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.

Orbeo, based in Paris, was founded in 2006 at par by the bank and the French chemist, in the context of the creation of carbon markets in 2005 and the implementation of the Kyoto Protocol in Europe.

The Solvay has already acquired half of this year by acquiring Rhodia Orbeo.When it has, by January 1, acquired the participation of SocGen, it will therefore control the whole.

"Rhodia Energy wishes to strengthen its commitment to the fight against climate change by making full use of industrial know-how of Rhodia and Solvay and expanding its offering in the integrated management of energy and CO2 emissions," said Solvay in a statement.

The terms of the agreement were not disclosed

An analyst with SocGen said the agreement had no connection with the collapse in prices of units of certified emission reductions, which reached Friday morning a new record low of 4.40 euros.

In a note which had been prepared for the G20 summit held in Cannes last week, but was not published until Friday, the Fund believes that the recovery of advanced economies patina.

"Paralysis and inconsistency have exacerbated the uncertainty, loss of confidence and increased tension of the financial market," he diagnosed.

The most advanced countries should urgently propose program medium-term fiscal consolidation credible and further reform the financial sector, while the emerging edge must accelerate the appreciation of their currencies, he said.

In particular, the IMF observes, there is "considerable uncertainty" about how to achieve fiscal sustainability in the United States, Japan and some countries in the euro area.

"Dear Silvio, a new opportunity to escape with Ryanair." It is this formula that the low-cost airline has launched an advertising campaign on its website to promote its flights to 9.99 euros from Rome.

Around 4:05 p.m. GMT, group, owner of the trademarks Corn Flakes, Frosted Flakes and Rice Krispies, lost 7.00% to 50.25 dollars while the S & P 500 advanced 1.04%.

In 2010, the company had to recall millions of boxes of Froot Loops, and other cereal brands, due to suspicious odor.

She reached the third quarter net earnings of $ 290 million (211 million) or $ 0.80 per share, against 338 million ($ 0.90 / share) a year ago.

Europe will she fall back into recession?

The business environment is being degraded rapidly in Europe. This degradation affects all sectors and all countries. It was partly due to the crisis at work currently generating considerable uncertainty about the future, agrees and makes it more complicated financing and forced European states to austerity measures. However, even very poor, the level of the business climate remains consistent with a very small increase in activity, as evidenced particularly in industrial production in the euro zone, France and Germany.

How will evolve the euro?

It is undeniable that the crisis of public debt in the euro area weighs on the course of the single currency.However, the dollar is weakened by the weak economy in the United States, the concerns generated by last summer by the political debate on the budget and the debt and the expectation of monetary policy remains sustainable ultra- accommodative. In total, we expect an exchange rate of euro / dollar relatively stable beyond a very volatile as of weakness of any currency. In a broader perspective, the fact remains that these two currencies would be permanently impaired. Therefore, the pressure to appreciate the currencies of major emerging economies and countries like Switzerland would be persistent.

Just under half of the 1200 ECB employees were surveyed by the union of the ECB ipso to evaluate the performance of Jean-Claude Trichet, who was replaced on November 1 by Mario Draghi.

Over 70% of respondents felt that Jean-Claude Trichet has enhanced the reputation of the ECB, 75% reporting as well as its communication regarding the bank's policy was clear and consistent.

That said, 55% think that Jean-Claude Trichet did leave the ECB's framework defined by its mandate actions – repurchase of government bonds in mind – to fight against the debt crisis.

At the same time, it also emerges a majority that the decisions made by Jean-Claude Trichet were good under the circumstances.

The ECB has set up its program – still ongoing – Redemption of debt securities issued by sovereign countries in the euro area in May 2010, at the cost of deep divisions within the bank that resulted in the resignation of his two German members, Axel Weber and Juergen Stark, this year.

Unlike the Federal Reserve, whose mission is to support as much growth as the fight against inflation, the mandate of the ECB is solely focused on the stability of consumer prices.

But with the arrival of a new president and the apparent support of the staff of the ECB's anti-crisis measures taken by Jean-Claude Trichet, a debate on enlargement of the prerogatives of the ECB could open.

The outgoing president of the ECB declined to respond to the survey results ipso.

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.

It has been two weeks now that the world stock markets loosen. Every day since July 22, bad economic news is sinking deeper into the red marketplaces. The Paris Bourse has signed Friday night the tenth straight session of declines, the most since the creation of the CAC 40 in 1987. The benchmark index of the Paris market lost nearly 15% of its value over the last two weeks.Frankfurt to Milan, via London and Madrid, the pattern is the same. The situation is as bad on the other side of the Atlantic: the Dow has lost nearly 10% in two weeks, the Nasdaq 11%. Asian stock markets are also not spared. "You can say, it is indeed a crash summer even if the word is often whispered half-heartedly," writes in his daily note Philippe Cohen, manager at Barclays Stock Exchange.

Read about: The summer following the crash

The clap of thunder: the loss of "AAA" American

Standard and Poor's downgraded a notch Friday night, after the ends of the New York Stock Exchange, the American debt rating of "AAA" to "AA +". This is a historic first for the country, which enjoyed the highest rating possible from the creation of the rating agency in 1941.Given the role of the United States in the global economy – the first power with an annual GDP of over 14 500 billion dollar seen as a safe haven because it is the main reserve currency of exchange that decision by S & P may have devastating for the entire global finance. This is why the reopening of markets after the weekend was awaited with anxiety.If Asian stock markets have plunged well, the European stock markets, they have responded with more moderation (monitor live developments in the stock market, here).

Read also: The United States lost their triple A, what consequences?

Reactions: international mobilization to stop the panic

Aware of the seriousness of the situation, leaders of major economies in the world have interrupted their holidays to prevent from occurring a financial crisis as serious as the fall of 2008, after the bankruptcy of Lehman Brothers. In France, Nicolas Sarkozy has stepped from his home in Cape Negro phone calls with its European counterparts, particularly with German Chancellor Angela Merkel. After meeting on the night of Sunday to Monday, the G7 finance ministers pledged to "take all necessary measures to support financial stability and growth."In short: the central banks are ready to inject liquidity into the markets to support their operation. The European Central Bank (ECB) has meanwhile expressed its willingness to buy debt Spanish and Italian, if investors withdraw.

Learn more: How the world is mobilizing to prevent another financial crisis

The context of substance: the debt crisis

The deterioration of the U.S. sovereign rating is not sufficient to explain the stock market panic. United States, the conflict unfolding debate on the budget, to snatch the last minute Tuesday, August 2 agreement of raising the ceiling of the debt markets has greatly troubled. And even if an agreement between Republicans and Democrats has been found, the problem of U.S. public finances are far from settled – as evidenced by the decision of S & P.The U.S. debt crisis is painfully echoes that through which the euro area for two years. The second Greek rescue plan developed in July is still not enough to reassure markets and fears of contagion continue to increase. Italy and Spain are again under pressure from the markets.

Read about: The three lessons of the U.S. debt crisis

Spain and Italy do they need a plan to help?

The future: fears of another recession

The markets are worried about the health of the global economy. As well as one side of the Atlantic than the other, the news is bad. United States doubts about the strength of the economy are stronger every day, with the accumulation of worrying signs. Manufacturing activity is down, consumer spending and hold the GDP grew by only 1.3% in the first half.If Friday's unemployment figures are better than expected, it remains very high level of 9.1%. In Europe, Spain and Italy posted increases of 0.2% winded and 0.3% in the second quarter. France, may not do better: after starting the year with a bang, French growth has slowed sharply and unemployment started to rise. Result, the Banque de France and INSEE expects a GDP growth of just 0.2% in the second quarter, after 0.9% last quarter. The global recovery is no longer as strong as it appeared in 2010.

See also: Obama has the means to revive the U.S. economy?

Why unemployment in France does not drop

The supplier for the aerospace, defense and security has also announced the departure of its chief financial officer Patrice Durand in late August following the reorganization of its executive committee.

Thales generated in the first half current operating income (ROC) of 303 million euros, above expectations, giving a margin of 5.1% against 3.4% a year earlier.

Its turnover has stagnated at 5.968 million in the first half, while his orders were up 2% over the period, despite a fall of 19% in the first quarter.

"We have first-half results which show a Thales on the road to recovery," said CEO Luc Vigneron during a conference call.

Thales was lost in 2010 within the scope of provisions of 721 million euros related to contracts underachievers such as the A400M military transport aircraft.

OPERATING MARGIN AND REVENUE INCREASE FOR 2011

The focus group confirmed a slight sales growth this year, with a ratio of "book-to-bill" around 1, but said he expected a decline in military orders in 2012 because of budget cuts .

Thales expects an operating margin of 5% in 2011 and 6% in 2012, reinforced by the first fruits of his saving plan Probase.

Luc Vigneron said that Thales was in line with its goal of securing the end of 2011 half of the savings of 1.3 billion euros expected by 2014 as part of the plan.

He said he did not have new information on the discussions of exchange of assets in the defense with Safran, taken in May under pressure from the state, their common shareholder that seeks to reduce duplication in a rapidly budget reduction.

"This is a complex operation and we are currently in discussions about valuations, it is not the easiest part," said Luc Vigneron.

Charles Edelstenne, CEO of Dassault Aviation, Thales's largest industrial shareholder with 26% of the capital, had warned in June that the negotiations could last weeks or months.

Luc Vigneron said he still expects an entry into force this year of the contract to upgrade 51 Mirage 2000 in India, whose share of Thales is valued at approximately one billion euros.

The Indian press reported in mid-July ahead of the government of the country to be awarded the contract to the French proposal, which includes Thales and Dassault Aviation.

"We are in the final straight, but that does not prejudge the outcome until the contract is not signed," commented Luc Vigneron.

The stock closed down 0.72% Wednesday, giving a market capitalization of 5.7 billion.She has returned 7.4% since the beginning of the year, slightly outperforming Safran (+5.8%).