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BBVA, Spain's second largest bank, announced Thursday a 34.8% drop in net profit in 2011 as a result of provisions for impairment of its property assets and exceptional charge .

Its net income amounted to three billion euros, a result set back from the expectations of 3.18 billion, according to a Reuters poll of 11 analysts from financial.

The amount of its bad loans declined slightly to 4% of all of its claims, against 4.1% in September.

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Antonio Borges, director of the Europe Department International Monetary Fund (IMF), has resigned with immediate effect, the Fund announced Wednesday, while the euro area hit by the debt crisis for over eighteen months.

The IMF notes that the Director General intends to appoint Christine Lagarde Reza Moghadam, Director of the current strategy to succeed Borges, effective Thursday.

This decision was welcomed by analysts who see a clear change of policy that could result in greater IMF involvement in the management of sovereign debt crisis that threatens to plunge the world economy into recession.

Exchanges in the euro area have closed down Tuesday, still hurt by the crisis of sovereign debt and the risk to the region from falling into recession.

Sign of the serious concerns surrounding the monetary union, the euro is less resistant to storm the previous day. He fell under $ 1.35 and was trading around 1.3497 dollars in late afternoon.

In the wake of the countries now in the crosshairs of the markets, Italy and Spain, whose 10-year rates and spreads (spreads) performance with Germany were strained, France saw its 10-year spread with the Germany to a new high since the launch of the euro in 1999 to 190 basis points (the nominal rate of 10-year OAT standing at 3.68% against 1.77% for the German Bund).The historical record of the spread (250 bps) above the euro and goes back to January 1990.

The Paris Stock Exchange ended down 1.92% to 3049.13 points, those in Frankfurt and Milan, down 0.87% and 1.08% respectively. The index of the principal values ​​of the euro area, the Eurostoxx 50, lost 1.32%.

Outside the euro area, London has resisted (-0.03%).

Financials (banks and insurance) (-1.4%) (-1.85%) and construction (-2.12%) recorded the largest falls in Europe and sector weighed on the stock exchanges, including in Paris.

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, the high fuel costs to be offset by higher revenue per passenger per kilometer.

The first airline to European low-cost, which reported a quarterly taxable income above expectations, said not having seen virtually no impact of the decline in consumer confidence.

The Irish company added, however, she anticipated a decline in traffic in the coming months due to his decision to nail to the ground some aircraft in response to the high cost of kerosene.

Of the three months to September, the taxable income stood at 404 million euros against an average forecast of six analysts polled by Reuters de393 million.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

Default, return to the drachma, massive devaluation, hyperinflation, recession … out of the euro could well lead the Greek economy to disaster. Demonstration. Of "indignation" burn Greek euro banknotes to the Bank of Greece in Athens, October 17, 2011

The euro area, you love it or leave it. This is essentially the message from Nicolas Sarkozy and Angela Merkel George Papandreou yesterday evening after a mini-crisis summit in Cannes. French President and German Chancellor asked their conditions in the referendum decided by the Greek Prime Minister: consultation will not include the bailout of the euro but on the desire to remain or not in the euro area. And it must take place before Christmas.

"It is clear that the question that is posed is that of the European future of Greece.Her outfit is however conditional on the vote of confidence in Parliament of the Greek government policy and the possible holding of early parliamentary elections, but if this referendum does take place, that meet the Greeks? "The Greek people will not come out of the single currency, says political scientist Georges Sefertzis expansion. Com. It is not against the euro than the Protestant population. It is against the decisions of austerity and hard above all very unfair. "

Yes, but in these times of severe political instability and confusion of the population, no one can say that the ras-le-bol massive Greeks will not materialize by a protest vote at the polls. That is to say no to the euro area. In principle, no country can leave the euro area. Neither the release nor the only possible exclusion from the European treaties. However, nothing seems to prevent it if a country so requests.

Several countries have claimed Monday the symbolic birth of seven billionth person on the planet today. The UN took the opportunity to draw attention to the challenges of population growth. In poorer countries, governments will be faced with the difficulty of finding a job in the armada of young people coming onto the labor market.

In Manila and Kaliningrad? Girl or boy? Several countries have claimed Monday the symbolic birth of seven billionth person on the planet today, the opportunity for the UN to call attention to the challenges of population growth.

See also Slide show: That's it, we are 7 billion.

The level of 6 billion was reached in 1999. The United Nations had then chosen Nevic Adnan, a baby born in Sarajevo, as representative of the six billionth human coexist on earth.This time, the UN has refrained from designating a "winner" in advance and many countries have planned to announce the lucky winner was born at home.

A Filipino, Indian or Russian?

In this game, the Philippines has been the fastest. Danica May Camacho, born two minutes before midnight Sunday in one of the poorest countries in the world, is a lovely little girl of 2.5 kg. His parents, Camille and Dalura Florante Camacho, were welcomed by UN officials who had brought a small cake for the occasion. "She is so beautiful. I can not believe it is the seven billionth person on the planet," Camille has moved Dalura in the delivery room of the Jose Fabella Memorial Hospital, a public hospital in the capital Philippine invaded by journalists.According to the United Nations Fund for Population Activities (UNFPA), the Philippines is the 12th most populous country in the world with 94.9 million inhabitants, of whom 54% are under 25 years.

But India, a country-continent with 1.24 billion people and by 2025 should become the most populous country by China, with nearly 1.5 billion people, has in turn announced coming into the world of Nargis. The little girl was born at 7:20 local time (1:50 GMT) for a 23 year old mother and a father of 25 years in the dusty village of Mall, in the State of Uttar Pradesh, told AFP a spokesman for Plan International, an organization caricative based in the UK.

Two Russian regions, the most eastern Kamchatka, and most western Kaliningrad, also dispute the title.

Interest rates Italian debt to 10 years have passed the psychological threshold of 6% to 6.06%. Concerns focus on capacity from Rome to take charge of its massive debt of 1,900 billion euros. Asian stock markets closed sharply down Monday, August 8, 2011. The Tokyo Stock Exchange lost 2.9%, Shanghai 3.79%, Sydney 2.9%, 3.82% Seoul, Hong Kong 2.11%. The Bombay Stock Exchange, she fell to its lowest since 2010 (-3%).

The cost of financing the huge debt of Italy also rose Friday on the issue of 7.935 billion euros of bonds and long term, despite the Europe Agreement in an attempt to stem the debt crisis , announced the Bank of Italy.

Put into a corner by its European partners, the Italian prime minister Silvio Berlusconi has also pledged to adopt by November 15 a plan of action to boost growth and reduce debt. But investors, who doubt the credibility of a government weakened and divided, are still not reassured by Italy with a huge debt reached about 1,900 billion euros (about 120% of GDP).

Traders are on alert Monday morning after the warning of the Japanese Finance Minister Jun Azumi, who warned that Tokyo might intervene in the foreign exchange market to try, once again, to halt the rise of the yen that threatens the recovery of the Japanese archipelago.

Japanese export growth has certainly slowed less than expected in September, showed figures released Monday by the Ministry of Finance, but economists warn that the combination of a strong yen and the persistence of the crisis debt in Europe pose high risks to external demand.

The Bank of Japan (BoJ), which meets Thursday, is likely to cut its economic forecasts because of slowing global growth while keeping intact its monetary policy.

The status quo in Japanese monetary policy, however, may not be sufficient to contain the rise of the yen, the latter continued to figure as a safe haven in times of uncertainty.

"The dollar / yen fell sharply, to a range between 75 and 76 yen in a very short period of time. This is completely speculative and does not reflect at all the fundamentals.This is unfortunate, "said Jun Azumi reporters.

"If this path becomes excessive, we will take tough decisions."

The strong yen will have a major impact on the Japanese export sector, he added, especially for the automotive industry.

Jun Azumi's remarks came after the dollar hit a record low Friday at 75.78 yen on EBS platform.

Since September 2010, the government intervened on two occasions, once alone and once together with the G7, in an attempt to weaken the yen, but the effect of these interventions did not last.

Japanese exports rose 2.4% in September from the previous year, against 1.0% expected, supported by higher sales of automobiles and automotive equipment.In August, they had increased by 2.8%.

Imports on the other hand increased by 12.1% last month, instead of the 12.6% forecast.

Japan posted a trade surplus of 300.4 billion yen (2.8 billion euros), a deficit in August, against a forecast surplus of 198.8 billion yen.

Chinese Premier Wen Jiabao said he was "worried" the spread of protectionism with a "misuse" of anti-dumping. Chinese Premier Wen Jiabao at the "Forum Summer Davos" in Dalian City, September 14, 2011.

Chinese Premier Wen Jiabao said he was "worried" Friday of a "sharp increase in protectionism" in the world, especially because of "misuse" of anti-dumping. "What is worrying is that due to many factors … the Doha Round is not progressing. Protectionism is growing rapidly," Wen said at the opening of the Canton Trade Fair (south).

Face "to the current turmoil in international financial markets, the growing number of uncertainties and a slower recovery in the major economies, the international community should be united as a passenger in the same boat," said Prime Chinese Minister.

China reacted strongly this week in the adoption of a U.S. bill to penalize for manipulating its currency. The United States accuses an abysmal trade deficit with China, which reached a record $ 29 billion for the month of August, and many U.S. lawmakers believe that this is due to an undervaluation of the yuan. "Only by solving more efficiently trade frictions that we can get rid of the shadow of the global financial crisis," said Wen Jiabao.

In early October, the U.S. denounced nearly 200 grant programs from China and India about fifty. The Chinese premier also noted that the entry of China into the World Trade Organization (WTO), which occurred in December 2001, had "brought benefits" to its trading partners.

European shares opened down Wednesday as investors took the excuse "no" to the strengthening of Slovakia's EFSF to continue to take some profits after a period of strong growth.

In Paris, around 9:25, the CAC 40 index lost 1.03% to 3121.16 points, while the Eurostoxx 50 yields 0.91% and 0.91% Eurofirst 300.

The results below expectations Alcoa, attributed to a slowdown in growth, also weighed, including the metal values.

"The impact (of the 'no' Slovak) seems limited, since operators only imagine evil Slovakia could jeopardize such a process aid to Europe, especially as the Troika suggested that the next tranche financial aid to Greece would probably be released soon, "said Saxo Bank in a note.

The euro is stable against the dollar, halting a rally that was motivated by the hope that the Europeans take the necessary measures to stem the debt crisis.The European currency is trading at 1.3647 / 1.3647 dollars against 49 the previous day in the afternoon.

A barrel of Brent is also stable at 110.75 dollars, after five sessions in the green, OPEC has reduced its forecast for growth in global demand.

The financial and cyclical stocks are once again at the forefront of the correction, with a decline of 1.5% of commodity indexes and automotive and 1.2% of the index of bank stocks in Europe .