Sundial of world news

In 2008, he cherished the hope of becoming the first secretary of the PS. But he had finally lined up behind the candidacy of Bertrand Delanoe. In 2011, he thought he could be a candidate for the Socialist primary. Then he threw in the towel, choosing to support Dominique Strauss-Kahn, then rallying Francois Hollande not without obtaining the position of campaign manager. Pierre Moscovici, 54, has learned to give up. Here he is rewarded. He is back in force to the government and assigned the Ministry of Economy, Finance and Foreign Trade. Certainly it does not get the Quai d'Orsay which he dreamed, Laurent Fabius was his favorite. But he inherited a portfolio to match its ambitions. And thereby in passing some disappointed, Michel Sapin in mind. "Mosco" consensual socialist, social democrat, is now a heavyweight team Ayrault, number five in protocol order.

It is he who will be at the forefront of the debt crisis. There is no shortage of assets since knows the workings of Europe. He was, for five years, from 1997 to 2002, Minister Delegate for European Affairs in the Jospin government. At the time, the rise of the Express near the then prime minister, who had just been elected deputy of the Doubs for the first time, had been criticized. But, he will prove himself. Former MEP, a graduate of Sciences Po and ENA, he will prepare no quack the French presidency of the EU, negotiating the Treaty of Nice and the European Constitutional Treaty. During this period of cohabitation, he managed also to find his place against Jacques Chirac. In fact, the President of the Republic and the Socialist Minister for European Affairs are of course in these five years: Chirac taking the young minister with no experience under his wing, even to comfort him when he doubted. An agreement with Lionel Jospin was annoyed.

After the failure of the left in 2002, Moscovici was defeated in the parliamentary elections in the Doubs. A year earlier, he had already failed to municipal Montbéliard. Without parliamentary seat, without mayor, he tried his luck with the 2004 European and found his seat in Strasbourg. In 2007 he was again legislative candidate in the Doubs. This time he wins.

Pierre Moscovici, tried by the Revolutionary Communist League when he was young, joined the PS in 1984. He was close to Michel Rocard, Jospin and Dominique Strauss-Kahn, his former professor at the ENA. He is the son of a social psychologist Serge Moscovici, who was a member of the Romanian Communist Party and fled his country in 1947. Pierre Moscovici was the first to openly criticize the Socialist Francois Mitterrand and his relationship with Rene Bousquet. "What shocks me, he said, is that he can spawn with someone who has been a tool of the state anti-Semitism and an accomplice of the final solution of the Reich." … …..

ALSO READ:

"The full list of government Ayrault

"LIVE – The first government-era Holland

The new president, Francois Hollande, he will see in the figures released Thursday one more reason to fight to include a growth component in the European priorities? He will find anyway confirmation that we will have to roll up their sleeves for the activity to return to France.

The Banque de France (BDF) has announced a forecast of zero growth of the economy in the second quarter 2012 – INSEE, it provides a small rebound in the spring, 0.2%. The BDF had previously announced a steady growth for the first quarter. That is to say that the French might be sluggish activity in the first six months of the year.

The unknown Greek

To quote the head of its program, Michel Sapin, a few days ago, Francois Hollande will have no state of grace on the economic front! The latter based his economic program on a growth forecast of 0.5% this year (followed by 1.7% next year and 2% in 2014 and 2% to 2.5% thereafter until 2017 ). A hypothesis that remains credible, unless the Greek turbulence does just weaken the entire euro zone.

In tests conducted by the Banque de France, the prospects in the services today are estimated by "slight erosion". As for industry, they indicate that the order books do not evolve and are also counting on "a slight decline in activity for the coming months easy payday loans."

The National Institute of Statistics, parallel, published a study that confirms this gloom. In March, the production of the entire industry declined (-0.9%), consumption of electricity and gas has "declined sharply with the warm weather." Production of manufacturing industry, it has increased over one month (1.4%), but it is only to offset the decline in February.

Judgment of the Petit Couronne refinery

Moreover, throughout the first quarter, production fell 0.5% in manufacturing. A sharp decline (-1.7%) compared to what the production of the first quarter of 2011. In one year, some areas have suffered more: the production has fallen sharply in electrical, electronic and computer (-1.7%) and to a lesser extent, transport equipment (-0.6%). Refining, marked especially by cessation of the Petit Couronne refinery, fell sharply (-18.4%), also stresses the INSEE. Conversely, the agricultural and food industries have their own in the game

ALSO READ:

"Euro area: OPEC expects a stronger decline in growth

"MY DIGITAL FIGARO – For an industry conquering, by Jean-Pierre Gerard

The time was expected. First of the three major presidential candidates invited to decline on Tuesday his plan at a symposium on "the challenges of competitiveness," co-organized by the French private companies (which brings together 100 companies from the Hexagon ), Francois Hollande has held the outlines of his program: a list of measures already known (contract generation, modulation of the corporate income tax according to their size, targeting of state subsidies on exporting companies, strengthening the research tax credit, development of strategic sectors, removal of certain tax loopholes …).

The Socialist candidate has also confirmed its intention to bring the public accounts in balance in 2017, through increased levies on businesses and wealthier households, as well as via a public expenditure control. Confirming that an effort would be de facto called on business, without raising disapproval in the audience, he said he was ready to "deal individually" each boss in the room who would care

.

Francois Hollande also recognizes a problem of labor costs in France in some sectors, particularly in relation to Germany. But he believes that cost almost the same on both sides of the Rhine in the manufacturing industry. Consequently, he criticizes "the so-called social VAT" the President has enacted before the end of the legislature: a measure "unjust, ineffective and inconsistent." He said the social VAT will have only a modest effect on exports as it will particularly benefit sectors not exposed to competition.

"There's a bidding war right now"

Only novelty of the discourse of the socialist candidate: the proposal for implementation of a "national pact of competitiveness" that would combine the State, enterprises, social partners and also, perhaps, the financial system quick cash. All this small world would agree to set "goals of competitiveness," which could exceed the cap of a five-year term. "The State would be to set the vision, through taxation, regulation, avoiding social change all the time and especially in the last week of five-year," said Francois Hollande.

The former head of PS is also expressed in two recent tax measures unveiled by Nicolas Sarkozy. Minimum taxes on corporations that do not pay taxes in France? This provision would penalize, he said, companies that have decided to keep their headquarters in France. It was much more verbose, and verve, on the taxation of tax exiles made Monday night on TF1 by the Head of State.

"There's a bidding war right now," he quips, perhaps in reference to his own project to tax at 75% on incomes above one million euros per year. "Whether the measure is an illusion because ultimately, if it does not apply to artists, athletes and those who put their heritage in the countries concerned, it's about that? Only those who have capital income?, He tried. Or the measurement is much stronger and the question of the overall tax exile and assume it all to negotiate tax treaties with the countries concerned. "

Lapidary conclusion: "I feel that right now there is a candidate who will do anything except renegotiate the treaty has been signed." Francois Hollande has indeed drawn the ire of Nicolas Sarkozy, to want to add a component on the growth of fiscal discipline pact, signed but not ratified by European states. "I leave you with this judgment on how to campaign," decide the favorite in the polls.

ALSO READ:

"Presidential: employers argued his ideas

In the second of the five-day strike of cabin crew of Air France, the company promises, as before, to ensure 80% of its flights. Even if the unions, who believe that the movement is followed, announced an intensification of the mobilization against the proposed reduction in the number of cabin crew in some planes.

About 200 flights on the 1000 planned were canceled Saturday. "We have given the forecast. Saturday at midday, only 200 passengers 3,000 were in trouble, "noted the direction of the company. Air France has temporarily limited to 100 passengers the ability of its medium-haul flights from Orly to avoid having to put down passengers for lack of a sufficient number of hostesses and stewards. Result: Passengers waited. This strategy and the delays it caused affected customers were exasperated. "It's a nightmare. We have been waiting seven hours.Of all of the day, Air France plans to cancel 14, according to a spokesman for the airport.

Modified or exchanged for free tickets

Without an agreement this week with management on the number and mode of assessment of cabin crew, six of seven unions called the stewards and stewardesses 15,000 to go on strike for the weekend of All Saints, usually of overcrowding, until Wednesday, November 2 included instant payday loan. In 2007, a similar strike, triggered by the same six unions to the same period, had caused major disruptions. Air France was forced several times to review downward its traffic forecast: 90% of flights expected to be provided the day before, this had increased to 60% during the weekend.

The company called to check passengers before they leave for the airport, on the website of the company, the list of flights canceled or delayed. They also know the traffic forecasts by sending an SMS to 63654 with their flight number. The company also points out that the tickets can be changed or exchanged free of charge.

Air France has apologized to its passengers' taken hostage by a strike that has no purpose. " "We negotiated for ten days, day and night, and responded favorably to 90% of union demands for flight attendants." Jean-Cyril Spinetta, who took over the reins of the group a week ago, sent an open letter to the hostesses and stewards, in which he warns against the dangers of such a strike.

Having long raged about the punctures of the State Budget, Action Housing, the former 1% housing, just go on the offensive. Reportedly, the joint body attacked last Friday before the Paris Administrative Court of the State's decision to withdraw 3.7 billion euros between 2009 and 2011. These funds are used to finance the Anah (National Housing) and ANRU (National Renewal). "We made an informal appeal with the government against the decree fixing the puncture but we never received a reply, said Jean-Pierre Guillon, Chairman of the Supervisory Board of Action Housing. We decided to attack the government for abuse of power. "

If Action Housing is the case in court today is with an idea behind the head.Last July, the government has said that he would collect 3.25 billion euros over the period 2012-2014 no fax payday advances. To sweeten the pill, the Secretary of State for Housing, Benoist Appeared, has committed to implement clever financial engineering to boost the cash flow of Action Housing. "But we have no documents indicating that commitment forward Jean-Pierre Guillon. If the minister changed, the following may not feel bound by that promise. "More generally, Action Housing, which collects 0.45% of payroll companies, believes that this aspiration will prevent it from fulfilling its mission . For example, he does not see how it could fund 45,000 homes for young people as he had promised a few months ago.

With this lawsuit, it seeks to pressure the state to be released in the coming weeks the decree laying down the drain of 3.25 billion between 2012 and 2014.

How to help her children buy a home? Faced with soaring prices of the stone, more and more parents are wondering. For young people without a little help family, buy a property is often difficult. But the stone is more than ever the key to any well-constructed assets.

A DONATION as a financing

With the recent reform of the taxation of wealth, each parent can give full tax-free, but every ten years now, up to € 159,325 (reduction in force in 2011) to each child or € 318,650 for a couple . And if the child is an adult, he took advantage of an additional allowance of 31 € .865 (per parent under 80 years), allowing it in the end, even in the capital, to acquire a lovely pied-a -land …A strategy that offers the advantage of not "inflate" its own property portfolio, since it is your child immediately becomes sole owner of the property. Thus, it can allow parents to avoid the wealth tax if the value of their taxable net wealth falls short of 1.3 million euros, or to play down if it does not exceed 3 million euros.

This approach has its drawbacks, however. "A coming of age, the child who has de facto full ownership, may sell at any time, even if the parents object," says Brillat Michel, director of engineering heritage of the EU Financial France. To "block any attempt inappropriate," Louis Aussedat, notary Althémis Network, advises the inclusion in the deed of gift, and in the deed of purchase, a prohibition to alienate.This provision makes the sale to the agreement of parents.

Know that it is still quite possible to do this for the benefit of a minor, but we must in this case the approval of the guardianship court. And while the child is under 18, the slot is part of global real estate portfolio of his parents, with possible consequences in terms of ISF.

To a lesser extent, if you own a home savings plan, you can send your borrowing rights to your child, provided that it is itself the holder of such a plan (open for at least 3 years) no faxing pay day loans.Finally, give money in advance and not a property which you would already own, you can be exempt from land registration fee (0.715%).

SEND ACHETERET in a SCI

Here is the real estate company (SCI) who acquires the home and not you and / or your children directly, thus, again, to fund and pass more easily again. Parents are partners and own the shares of the SCI. A major advantage of this legal structure is its flexibility. A condition of relying on a notary or a lawyer to draft the statutes (beginning approximately € 2,000), all management schemes, or nearly so, may indeed be calmly considered: full or bare ownership only given to children, in whole or in part, etc..Parents may reserve the role of manager to get their hands on the decisions and procedures to meet the requirements (general meeting …). "In this configuration, the children, even adults, can not sell without your consent," said Gilles Etienne, Partner at Cyrus Council. The SCI can also borrow, even if minor children are involved. Only requirement: well set, with the help of a professional, their responsibilities vis-à-vis the debt and obtain the consent of the judge. Finally, the very existence of an ICS is not limited in time and value, as the designation of heritage that can be managed, is not fixed.

Scellier Act: rent-to-child

Parents who buy a home with the benefit of the tax reduction under the law Scellier can rent the apartment to their children.A three conditions: it must be the principal residence of the latter, that it is detached from the tax home of the parents (it is then placed on its side), finally, that actually pays the rent. ALSO READ: "Placement: the French have confidence in real estate

Like its previous meeting, the hectic day ahead of the Paris markets. After opening sharply lower (-1.28%), the CAC 40 is pressed into the green, gaining 0.59% to 2911.87 points. In the morning, Moody's announced degradation by Moody's debt to Societe Generale and Credit Agricole. BNP Paribas, meanwhile, is kept under negative watch by rating agency. The agency kept under review with negative implications the long-term rating and deposits "Aa2". The uncertainty is still required on other European financial centers: the Frankfurt Dax loose 1.13% to 5131.48 points, the Madrid Stock Exchange lost 0.73% to 7777.3 points, the FTSE Milan Mib down 2.19% at 13,571 points, and the London FTSE-100 down 0.31% to 5157.85 points.

"This is a meeting of all the dangers that will open.The news of banks is particularly rich and the market will excuse the slightest spark to plummet again, "said one Paris-based analyst who requested anonymity told AFP. For his part, Christian Noyer judge that the situation of these banks is not likely to deteriorate further.On RTL, the governor of the Banque de France as well as Judge Moody's announcement is "a relatively good news", "French banks maintain an excellent rating and have the same level as the major European banks." It is the even Jean Leonetti: French Minister for European Affairs estimates that French banks are not in danger, considering the speculation responsible for the "excitement" today.

Beijing expected at the turn of the Italian debt

Moreover, markets are awaiting a decision from Beijing to buy-or-no Italian sovereign debt, "China will continue to increase its investments in Europe," said Premier Wen Jiabao, the opening of "Summer Forum" Davos in Dalian (north-east) on Wednesday.But he is hopeful that the leaders of major European countries consider their relationship with courage to China a strategic point of view. "

Another new fueling hopes of a crisis: the five emerging BRIC (Brazil, Russia, India, China, South Africa) should discuss next week the opportunity to help the European Union by increasing their holdings of bonds denominated in euros.

Still on the debt of Athens, the Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel hold a conference call tonight to find a solution to the crisis. The meeting comes as fears or rumors speak out about the bankruptcy of Greece.After having set fire to the powder Monday citing the possibility of a default in Athens, Germany has tried to calm things down Tuesday by stressing, in the words of Chancellor Angela Merkel, that everything was done to prevent a collapse of Greece.

The euro declined against the dollar

On the macroeconomic front, the figures for industrial production in the euro area are expected. In Britain, unemployment figures for August will also be published.

United States, who saw their deficit increase again this summer, the figures for retail sales and producer prices for August will be announced early afternoon.Like stocks and sales of businesses, as well as the weekly inventory of crude oil guaranteed high risk personal loans.

On the foreign exchange market, the euro was down again this morning against the greenback at 1.3637 dollars, against 1.3682 dollars in New York the day before. The single currency also weakened against the yen at 104.81 yen against 105.19 yen yesterday in New York. The yen was also stable against the dollar at 76.86 yen to the dollar against 76.88 the previous day.

Oil prices were also down Wednesday, as markets always worried about the debt crisis in the eurozone and a possible bankruptcy of Greece, analysts said. In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 71 cents to 89.50 dollars per barrel of Brent North Sea crude for October delivery 9 cents to 111.80 dollars."With the danger hovering over the Greek market, prices are highly volatile, very nervous," said Nick Trevethan, commodities analyst at ANZ Research in Singapore.

Values ​​to follow

• Banking

Following the deterioration of Moody, the banking sector should be particularly under the spotlight for this session, with the front line Societe Generale (-2.09% to 17.52 euros) and Credit Agricole (3.14% to 5.31 euros). Maintained under negative watch, BNP Paribas (-3.64% to 26.98 euros) also said Tuesday it had asked the AMF to open an investigation after information on the liquidity of the bank published in the Wall Street Journal.In addition, BNP Paribas will reduce the size of its balance sheet of about 10% by the end of 2012 and expects to achieve a capital adequacy ratio of 9% under the new banking regulations of Basel III soon 1 January 2013, the French bank said in a presentation document. Societe Generale and Credit Agricole.

• Areva (-1.90% to 20.60 euros)

EDF prepares to place an order for more than one billion euros in the nuclear group Areva for the purchase of 32 steam generators, Le Figaro said on Wednesday.The choice of Areva will be endorsed on Sept. 28 by the Board of Directors of the electrician needs to change 32 of its 44 steam generators in its power to 1300 MW.

• Renault (-0.14% to 24.81 euros)

The manufacturer wants to improve its stock market value and change the structure of the alliance with Nissan is not the main lever to get there, told Reuters the CEO of Renault, Carlos Ghosn, the car show in Frankfurt. He also said the group looked for ways to adjust the structure of the Renault-Nissan.

• Vinci (0.47% to 31.81 euros)

The group won a contract worth 108 million euros for the construction of systems of wastewater treatment in the Dominican Republic.

• CNP Assurances (0.44% to 10.29 euros)

The Standard & Poor's said Tuesday night that confirmed the rating of "AA-" from the French insurer.

• Club Med (2.66% to 12.15 euros)

The leisure group has published on Wednesday sales down slightly in the third quarter, its activity has been particularly impacted on travel to Morocco, Tunisia and Egypt, against the backdrop of geopolitical turmoil. Turnover fell by 1.9% in third quarter (-0.3% at constant currency) to 323 million euros.

RATP talk about an incentive for training. The unions see it as an attempt to affect the right to strike. According to them, the Paris Transport Authority plans to propose an annual premium of 1,200 euros (100 euros per month) to executives who volunteer to attend regular training and maintain their qualification of driver. "At the RATP, the operating framework is formed, has always been to run trains and buses with passengers. The training concludes with obtaining driver's licenses and requires maintenance, "says the authority. A training effort that the RATP wants to encourage and validate the allocation of a premium.Officially, there is no question of getting managers and trained in the cockpit, but only "to formalize a useful practice to social cohesion and understanding of the complex rules of railway operations," says RATP, which states that it is for the time that a project to be discussed, and will apply only to volunteers.

"On behalf of the Ethics and danger

Arguments that jump unions, especially the South who deplores the lack of response from other unions. Jean-Christophe Delprat following the record for the organization is still furious. "The creation of the premium is included in a document entitled" contribution in terms of predictability. " This plan is implemented in the event of a strike, "said Steward.For him, it is clear that the RATP will be given to its executives a new rating, rewarded 100 euros per month, and use cases of social conflict to break the strike. As the project progresses, SOUTH says the discussion stage must already be exceeded according to his information as "84 frames, about 150 volunteers expected by management, are currently in training Online payday loans."

Beyond the reservations expressed in terms of ethics and how to proceed in the company, the union warns of potential danger. "I do not recommend users to get on a train driven by a non-accustomed to driving metros and RER, which is more one day strike in which many users are on the docks," warns the delegate.However, it is unlikely that this warning benevolent comforts travelers stranded at the station during the next strike.

"Clumsiness managerial"

He also noted that the managerial level, "it's pretty awkward." If he does not doubt the success of the measure with executives who can "more money make progress by volunteering," he warns that "relations may be strained between the manager and drivers when they know he broke the strike. " The trade unionist said to illustrate that none of the executives who agreed to drive the RER during the strike of December 2009 is now in the position he then occupied. A word …

"It's a funny way to start the social return," he says.Jean-Christophe Delprat even sees a signal of bad omens, "if management is beginning to organize themselves to deal with the strike is that it anticipates social conflict. One can imagine for example that it intends to return soon to the agreements on the reduction of working time. "

ALSO READ:

"Trade unions of the RATP alarmed

"RATP ordering new trains from Alstom

"Everything is possible, you must be persistent and go!" Is the advice given to Arthur Soultrait, founding president of the textile company Viscount A, to those who dream of starting their own business. "It is a step by step and it is built," continues the authentic viscount, a former student of the Ipag which started in 2005 in the sale of ties, going door to door in the evening after third-year internship overseas.

A new episode of the saga Vicomte A will mark the re-entry. In early September, the firm will launch a new collection: Renette Gastinne by Vicomte A. "It's just our heart, enthused the boss.At vicomte had the chance to resume Gastinne Renette, the brand legendary hunters, to be 200 years next year. "

Viscount A, which has 50 employees and produces 11 million euros in sales, is already present in horse riding, golf, tennis and sailing. "Our image is the chic sport, including the major international equestrian competitions, the finals of the World Cup in Geneva and Polo Club Palm Beach, Gstaad or St. Tropez," says the manager.

European manufacturing

If the beginnings were difficult to tackle the major sector like Lacoste and Ralph Lauren, "because you start with nothing, you will establish your experience, Vicomte A now shows a very clear position, which is authentic to the French said Arthur de Soultrait payday advance online.It is the only face of foreign competitors and we play on it, bringing our colors, our freshness, our desire. I think today we made a difference like that. "

Another way to stand out, making Vicomte A is mainly European with the exception of polo shirts that are made in Peru. "Because it is there that we find the Pima cotton, which is the Rolls of cotton," says the entrepreneur.

However, Arthur de Soultrait considering a future manufacture of these items in France. "It's important for us to return the favor, since France is one of our major markets, we have many dealers. We found a workshop, again with Pima cotton from Peru, we can shape our polos.This allows us to have one made in France, which is completely Vicomte A picture of authenticity. "

ALSO READ:

"PORTRAIT – Arthur de Soultrait imposes its claw

"Find all the emissions Circle Contractors

Markets hardly reacted to the worsening debt rating by Moody's of Japan, announced on Wednesday. The rating agencies had indeed placed the debt rating under surveillance Japanese shortly after the disaster and the nuclear accident at the plant in Fukushima, in March. Which amounted to prevent a possible future market deterioration in sovereign debt rating of the country. Moody's has been the first to realize the threat, reducing the note to the next level of long-term debt of Japan, due to the massive debt the country.

Moody's said that Japanese debt is nearly double its gross domestic product (GDP) and it increases every year due to the issuance of treasury bills to cover the revenue well below costs, especially since the 2008 economic crisis."Several factors make it difficult to reduce the proportion of debt vis-à-vis the GDP, thus lowering the note," the statement said the rating agency.

Japan is therefore now been rated Aa3, which is the lowest level of debt deemed the most creditworthy. Further deterioration would tip the Japanese debt rating in the "average". However, a further reduction is not currently envisaged by Moody's. The agency says in fact that it maintains a stable outlook on the rating of Japan, given the preference of Japanese investors for the national treasury. Japanese debt is held mainly by Japanese, the country manages to partially finance the budget deficits at low rates, despite its significant debt.Arnaud Raymond, president of Capital Eleanor, recalls that, unlike Greece, whose debt is held more than 50% by foreign countries, Japan's is 98% owned by institutions or individuals Japan .

Political instability

Political instability is another reason that prompted Moody's to lower the debt rating of the country of the Rising Sun. For Moody's, frequent changes in leadership over the past five years have prevented the government to implement economic reforms and tax effective and long term. Fukushima and disaster has magnified the problem, according to Moody's fast payday loan. "The disaster delayed the recovery from the global recession of 2009 and deflation worsened.The economic growth prospects are low, making it difficult for the government to achieve the goals of deficit reduction and to launch a major reform of the tax system and social benefits, "says the agency.

The downgrade should prompt the Japanese government to put its finances and undertake tax reform, including through increased taxes. The decision by Moody's reduces the debt rating one notch lower than Japan over the note of agecnes competitors. However, Standard & Poor's and Fitch, giving it an "AA", threatened to worsen the country to the next level soon, because of its economic fragility.

No surprise for analysts

Hours after the publication of news on the downgrade of debt, Moody's also announced a cut of the degradation of the note of most Japanese banks, including Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking. "Despite the government's willingness to continue to support the banking system, there is an increasing risk of decline in its ability to provide this support," said Moody's.

The decision by Moody's has not had any significant effect on the yen against the dollar. The course of the dollar has remained stable over the threshold of 76.50 yen. As for the Nikkei index, was down 1.07% at closing, leaded mainly by the decline in Japanese bank stocks.Unlike the stock market panic that had spread to all financial markets after the announcement by another rating agency, Standard & Poor's, the deterioration of the U.S. debt rating, announced that Moody's had on Japan circoncrit effect to the Tokyo Stock Exchange.

ALSO READ:

"Moody's may degrade the note of Japan

"S & P wants to degrade the note of Japan

"Fitch lowers the prospect of Japan

"" Japan is doomed to have slow growth "

"The world as seen by the rating agencies