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Geniki Bank, a subsidiary of Societe Generale, said on Tuesday doubled its losses during the period from January to September over the same period of 2010 due to significant loan loss provisions and write-downs of bonds.

The Greek bank, purchased by his French counterpart in 2004, lost 617.8 million euros in the first nine months of the year after losing 304.1 million euros the previous year.

"The deteriorating economic environment has had a negative effect on the quality of our loan portfolio and, therefore, our provisions amounted to 377.2 million euros over the period," said the bank.

Geniki also reported a depreciation of 230.1 million euros in its portfolio of Greek government bonds.

The Greek economy is expected to contract 5.5% this year and the country will register a new recession in 2012, due to stringent fiscal austerity measures taken by the government, while unemployment is 16.3% of the labor force.

The loan portfolio of the Greek bank fell by 14% to 3.01 billion euros.

The participation of the General Society in the capital of Geniki increased from 53.9% to 88.4% in November following an appeal for 340 million euros to strengthen the equity of the bank.

The possibility of a default on its debt Greece has gained momentum Friday, and even the G20 commitment to take steps to prevent the crisis in the euro area would undermine the banks and the economy n ' has failed to soothe the global financial markets.

Athens has denied reports in the Greek press saying that the one scenario out of the crisis was a default ordered at a discount of 50% for holders of sovereign debt.

The Greek Ministry of Finance has responded to these items by ensuring that the country was determined to implement the second international aid plan, 109 billion, set July 21."All other discussions, rumors, reviews, scenarios divert our attention from this central objective," said Minister Evangelos Venizelos said in a statement.

For its part, Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB), said the scenario of a Greek default could not be ruled out, becoming the first central banker in the euro area to accept the prospect of such an outcome, long ruled by European leaders.

"This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad."All efforts are aimed at preventing this, but I am now less certain that it failed to exclude a few months ago," he said, wondering "if the Greeks realize the gravity of the situation" .

THE GREEK BANK TO PENALTY

Risk aversion increased further after Deutsche Bank said the discounts that private investors have agreed to take on Greek sovereign debt in the second bailout of Athens could be greater than 21 % retained in the definition of the program.

European shares erased their losses in late afternoon but still in a very nervous market, investors are increasingly skeptical about the ability of governments to overcome the crisis of sovereign debt and economic stagnation.

The euro remained under pressure, while returning to the land above $ 1.35 after his eight-month low hit the previous day against the U.S. dollar.

In particular, investors appear disappointed by the fact that no specific action accompanies the commitment of finance ministers and central bankers from the G20 to take action to stem the crisis.

In a market still very volatile, banking stocks have turned upward in the afternoon, it seems after about Ewald Nowotny, a member of the Governing Council of the ECB, saying it would be may be desirable to reintroduce the tender to one year.

But Greek banks fell by 8% after lowering the credit rating agency Moody's notes of eight institutions in the country.

The recapitalization center stage

In this context, the question of recapitalizing European banks most vulnerable appears increasingly urgent in the eyes of investors.

Greek banks do not need to be nationalized, but should receive direct support of rescue funds in the euro area, called the head of a delegation of the European Union responsible for helping Athens to develop its reform program.

According to the President of the French financial markets authority (AMF), 15 to 20 European banks need recapitalization.Jean-Pierre Jouyet has also called for "find private investors who come to increase the capital of these banks."

But the European Commission has ensured that there was no plan to recapitalize banks under the European level, judging schools on the continent much more solid than three years ago.

Some 420 billion euros of capital was invested in European banks since the financial crisis of 2008 and the recapitalization is continuing, said at a press conference Olivier Bailly, spokesman for the EU executive.

The Italian government has denounced the "political considerations" after the fall of his sovereign rating by Standard and Poor's. The agency refers to "independent analysis".

The Standard and Poor's (S & P), which downgraded the sovereign rating of Italy, on Tuesday rejected accusations by the Italian Government and was told that his assessment was "apolitical". "The sovereign ratings by S & P ratings are apolitical," based on the evolution of "credit risk, provided to investors," insisted the agency in a statement released in Italy.

S & P ensures that its evaluation is based "on independent analysis and detailed economic and fiscal outlook in Italy and on assumptions about the expected evolution of the debt (as has been amply illustrated in published reports).""The ratings indicate how the various policy initiatives may impact on the financial reliability and to hear any suggestions on policies that a government should or should not continue," he told the agency.

On the night of Monday to Tuesday, Standard and Poor's downgraded by one notch to A + against A note of Italy due to low growth prospects and the "fragility of the ruling coalition." And pinned, the government has denounced a decision in a statement "more driven" by media reports as "the reality of things" and "distorted by political considerations."

Too much debt, too wasteful, too slow to respond: Air France-KLM combines all disabilities quick to unscrew a share price while the sharp deterioration in global economic outlook threatens the goal of positive operating result in 2011, analysts say.

The action of the second European airline in terms of turnover has dropped almost two times more than the German Lufthansa in January and also largely underperformed IAG, an entity formed by the merger of British Airways and Spanish Iberia.

The market capitalization of the Franco-Dutch and passed below two billion euros, or 30 times less than that of the luxury group LVMH.

"This simply reflects the fact that they underperform their peers on all fronts: their performance is weakest in terms of revenue, cost and profit", says Penelope Butcher, an analyst at Morgan Stanley.

And in case of relapse of the economy in recession, Air France-KLM could be particularly vulnerable, analysts said, recalling that the crisis of 2008-2009 had ended for the company by an operating loss of an abyssal , 3 billion euros for the year ended in March 2010.

"It was by far the worst financial performance of all European airlines that we follow", said Neil Glynn, an analyst at Credit Suisse."This raised fears in the market they are less well equipped than their peers to meet in 2012 to a new recession – or even a weaker economic conditions."

The action was trading at 6.637 euros on Friday morning, after a descent into hell almost continuously since its last peak at about 38 euros in May 2007.Since January 24, when the first listing of IAG, the action Air France KLM fell 51% against 27% for Lufthansa and 39% for IAG.

Since the beginning of the year, as well accuse the worst performance of the SBF 120 index.

Too expensive

European company the more cyclical, Air France-KLM should be penalized more than others by economic conditions, its operating leverage is stronger and higher fixed costs than its competitors, said Loic Sabatier, an analyst at Cheuvreux.

"It is calibrated for growth than others, but less for the downturns," said he."In addition she was a little less aggressive than its competitors in terms of cost reductions in recent years."

The Achilles heel of Air France-KLM, which the French state owns 15.7% stake and employees 9.8%, are its costs.According to data published by groups from January to June, the costs of personnel, his first job in operating expenses, amounted to some 32% of its turnover, against 24% for Lufthansa and 25% for IAG.

Found a parade through the management of Air France, to avoid a too brutal confrontation with the unions, was to launch a project basis in the provinces, with medium-haul flights from Marseille from early October, before Nice, Toulouse and Bordeaux in the spring of 2012, with the ambition to reduce operational costs by 15%.

But the project was presented to great fanfare a year ago, leaving plenty of time to companies "low cost" EasyJet and Ryanair to position.

"This is the shining example of the time they need to implement significant structural changes in costs, which are all the more necessary that the environment is very uncertain in terms of revenues," said Neil Glynn, Credit Suisse.

While an official of the airline industry recently told Reuters noted "a flutter" at Air France-KLM, Penelope Butcher, Morgan Stanley, denounced the chronic lack of responsiveness of the Franco-Dutch.

"That's what I do not clear right now: why do they not more proactive measures for existing problems rather than worrying about their strategy over several years?" she asks, referring to multi-year project "Embark" introduced in late 2010.

DEBT Abyssal

European company most affected by the "Arab Spring," Air France-KLM has hardly changed its flight schedule to destinations such as Egypt and Tunisia.

"Why take that risk, why not move planes to other destinations?" Asks Penelope Butcher."Flying planes that are not full-weighs heavily on the revenues and costs."

Air France-KLM, which now hold exercises in the calendar year, merely the end of July provided a positive operating result in 2011, when he had to exceed 28 million before the year 2010 pro forma .

With the worsening financial crisis in early August, the very prospect of a positive operating result seems out of reach. Neil Glynn believes that Air France-KLM will not only loss this year but next year.

"At the moment, I do not think they necessarily need to postpone deliveries, sell assets or raise capital," said he."But if we have a 'double dip', so I think it's a very strong probability."

For Air France-KLM has entered the new area of ​​financial turmoil with a very damaged balance sheet. June 30, net debt reached the level of abyssal 6.04 billion euros, against 1.4 billion for Lufthansa and 480 million for IAG.As for its debt ratio, it amounts to 0.92 – 0.50 against 0.42 for Lufthansa and for IAG.

Things are not likely to make do with the mega-command of a hundred long-haul Boeing and Airbus expected shortly.

"If you are concerned about aspects debt and leverage, which seems the case of Europe, they are also the worst on this point," said Penelope Butcher (Morgan Stanley).

Contacted by Reuters via the press, the company officials have not responded to our requests for interview.

The growth of trade in goods between the major economies slowed sharply in the second quarter, mainly because of a brake brutal imports from China, show statistics released Wednesday by the OECD.

Total imports in the G7 and the "Brics" (Brazil, Russia, India, China and South Africa) grew by only 1.1% over the period April to June compared to January-March quarter, during which they had increased by 10.1%.

Export growth has followed a similar trend although markedly, falling to 1.9% against 7.7% in the first quarter.

The only Chinese imports (17% of the total considered) were up 0.7% from one quarter to another, the lowest since early 2009, which contrasts sharply with the increase of 11.1% recorded the first three months of the year.

This movement is partly due to efforts by the Chinese authorities to curb domestic demand and prevent overheating.

Exports from the Republic are divided along the front, rising 10.0% after 2.9%. This double movement resulted in a sharp increase in Chinese trade surplus at $ 54.8 billion, says the OECD.

This trend continued in July, China's exports registering a new record despite new tensions related to the debt crisis in the eurozone and signs of slowing U.S. economy.But Beijing was concerned about increasing threats to recent external demand.

United States, imports have also slowed, to rise from 11.1% to 3.0% while exports amounted to 5.6% to 2.6%.

In total, import growth slowed in all G7 countries and the BRICS with the exception of Brazil, where they rose by 11.2% (against 5.7% in the first quarter).

Accor announced Wednesday an increase in operating income in the first half in line with the expectations for an acceleration of its business and cost control.

The first European hotel group also reported in a statement of continued positive trends in July despite a less favorable base effect in the first half.

"Trends in the second half are carried by the strong performance of the summer," said he.

Operating income stood at six-monthly 199 million euros, up 44% at constant scope and exchange rates.

The group does not provide forecasts for operating income for the year.

Accor shares closed up 0.98% to 23.115 euros on Tuesday, giving a market capitalization of 5.24 billion. It has lost 30.6% since the beginning of the year.

Axa Private Equity, which has exceeded the threshold of 5% of share capital and voting rights of the Club Méditerranée, would sit on the board of the leisure group, told Reuters on Tuesday a spokesman for the capital center Axa-Investment.

The Financial Markets Authority (AMF) said Tuesday in an opinion after receiving a letter advising Axa Investment Managers Private Equity has surpassed the 5% on July 28 following an acquisition in the market Club Med shares, which it now owns 1,600,608 shares, representing 5.29% of capital and 5.13% of voting rights.

"Consistent with our logic of long-term investor, we plan to request our participation on the board," said a spokesman for AXA Private Equity.

A spokeswoman for Club Med confirmed the threshold crossing but declined to comment on the application for Axa PE on the board.

The leisure group, whose capital is highly fragmented, is regularly the subject of expressions of interest or alleged.

In 2009, the group has been a battle in 2009 between the businessman Bernard Tapie and CEO of Club Med Henri Giscard d'Estaing, followed by a statement the same year the fashion designer Christian Audigier is saying "very interested" in an initial stake in Club Méditerranée.

In 2010, media reports which BMB Group, an investment company in Brunei, would consider a bid for Club Med, have been circulating.The Chinese conglomerate Fosun, which held 9.5% stake in July 31, 2011, for its part, had said last month will strengthen its presence in the French group. (See)

At 17:15, the Action Club Med lost 2.07% to 16.10 euros, a market capitalization of 486.8 million euros. Since the beginning of the year, the title took 4.2%, after rising more than 20% throughout 2010.

Total results released Friday were down in the second quarter, mainly because of maintenance on its facilities and unrest in Libya, but said he was "very confident" in the second half.

Third European oil company by market capitalization, behind Royal Dutch Shell and BP, Total also said that the second part of the year would be marked by the first results of oil wells "high stakes" and that it would approve several projects, including Australia and Russia.

"Total tackles the second half of 2011 very confident in its prospects for profitable growth for all its stakeholders," said CEO Christophe de Margerie, said in a statement.

Chief Financial Officer Patrick of Chevardière, also confirmed the investment budget of $ 20 billion for 2011 and indicated that Total had hoped to conclude an agreement before the end of the year to sell its refinery Lindsey UK, including the group regularly announces the sale as imminent for almost a year and a half.

"It is extremely difficult to sell a refinery today, but we continue in this direction and we want to sell Lindsey," he said during a conference call.

Excluding items, net income for the group amounted to 2.794 million euros in the second quarter (-6%) at a level below the 2.852 million expected by analysts surveyed by the editor of Reuters, for a number of Business 45.009 million (+9%).

"VERY RARE ON THE PART OF TOTAL"

Net income Group share reached EUR 2.726 million (-12%) by including an after-tax inventory effect negative € 74 million and other non-recurring items.

Where Shell and BP have announced reductions of respectively 2% and 11% of their production in the second quarter, Total fell by 2% to 2.311 million barrels of oil equivalent per day, a level consistent with 2.310 million expected by analysts.

Patrick of Chevardière, however, confirmed that the group's production should be stable this year compared to 2010 and 2012 would be "a very good year" in this field.

At 16:15, the title Total reduced its losses but still blamed a decline of 1.9% to 37.63 euros, that bore his fall to nearly 5.1% since the beginning of the year.

Analysts pointed out that the oil group had just missed the consensus in terms of adjusted net income. "It should be noted because it is very rare on the part of Total, which is very consistent," said one of them in a note.

Given its new quarterly dividend policy, the group plans to pay a deposit in December on the second quarter of 0.57 euro per share, unchanged from that announced in the first quarter.

Valeo has reached its best first half net profit for 13 years and confirmed its 2011 targets of production and margins, cost control eclipsing the impact of the tsunami in Japan and higher raw material prices.

The automotive supplier achieved in the first half of the year a turnover of 5.33 billion euros, up 11% as reported and 13% at constant perimeter and constant exchange rates, and operating margin of € 345 million, a rate of 6.5% (+0.4 point).

Net income, Group share, rose 30% over the period to 218 million euros, its highest level in a first half since 1998.

"This improvement results from the continuing effort to reduce administrative costs, 6% through the introduction of our new organization," said the CEO of Valeo, Jacques Aschenbroich, during a teleconference.

Arrived at the head of the OEM in 2009, he has committed a simplification of the structure of the group and focus on its four core businesses.

Jacques Aschenbroich found that disruption of the Japanese industry after the tsunami that struck the archipelago in March were reduced by approximately 90 million euros turnover in the first half of the group, and reduced by 20-30 million operating margin.

"A recovery in activity in Japan is now expected in the summer, and the more general, if we can not exclude minor disturbances on the supply chain, they should not impact the global automotive production in the third quarter, "he added.

ORDERS RECORDS

As part of its strategy to achieve 30% of its sales in Asia by 2015, Valeo in February the acquisition of the specialist Japanese Niles steering wheel for $ 286 million, much dam activist fund Pardus for whom the appreciation of the group's share price is not forthcoming.

Despite the tsunami, which reduced by 31% in the first half of automobile production in Japan and led the entire Asian production (-3%), the specialist systems microhybrid "stop & start" and driver assistance (radars and cameras) has confirmed its forecast for 2011 production and margins.

He said he was "confident" in the event of an increase in world production of about 5% throughout 2011, and armed with a record order intake to 7.7 billion euros, an increase of 18% over the year, it has maintained its goal of an operating margin slightly higher than 6.4% in 2010.

The group had operated in that year a significant recovery in profitability since 2009, his margin was only 1.8%.

The Valeo shares closed Wednesday down 2.99% to 44.33 euros, giving a market capitalization of around 3.6 billion euros. Since the beginning of the year, the stock has gained nearly 8%, after rising by more than 73% throughout 2010.

Japanese Minister of Finance promised Tuesday that his country would continue to buy European bonds. "We will cooperate if there is anything that Japan can do," he said about Greece. View from the industrial port of Tokyo.

Japanese Minister of Finance, Yoshihiko Noda, promised Tuesday that his country would continue to buy bonds from the European Financial Stability (EFSF), to help the euro area to overcome the debt crisis of some members . "Japan has already helped to stabilize European finances by buying bonds from the European financial stability," said Mr. Noda at a news conference. "We want to continue these efforts," he said.

World's second largest holder of foreign currency after China, Japan bought about two billion euros of bonds in the two programs launched to date by the EFSF in January and in mid-June The funds raised by this organization, created last year and backed by the euro area, were allocated to two-zone countries in difficulty, Ireland and Portugal.

Attention is now, however, focused on Greece, which received a separate system of bilateral loans. At the edge of default, the country waits for the payment of a further tranche of 110 billion euros promised last year by the euro area and the International Monetary Fund (IMF), but EU officials just to condition the adoption by Athens to a new set of austerity measures in the next two weeks. "We will cooperate if there is anything that Japan can do," saidNoda about Greece.

A conference call about the debt crisis of the Greek Sunday met finance ministers of the club of seven most industrialized countries of the world (G7), which includes the United States, Japan, Germany, France, the United Kingdom, Italy and Canada. The situation in Greece worried because a collapse of this country could have serious consequences, primarily on other countries in the euro area in need (Portugal, Ireland, Spain or Italy) but by extension the entire global finance. Many fear a new "Lehman," the U.S. bank whose bankruptcy in mid-September 2008 had triggered the global financial crisis.

Greek Prime Minister George Papandreou called for the trust of the national parliament in order to get its austerity plan, a vote which is expected Tuesday night.