Next Gen News

. Market and political backlash last night Slovak European bailout fund highest unemployment in the UK have since

. October 1994 . U.S. Federal Open Market Committee minutes to learn more about Operation Twist

. The agenda for today

1:04 p.m.:.

time for lunch and back and a summary of the events of the day

Slovak politicians are in talks to form a new government, with the goal of having a new vote in the morning EFSF

. The British unemployment rose to levels not seen since October 1994.

. Pepsico results topped expectations

. José Manuel Barroso is expected to present a plan to recapitalize banks by 1500 BST

The Italian government of Silvio Berlusconi lost a vote last night . Key Budget

. Meanwhile, the markets of sailing in what is happening. The FTSE 100 is now 16 points, or 0.3%

24:47:

G20 finance ministers meet on Friday and discuss the crisis in the euro area. Phillip Inman Guardian office, the economy, says George Osborne may have trouble getting what he wants from the top:

In his conference speech

George Osborne has called for solidarity with the weekend many of them have lost.

G-type meetings (the G-20 G-7 G-8, etc.) come about with increasing regularity, and this weekend, takes another key moment in the history of the euro area, Osborne or history of pain, a missed opportunity for children with Lego.

G20 finance ministers meet in Paris to build the Osborne considered a mega package of loans and guarantees can save Italy, Spain and other countries in the euro area is a little worried.

course not. Since Slovakia has struggled to pass the 440 billion ? EFSF with some extra bells and whistles, most EU leaders will be well aware of the problems facing individual nations when it comes to call Osborne 2000000000000 ? for a background.

Not that Osborne is a central player. Dinner on Friday night a prelude to an intense discussion on Saturday with the aim of establishing a coherent plan that is politically possible and to satisfy international investors (who have many debts and rely on the EU agencies rating to determine if it is safe).

The government's position in the UK in the euro area - the problem, fix -. By his exhortations are of little interest to Germans and French

British MPs complain of a two-speed EU is already a reality, with countries in the euro area on the firm belief that they are the only true believers.

is a narrow view of Brussels, which ignores the lessons offered by the United Kingdom, which is heavily indebted nations need for a floating currency and a lot of cheap money to stay afloat.

is how we stayed alive and it is certainly what the Greeks need, and probably Portuguese.

24:28:.

Pepsico, the maker of, you guessed it, Pepsi, among others, reported third quarter numbers

The figures are slightly above expectations -. With revenues up 13% to $ 17.6 (£ 11.2 billion), compared with $ 17.1bn and expectations of earnings per share to $ 1.31, analysts expect $ 1.30

U.S. stocks

expected to open today at about 1% -. With index futures indicate a rise in the Dow Jones 112 points and an increase in paragraph 11.5 of the S & P 500

24:07:

Later, it is interesting to note that the International Energy Agency lowered its estimate for global demand oil this morning because the global economic slowdown.

Request
1.25 barrels per day will be great next year, 160,000 bpd less than what he had said.

The IEA estimates that the global economy will grow a fraction - 0.1% -. Slower than I had hoped that 2011, when he expects a growth of 3.8%

11:23

Tony Connelly, publisher of Europe RTE News has the next piece on plans to recapitalize banks.

@ tconnellyRTE

Tony Connelly # Barroso, submit ideas for recapitalization of banks, to 15 hours in the European Parliament

11:17

At the same time,

Helen Pidd

Bratislava discussed the One of Slovak politicians who voted against the approval of the EFSF last night.

just returned to the construction of the National Council of parliament in Bratislava for a meeting with Martin Poliacik, one of the rebel members of the Freedom and Solidarity (SAS) of the party vote last night that sabotaged by EFSF boycott the vote. The SAS was - until the government collapsed last night - one of the four parts of the fragile coalition that had governed since July in Slovakia

as an outsider, it is difficult not to conclude that the events of last night was an unedifying example of the infighting that is played worldwide. But Poliacik, a market economist hardcore free, insists his party's opposition to the bill is ideological, not political, not being held today.

"I am happy today, not happy at all," he said, speaking of a cavernous corner office overlooking the Danube, which is usually occupied by the chef Richard Sulik SAS.

However, he said, "I am convinced that we have remained strong and demonstrated to the European Union that we are serious about what we were talking." It is expected that the rejection of the bill will begin "immediately" the debate on the future of the European Union. "The EU is the

movement towards a union transfer, where everyone is responsible for all other debts and national sovereignty is deteriorating," he said.

Poliacik

resignation to Parliament voting "yes" to the expansion of EFSF "at the end of the week", however. "I fear that the pressure from the EU is too strong to resist," he said while indicating that the SAS would not change position. Next time, however, will vote "no" instead of staging another walk-out.

As we spoke, members of soon-to-be-The former Prime Minister Iveta Radicova SDKU party met for private talks with the opposition Social Democratic Party Smer agree to pass the invoice in a second attempt.

If, as indicated, Smer 62 vote of the measure, the bill will pass and all 17 countries in the area will be finally approved the proposal to extend the power of fire relief fund. It is a major obstacle cleared. But not the last.

11.15:

Meanwhile, my colleague

David Gow

has some news action major manufacturers pressure in the EU.

Europe runs the risk of freezing of liquidity style 2008 that could bring the industry to an end and the strength of the economy into a deep recession if the EU leaders to take quick and decisive action to end the crisis of sovereign debt. Another day and another set of warnings and action plans.

Only this time the warnings from the European Round Table of Industrialists (ERT), a group of about 50 frames more. Leif Johansson, president and now president of Ericsson after the execution of Volvo and Electrolux, said he did not think would happen, but "the risk is there and we have to do something now. "

discussed how the member companies, including Philips, Siemens, BAT, may simply be unable to return the finished products.

At a time when, surprisingly, the figures show that the euro area, industrial production rose 1.2 percent in August, Johansson added: "I would not say that there is a smell of recession in the air but certainly the smell, and if we prevail for long, it can become a recession. "

But, as usual when it comes to prescriptions about what should be done, the ERT dares itself. Tapping the stabilization mechanism EFSF / Europe one way or another, the recapitalization of banks, bringing the country back to fiscal criteria of the Stability and Growth, more is expected for haircuts private creditors, perhaps even failing to stop in Greece. Anyway: something soon

11:10 some good news. Eurozone industrial production increased by 1.2% in August from the previous month, against expectations of a fall.

Martin van Vliet at ING, said:

Eurozone industrial production in August came in better than expected, rising 1.2% month, confounding expectations for a 0.8% decline, while extending a revised 1.1% per month in July.

is a pleasant surprise and can reduce the fear that the euro area economic activity may have contracted in the third quarter. Indeed, while industrial production in September reached 2.0% in MOM, always about to expand by 0.8% qoq in Q3 as a whole, in line with a contribution of 0.15 percent points to GDP growth.

said, the monthly fluctuations visible in the national data (eg, Portugal and Italy 8.2%, 4.3%) suggest that seasonal adjustment difficulties may be the fuzzy image - which does not exclude critical low.

However, the recent increase in inventory at the new points of connection between the orders to production cuts in the coming months. Despite a slowdown in the third quarter could avoid the risk of a recession (later on the way) is still high.

Berlusconi has lost a crucial vote in Parliament last night. Guardian report on the vote is here.