Switzerland was launched three years ago the tender for the renewal of its fleet, now consisting of F-5E / F Tiger built by the American Northrop, whose older copies have been flying since 1976.

She originally planned to order up to 33 devices.

The Minister of Industry and Energy Eric Besson confirmed Wednesday that the price of gas and electricity for individuals would be maintained until the presidential election, despite the attacks to justice and GDF Suez of other gas suppliers. Asked about RMC and BFM TV about the continued freeze gas prices to presidential, Mr Besson said: "Yes. The Prime Minister made this decision and he made it clear to the national representation . (…) In any case for individuals. "

"We have a simple thesis is that the increases should be extremely limited so as not to influence the purchasing power," he noted, without being able to specify whether this also applied to the gel subscription. For electricity, Mr. Besson is back in a statement to AFP on the remarks made earlier on the air. "It will increase slightly, probably," he said on BFM TV and RMC. "I do not know (when) we will discuss this with EDF."

Asked by AFP, the Office of the Minister of Energy said: "Eric Besson reaffirms that in accordance with the arbitration of the Prime Minister, electricity rates applicable to individuals are frozen until 1 July 2012, and no decision is expected to increase. "

The Nikkei gained 0.16% or 13.67 points to 8,514.47 while the Topix, larger yielded 1.17 points (-0.16%) to 729.13.

On the whole a week marked by a deepening debt crisis with the record level by the Italian sovereign bond yield, the two indices lost 3.3% and 3%.

Title Olympus finished down 4.96% to 460 yen after a volatile session.

"We note the intention of the Greek authorities to hold a referendum," write the European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso in a joint statement.

"We believe that this agreement is the best for Greece.We have every confidence in Greece to honor the commitments made to the euro area and the international community. "

José Manuel Barroso and Herman Van Rompuy added that they spoke with Greek Prime Minister George Papandreou and said that the referendum question would be discussed on the sidelines of the G20 summit in Cannes, which runs from November 3 to 5.

"The economy as a whole has continued to grow in September, although many districts described the pace of growth as" modest "or" low "and contacts have generally found a weakening outlook," says the Fed This situation report.

Wall Street and oil prices went up in free fall as a result of this paper while the price of Treasuries rose.

The memo on the economy the Fed is based on data collected before October 7 and deals with all the economic conditions in the 12 Fed districts, which cover the entire United States.

According to the Beige Book, consumer spending rose slightly in most districts, thanks to the automotive industry and tourism.

There was also an increase in business investment, particularly in construction and mining.

While a number of districts have experienced some recovery in construction activity, "the general conditions of real estate – residential as commercial – are still depressed."

Also according to the survey, several districts noted that many retailers are reluctant to build up stocks despite the approach of the holiday season, reflecting a decline in consumer confidence.

This holiday season – which runs from Thanksgiving to Christmas – is at least half the annual turnover of many stores.

Interviewed on CNBC, the president of the Boston Fed Eric Rosengren said the Fed may have to increase support measures if the U.S. economy weakened further or if it was affected by a new shock.

A nearly six months of the presidential election, the French authorities have once again assured Tuesday that they would do anything to keep the maximum score, which allows the country to finance at low cost, and promised new measures if needed.

But their room for maneuver seems limited because growth such as trust are affected globally in a context of anxiety in financial markets.

Bank stocks have fallen to the Paris Stock Exchange after the announcement of Moody's, while the yield on the French debt and insurance against the risk of default (CDS) rose, the yield spread between French and German debt (spread ) reaching a high for 16 years.

Moody's does not mention specifically the possibility of a perspective "negative" on the Aaa French, but if it were to lower the perspective, a downgrade could occur over the next two years.

"The 'triple A' is not in danger because we will answer these and we will be even ahead of the goals of deficit reduction," said French Finance Minister, Baroin, on France 2."If necessary, we will take steps for the appointment."

"We will make every effort not to be degraded," he added, noting that "we still have enough tax loopholes, if necessary, we will remove them."

GROWTH flu

The rating agency said in a statement: "In the next three months, Moody's will review and assess the stable outlook against the government's progress in the implementation of these measures (fiscal consolidation-Ed), taking into account all economic and market potential negative. "

Moody's also refers to the likely increase in the French contribution to the rescue of Greece and the prospect of a recapitalization of banks in the country, to which the State may need to participate.

"The deterioration in the debt figures and the possible emergence of new financial commitments put pressure on the stable outlook of the Aaa rating of the state" French, says the agency.

Engine of French public deficit, the country's growth next year should be much lower than the 1.75% forecast by the government, which may influence the path that should lead France to a deficit of 4 , 5% of GDP in 2012 and 3% in 2013, after 5.7% this year.

According to the survey conducted by Reuters with a score of economists, and they expect an average growth of 1.0% next year.

Baroin has for the first time said Tuesday that the objective of 1.75% was "probably too high."

Economists polled by Reuters Tuesday, believe that the economic downturn is the first threat to France and its sovereign rating, a threat reinforced by the possibility of further government intervention to resolve the crisis in the eurozone and strengthen the banks.

"The Triple A French is a little on the hot seat, especially if the French economy was facing a shock much deeper than what we anticipated," said Jean-Christophe Caffet, an economist at Natixis.

For Gilles Moec, an economist at Deutsche Bank, "the issue of growth is most important because it constitutes the core of the macroeconomic strategy of France.""The engine stalled, forcing more likely to act on the structural deficit."

Philippe Waechter, director of economic research at Natixis Asset Management, for its part said that "if growth is not expected robustness, the objective of reducing the budget deficit will not."

Jean-Louis Mourier, economist at Aurel Leven, said meanwhile that "bank recapitalization would impact the debt but the real problem is the trajectory of public finances and therefore growth."

PUZZLE AND EUROPEAN PRESIDENTIAL

Moody's notes that the level of debt of France is among the highest Aaa rated countries, while remaining content with a relatively low weight of the interests of debt to government revenue.

But the ability to fund high levels of debt "is based on investor confidence in the government's ability and willingness to cope with unexpected challenges," the agency said.

A situation even more critical that the chronic current account of France requires it to obtain financing from foreign investors.

François Fillon on Tuesday urged members to refrain from bidding on the draft budget for 2012, including the examination begins on Tuesday, with specific reference to the warning from Moody's.

"In this context, the budget debate must be exemplary," said the head of government before the UMP group, reported a number of members present at the meeting.

A weakening of the "triple A" French further complicate the resolution of the crisis in the eurozone, France, with Germany being the main contributor to the European Financial Stability Fund (EFSF), the European support fund, whose rating depends part of those of its contributors.

Beyond the EFSF, the European dynamic could be profoundly affected if the second largest economy in the euro area clinched the best student, Germany.

The threat of a possible negative watch placement of Aaa, should also limit a little more room for maneuver of the candidates in the presidential election of April-May

The Socialist candidate Francois Hollande and his family have announced that their action, if they win the presidency, will be dictated by the need to preserve the confidence of creditors of France.

"We need better regulation and better capitalization of banks," he said.

"Everyone will not like this, but it is the best way there is no escalation of the crisis caused by a collapse of the banking system."

"The cause of this crisis is too much debt, but we must fight the danger of contagion. We must simply recognize that banks currently have more trust towards each other, so the market Banking is not working as it should.The best way to combat this is a better recapitalization. "

Import growth as exports slowed last month.The accentuation of the debt crisis in Europe and the slower growth in the U.S. explain this trend, which could enhance the Chinese authorities in the conflict on the level of the yuan.

"The rising exchange rate of the renminbi could limit the margin of export growth", has also speedily regretted Lu Peijun, deputy director of China Customs, at a press conference.

"China still faced inflationary pressure imported relatively strong and the terms of trade deteriorate as well," he added.

Exports grew by 17.1% last month compared to September 2010, after a growth rate of 24.5% the previous month, according to data released Thursday by the Office of Customs.

At the same time, imports increased by 20.9% yoy against 30.2% in August.

The surplus in the trade balance of China and stood at $ 14.5 billion in September, against 16.3 billion average expected by economists and after 17.8 billion in August.This represents less than half of the surplus in July, which amounted to 31.5 billion.

Year over year, the trade surplus appears to 180.3 billion dollars.

"Export growth in September was much lower than the expectations of the markets, reflecting the global economy coughs, and we expect this trend to slowing exports will continue in the coming months" , Analysis Wang Hu, of Guotai Junan Securities in Shanghai.

"The narrowing trade surplus and a slowdown in imported inflation could ease the pressure on Beijing to accelerate the appreciation of the yuan," said Du Zhengzheng for its part, an analyst with China Development Bank Securities.

Economists, relayed by western politicians, believe that the Chinese currency is undervalued, giving an advantage to the products 'made in China' on the international markets.

In Washington, the Senate passed a bill Tuesday that could force Beijing to raise the price of its currency under penalty of imports of Chinese goods taxed. China denounces protectionism in disguise and an obstacle to world trade rules. (See)

The trade surplus of China vis-à-vis the United States, however, remained unchanged from August to September, 20 billion.

Vis-à-vis the European Union, it decreased to $ 12.9 billion against 14.8 billion in August.

Greece confirmed Sunday that it would not achieve the objective of reducing the public deficit set in June 2011, but recovered over the bar skid found its creditors in September, after the introduction of new measures austerity.

The draft budget for 2012 containing new objectives, to be tabled in parliament on Monday passed Sunday night during a special cabinet meeting chaired by Prime Minister George Papandreou, in which was set the difficult reduction plan public as required by international creditors Greece.According to the draft budget, in 2011, the deficit of Greece will be reduced to 8.5% of GDP against 10.5% in 2010. The deficit remains above the target of 7.4% of GDP set in the initial multi-year legislation passed in June, but it is significantly better than the projection made in early September by the troika of creditors which stood then at Athens around 9.5% of GDP, according to the press.

This exceeded the deficit target in 2011 means that Greece will need two billion more if only to fund its spending this year.It also means that tax increases and wage cuts announced over the last two months by the Papandreou government have failed to redress the country's finances.

Growth forecasts for the budget adopted in 2012 point to a contraction of 5.5% of gross domestic product (GDP) this year and 2.0-2.5% next year. These figures are the latest IMF projections, but are much more pessimistic than the projections used to calculate the bailout plan of 109 billion euros on July 21, anticipating a growth of 0.6% in 2012.

The copy of the Greek government and its financial projections will be examined Monday by the finance ministers of the Eurogroup and Luxembourg on Tuesday to those of the European Union, which must decide whether or not pay the next tranche of 8 billion, vital to the troubled country.By the end of August, the government warned it would not take its goal of reducing the deficit mainly because of the worsening recession. Officials of the troika (EU-IMF-ECB) to inspect the country's public finances and fiscal consolidation had left Athens when requesting the introduction of new corrective action to reduce costs and increase revenue.

"The additional austerity measures announced for 2011 and 2012 equivalent to 6.6 billion euros," said the Ministry of Finance said in a statement Sunday. Among them are the introduction of a new tax on real estate levied on electricity bills, lower pensions in excess of 1,200 euros per month, lowering the threshold for income tax to 5,000 euros annually. VAT on food increased from 13 to 23% in September.

The main difficulty concerns the lay-off of some 30,000 public sector employees by creating a "reserve labor force" where they will be affected for a year with salaries reduced to 60% of their basic pay . After one year some will be laid off. The choice will be based on criteria of age, persons over 60 years to be entered automatically in the program. The mechanism of labor reserves in its final version is the most "painless socially speaking" it was possible to adopt, said government spokesman Elias Mossialos in a statement.

In 2012, the Greek government expects a further reduction of public deficits, by setting a target of 6.8% of GDP instead of 6.5% forecast in June, 14.65 billion euros.And Greece should reach next year for the first time a primary surplus of 3.2 billion euros of public finances, excluding debt service.

According to the newspaper Kathimerini, the Troika mission, which returned to Athens on Thursday after an absence of nearly a month, could continue until Friday, October 7. The German finance minister warned last week that no final decision would be taken on the payment or not the next aid installment loan of 110 billion made in May 2010 in Greece, before 13 October .

The carnage continues for oil refineries. Total after Dunkirk in 2010 and Petroplus to Reichstett (Bas-Rhin) in June, the American petrochemical company LyondellBasell announced Tuesday plans to close its refinery in Berre, in the Bouches-du-Rhone, which it considers unprofitable .

The site employs 370 employees in a petrochemical complex in 1270 employees will lose 120 million euros a year depending on the direction. But the group failed to sell it. No less than "85 entities around the world were approached during the sale process, to no avail.The refinery has in fact been no bid "has he explained. This ensures that only 370 jobs are directly affected refining risk. But unions argue that the loss of jobs could extend to the entire complex.

In response, nearly a thousand employees voted in a general meeting Tuesday the start of a "strike hard" for 48 hours. Wednesday, the entire petrochemical complex was shut down. Between 200 and 300 employees are present for locking, according to unions. The next general meeting is scheduled this Thursday at noon. Those decisions involved a year to the day after the start of great social movement that paralyzed almost all French refineries and caused a fuel shortage.

General meetings in nine out of ten sites

And the risk of a new scale strike is beginning to emerge.The movement of employees of LyondellBasell could spread, even if solidarity is shy at the moment. Employees of nine of the ten French refineries have held general meetings on Wednesday. And could lead to possible actions. But for now, only employees of the Total refinery at Donges, Loire-Atlantique, voted in favor of an immediate movement but symbolic: a decline in production to a minimum flow for 24 hours.

On the side of the Total refinery in Gonfreville l'Orcher, near Le Havre, general meetings were also held. But only a third of the participants voted in favor of a strike and the unions did not consider the results sufficient to initiate an action. A Fos-sur-Mer, in the ExxonMobil refinery, there was no general meeting.

The situation could change Friday.A meeting of employees of the four sites in the area of ​​Berre be held and could lead to possible actions. If the strike is decided, it could spread to other refineries.

France lost 12 refineries in 40 years

The future seems to darken French refineries from year to year. There were 23 in the late 70's, there are no more than 11 still active today. And the closure of the Berre could add to this sad list. Refineries "are in excess production capacity, and do not have sufficient opportunities" because of "demand is very sluggish," said Jean-Louis Schilansky President of the French Union of Petroleum Industries (Ufip). It will even "operating loss of several hundred million euros" in 2011, a trend in "neighbor" of 2009, when they lost 1 billion euros, "he added.According to Les Echos, refining margins, which represent the difference between the price of refined products and their production costs, decreased by 60% between 2008 and 2009. And are now at a "crisis level".

French refineries were in effect in 2010, almost 82 million tonnes of petroleum products like gasoline, diesel or fuel oil. But demand remains well below capacity. Consumption in France in 2010 reached 33.6 million tonnes of diesel and 8.2 million tonnes of gasoline. "Since 2007, there was a drop in consumption in Europe related to energy conservation, and the phenomenon is exacerbated by economic crises," said Constancio Silva, an economist at the French Petroleum Institute-New Energies.

"The divestitures or closures inevitable"

He said the refiners were not able to adapt to changes in demand.They suffered from the rise of the French nuclear fleet. This has indeed led to a decline in demand for heavy fuel oil, which was used previously to operate power plants.

In addition, refiners have invested in the 70 and 80, in units of gasoline production, then the fuel most consumed in France. But they were surprised by the explosion in demand for diesel, accentuated by a favorable tax and lower consumption of diesel engines. The sale of diesel fuel currently represents 75% of fuel sales in France. Motorists consume 33 million tons, but French production capacity amounts to only 20 million. Refineries hexagonal therefore find themselves being forced to export 30% of its production of gasoline, including the United States where, again, demand has slowed.According to the Professional Committee of oil, gasoline sales abroad have in fact fallen by 20%. And Parellel, oil companies are forced to buy diesel fuel abroad, which increases their expenses.

In this context, "ultimately, disposals or closures will be inevitable," says the Ufip. Pessimism that refuses to admit the unions. In response to the closure of the Berre, CFDT and CGT federations in the industry, oil chemistry yelled "stop the slaughter." "This announcement is unacceptable. For it is not linked solely to the problems of weak refining margins and the inadequacy of the means of production with the market, the surplus of gasoline and diesel deficit" Have they denounced.

According to them, refinery closures meet market logic and a lack of investment.The FNIC-CGT calls "a multi-year investment" on the basis of the report of the French Institute of Petroleum, which presented June 22, through investment, featured tracks of development for French refineries.

An argument shared by Thomas Porcher, PhD in economics author of "A barrel of oil against 100 lies." He said the lack of investment to change the production structure of French refineries explains their lack of profitability. "Despite the record profits from the price effect of rising oil prices, these investments were ousted in favor of a preference for investments in refineries near the mining areas. This is the case Total in Saudi Arabia with the Jubail refinery example. It can produce low-cost, because of its proximity to the deposits.But it is especially with a modern production system to adapt the ratio diesel / petrol desired. The problem of refining French could no longer be similar "to a lay-sector" including the means of production have become unsuitable as a problem of competitiveness. While the first causes the second "he says.