The U.S. operator and Deutsche Telekom, parent company of T-Mobile, ensured continued efforts to obtain the green light by U.S. antitrust authorities to repurchase $ 39 billion, which could threaten thousands of jobs but they withdrew the case filed with the Federal Communications Commission (FCC), the regulator of the sector in the United States.

"This formal approach is taken today by the two companies to consolidate their forces and focus their efforts to obtain antitrust approval from the Department of Justice", said the companies.

"AT & T and Deutsche Telekom keep the goal in the sale of AT & T, Deutsche Telekom's mobile operations in the United States," said the statement, published on Thanksgiving Day, a holiday in the United States.

The Department of Justice (DOJ) and the FCC opposing the operation, which could only be reduced to three the number of national mobile operators.

A green light from the FCC would be useless without the DOJ.

"In the second half, the impact on the luxury industry of the economic challenges the world faces and the high comparison base to which the measure group sales we suggest caution," said Johann Rupert, the chairman CEO of world number two luxury.

"Given the performance achieved to date, and despite these challenges, the operating profit of the year should be significantly higher than that of 2010-2011," he added.

Even as Richemont is known for prudent forecasting, these words echo the comments of all other major luxury groups, which have recently published quarterly defying the economic crisis.

Last week, the leather Hermes said he was hampered in its growth by its production capacity which does not allow it to meet demand, given the popularity of its handbags and famous silk scarves.

Mid-October, LVMH had also published quarterly strong despite the vagaries of the economy.

"The bond purchase program dismantles market discipline without establishing a discipline policy in place," write the "Wise Men" German in a report released Wednesday.

Blurring the fiscal and monetary policies, "the ECB endangers its credibility because it may be suspected to monetize sovereign debt," they write.It previously projected 1.8% and 3% respectively.

Economic advisers plan for next year export growth of 3.2% and unemployment down to 6.9% against 7.1% in 2011.

In interviews granted to the German newspaper Bild am Sonntag, and French Le Monde, one that will yield the first Tuesday in November to place Mario Draghi said, however, confident in the ability of governments in the euro area to restore financial stability.

According to him, this requires that the Stability Pact is comprehensive and is implemented in a manner vigorous.

The agreement reached in Brussels this week by the leaders of the European Union should enter in his facts very accurately and quickly.Now the hard work waiting for governments and the European Commission, "he insists.

"A rapid and full implementation of decisions is now absolutely crucial," said he.

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 CEO of Volvo Stefan Jacoby announced in February to invest more than $ 11 billion (7.6 billion euros) over five years. They can be used to build new plants and development of new products.

Geely, parent company of Geely Automobile Holdings, acquired Volvo from Ford in August 2010 for $ 1.8 billion (1.4 billion), concluding the largest takeover of a foreign automaker by a Chinese .

Around 11:45, the CAC 40 index lost 1.41% to 3193.35 points, breaking, like the other major indices, a series of three consecutive sessions of gains. The CAC 40 moves between a low of 3162.21 (-2.37%) and a high of 3221.49.

London lost 0.89%, 1.86% Frankfurt, Milan 1.6%. Of the European indices, the EuroStoxx 50 lost 1.34% and 1.02% Eurofirst 300.

The euro fell below 1.44 dollars after the announcement of an increase of 0.1% of German GDP in the second quarter, against 0.5% expected.The first quarter was revised down to 1.3% against 1.5% previously estimated. (See)

"The pace of growth slows and the economy returns to normal (Germany Ed). While German politicians rack their brains about the advantages and disadvantages of eurobligation, the comfort of an economy that has a growth rate of 'miraculous' vanished, "wrote Carsten Brzeski, economist at ING.

He believes that only a return of the recession may prevent the German GDP to grow at a rate of 3% throughout the year.

Catherine Stephan, an economist at BNP Paribas, talks of a "sharp slowdown in growth in Q2.""The German economy, whose exports account for nearly 47% of GDP, should suffer from the slowdown in global demand," she adds, noting that with a gained 2.7% in second quarter the German GDP growth should approach 3% in 2011.

The stronger than expected slowdown seen recently in the United States and extends to Europe.According to Les Echos, the French government is about to revise down its 2012 growth forecasts.

Cyclicals accuse the largest declines the CAC 40: Renault (-3.67%), Peugeot (-3.21%), Michelin (-2.66%), Accor (-2.88%).

Single value of the CAC 40 in the green, Alcatel-Lucent is driven by the acquisition of the mobile business of its competitor Motorola by Google.

Leave the bank down as President Nicolas Sarkozy and German Chancellor Angela Merkel should be considered in the afternoon in Paris on possible solutions to the crisis in the euro area.

BNP Paribas lost 1.16%, 1.13% Societe Generale.

A barrel of U.S. light crude lost more than a dollar to 86.85 dollars.

Shortly after takeoff the aircraft from the airport of Singapore, the engine has stopped working, forcing the crew to turn back and return to land.

The Airbus was traveling to Hong Kong with 368 passengers on board.

"A change in the reactor was performed on the device, and we are investigating the incident with Rolls-Royce and Airbus," said a spokesman for the airline contacted by email.

The British engine manufacturer and the European EADS were attached to face a similar incident last year when one of the engines of a Qantas A380 had exploded in flight, forcing the unit to return to land, also Singapore.

Rolls-Royce and Qantas have signed a settlement agreement on this subject, which should add 95 million Australian dollars (72 million) in profit before tax in 2011 of the Australian company.

The bank, however, think that 2011 will be the last year marked by heavy losses on the loans it has granted.

Old value of star Irish banking sector, AIB was virtually nationalized in the wake of the crisis in finance and has been his salvation as funding from the ECB after being ruled out of the bond markets.

AIB said the deposits, excluding those acquired with the acquisition of Anglo Irish Bank were down 5 billion euros in the twelve months to end-June, but were stabilized in recent weeks.

Non-performing loans represent 34% of all loans, against 29% at the end of December.

In 2010, AIB had been 10.4 billion euros in losses, and given away 22 billion euros of bank deposits.

The ratio of its debts and deposits decreased to 143% at end-June, against 165% six months earlier. Aid paid last year by the IMF and the European Union provided a significant reduction in the volume of loans the bank.