Finance Minister (Chancellor of the Exchequer), George Osborne, warned that the UK economy might slide into recession if the debt crisis was not quickly resolved.

"If the rest of Europe is heading into recession, it may be difficult to avoid in the UK," he told parliament in his address to the biannual budget.

The second part of the plan will be announced in May or June and will aim to increase employee productivity and quality of service, the newspaper said.

The Air France-KLM announced a savings plan for the first quarter 2012, when publishing its quarterly results in early November.

The group had announced on this occasion it would have lost the whole of 2011.

The sustainable palm oil seems increasingly preferred to curb deforestation, according to the World Wide Fund for Nature (WWF). But the efforts of the major European manufacturers and retail chains involved are still too slow, said Tuesday the NGO. In a study of 132 European companies, WWF estimates that nearly a distributor of two and a manufacturer in five does not meet the charter of the Roundtable for Sustainable Palm Oil (RSPO), an association created in 2004 bringing together producers, industry and NGOs worldwide.Indonesia and Malaysia produce between them about 80% of world production of palm oil product with multiple uses (cosmetics, food, bio-fuels).

The order of revocation of three licenses for shale gas from Total and the U.S. Schuepbach in the south of France was published in the Official Gazette Thursday, confirming the government's announcement on 3 October. The three exclusive licenses for oil exploration so-called "Montelimar" (Total) "haves" and "Villeneuve de Berg" (Schuepach), which had been granted in March 2010, are repealed, according to the decree of the Ministry of Economy, Finance and Industry.

These three licenses cover an area of ​​9,672 km square in seven departments in the south of France, Ardeche, Drome, Vaucluse, Gard, Hérault, Aveyron and Lozère, where they raised a strong mobilization of opponents. The government announced on October 3 the repeal of the three licenses, which he said are the only ones among the 64 research permits oil and gas in France to cover only those shale gas. These repeals are consequential to the enactment of legislation in July banning the controversial technique of hydraulic fracturing used to extract the shale gas, making France the first country to prohibit.

Total expressed its "surprise" at the announcement of the loss of his license, explicitly pointing out that he had engaged in a report to the Department to comply with the law and not to use fracturing.The group, which was waiting for an explanation, has not yet decided whether to make an appeal. In a letter dated Wednesday to head the European shale gas in total, of which AFP has had a copy, the Department of Energy Department estimates that the French oil giant did not "sufficiently explained" the alternative technologies which he intended to use.

"I see you does not adequately explain the alternative technologies that you plan to use as part of an exploration of the potential of shale gas area, thus the government, contrary to the will of the legislature unable to appreciate the reality of your commitment not to use the technique of hydraulic fracturing, "wrote the director. Questioned by AFP, Total declined to comment immediately.In an opinion dated October 10th that the AFP has consulted the General Council of Industry, Energy and Technology (CGIET) estimates that the total license can not be repealed unless it is established that his report was "insufficient in view of the accuracy requirements of the legislature" on the techniques used.

The Texas Schuepbach, in his report, he had said he intended to continue to use hydraulic fracturing, in Bercy, which had automatically excluded. The remaining 61 exploration licenses have been validated them. After the U.S. has waived Toreador Oil shale east of Paris, only eight are for non-conventional hydrocarbons (coal gas), but their owners have all given up fracturing.

At 9:05, the CAC 40 index advances 2.57% at 2923.78 points.

The London Stock Exchange gained 2.27%, 2.15% that of Frankfurt and Milan up 1.34%.

The pan-European Euro Stoxx 50 index rose 2.1%

European banks index was up 2.98%

The Paris Bourse opened sharply lower Monday, September 26, penalized by the cacophony of the debt crisis in the eurozone and fears that weigh on the financial soundness of the banking sector. The CAC 40 gave 1.97% to 2754.82 points at the opening. The banking sector, weighed down by fears about a possible recapitalization of some institutions, retreated. At 9:04 (7:04 GMT), BNP Paribas lost 3.99% to 24.30 euros, Crédit Agricole 2.69% to 4.31 euros and Societe Generale 2.67% to 16.20 euros.

Markets deem disappointing the last meeting of G20 finance ministers. The most powerful countries in the world committed themselves Thursday, September 22 in Washington to support the growth faltering and banks weakened.But they erupted into the open their differences on policy to monitor the crisis. The weekend was marked by numerous statements on the crisis in Greece, each trying to defuse the bomb that makes financial markets falter this summer, increasing the pressure up for the euro area quickly finds a solution to the crisis.

Faced with this cacophony, all the European stock markets started the week by sinking again. The Frankfurt Stock Exchange opened on a fall of 1.31%, 1.78% from London, Milan and Madrid by 1.6% to 1.88%. Asia mistrust was also very high, with the Tokyo Stock Exchange fell by 2.17% in closing the soaring yen in addition to ongoing concerns about global growth.The Stock Exchange of Thailand also plunged more than 8% early Monday afternoon.

To a capacity of EFSF

The Europeans are considering equipping their Emergency Fund (EFSF) of additional instruments, beyond those agreed in July to give "more power" to the crisis of debt, said the European Commissioner for Economic Affairs Olli Rehn, in an interview with the German daily Die Welt published Monday. The EFSF, created in spring 2010 to help countries in the euro area in trouble, has seen its envelope inflated and in July, his duties expanded to include the option to buy the debt of states in need of market "secondary", where it traded between investors. Decisions made July 21 in this regard by EU leaders are being approved by the countries of the euro area.

But the debt crisis that has shaken the euro area has worsened since July. It is no longer limited to so-called "devices" of the monetary union as Greece Portugal and Ireland. Italy is found in the eye of the storm, Spain is in a delicate situation and even France is not immune to the turmoil in the banking sector. This necessitates a kidney EFSF even stronger in the eyes of many European leaders.

Among the ideas discussed, for example, the guarantees provided by the European Relief Fund to the European Central Bank so that it can further support Italy and Spain by buying larger amounts of their obligations in the market. Which would be a dike around the two countries.Or loans secured by the EFSF, via the European Central Bank, for investors who buy the debt of troubled countries. In his interview with Die Welt, Rehn did not go into details.

This study, in which terms are used particularly alarmist, has plunged the euro fell to a seven-month low against the dollar, less than $ 1.35.

"The budgetary imbalances sharp rise in the euro area as a whole and the extreme situation of some individual countries could undermine the stability, growth and employment, as well as the sustainability of economic and monetary union ( EMU) itself, "it said.

It should be automatic financial penalties for countries whose deficit exceeds 3% of GDP, warns the document released Thursday by the ECB but not formally approved by it.

The study recommends that national budget deficits are approved at European level in case of exceeding safe levels and that States are under financial supervision if the adjustment programs do not meet the objectives.

The ECB added that it is impossible to say for sure whether the latest reforms will be sufficient to ensure sound fiscal policies.

The German Jürgen Stark, chief economist of the ECB and member of its Executive Board, resigned ten days ago, apparently because he disagreed with the policy of buying government bonds implementation by the central bank to fight against debt crisis in the euro area.

Jürgen Stark has continued to call on politicians to develop operating rules for the euro area more stringent.

At this stage, three countries in the euro area – Greece, Ireland and Portugal – have had to resort to an international plan to support developed by the European Union and the International Monetary Fund (IMF).

The ECB has already spent over 150 billion to purchase debt securities issued by countries in the area to prevent the contagion of the debt crisis, including Spanish and Italian paper.

In addition to Jürgen Stark, the study was signed by Ludger Schuknecht, Philippe Moutot and Philipp Rother.

The investment bank of the German state, KfW said Monday at 250 billion euros in total investment needed in Germany by 2020 to phase out nuclear power and switch to renewable energy. The bank itself "will make available 100 billion euros over the next five years for investments in energy in Germany," said a statement.KfW believes "to 250 billion euros the amount of additional investment required until 2020" or 25 billion euros per year on average, the burden on businesses, state and individuals.

About 144.6 billion euros of investment are expected to produce renewable energy and 62 billion euros in heating from renewable sources, a detailed study in the bank. Added to 17 billion euros to improve "energy efficiency", ie limit the mess, from 9.7 to 29000000000 to the power grid, and 5.5 to 10 billion euros for Additional gas-fired plants. The bill is likely to rise even during the actual construction of new equipment and if Germany is given more ambitious targets for reducing greenhouse gas emissions, KfW said.

The bank, which describes itself as "one of the first global capital in the energy," said to have provided financial support last year in Germany 80% of new wind turbines located, and 40% of new photovoltaic systems. It also funds the work of building insulation. KfW is involved in providing credit and financial guarantees, at low rates and long-term. The German government decided after the catastrophe of Fukushima off by the end of 2022 all nuclear reactors in the country, while increasing the share of renewable energy, which should represent 80% of the total electricity production in the country in 2050 , against 17% last year.

Germany is she about to let go of Greece? While Athens is struggling to secure new loans from its international creditors (EU, ECB and IMF), Berlin board behind the scenes on a possible bankruptcy of the country. "To stabilize the euro, it should no longer be short-term no-think about some options. Among them, there is an emergency orderly insolvency of Greece," he told the daily Die Welt Philipp Rösler published Monday, German Economy Minister and leader of Free Democrats, a partner of the CDU Angela Merkel in the ruling coalition. And these are not empty words.According to the German magazine Der Spiegel, the teams of the finance minister, Wolfgang Schäuble, are working on the subject. The three options now to Greece.

Scenario rose: Greece gets new funding

In early September, the unexpected departure of Greece by the "troika" – the expert mission of donors to oversee the national accounts – has reinforced concerns about the country's ability to meet its commitments to reduce the deficit . Especially as social protest against the structural reforms is increasingly strong. Monday, taxis, tax agents, and customs were on strike. Despite the anger of the street, the Greek Prime Minister George Papandreou pledged Saturday to hold unswervingly the rigorous efforts.Sunday, the Greek finance minister, Evangelos Venizelos, introduced new measures to save two billion euros, which will limit the country's deficit to 17.1 billion euros.

Satisfecit of Europe has announced the return in the coming days of the troika. It could agree to the payment of a further $ 8 billion of loans in the first bailout of Greece in 2010. Without this loan, Athens was bound to default. In addition, many uncertainties in the second aid plan of 160 billion euros to Greece, adopted on 21 July: the expected participation of the private sector is not yet defined, Slovakia is reluctant to vote for this agreement while Finland wants guarantees.And even if the finance ministers of the Eurogroup manage to overcome them Friday at a summit in Poland, Greece is by no means out of business. The new rescue plan is supposed to stabilize the economy until late 2014 that Hellenic. Or Greek debt is considered "out of control" … Greek by economists themselves. An opinion shared by many economists and political leaders in Europe. For them, bankruptcy is inevitable for Greece.

Scenario gray Greece bankruptcy but remains in the euro area

"With a debt of more than 160% of GDP in 2012, structurally high levels given the sustainable enhancement of sovereign risk, low growth potential and flexibility of the economy limited, the requirements of the budget surplus are presented in Greece just out of reach ", wrote in July in the magazine L'Expansion Jean-Pierre Petit, president of the Journal of the green economy. According to experts of the think tank Open Europe, Greece must be missing at least half the debt that it once again become unsustainable. Such a bankruptcy would obviously have implications for the country's major creditors, namely the Greek banks themselves, the ECB and European banks.

Hellenic banks hold about one quarter of the Greek public debt.As for European banks, including the French, they should be able to absorb the shock, as they are offloaded heavily in recent months of their assets Greek rulers. A partial default of Greece certainly provoke a violent shock to the world economy, but would be "easier to care" that if Lehman Brothers, said Patrick Artus, director of economic research at Natixis, quoted in an article in Le Monde dated June 22. The question is how the country itself can survive such a scenario.

Black scenario: Greece is bankrupt and out of the euro area

Certainly, a partial default of 50% would make government debt more sustainable. But in parallel, while the Greek banking system is likely to collapse. Not to mention that the decision would be evidence of lack of solidarity that exists in Europe. Under these conditions, we do not see why Athens would remain in the euro area.With a return to the drachma, the Greek government could use the weapon of devaluation, thus restoring its competitiveness in the export and thus revive its economy. It is also a way to reduce significantly the debt of the country, since the value of the assets would be reduced by 55% according to Natixis. But it will not be without negative consequences for Greece: the devaluation of the drachma and the need for monetization of public debt will create a persistent inflation, while the interests of sovereign debt markets will soar.

For the euro area, the cost seems a priori limited: Greece is only 2% of GDP. And now, the country in recession tend to dampen growth in Euroland. The output of Greece alone does not change much to the economic situation in the euro area including the "economic quality" could even be strengthened.Except that the event would undermine the ability of European leaders to manage economic crises through its members. Therefore, the markets would have no reason to believe in the financial strength of the euro. They will not hesitate to attack the debt of other countries considered fragile – Ireland, Portugal, Spain, Italy and even France, pushing up their borrowing interest rates to unsustainable levels. One by one, these countries could also be forced to leave the eurozone. Eventually, a failure of Greece could therefore lead to an outright explosion in the euro area. What would be worse for the world economy that the bankruptcy of Lehman Brothers.

The world number two behind Britain's Diageo spirits saw no break in operation since June and anticipates a further increase in its 2011-2012 results, said its chief executive told Reuters in an interview.

Despite the financial turmoil and uncertainty surrounding the growth, especially related to austerity plans in place in Europe, Pierre Pringuet said in his opinion there was "no economic downturn in Western Europe."

These expectations contrast with those of some industry analysts, who believe the economic downturn in Europe could weigh on the group.

Pierre Pringuet said the activity was Pernod since June, "in perfect continuity" with respect to the trends of the past year.

The owner of Ricard aniseed, Martell cognac, vodka Absolut and Chivas Regal whiskey, has seen organic growth in current operating profit 2010-2011 to 8% (to 1.91 billion euros), according to analysts' forecasts, thanks to strong demand in Asia.

Operating income jumped 20% in Asia and the area known as "the world" (Africa-Middle East), while the increase was limited to 4% in France, 3% in the Americas and 2 % in Europe.

FEW SURPRISES

Revenues, too close to expectations, totaled 7.64 billion euros, signing a growth of 7%, including 1.74 billion in the fourth quarter (6%).

These results, considered strong but not surprisingly, give little support to the title, losing 0.9% to 61.91 euros on the Paris Bourse to 11:20, while the CAC yields 1.4% at the same time.

"The numbers are in line and the absence of forecasts weigh on the title," said one analyst.

Pernod Ricard will deliver his annual forecast in the publication of its sales in the first quarter, Oct. 20.

Diageo recently said it expects an annual organic growth of 6% on improved margins and a double-digit growth in net income over the medium term.

Another analyst estimates that the risk of slowdown in mature markets could weigh on expectations.

The Pernod Ricard since January accused a decrease of 13.5% and underperformed the European index, which yields 4% over the period, while Diageo signs up 1.7%.

It also deals with valuation multiples higher (13 times earnings estimates for 2012) than those of Diageo (12 times).

The group also announced a significant reduction of its debt, reducing its ratio of net debt to EBITDA of 4.4 to 30 June, against 4.9 a year earlier, and confirmed a target ratio of about 4 to 30 June 2012.

Pernod, which gives priority to reduce its debt since the acquisition of Swedish vodka Absolut, wants to find a credit rating "investment grade" BB + cons today.

In this context, he reiterated not to consider strategic acquisition.

The net result has emerged, up 10% from the first time the billion euros to 1.05 billion and the dividend is up 7.5% to 1.44 euro.