Groupama has appointed investment bank Morgan Stanley to test market interest in Gan Insurance, which has the fourth network of general agents in France quick payday loans. Axa is mentioned among the potential buyers, as the most motivated. EUROCOURTAGE Vie and Groupama Gan could also be assigned, provide financial sources.

At the same time, management is considering a merger with an investor temporarily.The head of communications, Frédérique Granado, also decided to leave the band.

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In an interview with i-TV, George Daher, head of Air France at Orly, said the management of the company "hopes to leave the conflict before tomorrow (Wednesday)," and said he was "open to dialogue with other unions "of cabin crew on strike against a reduction in the cabin. "We're always open to dialogue with other unions and hope to be out of the conflict until tomorrow. It would be good for the company and for our customer. "

Two of six unions, the CFDT and CFTC, withdrew from the conflict on Monday after receiving assurances of management on employment until the end of 2012. According to the CFDT union representative, Cyril Jouan, they will be involved in the presentation of the management of jobs and skills (GPEC) over three years, allowing them to have greater visibility on employment in the company.

Following this withdrawal, the company claims to have been able to provide "more than 90% of its program, which is above the 85% announced" on Monday payday loan lenders. "Over 120,000 passengers were transported" which is close to a normal operating day, "says management. "For the day on Tuesday 1st November 2011, Air France plans to provide over 90% of its flights," said a statement.

This objective will be achieved by the continuation of measures already taken by management since the beginning of the strike, as the use of partner companies and subsidiaries, limiting the number of passengers per aircraft on the basis of a hostess or steward 50 passengers, and the reinforcement of about 200 frames.

"Shortness of movement" in the direction

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the reserves of cabin crew volunteers (PNC) are now starting."

This announcement comes on the day of the arrival of the electric Kangoo ZE Renault 371 concessions across France.From 2014, the Renault plant in Flins will be responsible for producing a model developed by the diamond brand. The Kangoo ZE is itself made since the beginning of the month at Maubeuge. Full range of electric Renault will be produced in France and Spain. The issue is important for plants and employees French and Spanish. But also for the company, which spent 4 billion euros, with its partner Nissan on electric projects.

Today, the market remains small. Since last year, Peugeot-Citroen (PSA) sells Peugeot iOn and Citroën C-Zero electric, designed and produced by Japan's Mitsubishi. And less than 1000 copies have been registered by individuals since the beginning of the year.

The $ 108 billion euro responds to both a technical and more political trade-offs. Technically, the European Banking Authority (EBA) has made his calculations on the assumption that banks will have eight months to meet the essential requirements of the new regulations – "Basel 3" – which formally enter into force that in 2019.Objective: that all institutions show a capital ratio of at least 9% of their assets. Specifically, compared to its previous simulations, EBA is considered as the most robust to estimate the amount of capital now available to banks and was more rigorous assessment of their risks, especially those of market activities, and above all, she valued at close to their market price sovereign debt they hold.

No details have yet been given official in this regard, but the write-offs adopted by the EBA would range from 8% for Italian bonds and 60% for Greek securities, to Ireland, Portugal and Spain .In contrast, gains were recorded in German and British debts, for example, who have for the time of the "flight to quality" that characterizes the movements of the market since early August. Which "limit the damage" on the final bill, particularly in relation to IMF estimates, which amounted to 200 billion euros needs area banks.

Restoring confidence

In fact, anything and everything has been said – by the EBA, the IMF, the various States or analysts – the "hole" facing the industry in Europe. Therefore difficult to separate numbers. Most, however, they will give confidence, and for this area of ​​the 100 billion seems appropriate. The goal is indeed to remove the doubts of the market about the ability of banks to the shock of the crisis. Take into account the devaluation of the debts of European countries in this regard was indispensable.But the operation "truth" of banks should not create new concerns about the ability of Europe to bail them out.

The general rule is certainly that financial institutions are themselves the solutions by reducing their balance sheet, affecting more profits to strengthen their capital rather than dividends or raising new money market or from large investors. But if these remedies do not pay the entire bill (in France, they should suffice), states, and ultimately the EFSF, will take over. This requires that the effort required to banks or to the extent of the means that Europe is ready to release for them.

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This new performance-cons is also explained by the deterioration in sales in its hypermarkets in France, which account for over half of the turnover of the group. They had their billing drop 4.4% on a comparable basis and excluding petrol.Sales of food hypermarkets fell 2.6% on a comparable and those of non-food products fell by 9.6%. The group explained that it was the "first impact of its action plan," including fewer promotions.

Supermarket sales were down 0.2%, only reaching convenience formats to take their game with an increase of 4.3%.

Wrong signals in China

Lars Olofsson believes in particular that the economic downturn affects the "discretionary" spending, that is to say non-food consumer. Over the same period, however, Casino succeeded in limiting the decline in sales of its hypermarkets to 1.2%.These justifications therefore disappoint analysts: "We believe now that there is a risk to our forecast 2012 to be undermined," explain and those of RBS, still evoke a "low profile" and say to anticipate a decline of 17 % of 2011 operating income for the group.

The outlook is more pessimistic than the other markets of the distributor are also showing signs of slowing. In Western Europe, the trend remained negative with a decrease of 2.2% on a comparable basis. Most significant, China saw its sales fall by 2.1%. Carrefour said the downturn by "increasing pressure on consumption which impacts particularly on non-food sales." Only Latin America stays the course with revenues up 7.4% on a comparable basis.

At the Paris Bourse, the title of Carrefour unscrews 3.41% to 17.30 euros in a market up 0.31% to 9.30.

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"Low prices are not enough to win

The whole problem is whether the profit warning could be the first of a series in the CAC 40. Companies are affected by the stock market crisis of the summer. Order books deflate. At the same time, companies have made great efforts to optimize their costs. A new lower spending takes time. For their part, financial analysts are slow to revise their forecasts.

The companies involved in these kinds of concerns are primarily industrial and cyclical stocks. Eramet had also warned that its prospects were less favorable in the second half. The work of specialist nickel and manganese drop 57% since January 1 cash advances pay day loan.

Despite a more difficult context, ArcelorMittal has maintained its forecast. But investors are very cautious since the title is down 52% since the beginning of the year.

Financial analysts continue to anticipate an increase of about 6% of profits in 2012 for CAC 40 companies. They may be forced to correct the optimistic estimate.

U.S. companies will give indications

Investors could have their questions answered with the wave of quarterly results expected in the United States. open the show on October 11.The specialist for aluminum had anticipated a sharp rise in net profit in 2011. This optimistic forecast could be questioned. Each variation of 100 dollars per tonne of aluminum has an impact of $ 200 million of annual net income. Now, three months, a tonne of aluminum has declined by more than 300 dollars.

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Global stock markets are indeed won by a renewed optimism since the beginning of the week on the ability of Europeans to enrayerla debt crisis in the area euro.Les Europeans should take measures to stabilize Greece and the banking sector . Strengthening the emergency fund indebted countries (EFSF) was particularly mentioned.

On Wednesday, France also formalize and discipline its budget for reducing government deficits and contain the debt.The presentation of the presentation of the draft budget law for 2012 by the Minister of Economy Baroin and budget minister Valérie Pécresse is expected in 17 hours.

The numbers of zero growth (0.0%) in the second quarter were confirmed by INSEE on Wednesday morning. Other macroeconomic indicators are expected across the Atlantic: orders for durable goods in August, the United States will be published at 14.30 and the weekly crude oil inventories at 16:30.

As for the oil markets, a barrel of "light sweet crude" for November delivery lost 1.25 dollars to 83.20 dollars in early electronic trading. A barrel of Brent North Sea crude for November delivery gave 96 cents to 106.18 dollars.The previous day, oil had spread over 4 dollars in New York.

The bank to follow

Among the values ​​to be followed, the bank should always enjoy the rumors sector support. Tuesday, these values ​​have soared: Société Générale jumped nearly 17%, 14.15% BNP Paribas, Crédit Agricole and Natixis 13.10% 11.26%.

Societe Generale is also seeking to sell its stake in Newedge, a subsidiary jointly owned derivatives with Crédit Agricole, as part of its plan to sell non-strategic assets, according to Reuters.

Green Bank is expected to announce a sale of assets today, reports the Financial Times. Following the example of BNP Paribas and Societe Generale, Credit Agricole and wants to improve its solvency ratios.The amount of the sale, however, was not known by the British newspaper.

The Franco-Belgian bank Dexia examines options to strengthen its balance sheet but excludes any split in the group, said Tuesday its chairman at the end of a board of directors held fueled much speculation.

Neopost announced Tuesday an increase of 2.7% of its turnover in the first half (+5.9% excluding currency effects). The solutions specialist courier has confirmed its forecast 2011 and launched a plan to optimize its structures in the United States and Europe which should generate annual savings of about 7 to 8 million euros in 2013 .

Renault: According to a source familiar with the matter quoted by Reuters, its partner Nissan will invest $ 1.5 billion (1.1 billion) in building a plant in Brazil, likely to produce electric cars .

Alten must also publish its first half results.

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"France presents its budget discipline

For over a year since employees bought the complex in 2008 by the American group at Shell are worried about the survival of their institution on the banks of the Etang de Berre, a center of petrochemical refineries with four French.In May, they had hope again, the company announced it was selling its refinery in which "the extent of losses (…) was no longer sustainable." She had mandated Barclays Capital to find buyers. Soon after, the government had instructed the French agency for international investment to assist. But if the AFII continues to seek a candidate, LyondellBasell would have thrown in the towel.

"Berre refinery is old and of modest size with an output of 5 million tonnes against a national average of 7 absolutely free credit score.5 million, says Jean-Louis Schilansky, president of the Ufip. However, gross margin refining fell to 13 euros per tonne, a level close to that of 2009, when the French refineries had recorded nearly $ 1 billion in losses. "

But, said a council employee, the decision to close seems taken since last spring.Otherwise, why ask in June, the commercial court to appoint an ad hoc agent for the Company's petrochemical Berre covering all employees of the site but not the assets and accused of heavy losses, forcing them to recapitalize before end of the year?

General Assembly

Employees do not agree with the diagnosis of their direction. A study by McKinsey, commissioned as part of a right to notify, concluded that "the next five years, the site is profitable as a whole, integrating the refinery."

So they want the company to reconsider its position and keep the refinery or offer to sell the entire site has been designed on a model built around the refinery.The inter-union (CGT, CFDT, CFE-CGC, FOR, CFTC) will hold a general meeting Tuesday at the end of the works council at the entrance of the petrochemical complex, "to decide on a large-scale strike if announcement is confirmed. "

Investors cautiously welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou during a conference call Wednesday night to Athens out of the crisis. Same upward trend in other European financial centers: the FTSE-100 wins from 0.67% to 5262.05 points, the FTSE Milan Mib rose 0.69% to 14,264 points and the Dax in Frankfurt rose by 0 , 87% to 5386.86 points.

For now, the markets show their confidence in the ability of the euro area to help Athens to prevent the country are lacking, and is forced out of the single currency. At the end of their conference, the Franco-German and was convinced "that the place of Greece is well and truly in the euro area." But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "For the budget minister Valérie Pécresse, what the Prime Minister of Greece were "reassured" the euro area, she said on Thursday LCI.

The U.S. maintains pressure on Europe

To this, add the announcement of the Brics (Brazil, Russia, India, China and South Africa) said on Wednesday they could increase their holdings of bonds denominated in euros. Brazil has such willingness to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff. The same goes for Russia, which has indicated its willingness to "consider an investment in the new mechanism in the euro area euro if the responsibilities are clearly defined" through its Vice-Minister of Finance.However, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

U.S. side, however, no way to release the pressure on Europe. It "must do more" in the words of Timothy Geithner, U.S. Treasury Secretary, who must participate in a meeting Friday of finance ministers in Europe. In an interview Wednesday on the financial channel CNBC, he considers, however, that the Europeans "has the capacity" to resolve the crisis, seeing as a good thing that they "recognize that they are late."

Note that Christine Lagarde, Executive Director of the IMF, should give a speech in Washington on "Challenges and solutions for the global economy and the IMF" to 16 hours.While Ben Bernanke, the Fed chairman, should speak at a conference in Washington on the regulation of systemic risk in the early afternoon.

Oil prices continue to fall

On the macroeconomic front, figures on employment in the euro zone for the second quarter are expected, and inflation in August.

In France, the trade deficit is expected to reach 75 billion euros this year, a new sad record after the 56 billion euros recorded in 2008, says Les Echos low interest rate personal loans.

For its part, Spain on Thursday to conduct a bond issue.

Finally, many figures are expected in the U.S., including inflation for the month of August, the current account balance in the second quarter, the weekly claims for unemployment and industrial production for the month of August .

On the foreign exchange market, the euro down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to fall, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said.In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Values ​​to follow

• Banking

The banking sector, including Societe Generale (0.29% to 17.43 euros), BNP Paribas (1.04% to 27.18 euros) and Credit Agricole (1.80 to 5.31%) will be once again scrutinized by investors. The crisis became systemic, according to a document sent to the European Union finance ministers and obtained by Reuters, which also recommended a further strengthening of bank resources. In addition, two out of three French believe that the weakening of the banking sector related to the debt crisis could threaten their economies, according to a CSA poll released Wednesday to Les Echos.

• LVMH (1.25% to 113.20 euros)

The group announced Wednesday it had chosen Jordi Constans, come to Danone, to succeed Yves Carcelle at the head of Louis Vuitton in 2013.

• ArcelorMittal (2.68% to 13.23 euros)

The company promised to stop its steel plant in Florange (Moselle) would be temporary, said Wednesday the French government.

• Areva (2.04% to 21 euros)

The nuclear expert will present its strategic plan in early December through improved operational performance, an adjustment of investment and possible asset sales, said its president of dirctoire in an interview for Echoes.

• Publicis (0.56% to 30.66 euros)

The group announced Thursday the acquisition of 100% stake in a public relations agency in the United States, Schwartz Communications, which specializes in technology and health, for an undisclosed sum.

• Bouygues (0.53% to 24.86 euros)

Wednesday, Bouygues Construction, through the company Eirene, delivered the first 53 service centers and respond to the DIT (Directorate of transport infrastructure under the Ministry of Ecology, Sustainable Development, Transportation and housing), according to Reuters.Eirene now provides maintenance and management of these buildings for 28 years.

• Technip (0.76% to 67.89 euros)

The French group of Petroleum Engineering has won a contract for facilities ammonia-urea fertilizer in Port-Gentil (west of Gabon), from Gabon Fertilizers Company, said in a statement.

• Cellectis (6.02% to 5.99 euros)

The company will acquire the Swedish company Cellartis specialist tools for research and development in vitro derived stem cells, as part of a contract valuing the approximately 33.8 million.

• Hermes

The luxury group said that trading in its title would be suspended Thursday pending the decision of the Court of Appeal of Paris on the exemption granted by the AMF on the buyout of minority interests.