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LONDON (AFP) – The European single currency and stock markets fell sharply on Wednesday after Moody's rating agency placed Spain on review for a possible downgrade, refocusing attention on the eurozone debt crisis.

The euro plunged as low as 1.3286 dollars in early morning deals, compared with 1.3375 dollars late in New York on Tuesday.

And the shared eurozone unit tumbled to a record low point against Switzerland's safe-haven currency, hitting 1.2759 Swiss francs.

"News that Moody's has put Spain's debt rating on review has knocked the euro," said Rabobank analyst Jane Foley.

"The news plays on fears that contagion could extend to the Spanish bond market, though it does not enlighten the market much further with respect to the underlying issues with respect to Spain."

The Madrid stock market dived 2.01 percent, Frankfurt dropped 0.72 percent, London shed 0.37 percent and Paris fell 0.84 percent.

Moody's announced it could cut Spain's credit rating again because of heavy debt refinancing needs for the year ahead, banking problems and high-spending regions.

"Moody's believes that the ... downside risks warrant putting Spain's rating under review for downgrade," top Spain analyst Kathrin Muehlbronner said in a statement.

"However, Moody's also wants to stress that it continues to view Spain as a much stronger credit than other stressed eurozone countries ... Moody's review will therefore most likely conclude that Spain's rating will remain in the Aa range."

The agency cut Spain's sovereign debt rating from Aaa to Aa1 in September, adding to the pressures on Madrid and the wider eurozone.

In response, the Spanish government said it aimed to convince Moody's over the next three months to abandon the threatened downgrade.

Wednesday's grim news comes one day after Standard & Poor's lowered its outlook for Belgium from stable to negative.

"The euro tested back below 1.33 dollars after Moody's said it may downgrade Spain's credit rating, reminding the markets that S&P had done the same with Belgium 24 hours before," said analyst Ilya Spivak at trading website Daily FX.

The developments have rattled investors ahead of a European summit on Thursday and Friday in Brussels, where EU leaders will seek to hammer out proposals for a permanent rescue mechanism for debt-ridden nations.

Later on Wednesday, Ireland's parliament will vote on a 85-billion-euro (113-billion-dollar) EU-IMF bailout, which comes hot on the heels of the rescue of debt-plagued Greece in May.

Asian equities meanwhile reacted sluggishly on Wednesday to overnight gains in New York, with Tokyo held back by a downturn in Japanese business confidence.

Wall Street climbed higher on Tuesday after a decision by the US Federal Reserve to maintain near-zero interest rates and a 600-billion-dollar asset purchase programme.

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George Osborne to implement austerity measures ability could intercept by "Whitehall inertia and lobbying in the public sector.

Institute of Directors (IoD) pointed out that, although the austerity measures the Government are essential, ability to Chancellor of the implementation could be déraillée by "Whitehall inertia and lobbying in the public sector.

In a document entitled "is not fragile, George", the trade body said: "there is a growing danger that if part of the coalition is already moves on a politically sensitive issue as university tuition fees, he could wobble even more on what is a much bigger tax issue, not least because political opposition of deficit reduction still has reached fever pitch."

The IoD has warned that the markets are volatile and that "is any indication of withdrawal of the expenditure review is on.

Gilts are particularly vulnerable, said the IoD. "The last thing needed the British economy at present is an outbreak of gilt with effects of negative impact on investment companies and mortgage market yields," says the paper. "Any spike would also undermine quantitative easing: QE key transmission mechanism is active purchases climbing gilt prices and lower yields."

Graeme Leach, an economist at the IoD said: "as the political heat increases for the coming months, we urge George Osborne to hold firm on expenditure review." If any part of the coalition shows a slight loss of nerve, debt holders could lose their shirts. ?

The Economist also warned that a "unless take us control of public expenditure, now, we could lose a generation".

The IoD submitted that the coalition should not be dissuaded from its course because the measures are "not as drastic as opponents claim." He argued that public job losses are "quite reasonable" then that productivity in the sector is likely to improve, not to be compromised.

Separately from United Kingdom sector surprised construction with a modest increase in activity in November, even if conditions remain difficult, according to a survey of leading.

The level of new orders increased, but the slow pace of nine months, Markit / AIT, purchasing managers index show, as reported companies extend contract disputes.

Overall, index edged up slightly from a reading of 51.8 51.6 October, better than autumn 51.0 analysts expected, but just just above the level of more than 50 indicates expansion.

While commercial and civil engineering activity increased, building the House fell for a third month in the context of the stagnation of the housing market.

Cut sector jobs for a fifth month in a row, but expect optimism still improved - although remain low by traditional standards - as companies for conditions to improve next year.

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Speaking of the Russia, where he is on a trade mission, said Vince Cable Daily Telegraph: "There are other ways of skinning a fatcat" photo: Paul Grover

The Secretary of the company said there are "means to deal with the premium" than legislation.

Speaking of the Russia, where he is on a trade mission, said Mr. Cable Daily Telegraph: "There are other ways of skinning in cat - or skinning a fatcat in this case."

Denying the suggestions of a gap between him and George Osborne, who said all pay rules must be international, Mr. Cable said: "the best approach is to obtain a multilateral agreement for Europe and abroad, who is running the Chancellor to."

The Secretary of the company, stated that examination of the rules of corporate governance could integrate measurements that require investors require more transparency on methods of remuneration banque.Arguant that shareholders should exercise discipline on banks", Mr. Cable has warned:"And in two cases - the Royal Bank of Scotland and Lloyds Banking Group, the principal shareholder of the Bank is the Government".

Separately, it appeared that Sir John Vickers, Chairman of the independent Commission on banks (ICB), wrote a book in 2008 saying that the merger of the HBOS and Lloyds TSB at the height of the banking crisis has been an erreur.La last week, Claire Spottiswoode, another Member of the Commission, said the ICB may recommend that the transaction has been reversed.

The document, which was published on Friday, raises serious questions about the impartiality of the ICB, who repeatedly insisted that he approached its task to decide whether to break the "free spirits" banks

The CBI said that he had received over 1,200 pages of evidence from individuals and organizations in its process of gathering information .the Committee added than large banks all British bankers will be interviewed private during the month next in the investigation.

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He emphasized more immediate pressures on the sector being the increase in VAT and rising costs of raw materials.

But while inflation of the prices of raw materials grabbed the headlines, said Mr. Jeary, he added that the pressure of increasing labour costs in the far East could become a more significant long-term trend.

Among its main "buys" were Burberry, in the light of its exposure to emerging and Dixons markets.Burberry discard p 4 at 10: 40 ￡ while Dixons declined 0.36 percent 26.15.

However, Mr. Jeary downgraded its position on Kingfisher sport BONAL, HMV, the Topps tiles to "sell" to "hold". write on Kingfisher, he said economic winds for the owner of B & Q seem renforcer.Compte increased concerns, he cut forecast profit in 2012 and 2013.

Kingfisher fell 4.9 to 244,6 p, while lost BONAL sports 0.3 to 6.12 percent, HMV throw ? 46?p and Topps tiles thread 1? to 60 percent.

But Mr. Jeary felt more optimistic on Marks & Spencer, upgrading the retailer to "buy" to "hold" and to maintaining a price target of 446 p.

He thought that factors such as the population of its customer base should help M & S to achieve gains in market share. M & S increased from 1.4 to 385?p.

Second linings, another retailer was also focus - Ocado. Grocer online acquired 6-151 p as investors stated if Wm Morrison supermarkets could be a potential suitor.Morrison added 3.9 277.9 p.

However, Clive Black, an analyst at coast capital was skeptic. "As always, never can never tell potential; business stories"for this is dangereux.Cependant, we would be surprised to see this result for a number of reasons," he said.

While the Morrisons has capacity grocery online, he cast doubt on the likelihood of imminent or premium submission. "As an agreement would be highly dilutive to earnings and capital; statements""Morrisonun mechanism expensive to enter the e-commerce," he said.

Aside, primary Ocado concern market yesterday was a concern that Europe debt crisis is spreading despite the denials Portugal was under pressure to find a Chinese renflouement.Inquiétudes interest rates once more too their head mounting.

At the end of a volatile day, the FTSE 100 recovered earlier losses to close points hereby 5668.7.FTSE 250 throw points 25.61 10809.43.

With a sense of proving the scrapie, banks and minors were on the red side of the index.

Antofagasta and Vedanta Resources lost 52 ￡ 13.25% and 68% to ￡ 20.75.However, take more great drum was Royal Bank of Scotland falling 2.17% 38.69.La Bank supported by the State was followed closely by Lloyd's Banking Group, lost 2.85 61.85 percent.

After topped the Thursday on news that U.S. business owner Simon Property may be interested, shopping centres (CSC) capital classification still wearing the yellow Jersey.The acquired property investor 20 to 401 p.Vendeurs long date, Panmure Gordon, increased their position on the SCC to "hold" to "sell", saying that they believed that many of their previous concerns had now been relaxed.

"Long term if the company remains publicly quoted future is improved with ownership of the Trafford Centre and a strengthened balance sheet," added the broker.

But the mid-cap company Segro, property that was checked in the wake of the CSC Thursday, fallen on profit taking excretion 284?p 5.8.

Return among blue-chips, BT was beaten just to the position by the telecommunications company SCC.La had devoted a large part of the day star at the news he sold a 5 5pc its participation in Tech Mahindra, an Indian IT services group.

Also give BT an elevator was an optimistic note Exane BNP Paribas, bidding price target of BT by 265 20pc p.Après a solid performance in the first half, analysts said they were predicting an increase in earnings per share by 2012 and 2013 18pc.

Acquired BT 7.3 174.2 percent.

Among second lining Telecity has charge.Actions data center provider were under pressure from the end, that Collins Stewart said presented a good opportunity to purchase.

"The price current attributes little value for the prospects of exciting growth for the next few years," said analystes.Telecity donning congenital 471?p.

In addition, there were still indignity for Betfair. after launched Investec on betting online activities Thursday with a rating of "selling", UBS suit Friday.

Analysts of the latter stated that the liberalization of international markets betting provided "growth important opportunity", but should be set against the risk of more tax IRAP and be pushed existing markets - as it happened in France.

Broker donning a price target of ￡ 12.50 Betfair has fallen from 71% to ￡ 14.00.

Purpose, oil Explorer BowLeven placed m 22 new shares, raise 72 million pounds to redouble their exploration in Cameroon.

BowLeven hangar 13-325 p.

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No 2011 World Cup and the increase in VAT on January 4, analysts is that the TV advertising market is likely to come under greater pressure.

The success of shows, including the Abbey Downton and X Factor also helped increase advertising revenues TV ITV significativement.Les ITV advertising revenues grew 16pc in the third quarter, and they are expected to be up to 10pc during the fourth quarter.

It is understood that a slot advertising for 30 seconds during the weekend of the final "X" factor could cost up to ￡ 250,000 advertisers .the ' Abbey Downton attracted an audience of more than 10 m for the final episode.

However, ITV shares were down more than 3 8pc 68.3 percent at noon, after Adam Crozier, the Chief Executive has warned, "the economic prospects for 2011 are uncertain and we continue to plan conservatively".

"The television advertising market has continued to recover strongly."However, this does not hide the ITV faces important challenges and we remain focused on the delivery of five-year transformation plan, said Mr. Crozier, acknowledging that his vision of the company does is not from one day to the next.

ITV said that, within nine months at the end of September 2010 11pc Group revenues to. 46bn ￡ 1 to the same period the previous year, by restoring high television advertising.

The broadcaster, which is also home to programs such as I'm a celebrity...Get me out of here!, Coronation Street, accounting for an exercise of 982 programmes watched the highest top 1000 commercial television last year.

In the first six months of this year, a cyclical recovery in the market for TV advertising and football South Africa World Cup thrown first half advertising revenue 18pc 728 million to ￡.

That Mr. Crozier joined the company in April, ITV has launched version HD ITV2, ITV3 and ITV4 shelf sky, has accepted a new factor X and Got Talent Britain's three-year agreement and has completed the sale of Screenvision.

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Prenant la parole à la Banque d'Angleterre aujourd'hui, Ros Altmann, directeur général du groupe saga, a averti que historiquement bas des taux d'intérêt pourrait conduire à une autre crash financier qui laisserait les pots de pension ? décimés ?.

Elle a expliqué médiocres ont été incitant les épargnants de prendre des risques accrus avec leurs pensions qu'ils s'approchaient de retraite.

épargnants ont vu leur taux de retours hit bas comme la Banque d'Angleterre a maintenu les taux d'intérêt à seulement 0,5 % depuis mars 2009.

Dr Altmann a déclaré: ? très faible taux sont ayant un effet dommageable sur les pensions et les retraités. ?

Elle a averti des dangers de la hausse de l'inflation si les taux d'intérêt restent trop faibles depuis trop longtemps.

? Investisseurs de pension et des gens qui achètent des rentes sont frappée par les faibles taux à long terme et retraités souffrent de faibles taux à court terme ainsi que leurs revenus de l'épargne ayant diminué et qu'ils ne font que.

? De plus, ils ont été touchés par une inflation élevée, donc ils peuvent protéger n'est plus la valeur de leur capital.

Nous voyons déjà des signes de la hausse de l'inflation et cela a endommagé retraités significativement déjà.Leurs revenus de l'épargne n'a pas suivi l'inflation, la plupart des rentes sont achetés sans aucune protection de l'inflation et une hausse continue de l'inflation plongera plus retraités dans la pauvreté à l'avenir.

Vieillissement de la population, avec moins d'argent à dépenser, pourrait faire baisser la consommation et la croissance économique, a-t-elle ajouté.

Elle a appelé le gouvernement à prendre des mesures, ce qui suggère qu'elle émet des obligations spéciales pensionné qui aident à fournir un revenu supplémentaire aux pensionnés capturés par la perte de leurs revenus de l'épargne.

Elle dit que le gouvernement pourrait aussi envisager des produits de protection contre l'inflation pour les pensionnés, comme faire revivre les produits d'épargne nationale qui ont été récemment retirées.

Deux des plus populaires produits investissement soutenu par l'état ont été retirées du marché plus t?t cette année au milieu austérité lecteur du gouvernement.

National d'épargne & Investment a retiré son inflation battant fixe intérêt certificats d'épargne et de réduire les taux d'autres produits.

Le groupe craint la demande des consommateurs pourrait imposer un fardeau trop élevé du contribuable, à un moment où les finances publiques sont sous pression sans précédent.

Andrew Hagger, un expert d'épargne au site Web de finances personnelles à Moneynet, a déclaré: ? il semble n'être aucune lumière du tunnel, de nombreuses personnes ayant déjà utilisé une grande partie de leur épargne.Ils vont rendre à un stade où il n'y a aucune où autre faire. ?

Robert Bullivant, directeur général de pensions courtier en direct la pension, a déclaré: ? la grace de sauver seul est la performance de la boursières et si quiconque a séjourné dans des actions verront un fonds plus grand qu'il y a un an.Mais si elles se sont tournés vers la trésorerie, ils n'ont pas vu beaucoup la croissance.Gens doivent maintenant passer à la caisse bloquer les gains boursiers.Si vous perdez ces gains et souffrent de faibles taux d'intérêt, c'est une double whammy pour les pensionnés. ?

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In a Monday trading update, Hiscox has said that the risk-reward on some of its assets ratio is become "less convincing" that the insurer has warned that continued low interest rates encouraged investors to take more risks.

Hiscox said he saw the prospects for capital gains on portfolio investments and may simply "low-income" he will win his bond funds.

Financial results for the company for nine months at the end of September has remained stable, although Hiscox said U.S. property insurance compensation and "big" cases have been "difficult" with the fall of contribution rates.

An area of potential growth, cited by the company was at sea with the explosion of deep horizon platform and the oil spill resulting energy market should put more emphasis on the region.

United Kingdom, premium income has increased by 8 9pc 249 m ￡, whereas Europe's gross premiums written has increased from 9 7pc-on-year to 119 million euros (￡ 103 m).

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The pattern of the largest group of British companies argued that banks will have to be "highly sensitive" to decide on remuneration policies in order to avoid a reaction of anger at a time of severe reductions in spending and job losses.

Vince Cable, the Secretary of the company, has been suggested to the reintroduction of tax bonus last year if bankers pay excessive premiums.

Speaking ahead of the annual Conference of the IWC Monday, Mr Lambert said that spending review of Chancellor help enterprises in the long term.

He said: "over all the business and stability of economic needs and to achieve this, public finances must be in order."Chancellor Osborne has made a start in the right direction.

"Now we have to focus on growth and where it is going to come to compensate drag these reductions will be on the economy."

He added: "private sector balances are in good shape at this time, there is cash pass, but the problem is the lack of confidence dépenser.Le Government shall remove all obstacles to the growth and help companies means they can."

Separately, Liam Byrne warned that coalition takes a "big bets" cutting vital funding both "challenges of unprecedented competition" for British companies.

Shadow Minister submitted that reductions to the Department of business, innovation & skills announced review expenditures were "reckless" and that he would be starving essential at a crucial moment of opportunity global support companies.

He told a parliamentary group business finance & accounting business lunch that the Government should be stack resources in "get prices for the House of globalization".

He agreed with John Hawksworth, Chief Economist at PriceWaterhouseCoopers, who told the meeting that Britain "is played in the fast lane" on world trade.

However, Mark Hoban, the Secretary of finance, insisted that the Government had "no choice" and measures would be restore them public finances and create growth.

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Vittorio Colao, Chief Executive, said that Vodafone may reconsider India future investments if the country Court confirms an earlier decision requiring that Vodafone pay tax on the purchase of $11 a monitoring stake in local operator Hutchinson Essar billion capital gains.

"The question of tax will be extremely important for us to determine how friendly India is," Mr. Colao said in an interview with Economic Times the India. "" """This is a concern for our investors and other international investors.

He warned that if the India continues to require the disputed tax payment, the country's telecoms sector would be "overwritten as lemon" as investors would reconsider their India development plans.

Mr. Colao said that Vodafone has invested more than ￡ billion per year in India since he joined the market three years ago and has contributed close to one-third of its income tax on the chessboard of India it said that it was "unacceptable" that the Indian authorities have not continued Hutchinson for tax on capital gains on the sale of 2007.

The Supreme Court will establish Monday date to hear the appeal of Vodafone .the ' case was followed closely by a chain of multinational companies as it could set a precedent for other cross-border acquisitions in India.

George Osborne has lobbied against the tax bill for Vodafone.

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BP cut ties with Iran Air since the summer, while the shell and the other three international groups have signed an agreement with Washington month last to withdraw completely Iran operations.

Iran Air planes are still landing at Heathrow Airport with a few other European capitals, but must stop Germany or the Austria supplies on the way to the return of fuel.

The links are now threatened by the new Convention in Washington.

Civil aircraft refuelling is not illegal in accordance with new sanctions of the United Nations approved in June, the oil companies are understood to be willing to go beyond the letter of the law of maintaining good relations with the United States.

This is particularly the case with BP Iran Air contract was not renewed at a time when society was under pressure to the leakage of oil wells in the Gulf of the Mexico.

"The continuation of this approach by these companies is compromising their interests", Ministry of Foreign Affairs of the Iran, Ramin Mehmanparast spokesperson said in his weekly press conference. "We will not tolerate it and confront their is the order of the day.?

Admission by the Iranian authorities is a sign of the effect of the United Nations, other sanctions iranienne.Bien Government economy has laughed off their analysts and regime figures even superiors suggested that they are taken seriously.

The new move against oil investment threatens to isolate the ordinary Iran, despite the promises sanctions aimed at the leaders of the regime and in particular its nuclear weapons programs.

Mr. blamé Mehmanparast refuelling issue on national and said Governments going "beyond the illegal resolution", referring to A vote.

A PMO spokesman: "Fully meet us international sanctions imposed in the countries where we operate."

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Sales were 'marked decline' Spain, which is one of the Guinness and Smirnoff-manufacturer of three major markets in Europe, with Great Britain and the Ireland.

However, Diageo has reported increased 5MC underlying sales in the first quarter, as demand pencils United States which Nigeria is key for Guinness, Asia and Latin America continued to cro?tre.En North America Africa is the largest Diageo and profitable market and analysts welcomed by signs of improvement in the United States.

Increase sales met forecasts of analysts and Diageo has also confirmed that it expects to increase more large operating profits this year than last year, as he said to the month of August.

"The year started as we thought that it would, with a fragile environment in developed markets, economic consumption and demand from the consumer markets in development," said Paul Walsh, Chief Executive. "Environment for European consumers is slightly lower that we lived in the previous year.?

Sales increased to ￡ 2. 06bn within three months at the end of September, more than ￡ 1. 95bn the previous year.

Diageo reported an increase in profit before tax ￡ 2. 24bn in the year at the end of June, place ￡ 1. 99bn the previous year.

The p 8-￡ 11.35 dragged shares and climbed 4 7pc in 2010.

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Investor billionaire currency has criticized China deliberately keeping the Yuan - currency - low to maintain cheap exports, which is hurting us competitors.

"Mr. Soros, Manager of hedge funds, best known as the man who broke the Bank of England" after fact one billion IRAP against the value of Sterling on Black Wednesday, in 1992, said China has created a system of "disproportion currency".

He has criticized China deliberately keeping the Yuan - currency - low to maintain cheap exports, which is hurting us competitors.

Mr. Soros said today the BBC Radio 4 that China had a "big advantage" program on international competitors, because it can control the value of its currency.

He said China could also affect the value of other currencies in the world because they have a "surplus chronic", which means that the Chinese have many foreign. ""They control not only their own currency, but in fact currency set global system," he said.

Written in the Financial Times, added Mr. Soros: "" whether or not it carries out China became a leader of the monde.Si it fails in the responsibilities of leadership, global currency system is liable to break down and take the global economy with it. ""

Central Bank Governor Zhou Xiaochuan China defended the second largest global economy, however.

"We have already begun to have rates of currency reform for a very long time...".[but]It is progressive..."It's good for an otherwise great economy can be dangerous," he told the BBC on the fringes of weekend meeting international monetary fund in Washington.

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Politicians are wary of imminent public anger on premiums, at the same time that workers face pay freezes and benefits are deleted.

Speaking on the sidelines of the Conference of international monetary Fund (IMF) in Washington, George Osborne said there was "encouraged" progress cross-border financial activities on excess profits and premium tax agreement.

Chancellor first proposed tax in its budget in June, but stated that it would be global agreement.Yesterday, he said: "" discussions gather pace .c ' is all the encouraging… very European Commission has suggested that this could be done at European level. ""

He added: "" the UK has an important role to the Bank on the complimenterC taxes' is good news that the debate is happening. ""

Mr. Osborne has already reached the banking industry with an annual fee of ￡ 2 5bn. Exceptional bonus last year's tax introduced by labour, raised ￡ 3 5bn and a new tax financial activities should provide a similar amount.

Politicians are wary of imminent public anger on premiums, with pay-outs in the city is expected to reach ￡ represents this year, according to the economy and research companies, as well as workers face pay freezes and benefits are deleted.

In addition, small businesses still struggle to guarantee loans made by banks - a situation that threatens the recovery. Mr. Osborne added by threatening tones: "banks would much attention to what I said [at the conservative Conference]."We are very clear that they get credit flowing to small and medium-sized enterprises.

Chancellor remains optimistic about his plans for fiscal consolidation in spite of IMF analysis showing that reductions can reduce growth and losses can take five years to récupérer.Dominique Strauss-Kahn, Director General of the IMF said yesterday that "the greatest threat to the financial viability is low growth" and "recovery without a job does not mean much".

Mr Osborne said: "we have a very credible plan." People [there] are quite complementary to me in private on our plans...No there is no discussion of concerns about the pace of consolidation. "On the job, he added sections of 600,000 public for detailed comprehensive spending review October 20 will be"over four years... He is not in force during the night".

The Government aims to ￡ 83bn spending cuts by 2015 as part of a package from ￡ 113bn to eliminate the structural deficit of ￡ 109bn.Le Chancellor would not pull if he had a "plan B" where growth falters, pointing out that his plan for consolidation "by the book".

If the Bank of England decided to restart his ￡ 200bn quantitative easing program to offset any slowdown in growth, he said that it would be favourable: "I believe that the Committee on monetary policy as indépendant.Si she stops, I don't want to follow these judgments."

Far from national issues, he signed the consensus on global imbalances – calling on China to consume more and deficit countries such as Great Britain, to at least spend. "We need to address fundamental imbalances .the ' accumulation of these imbalances transmitted through the financial system was the cause... is what happened…The United Kingdom is doing its part – seeking to resolve its imbalances.?

He made a veiled criticism of China attacked with United States contribute imbalances is artificially low, Sparks to speak of "currency war" currency policy. ""We must move towards market-oriented exchange rates that reflect the fundamental principles," he said.

Questioned regarding the outcry over to its proposals to reduce family allowances for top employees 15pc, he said that politics has demonstrated that the Government is "hard but fair". ""I will do what is necessary to make this fiscal consolidation," he said.

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