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Progress has been made in the ongoing discussions on the sovereign debt crisis in the euro area even though the solutions remain to be found by next Wednesday, said Saturday night French President Nicolas Sarkozy.

"There is progress," he said on his arrival in Brussels where he will hold talks with German Chancellor Angela Merkel began Sunday when the European Council considered a challenge for the future of economic and monetary union.

"By Wednesday (when a second Council, ed), we must find a solution, a structural solution, an ambitious solution, a final solution, there is no choice," he said when he arrived at the headquarters of the European Council.

Asked if he was confident in the outcome of discussions, the president replied: "Yes, otherwise I would not be here."

The head of credit ratings of sovereign debt at Fitch Ratings said he was convinced that Spain and Italy were solvent but considered Friday that the two countries were potentially illiquid.

David Riley has also held that a creditor of last resort credible was necessary to Rome and Madrid, stressing that the European Central Bank (ECB) should play this role.

"If we end up with a solution for Greece involving more impairment than those defined in July, it will be a roadmap for banks (…) and we will have a credible creditor of last resort for Spain and Italy, "he said at a conference in Brussels bond.

"The EFSF (…) is currently too small.There is an institution, the European Central Bank (…) (…) and I would suggest that the ECB this role (…) in the same way that we expect such a function from the Bank of England (BoE), the Federal Reserve or the Bank of Japan (BoJ). "

An EU summit in Brussels Sunday is expected to discuss how to maximize the firepower of the fund. At the request of Paris and Berlin, an additional peak in the euro area will be held next Wednesday, including agreement on this question, one of the elements expected by the market to combat the crisis.

Rio Tinto launched a friendly offer of 578 million Canadian dollars (414 million) on the Hathor Exploration mining group, specializing in uranium exploration.

This could derail the hostile bid launched by Cameco Corp. of Hathor.

The Board of Hathor has recommended that shareholders accept the offer of Rio Tinto, which amounts to 4.15 Canadian dollars per share. Cameco is only that of 3.75 Canadian dollars per share.

The aim of the maneuver is the exploration project "Roughrider", located in the Athabasca region of the Canadian province of Saskatchewan.

The listing title Hathor was suspended Wednesday morning at the Toronto Stock Exchange.The title Cameco, the first Canadian producer of uranium, was down 3.21% to 20.80 Canadian dollars to 3:20 p.m. GMT, while the action listed Rio Tinto in London declined by 1.09% within minutes of the fence.

LVMH has maintained the pace of a very strong organic growth in the third quarter, despite the vagaries of the global economy and fears of slowing demand for luxury goods in mature markets.

The turnover of the world's number one industry, owner of Louis Vuitton leather goods, Hennessy cognac and Christian Dior perfumes, rose 17.6% in the third quarter to 6.01 billion euros, higher than the consensus of analysts polled by Reuters (5.8 billion).

Organic growth for its part maintained at 15%, as in the first half, while analysts expected a slowdown to 12.5% ​​and the comparison base last year was already high (14%) .

"The numbers are good, they show that the industry does not undergo the expected slowdown," said one analyst who requested anonymity.

After last week Burberry, LVMH confirms the strength of the luxury sector the slowdown in mature economies, driven by tourism flows in Europe and an application that does not weaken in the high-end department stores in the United States.

At the Paris Stock Exchange, after opening slightly down, the title LVMH sells 1.8% to 111.40 euros by 10:05, in a market down 1.7%.

Having been overtaken by fears of recession and slowdown in the Chinese engine, the values ​​of luxury have suffered a significant stock market correction in late September, before regaining lost ground, with the general recovery of the markets.

To date, the limit value share of 7.8% since the beginning of the year, compared with a decrease of 15% for its rival Swiss Richemont, but increases of 12.3% for Burberry or 16 % for Tiffany.

DECELERATION IN WINES AND SPIRITS

On the sidelines of Paris Fashion Week ready-to-wear at the beginning of the month, industry leaders have also said they see no signs of slowing demand in the third quarter.

Still, many analysts expect a slowdown in the global luxury goods market in 2012 and have already revised down their forecasts for growth for luxury groups for next year.

"Sales growth continues to be strong in Asia, Europe and the United States, while Japan sees a return to growth," said LVMH in a statement.

With these figures, the group's "confidence" for the full year 2011, without elaborating on its expectations for sales season, a crucial period for the sector.

He also indicated it will pursue a policy of targeted geographic expansion "in the most promising markets."

The fashion and leather goods division saw its organic growth accelerated slightly to 15% over nine months after 14% in the first half, driven by Louis Vuitton nugget.The latter mark, the main profit center of the group, could have exceeded 15% growth estimated by some analysts (LVMH never disclose the figures of Louis Vuitton).

The market is waiting for clarification during a conference call scheduled for 3:00 p.m. on any price increases that could be spent by the end of the year in the leather.

In contrast, sales of wines and spirits have had their organic growth decelerated to 11% over nine months and investors await guidance on inventory levels of distributors.

Sales of selective distribution (DFS, Sephora) have accelerated the pace with organic growth of 19%, while rate was slightly compacted in perfumes and cosmetics at 10%. Recent statements by Clarins to leave Reuters anticipate difficult year 2012 in Europe.

In watches and jewelry, which now include Italian Bulgari, growth remains very strong, like the Swiss watch exports to 26%.

The numbers of PPR, which owns Gucci, are expected on October 26 and those of Hermes (which LVMH owns 21.4%) on November 4.

The French Finance Minister Baroin promised Saturday to the rest of the world that the Europeans would provide a response on October 23 "critical" to the debt crisis. The French Minister of Economy Baroin chaired the G20 finance 14 to 15 October in Paris

Europe is the threshold of a decisive week that will culminate with a summit of its leaders on October 23, where they plan to give a blow to a debt crisis that has lasted almost two years and threatens their common currency but also the global economy.Following a meeting Saturday in Paris with his G20 counterparts, the French Minister of Finance Baroin promised the rest of the world, worried about a financial tsunami, the Europeans would make October 23 an answer "decisive "to the debt crisis, both" comprehensive and lasting. "

Since the beginning of the turmoil in late 2009 in Greece, the fire has continued to spread in the euro area. Often divided on how to proceed, European leaders have most often plug the holes that never make a convincing answer. After multiple missed appointments – the decisions taken at a previous summit on July 21 are still not in place – this time they intend to operate a turning point.

The idea is to present a set of steps to the top of the top twenty rich and emerging countries (G20) on 3 and 4 November in Cannes.Objectives: stopgap stabilizing Greece will receive a loan vital to 8 billion euros, strengthening the firewall finance in the euro area to prevent Spain and Italy will follow suit – which would doom the euro – bail out weak banks and improve governance of the monetary union.

The Europeans plan contains "appropriate elements" and "encouraging things," Saturday welcomed the U.S. Treasury Secretary Timothy Geithner, who with President Barack Obama has stepped up pressure in recent weeks. Why Europe must decide on several issues.Prior to the summit of 23 October, preparatory meetings of finance ministers are scheduled Friday and Saturday as the task is immense.

What discount on Greek debt?

Among the key issues: the percentage of Greek debt that creditors will have to give up the degree of recapitalization of banks to absorb the shock or the arrangements to enhance the firepower of the Relief Fund of the euro (EFSF) via a "leverage". In detail, the figure of 21% "haircut" for holders of Greek debt, decided July 21, is now obsolete and considered the percentage may reach up to 50% now, according to a European government. Problem: you have to reach a negotiated solution with the banks at present are praying.To address the risk of default Greek, European Commission President Jose Manuel Barroso, also announced he would propose a recapitalization of banks so that their own funds "hard" reach 9%.

And the leader of the Eurogroup Jean-Claude Juncker even considered to force the banks that do not play the game to contribute more to the debt relief of Athens. It will also expand the capacity of intervention of the EFSF, beyond what was already decided in July and approved this week by Slovakia, the last country the green light was still pending. The option to leverage its efforts by making it grants not loans, but guarantees to holders of debt seems fragile hold the rope, according to European sources.An alternative, favored by France, which would be transformed into the EFSF bank to borrow from the European Central Bank, seems ruled out because it violates the EU treaty.

The euro crisis has also reinforced the urgency of a paradoxically greater integration of driving the euro area. The subject will also be discussed at the summit. Under the anxious eyes of the European Commission which fears being marginalized, Paris and Berlin want to give more backbone in the Monetary Union with peaks at least twice a year of its leaders under the leadership of Herman Van Rompuy, which chairs have those of any European Union.It is also about strengthening fiscal discipline, creating a position of "super-commissioner" European dedicated to this task, or to place trust countries formal budgetary difficulty or to allow the European Court of Justice to punish States too lax.

France and Germany "on contractual" agreements on ways to resolve the debt crisis in the euro area, said Friday the French Minister of Economy Baroin after meeting with his German counterpart Wolfgang Schäuble and Nicolas Sarkozy at the Elysee Palace.

Both ministers, however, did not disclose the concrete modalities of this cooperation, referring implicitly to announcements by the Meeting of Heads of State and Government of the G20 November 3 and 4, as offered by the French President and German Chancellor Angela Merkel on Sunday.

"We will over the coming days to continue our discussions but we already have on contractual agreements that will be very important," said Baroin.

"We have made good progress (today) on the path defined by the Chancellor and the President to find the terms of a comprehensive and sustainable package," he added.

The ultimate goal, he said, is to respond to markets on the stabilization of the euro area, the situation in Greece, the "maximization" of the European Financial Stability Fund (EFSF) and a capital contribution the weakest banks.

The hope for an early resolution of the crisis of sovereign debt in Europe has boosted the morale of the financial markets.

Around 3:40 p.m., the pan-European FTSEurofirst 300 index of 1.65% progressed.

In the United States, Wall Street opened up, supported by this perspective, the operators seemed not to worry, for now, a sovereign downgrade of Spain by Standard & Poor's.

"We have never been so close to a solution (the crisis)," responded David Thebault, head of quantitative trading at Global Equities.

"But this is not done yet.There is concern that the market takes it badly if there is no announcement of precise and detailed plan on October 23 (date of the next European Council-Ed) November 3, "he qualified.

PROTECT PRIVATE EURO

Wolfgang Schäuble has in turn ensured that France and Germany had a "common position" and expressed confidence that both countries can "protect the euro area".

Nicolas Sarkozy said Sunday that the compromise between Paris and Berlin on how and where the process was considered "complete", denying the reports of differences over the use of EFSF, now ratified by all member states of the area euro.

While the capital needs of European banks were estimated between 100 and 200 billion dollars by the International Monetary Fund, Angela Merkel stated that the new European Banking Authority and the IMF would be asked to ensure that what is proposed is "durable and strong."

Nicolas Sarkozy also said France and Germany were preparing a number of adaptations of European treaties to strengthen the integration of economic and monetary union.

The European Commission intends to condition aid to some of the environmental and cap subsidies to make the CAP more just. A production of cabbage in Lithuania.

Brussels wants farmers to "go green". The European Commission proposed on Wednesday to condition part of the aid to respect for the environment, and to the Common Agricultural Policy (CAP) fairer by capping subsidies, despite the reluctance of the industry. "A redefinition of the CAP is necessary," the MEPs tried before the Commissioner of Agriculture, the Romanian Ciolos, presenting the details of its proposals to reform the system of EU agricultural subsidies from 2014.

He has proposed to link some of the aid paid to some 12 million European operations "to a few simple agricultural practices whose effects are well established" crop diversification, maintenance of permanent pasture, and conservation of biodiversity reservoirs or landscape elements of at least 7% of arable land. The reform also aims to shift to a "sustainable production practices," while Europe has "for years" led the farmers "on the way to a stress-free productivity," noted Ciolos.

Another key measure for the capping of aid. These become progressively reduced from 150,000 euros per year per firm and will not exceed 300,000 euros.Germany, or the UK – where farms reap the crown of England every year hundreds of thousands of dollars – are opposed to the cap, brandishing the risk of fragmentation of their large holdings. These are always more numerous in Europe in seven years, the number of farms decreased by 20% for a reduction of only 2% of the agricultural area, is the statistical office Eurostat.

France is the first bénéficière envelopes States

Criticized by the European Court of Auditors to have paid aids golf clubs or airports, the CAP will also be reserved for the future to "active farmers".Calling for a change of "paradigm", Ciolos also called for a more equitable CAP with the introduction of a single payment per hectare for each State and each region, which should balance out subsidies to benefit of extensive agriculture.

However, it is still far from a fair rebalancing envelopes allocated to each state. France continues to be the first beneficiary and lose relatively little, while the countries of Eastern Europe continue to receive bonuses per hectare well below the European average. In Brussels, a Baltic hundred farmers have agreed to meet Wednesday to protest against this compromise deemed disadvantageous to farmers Baltic. "Politics, more at European level is the art of the possible equilibria," agreed Ciolos."The most important is to stimulate a movement in the right direction," he said, promising to continue this trend toward more balance beyond 2020.

The proposals of the Commissioner Ciolos will now be subject to approval by MEPs and the 27 Member States, and negotiations promise to be difficult. For the main organization of farmers in Europe, Copa-Cogeca, the principle of ecological fallows is "illogical, while global food demand is expected to increase 70% by 2050." Greening is also criticized by the German Green Häusling Martin, for whom he does not go far enough, or the French Socialist Stéphane Le Foll, who lampooned the "weaknesses" of agri-environmental measures proposed, such as fallow "too rigid" .

The leader of the ultra-liberal Freedom and Solidarity (SaS) is threatening not to support the strengthening of the European Financial Stability Fund (EFSF). Slovakia is the latest European country to not voting the text. Slovak Prime Minister Iveta Radicova and the president of Freedom and Solidarity Movement (SaS) Richard Sulik in negotiations for el parliamentary vote of expanding the EFSF on 10 october 2011.

Richard Sulik, 43, head of the unicameral Parliament of Slovakia and Freedom and Solidarity Party ("SAS"), is an ultra-liberal economist torpedo approval Bratislava strengthening the European Relief Fund (EFSF). According to the founder of the party in 2009 SaS, the EFSF is "a road to socialism."

In 2010, the party enters with great fanfare the Government, through its platform advocating fiscal consolidation, privatization, the legalization of same-sex couples and the decriminalization of marijuana. At the initiative of the man with glasses, bald and of medium size, a referendum is held three months after the election, focusing on the immunity of deputies, the privileges of politicians and use by these luxury cars.

But future historians may recall in particular the month of October 2011, when Richard Sulik has torpedoed the European security, to help indebted countries in the euro area. "We are witnessing an attempt to resolve the debt crisis with even more debt.It's as if someone was trying to extinguish a fire with a fan, "he recently told AFP.

The Slovaks are too poor to pay for the mistakes of others, he repeats often. The future "executioner" of the European bailout fund was born January 12, 1968 in Bratislava, in a family that emigrated twelve years later in West Germany at the time. Passion for economics and physics, he completed his university studies in Munich. In 1991, two years after the "Velvet Revolution" anti-communism in the former Czechoslovakia split amicably in the Czech Republic and Slovakia in 1993, he returned to his homeland to go into business.

For ten years he led his company FaxCOPY.In 2003 he graduated from the Economic University in Bratislava, before appearing shortly after one of the authors of a radical tax reform introducing a flat tax (flat tax) of 19%. In 2005-06, he was advisor to the Minister of Labour and Social Affairs, a Christian Democrat named Iveta Radicova, future Prime Minister. In 2006-07, he served as advisor to the then finance minister, Jan POČIATEK.

Unconditional cigars, Richard Sulik is often pilloried for his little formal clothing. Even as head of Parliament, it is often the tie. Richard Sulik, who speaks German and English, is divorced. He is the father of four children with his former wife and her current companion.

Propelled to the head of Dexia in 2008 after a first rescue Franco-Belgian bank, Pierre Mariani will ultimately failed to recover the former world number one local government financing trapped in the quagmire of debt crisis sovereign within the euro area.

Former director of cabinet of Nicolas Sarkozy during his visit to the Department of Budget from 1993 to 1995, Pierre Mariani, however, has worked hard over the last three years by taking the uniform fire to extinguish the fire and Dexia lead a restructuring forced march.

"Mariani is a very fast," said a banker close to Dexia in Paris on condition of anonymity.

"Professionally he is a fairly effective and very familiar with his subjects," recalls a former associate who declined to be named. "Humanly by cons is not always obvious. It is hard enough with his team."

Yet some wonder now if not just too late to restructure Dexia staying too long in a position of crisis management, even if not necessarily liable for the current situation.

"Mr. Mariani is a fireman," said Michel de Herde and for the Budget of Schaerbeek, Brussels and a joint shareholder of Dexia."He fought hard but failed to escape the flames."

Others accuse him an authoritarian style that led to the departure of several senior bank officials, such as Stefaan Decraene, the Chairman of the Management Board of Dexia Bank Belgium, last month.

AFTER NEGOTIATIONS WITH BRUSSELS

In 2010, after months of tough negotiations with the European Commission, there is no exception, with his right arm Alexandre Joly, the weight loss abroad imposed by Brussels in return for aid received during the financial crisis .But the two men managed to save some furniture.

If Dexia undertakes to sell certain subsidiaries of the bank abroad, including Spain, Italy and Slovakia, however, the bank saves its Turkish subsidiary Denizbank considered the "nugget" of the bank.

Pierre Mariani will recognize later that the party was far from over.

Fort recovery accounts in 2009, the Group CEO opposes any subsequent split of the Franco-Belgian bank even if it is given in the wings behind rumors of merger with other banks, late as 2008 with the Postal Bank with which Dexia has an agreement for funding.

However, the debt crisis in the euro area continues to worsen.The Management Board of Dexia has no choice but to accelerate disposals last spring in its portfolio of toxic assets.

Eventually the bank will sign the second quarter of 2011 the heaviest loss in its history with a net loss of four billion euros.

But nothing works.With the crisis and tensions in the interbank market, Dexia sees its liquidity situation deteriorate, leading the bank in a bind.

RUMORS OF DEPARTURE

Pierre Mariani, who had set out to reduce the size of Dexia's balance sheet, however, had tried last year to convince markets of the ability of the bank to remain independent and living independently at the cost of a radical refocusing its activities in retail banking based on the Belgian and Turkish.

But analysts also had several occasions to question his real commitment to stay in control of Dexia.

In 2010, the press and echoed rumors that he could have replaced Claude Gueant as Secretary General of the Elysee.

The rumor also gave it as a possible successor as CEO Baudouin Prot, BNP Paribas in place of any dolphin named Jean-Laurent Bonnafé.

Born in 1957 in Rabat, Morocco, the man knows the house where he led retail banking abroad before moving Dexia.

A graduate of HEC, technocrat and inspector of finance, he joined the bank in the rue d'Antin in 1996 after starting his career in senior management.

He then played a leading role in the acquisition of the Italian BNL, the first major foreign network acquired by BNP Paribas in 2006.

But then he had to give way to Jean-Laurent Bonnafé, then head of the network in France which, after assuring the successful integration of BNL, has been promoted to chief operating officer of the group.

Friday Fitch downgraded the rating of Italy a notch and that of Spain in two, citing a worsening debt crisis in the euro area and the risk of fiscal slippage in both countries.

Note of Italy fell from AA-to A + and that of Spain AA + to AA-.The prospect of the two countries is negative, suggesting that further downgrades are possible.

Italy and Spain are directly affected by the crisis in the euro area in that they depend on the European Central Bank (ECB) to place their bonds and avoiding the yields demanded reach unmanageable proportions.

"A comprehensive and credible solution to the crisis in the euro area is politically and technically difficult and will take time to implement," said Fitch.

Italy has recently been downgraded by Moody's and Standard & Poor's.Market sentiment towards the country was affected by the hesitant reaction of the government, initially, to higher yields.

The euro fell to the announcement of downgrades, as Wall Street.Analysts say, however, that the decision on Italy was entirely predictable.

"The reasons for Fitch are not so different from the other two agencies, I do not think the markets will react a lot," said Alessandro Tentori (BNP Paribas).

Paolo Pizzoli, an analyst at ING, sees the decision of Fitch additional pressure on the Italian government to adopt structural reforms that could boost growth, reforms that are missing in the recent austerity plan intended to balance the budget in 2013.

The Berlusconi government intends to introduce such initiatives in the month but the ruling coalition is so weakened and divided as few analysts see it join forces to give carte blanche.

In Spain, the government reduced the deficit with a series of austerity measures, but most of the country's debt is regional and autonomous regions are still practicing their own cuts.

"We respect that decision but we disagree," said a spokesman for the Spanish Ministry of Economy.

The Italian Foreign Minister Franco Frattini was much drier, arguing that "markets have little to do with Fitch, Moody's and company."

Fitch also announced Friday it was maintaining Portugal under review with negative implications, it intends to resolve status in the fourth quarter.Portugal is rated BBB-by the agency.

Regarding the latter, the European Commission said it will send a team of experts to assist the authorities to redirect funds from the EU to the economic reforms agreed with the troika (EU, International Monetary Fund, Central Bank European).