of 13 July.After a major mobilization led by José Bové and the Greens, elected officials voted this summer a law banning the use of controversial mining technique called hydraulic fracturing. The government had thus given two months to holders of operating licenses for shale gas to specify what operating techniques they planned to use.

In both reports, Schuepbach had clearly stated its intention to use hydraulic fracturing, however, prohibited, said Minister of Ecology. In the report of Total, "it was not the case but I made the point that the report was not credible," said Nathalie Kosciusko-Morizet. According to the minister, "Total announces to continue to search for shale gas with techniques that are not hydraulic fracturing, or we now know that these techniques are not operational no fax cash loans."

Decision on 13 octobreTotal not digest these ads. "We are very surprised to learn through the press that the government has decided to revoke the exploration permit without Montelimar Total whom the license was awarded in itself has been informed." The State must publish the full effect of those decisions and those on other 61 operating permit on October 13 in the Official Gazette. Thus remains to be seen what will be the decision of the State concerning the 61 other permits still in progress for which the industry had mentioned the use of a hydraulic fracturing technique. If the majority of these licenses relate to the operation of conventional hydrocarbons, twelve are for non-conventional hydrocarbons and potentially gas from coal or oil shale, especially in the Paris basin.

José Bové is awaiting the decision of the state.Already, the Green MEP which combined movement against the gas and oil shale warns that "continued engagement on the ground and before administrative tribunals" in case of maintenance allowed the industrial explicit mention of an appeal to the technique of hydraulic fracturing or operation of these products shale.

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The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain.

Exactly 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Germany is the eleventh country to approve the expansion of the envelope and the powers of the European emergency fund created in 2010 to assist countries in the euro area in need. This will be the largest contributor.

The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd.