Wolfgang Schäuble told the German weekly Focus that Italy would be able to overcome its difficulties, resulting from a crisis of confidence in the markets.

"The economic data are not real bad. You just deal with the problems (…) These can be solved by Italy herself.What Rome has to overcome is nothing compared to the mountain to be climbed Greece, "he argues.

Although Europe has a Stability and Growth supposed to intervene much earlier, it is necessary that members act more in the EU, said Schäuble.

"The pressure of the crisis has effects that would not be possible otherwise (…) greater the crisis, the greater the need for change, he says.

At 311.7 million euros, sales of the group recorded organic growth of 8.8%, Orpea said in a statement.

"The dynamics related to both France and abroad, including the continued rise of Belgium and Italy," said Yves Le Masne, CEO of Orpea, quoted in this release.

It says that the group confirmed "with serenity, its goal of a turnover of 1,230 million euros (27.5%) accompanied by sustained profitability" for the full year 2011 .

German Chancellor Angela Merkel was to participate Wednesday in a crucial European summit bears the overwhelming support of the Bundestag but conditional to negotiate a strengthening of the European Relief Fund (EFSF). German MPs had to vote at midday on a "motion" filed by the government majority and the opposition, a mission order for Mrs. Merkel.

Without going into technical details, two pages of this motion pose prohibited: no way to load even more the European Central Bank, making it taste too many Germans. And not about to spend more than 211 billion euros already pledged.Before the vote, the Chancellor still had to speak before the lower house. "It will be a long day," warned the early morning spokesman Steffen Seibert, via Twitter. "We will send a strong signal for Europe", promised Wednesday to television the secretary general of the party Christian Democratic Union (CDU) Angela Merkel, Hermann Grohe.

"It is fitting that on such important issues the opposition (…) renounces the tactical game fan", it was bliss. In fact, the conservative chancellor for European affairs has a "grand coalition", which gathers around its own most conservative / liberal of the two main opposition parties SPD (Social Democrats) and Greens. The mission statement drafted by all parties, with the exception of the radical left "Die Linke", should be adopted by an overwhelming majority of 620 MPs.On 29 September already, when he acted for the Bundestag to ratify a first capacity building of EFSF, this "holy alliance" was played.

This massive vote of support will not prevent commentators to have dissenting voices in the majority, to see if Merkel was able to win without the votes of the opposition. He needs 311 votes for this account in his own camp. "Merkel needs the magic 311 votes to go heads up in Brussels," commented Wednesday Der Spiegel in its Internet edition. Otherwise, the Bundestag to hands-free Merkel to leverage the lending capacity of EFSF (440 billion), based on two options: to fund a "credit insurance" states in difficulty, and seek external funding, such as emerging markets.

Members recognize that with this strategy, "the risk of loss can be changed" they do not want to put more money on the table, but are willing to lose the already committed. This vote confirms the increasingly important role taken by the German parliament in the European political game, to the dismay of some partners in Germany. The Constitutional Court has recently strengthened the powers of the Bundestag, by requiring the green light for decisions involving public funds in support schemes in Europe.

This is not without boondoggles: Friday, the Assembly had decided to confine the discussion of the EFSF its Committee on Budgetary Affairs. Before you turn around Monday and to convene a plenary session. "We are treading unknown territory" with respect to working with the Bundestag, Merkel agreed Tuesday, trying to recall the division of roles."These are different tasks: a government that conducts international negotiations, and the concern for parliamentary support the widest possible," she said.

Acerbic, columnist of the daily Handelsblatt stated that "the government (had) not thought about the time arrangements for informing the parliament." And parliamentarians did not realize that their new power is synonymous with extra work, "he said.

The world's largest earth-moving machinery and equipment for the mining industry said to expect that its sales climbed 10% to 20% next year.

For all of 2011, the group based in Peoria (Illinois) now expects sales and earnings at the top of its previous forecast ranges with solid demand.

"Even if there is a strong dose of political and economic uncertainties in the world, we do not feel much in our business at this stage," says CEO Doug Oberhelman said in a statement.

"We believe that continued economic recovery, albeit slow, is the most likely scenario as we move forward."

In the third quarter, the company posted a net profit of $ 1.14 billion, or $ 1.71 per share, against 792 million, or $ 1.22 per share, a year earlier.

Analysts polled by Thomson Reuters I / B / E / S on average expected $ 1.54 per share.

The turnover stood at 15.72 billion dollars between July and September, up 41%, the group called a record, as the market anticipated 15.03 billion dollars.

After these announcements, the action Caterpillar opened up 5% to 91.82 dollars on Wall Street, the strongest gain in the Dow Jones advances 0.33% at the same time.

For all of 2011, Caterpillar said he expected sales to about $ 58 billion, including its recent acquisition of Bucyrus, whereas previously anticipated sales of between 56 and 58 billion.

Earnings per share are now expected to 6.75 dollars for the year, on top of an initial forecast range from 6.25 to 6.75 dollars.

Caterpillar said that 2011 would be a record year for the group if it achieves its performance targets and sales. The U.S. group said to have created 4,800 jobs during the quarter, including 2,000 in the United States.

More than ten hours of meetings were necessary to reach an agreement Saturday on a recapitalization of the banking sector to the tune of 100 billion euros, which was nevertheless widely agreed at the technical level this week.

The work, however, little or no progress on the form that is chosen to leverage the fund to support the euro and to reduce the mountain of Greek debt, even if a discount up to 60% of the shares held by investors Private is under discussion.

On his arrival in Brussels, where he was to dine with Angela Merkel, the ECB President Jean-Claude Trichet, the Executive Director of the International Monetary Fund Christine Lagarde and the President of the Commission and the European Council, José Manuel Barroso and Herman van Rompuy, Nicolas Sarkozy expressed his confidence in the outcome of discussions.

"There is progress (…) By Wednesday, we must find a solution, a structural solution, an ambitious solution, a final solution, there is no choice," he said in reference to the date of the second summit will bring together the leaders of the euro area.

The French president spoke by telephone with German Chancellor Saturday afternoon and, says one EU source, they should meet again Sunday morning at their hotel before joining their European counterparts.

Meetings could also take place with the Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero, while Italy and Spain are under peer pressure to reassure their determination to keep public finances under control.

BANKS

At the end of the agreement reached Saturday, about sixty of the largest European banks need to recapitalize by 30 June 2012 at 100 billion euros to hold at least 9% of equity "hard" core tier one .

Some 38% of this amount, which may not be officially published, should return to the three countries already under the aid program: Greece, Portugal and Ireland.

Banks will also mark their sovereign debt to market value and the institutions that will not comply with this set of rules will be banned from paying dividends to their shareholders and bonuses to their executives.

The bloc have also talked Saturday reactivation of the guarantees offered to banks in the fall of 2008 at the height of the crisis, enabling them to find financing in the medium and long term, said on the same source.

GREECE

Ministers also returned to the long record of Greek and how to make Greek debt sustainable in the long term.

According to a report that will serve as the basis for decisions of the leaders of the euro area, private creditors of Greece may have to accept a loss of up to 60% on their sovereign debt.

The EU finance ministers, however, remain divided on the voluntariness or otherwise of the private sector to the new rescue plan for Greece.

Fearing to trigger a credit event with unforeseeable consequences, France and several other countries are reluctant to go beyond the envelope of 50 billion euros negotiated last July 21 with the banks, as called for Berlin if necessary by forcing them to go the extra mile.

Friday night, Athens received a shot in the arm with the provisional go-ahead European payment by mid-November of the next tranche of international assistance by 8 billion euros, without which Greece would default on its sovereign debt in the coming weeks.

The IMF still has to validate itself as this payment, he conditioned ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of Greek debt.

EFSF

The last part of the discussions – the multiplication of the European Financial Stability Fund (EFSF) – has so far been barely touched by the ministers, that would leave it to decide this question and leaders.

Friday night, Minister of Economy, Baroin, confirmed that France continued to believe that change the cash in bank was the best solution but it did not make "one final point of confrontation."

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties since the creation of the euro.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

European leaders are under intense pressure by their international partners to take decisive action against the crisis, less than two weeks of the G20 summit in Cannes, where they planned to hold them accountable.

He added that any revision of the plan provided for Greece in the Europe Agreement of July 21 will continue to provide that the private sector participation is voluntary and avoid a credit event.

The President of the Commission, speaking on the sidelines of the LCI meeting of G20 Finance in Paris, said the European countries with fiscal room should be used to support growth.

"A decision must be applied immediately, a decision on the strengthening of the European stability, a decision on a greater guarantee for our banks," he said.

"States that have room for maneuver should support demand," he added.

José Manuel Barroso declined to quantify the need to recapitalize European banks, on which European leaders emphasize their pressure to enable them to withstand greater losses than expected on the sovereign debt of the most fragile countries in the euro area.

The European crisis is on everyone's mind at the meeting of G20 finance which opened Friday in Paris to complete proposals on reducing global imbalances in the context of the Cannes summit of November 3 and 4.

The government does not expand the new tax on soda beverages containing sweeteners such as the National Assembly proposes to finance the lower cost of agricultural labor, said Thursday the budget minister Valérie Pécresse. Asked by Canal + on the position of the State in this new provision added by the Finance Committee of the Assembly on Wednesday, the spokesman of the government remained unclear. "It is the wishes of the parliament, we will discuss. But it will be to finance the lower cost of agricultural labor," she was merely responding.The aim is to "enable our farmers to sell their products to the same price as Germany and Spain," said Valérie Pécresse.

For about half the tax, revised help reduce the cost of ongoing work in the agricultural sector, which suffers from a lack of competitiveness against many of its competitors such as Germany, Spain or Italy. The rest will include health insurance. Initially, this tax on soft drinks would bring 120 million euros and should not apply to beverages with artificial sweeteners.

The new tax on soft drinks has doubled and extended to beverages containing sweeteners Wednesday in the Committee on Finance of the Assembly, it should yield more than double, or 250 million euros.The surplus revenue to the state expected from the doubling must be used to finance a reduction in the cost of agricultural labor, said a UMP Amendment / New Centre approved in committee in the review of the draft budget 2012.

6.22 euros per hectolitre

Initially, the tax on soft drinks would bring 120 million euros and should not apply to beverages with artificial sweeteners. But "these drinks, which are not basic necessities, benefit from the reduced VAT rate. They must be able to handle the additional load generated by this new contribution," said Michel Diefenbacher (UMP) in a sub-amendment.

Currently, the wine is subject to VAT of 19.6%, while water and soft drinks are taxed at 5.5%.The rate of contribution of soft drinks will be increased to 6.22 euros per hectolitre will be increased from the beginning of 2013, to January 1 of each year, at a rate equal to inflation (excluding tobacco) of the preliminary last year. Sought by the AFP, the National Association of Food Industries (Ania) was not immediately available for comment Wednesday night the decision to expand the tax soda products with sweeteners. The Government will reduce in 2012 to 210 million payroll taxes on permanent farms in order to "improve competitiveness", Nicolas Sarkozy announced Tuesday.

In addition € 130 million from the tax on soft drinks, the exemption of social contributions of farmers on permanent employment will be funded by 80 million euros from a reduction of a tax on heating oil for professional use.The domestic consumption tax (TIC) of heating oil used as diesel fuel for professional use will be increased from 5.66 to 7.20 euros per hectolitre, as a New Centre-UMP amendment also passed Wednesday. Finally, the cost of a farm worker is expected to fall to one euro per hour, as repeatedly promised the Minister of Agriculture, Bruno Le Maire.

The announcement of the creation of the tax, 24 August, as part of the austerity plan Fillon, had angered the industry, outraged that the government justify this contribution in the fight against obesity. The French subsidiary Coca-Cola had even threatened to suspend an investment of 17 million euros in one of its plants, in the Bouches-du-Rhone, before turning back to the outcry from politicians.

The European Commission said Friday it would submit in the coming days proposals for a coordinated recapitalization which will allow to reassure markets worried about the resilience of the banking system facing the European financial and economic crisis.

They should be ready in time for the summit of the European Union and the euro area provided 17 and 18 October, which will give "a clear signal" on the subject, said German Chancellor Angela Merkel.

Asked during a visit to Armenia, Nicolas Sarkozy said Berlin was "the proper place" to discuss these issues Sunday.

German and European sources, there are reports of disagreements between Paris and Berlin on the use of European Financial Stability Fund (EFSF) to provide the necessary funds, the International Monetary Fund (IMF) estimates that between 100 and 200 billion euros .

For Germany, the appeal to EFSF, which has the capacity for intervention of 440 billion euros, should be a last resort, if the banks were unable to finance on the markets and whether their country are not able to provide them with public funds.

Receiving the Dutch Prime Minister Mark Rutte, Angela Merkel reiterated that the EFSF should be activated "if a country can go it alone."

According to a German source, the French, whose banks have the highest exposure to the debt of the peripheral countries of the euro area, "misunderstood the EFSF" and want money from the European emergency fund is available to all financial institutions in need of capital.

In Brussels, a source close to the talks said that one option considered for the recapitalization of banks is that the countries of the euro "access to EFSF jointly."

"Perfect identity of views"

This idea, which has the support of France but not Germany, would avoid the "stigma effect for a particular country" and display a significant clout vis-to-market, a the source said.

The French Ministry of Economy and Finance has sought to minimize the differences between France and Germany, emerged from discussions within the Eurogroup in Brussels this week, ensuring that the issue had not yet been discussed between the two countries.

"Our position is no different from that of the Germans: it takes more capital for banks, banks must first find in themselves the resources, then if they find private investors outside and ultimately being considered injections of public capital, "it was said at Bercy.

"All this must be discussed at European level and must be coordinated, it is currently being considered," they added noting that the issue of "instruments of a possible recapitalization public has not yet been addressed."

Diplomatic sources in Brussels, it indicates that the position of France is motivated by the desire to maintain the AAA rating on its debt for fear that it is under pressure in case of provision of public funds to banks important.

"The main thing for France is its triple A and it grows as a result of the use EFSF (for the recapitalization)," said this source.

Paris does not further that the current debate among Europeans are limited to this single question.

"It will be among the topics discussed but the main thing about Greece and the euro area, since the banks is a consequence" of the current crisis, said the French Ministry of Economy about talks Sarkozy, Merkel on Sunday.

In announcing last week his forthcoming visit to Germany, the French president had indicated he intended to "continue the work of collaboration and coordination" between Germany and France to protect the euro.

There can be between the two heavyweights in the euro area "a perfect identity of views to resist speculation, to resist the excitement of the markets and to protect Europe," he stressed.

Introduction of competition, changes in schedules, increased work on the tracks … The coming months will be decisive for the station. To cope, the railway company decided to beef up its commercial and services. And it aims to establish a "contract of confidence" with its customers. Will this work? Give us your opinion.

Map 12-30 years

The group announced the extension of the card 12-25 years, 12-30 years is a map. From September 28 until the end of the year, SNCF pushes the age of youth.The launch on the occasion of 30 years of TGV, which will be celebrated on Saturday, allowing the station to make a real test for a possible final implementation, according to information entrusted to the AFP a source close the file. Information that the station denied this time. Only 400,000 copies of this limited edition of the card will be sold to the public.

"It is through the revealing of the SNCF," said Thierry Sarnez, managing director of the association of consumer and user CLCV. "It sets up shots, which complicate even more marketing offers. A new service is created and disappears after three months. How can the user find it," he says. "This is an interesting measure. But why be limited to 400,000 copies? Is completely discriminatory.Only those who have purchased the benefit from faster "adds Michel Pottier, president of the Avuc, association of users of railway.

The station is also in the process of setting up a system of financial compensation for passengers traveling standing or sitting in the hallway when they took a TGV overbooked.

Readability prices and schedules

Some measures will be implemented to improve the readability of hours. The controllers are equipped with such smart phones, enabling them to respond more readily to customer questions. It also strengthens its offer of support for children only from 4 to 14 who will also be open on weekends plus school holidays.

In terms of prices, the railway company also announced changes. In 2012, it can freely adjust its prices according to the attendance lines.Faced with fears of an increase in these rates, the group is adamant: "The SNCF does not seek to raise prices, and believes that such a development has no place." Two concrete measures are emerging in this context: the removal of periods 'peak' and 'normal', and the establishment of a flexible schedule. "Indeed, the station will undertake to sell a certain percentage of tickets" at a price lower than the reference rate (2nd class full fare, without giving further clarification for now.

It also wants to move towards greater clarity on prices. On the back of tickets, the website or guides, minimum and maximum prices for the same journey, will be shown, so that the client has a clearer view of pricing. "We need more transparency. This is the median price must be indicated.And why not show, for example, tariffs on screens in stations, "asks Thierry Sarnez." Today, the person who wants to travel by train never know what it will pay, "laments Michael Pottier.

According to AFP, the station also plans to limit the number of different rates for the same journey. "It would be perfect. According to one of our surveys, it happens that prices are 20 for the same car. This abnormal" deplores the managing director of CLCV.

A revolution schedules

These efforts at transparency are even more pressing that the group is preparing for a revolution of his times. Over 80% of them should change. "It's an upheaval as great as the changeover to the euro," said Guillaume Pepy SNCF president at a recent seminar. And he added that "it never happened" to change so many times at once.Indeed, on average, only 30% are changed in one go.

"The SNCF has ensured, in this context forced the new organization, to provide the best possible offer to customers." provide a statement. The group intends to propose a "more robust, and limiting delays. On the TGV, it promises many places during peak hours to 9-10 hours on arrival at Paris, and from 17h in the evening , opportunities to combine its travel, the day or half day of opening hours on weekends, or an improvement of connections between TGV and TER.

SNCF jusitife this "revolution" with the launch of the Paris-Rhin-Rhone (which in turn has implications for other lines), or the multitude of planned work on the network. "There's four years of work with high-dose mile modernization projects each year," said Mr.Pepy, who had already called for "understanding and patience" of users and the "general interest".

But the schedule change also reflects the timing of development, the principle is to operate trains on the same line at regular hours. For example every hour or every two hours, the same trains serving the same stops succeed in a given station at regular time intervals. SNCF wants to spend the percentage of train subject to this requirement from 8 to 16%.

Of long distance bus station to the study

Finally, the station has not only eyes fixed on the rail. The group could in fact engage in passenger transport by bus over long distances to compete with Eurolines, which opened this summer selling his first six interregional links in France. According to Thierry Sarnez, it would be "an admission of failure.SNCF admit that its own trains are not competitive. It begins with a few bus lines … Then it can develop. "However, Mr Pepy ensure that rail remains the 'backbone' of the group."

The Dow Jones Industrial 30 yielded 2.49%, or 283.82 points at 11,124.84. The S & P-500, wider, lost 35.33 points, or 2.94%, to 1166.76.The Nasdaq Composite fell on its side of 52.05 points (-2.01%) to 2538.19.

As expected, the Fed announced it would buy Treasury bonds maturing long to bring down interest rates in the long term, but especially the phrase "significant downside risks weighing on the economic outlook" that caught the attention of market participants.

"This comment on the prospects – and I do not, moreover, why it is a surprise – was an attachment point for market participants," said Stephen Massoc, managing director at Wedbush Morgan.

The Fed will buy, by the end of June 2012, 400 billion of Treasury bonds with maturities ranging from six to 30 years.During this period, it will give an equivalent amount of bonds maturing in three years and under.

This action, to put pressure on interest rates in the long run is similar to that conducted in the 60's and so called "Operation Twist".

Stressing that economic growth would remain weak, the Federal Reserve that kept interest rates at between 0% and 0.25%, confirmed that these rates remain exceptionally low until mid-2013.

The index values ​​involving transportation, considered a measure of economic health, has plunged 5.27%.

The fund bank also sensitive to economic conditions, was also affected by the decision of Moody's downgrade of Bank of America, Wells Fargo and Citigroup on the ground that the Federal government may be reluctant to rush to the aid of large banking institutions difficulty.

The title of Bank of America fell 7.5% to 6.38 dollars, that of Wells Fargo 3.9% to 23.71 dollars and action Citigroup lost 5.2% to 25.52 dollars, the index KBW banking shares fell 5.5%.

The technology sector was one of the few in the green, the action Hewlett-Packard gaining 6.6% to 23.96 dollars after a source said the board planned to replace the CEO Leo Apotheker after less than a year of service.

Oracle has gained 4.2% to 29.54 dollars after reporting quarterly forecasts Tuesday night than expected.