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Italy will reduce by over 30% of its control hunters Joint Strike Fighter F-35 went to Lockheed Martin as part of plan to reduce expenses related to the crisis, said Wednesday the defense minister.

Italy now plans to buy only 90 fighter planes instead of 131 on which it had undertaken a decade ago, said Giampaolo Di Paola who spoke to the defense committees of the Chamber of Deputies and Senate gathered for the occasion.

"This is a significant decrease which is consistent with the need to reduce spending," said the minister.

The economy for the Italian state will amount to five billion euros on an original estimate of 15 billion. 

To clean up the public accounts to the crisis of debt in the euro area, the Council President Mario Monti has established at year end plan of 33 billion euros based relegated ; tively tax and spending cuts.

Tuesday, he refused to finance the candidacy of Rome Olympics of 2020, noting that Greece continued to pay the cost of those she held in Athens in 2004.

In addition, Italy is planning to reduce its workforce by 20% defense-related. The country uses for its defense and military 183,000 30,000 civilians whose compensation represents 70% of expenditure in the defense budget.

Italy will close or sell 30% of its logistics bases and seats of its regional centers over five years. In the navy, the number of patrol officers will be reduced from 18 to 10 and the number of submarines of 6 to 4, said Minister of Defence.

Reducing military spending, Mario Monti is based on the policies of President Barack Obama announced Monday a defense budget of 2013 provided for a reduction Pentagon spending for the first time since 1998. The Pentagon has canceled orders for 179 F-35 over five years to save $ 15.1 billion.

Barack Obama pleaded Monday for important stimulus for growth and for raising taxes on high incomes, at the presentation of his budget proposal for fiscal year 2013, the Republican camp has once strongly criticized.

President of the United States, which will run for a second term in November at the White House, plans to spend $ 350 billion (265 billion euros approximately) to programs creations jobs and 476 billion (360 billion euros) to major works, including on road and rail networks and the construction of schools. 

The budget for fiscal year 2013, which begins on October 1, further provides for allocating funds to increase staffing in the areas of education, police and firefighters, while extending tax breaks designed to boost employment.

Of revenues, Barack Obama proposes to tax the income of millionaires at 30%, main idea of ​​his speech on the state of the Union last month, and expects 4000 bn e ; economies ten years, according to the plan unveiled in September.

There are also plans to set the tax rate on dividends at the highest tax bracket, currently 35% but must be raised to nearly 40% next year. 

"We built this budget around the idea that our country has always given the best of himself when everyone had his account," Obama said during a trip to , Annandale, Virginia. "It challenges the economic policy of 'make do', which has widened the gap between rich and poor Americans."

"As our economy growing again and creating jobs at a faster pace, we must do everything we can to preserve the recovery," he added.

AID HELD IN EGYPT

The proposed budget provides the outgoing president an opportunity to present his program and to present his Republican opponents as candidates of the rich. The conservative movement denounced for his reckless spending and accuses him of wanting to increase taxation.

"The Obama budget is an insult to American taxpayers," ruled Mitt Romney, a favorite of the race for Republican nomination for the presidential election of November 6.

"This project is not at all a financing law is a platform of campaign," said his side Mitch McConnell, Republican minority leader in the Senate. "It is bad for job creation, bad for retirees and it will worsen the economic situation," he continued.

The draft budget forecasts a deficit of 901 billion dollars against 1,330 billion this year. This sum, higher than the estimates made in September by the White House, represents 5.5% of Gross Domestic Product (GDP) expected in 2013, against 8.5% in 2012.

Obama pledged in 2009 to halve the budget deficit by 2013. But the White House argued that the magnitude of the recession that occurred after his arrival to the presidency dictated emergency measures and believes that it was more important to pre server growth than imposing austerity measures.

Regarding overseas, Obama proposes that the U.S. military assistance grant of $ 1.3 billion to Egypt, a level equivalent to that of previous years, despite ; tensions generated by the lawsuits against U.S. NGOs in Egypt. Some MPs had wanted the suspension of financial assistance to Cairo if the record of NGOs was not set.

Obama also proposes to release $ 800 million economic aid for countries in the "Arab spring" in the Middle East and North Africa, where authoritarian regimes have been overthrown ; s last year. The text does not stipulate how much money will be allocated to each country.

ECB expected to leave interest rates unchanged after its policy meeting Thursday but could pave the way for a decline in March, while the Eurozone recession is threatened by the fallout from the debt crisis and the situation in Greece.

If no agreement is reached by Thursday on the austerity program needed to allow the raising of the Greek State, the President of the European Central Bank, Mario Draghi, will probably be attacked questions about the possibility that the institution waives its potential profits on Greek bonds it holds.

And if an agreement is reached by then, it must explain its terms, its consequences and the precedent thus created. 

Financial markets will also be on the lookout for clues that the ECB expects its second refinancing operation three years, scheduled for 29 February.

The first such operation in late December, allowed him to inject 489 billion euros into the financial system and to push at least temporarily the pressure on the banks of the euro area.

The latest Reuters poll forecast of professional money markets, the ECB could allocate additional 400 billion to banks at the end of the month.

Regarding rates, the threat of increasing net of a relapse into recession in the euro area has increased the likelihood of an easing in March, especially as inflationary pressures have receded ;. 

THE SITUATION Degrades

The ECB has never cut its refinancing rate, the main instrument of monetary policy, under 1% and some members of the Governing Council are reluctant to make it fall below this threshold.

In March, the new forecasts for growth and inflation teams of the central bank could give additional reasons to take the plunge.

"The March forecast will be worse than December," predicts Christian Schulz, an economist at Berenberg Bank. "It can be estimated at 60% probability of a rate cut in March because their growth forecast is too high."

In December, the ECB economists predicted further growth of around 0.3% in the euro area this year.

For Padhraic Garvey, head of rates strategy at ING, the ECB can afford to wait to learn more about the changing conditions before changing its rates.

"The next fall does not need to take place in March. We think it will take place during the first half," he says, adding that the decline in Euribor interbank rates is at least as important as rates of the ECB.

"The most important is that Euribor rates are trending down. The evolution of the Euribor for a month is equivalent to an actual reduction in rates, "he says

. The three-month EURIBOR , regarded as the main barometer of the market for interbank loans, dropped 26 basis points since January 1, to return as 1.1%, the lowest in 11 months … INFLATION RISK It

……

reflux reflects the efficiency of the operation refinancing to three years of the ECB, which has become the main weapon to combat the crisis of the ECB since its purchases of government bonds are now running in slow motion

…… Mario Draghi said … expect the transaction to three years late creating demand "significant". And some bankers expect to see the ECB banks allocate an amount higher than EUR 400 billion provided for traders polled by Reuters.

Christian Schulz estimates that more than 1000 billion injection on Feb. 29 could create inflationary pressures.

"The ECB should react very vigorously, by raising rates," he adds.

On the Greek chapter, the ECB is under pressure from certain creditors of Athens who wish to see transferred to the Hellenic State will generate profits that the debt Greek it has acquired since the beginning of the crisis.

According to sources from the ECB, it spent 38 billion euros to acquire these bonds, 12 billion less than their face value. 

Retroceding in capital gains, the ECB would contribute to the restructuring of the Greek debt finance directly without a state, which prohibit its statutes.

To do this, it could sell the shares at the European Financial Stability Fund (EFSF) at their purchase price, on condition of surrendering the EFSF away in Athens.

"I do not think the ECB will try to keep its obligations at any price," said Christian Schulz. "I think it would be quite happy to get rid of."

The number of registered employment center has again sharply in October. The unemployment rate could pass the symbolic threshold of 10% this year as the economy is threatened lights of a new recession. Explanations. Agency employment center in Nice

Unemployment continued to fly in October in France: the number of job seekers without activity (category A) has again increased sharply in October, 1.2%, or 34,400 people, to reach 2.814 million , according to figures released Monday by the Ministry of Labour. The total number of people seeking work, including those engaged in a reduced (categories A, B and C) also increased by 17,200 to 4.193 million people (0.4%).

Mersen, ex-Carbone Lorraine, which confirmed its 2011 objectives, supported by strong solar activity, and Asia, said he was careful, however, for 2012 due to economic climate remains uncertain.

The specialist in graphite solutions and electrical components still expects a double-digit organic growth and operating margin above 12% of its turnover.

"The macroeconomic environment is what it is, that is to say today very uncertain, so there is little visibility (for 2012)," said Thomas Baumgartner, CFO, at a conference phone.

"The growth of Mersen was very strong across all areas (…) And we recorded very high billing in the sun ", he added, however.

The group reported Tuesday sales up 11.1% at constant exchange rates in the third quarter to 207.8 million euros, an increase of 14.1% in the first nine months of year to 627.1 million euros.

"Asia represents over 25% of consolidated turnover of the group, over 37% Europe and North America 32%, so we have a well balanced business," observed the Chief Financial Officer group.

Mersen began several years ago marked a profound change in its output segment of the automobile and its focus on solar, wind and emerging markets.

The stock closed Tuesday up 2.12% to 28.19 euros, giving a market cap of around 559 million euros. Since the beginning of the year, as yields 17.81% after rising by 35% in 2010.

The Irish budget deficit has reduced by 4 percentage points of GDP since 2009. Corporate profitability recovered sharply. But deleveraging too fast may influence the activity against becoming productive. Pedestrians in Dublin

If Ireland is still part of PIGS, it can not be in the same category as Greece or Portugal, as progress in a few months by former Tiger European are important. The Irish budget deficit – excluding bank recapitalization needs – fell by 4 percentage points of GDP since 2009. The current account deficit turned into a small surplus. Finally, corporate profitability recovered sharply.

The experts of the International Monetary Fund (IMF) of the European Central Bank (ECB) and European Commission, who have just completed their assessment mission in Ireland, are seduced. "The ongoing adjustment is solid.The 2011 budget targets will be achieved and the ongoing structural reforms will also contribute to sanitation, "they note in their report.

However, Ireland is now entering a delicate phase. Or the risk of too rapid deleveraging weigh on activity, against becoming productive. The experts of the IMF, the ECB and the Commission to admit the hint. "Ireland will have to find a balance between the imperatives of debt reduction and limitation of the barriers to growth and job creation," they point out in their report. This sentence harmless and a bit blurry could announce a change in strategy for Ireland. The country needs it, says a recent report by Goodbody Broker.

Make concessions

Indeed, in Ireland, over-indebtedness affects both the public sector, private sector and banks.Simultaneously reducing the three is clearly a bad idea, says the report. If Ireland is determined to meet all objectives at the same time, the evolving recovery will be quickly suppressed. A risk highlighted recently by the Finance Minister Michael Noonan. Especially since the motor only turns in exports. The domestic market remains depressed by lower prices (unit labor costs fell by 15% and commercial property prices have been divided by two).

We must therefore make concessions to one side. But which one? As for households, the government can not do much. The debt reached 220% of disposable income, nearly twice the international average. And fall of financial markets could reduce household net wealth of 250 billion euros. The Irish are going to have to tighten their belts for several years.Make concessions on the public debt is also not in a financial crisis. Ireland recorded a primary deficit of 6% of GDP in 2011. This is the worst result of the euro area.

Remaining banks. They must bring their ratios to 122% loan to deposit by 2013. The challenge today is to allow banks to achieve that clean without excessively penalizing the credit. This will doubtless involve additional time but also further aid from the ECB, economists now believe. Lengthy discussion in perspective.

The German government has reduced by almost half its growth forecast for 2012, confirming fears of a sharp slowdown in Europe's largest economy due in part to the crisis in the euro area.

Berlin expects growth of 1.0% in 2012 and not more than 1.8%. For 2011, the government now plans to grow by 2.9% instead of 3.0%.

"The pace of expansion slowed, as expected," said Economy Minister Philipp Rösler, but added: "Our economy remains on a growth trajectory."

An environment less favorable for export explains in particular the slowdown in growth, the ministry said.

"Domestic demand will become even more the mainstay of economic growth in Germany," he observes."Growth as a whole is that it will almost this year and next."

The giant consumer products Anglo-Dutch Unilever announced Friday the acquisition of 82% of the Russian cosmetics company Kalina Concern for 500 million euros.

Concern Kalina, Russia's number one segment of the cosmetics and hair care, is present mainly in Russia, Ukraine and Kazakhstan.

"This will transform the business of Unilever in cosmetics in Russia (…) This will also strengthen and rebalance the portfolio of Unilever and its competitive position in Russia, an emerging market with great potential and the One of our priority countries, "he said in a statement the general manager of Unilever, Paul Polman.

The action Unilever, which gained 7% last month, advancing 1.6% to 20.88 pounds at 7:20 GMT, valuing the company at about 26 billion pounds (29.8 billion euros).

The U.S. economy has created far more jobs than expected in September and the new posts of previous months have been revised upwards, according to official statistics released Friday that could mitigate fears of a return to recession.

Last month, 103,000 non-farm jobs were created, according to the Labor Department, while economists on average expected 60,000 creations.

The unemployment rate was unchanged from a month to month to 9.1%, in line with analysts' expectations.

The right numbers in September are based in part on the reintroduction of 45,000 employees of Verizon in the number of jobs created, they were not in August because of a strike.By excluding these employees, 58,000 new jobs were created.

Statistics disappointing August, which reported zero job creation, for its part has been revised to bring out 57,000 new jobs. That of July was also revised upward to 127,000 against 85,000 previously.

Overall, the private sector has created 137,000 jobs, 100,000 against and 42,000 expected in August. The public sector has eliminated 34,000 jobs to him.

RELIEF

These employment figures are one more sign that the U.S. economy could avoid falling into recession despite a sluggish summer.Last week, the growth of U.S. gross domestic product in the second quarter was revised up to 1.3% against 1.0% in the first estimate.

Recent indicators of the manufacturing sector, business spending and auto sales leave now think the economy is doing better than expected third quarter.

Hourly wages have also increased by 4 cents in September after falling all the previous month.They then recorded their first decline since October 2009, pushing the savings to its lowest level for over a year and a half.

"The increase in job creation and revisions of the statistics is comforting and exciting to the market," said John Kilduff, partner of Capital hedge fund in New York Again.

"But it seems premature to use these numbers to say, regarding the economy in general, we are out of the woods," he tempers.

In September, the U.S. economy has eliminated 13,000 manufacturing jobs, after having destroyed in August 4000.

Some economists fear that the debt crisis will derail the U.S. recovery, not a fear expressed Thursday by U.S. Treasury Secretary Timothy Geithner.

"We're still not at a job that can bring down the unemployment rate, which remains a key concern important to the economy," warns Ellen Zentner, economist at Nomura Securities in New York.

The economy must grow by at least 2.5% per year and create jobs 150.00 per month to prevent the unemployment rate to rise.

European shares opened sharply lower Tuesday, financial and cyclical stocks in the lead, continuing a decline the last two sessions in markets still dominated by fear of failure Greek and a return to recession.

Following a meeting of finance minister in the euro area, the President of the Eurogroup Jean-Claude Juncker said that the private sector into the background of aid to Greece should be reviewed to reflect of the degradation of the economy and European markets.

At 9:38, the CAC 40 was down 2.51% to 2853.30 points and a loss of over 6% since last Thursday.

"It is clear that these concerns about Europe are not going away anytime soon, as long as markets remain dominated by this fear, the downward pressure should continue to prevail. The meetings of European finance ministers who stand in Luxembourg have already lead to a series of statements that move the markets – again primarily to the decline, "said IG Markets.

Other major European markets, London yields 1.95%, 2.57% Frankfurt and Milan 2%.The pan-European Euro Stoxx 50 index lost 2.5%.

The banking sector is still one of the largest declines, dragged down by Dexia, which collapsed after holding an emergency board on back of speculation of dismantling the group.

In this context of anxiety and risk aversion, the performance of the German government bond (Bund) is relaxed to 10 years again, to 1.72%, 1.81% against the previous day.

The euro continued to decline and is trading at 1.3174 / 78 dollars, against 1.3181 the day before the end of the session.

Similarly, a barrel of U.S. light crude lost another $ 1.31 to 76.30 dollars amid concerns about global growth.