If the performance of these three giants of Wall Street have exceeded the expectations of financial analysts, they are far from convincing.The banks, in effect, save their profits fall in provisions for doubtful debts, which remain however very high levels. At Citigroup, they have a charge of $ 6.7 billion, the lowest in almost three years. For Bank of America, the drain $ 8.1 billion against $ 9.8 billion in the first quarter and still $ 16.4 billion a year ago credit reports free.

Less capital raising

More than three years after the start of the crisis in the housing, the improvement of conditions in the shy USA relieves borrowers. But business remains sluggish, as evidenced by the decrease in revenues of large banks: – 33% for Citigroup – 18% for Bank of America – 7% for JPMorgan. The great challenge for these players is to reach boost their sales."It will be several more quarters to see a sustainable activity," warns Brian Moynihan, the CEO of Bank of America.

Last year, the Wall Street banks had managed to offset the gloom with an exceptional year in the investment bank, with capital raising records. Alas, this windfall is gone and instead the second quarter under the sign of the crisis of European sovereign countries was characterized by high volatility and lower risk appetite. This scenario weighs on commissions and revenue from emissions trading.

No social plan, but hiring jellies, retirement and not replaced quits 1765 people. In total, the Company should have 2436 employees under the 2010-2011 fiscal year (which ends in late March 2011), 834 the following year, and 1121 in 2012-2013.

Between the beginning of the crisis in 2008 and 2013, it will be 9312 jobs will be eliminated, according to La Tribune. Hardest hit will be the ground staff, including 3,200 voluntary redundancies. The anticipated staffing needs for 2013 by the company found to be superior to the number of voluntary redundancies planned.The pilot should then be so redundant and ground staff and cabin light should be hitting understaffed.

An ad for a symbolic opening week of the G20 summit in Toronto and while international pressure, especially American, was always more intense. The consensus, the Chinese currency, also called the renminbi is undervalued by 30%, boosting Chinese exports and increasing the price of imports for other countries.

In Asia, the news is very appreciated, Awards winner around 2%.

In Europe, the enthusiasm is also present.Already in the past week, the CAC 40 rose 3.91%, the index in London gained 2.26%, and about the U.S. markets, the S & P 500 and the Nasdaq rose by 2 , 24% and 3.44%.

On Monday, the London Stock Exchange climbed 1.01% from Friday's close at 5321.30 points. The DAX index of the Frankfurt Stock Exchange climbed 1.33% to 6299.46 points.

The euro continues to rise

This morning, the euro continued to rise. He was quoted on Monday morning around 9:00 1.2456 dollar (+0.5%) while gold has posted a new record high at 1262.55 dollar an ounce.

The increase was boosted in particular by the reassuring speech by Jean-Claude Trichet, president of the ECB. He pointed out the growth prospects of the euro area 1% against 0.8% previously.While the severe degradation of the note in Greece did not impact the morale of the operators.

The European Union has also shown its unity: the European government leaders during a meeting Thursday, June 17 in Brussels, have pledged to tighten fiscal policy to respond firmly to the debt crisis of the states.

In China, the yuan, hit a record high since July 2005. Two days later, the renminbi, another name for the currency, displays a record on the interbank market at 6.8089 against the dollar, reports the agency Dow Jones Newswire.

No statistics major is waiting on Monday morning.The previous week, on the macroeconomic front, investors have noted the rebound in European Industrial production output is + 9.5 in Europe.

EDF: 10% in South Stream (1.49% to 36.33 euros)

The group vowed on Saturday to take a stake of at least 10% in the South Stream gas pipeline through the end of 2010 a decline in participation of the Italian group Eni. The public company has also signed an agreement for cooperation in the nuclear field with the Russian Rosatom public group.

GDF Suez: + 1.57% to 26.25 euros

The company announced on Saturday he came up to 9% stake in the Nord Stream pipeline, which needs to be redirected from the 2011 Russian gas to Europe.The French gas group has also signed a cooperation agreement with Gazprom in the areas of energy efficiency and energy savings.

Alstom: + 2.91% to 42.14 euros

A tripartite agreement was formalized on Saturday between Alstom and TMH its Russian partner railways of Kazakhstan on the provision of 200 freight locomotives to the latter, the French share is estimated at 500 million euros.

France Telecom: -0.32% to 15.35 euros

The telecommunications group has met on Sunday evening in its board of directors to consider a draft agreement with Claude Le Monde Perdriel, CEO of Le Nouvel Observateur, and Spanish media group Prisa, said a spokesman for the 'telecoms.The Chief Executive Stephen Richard had said in an interview published by the Journal du Dimanche that Orange had invest 50 to 60 million euros in Le Monde.

Renault: + 3.13% to 33.92 euros

The manufacturer could work with an American partner if the opportunity presented itself, "said CEO Carlos Ghosn with the Italian newspaper Sole 24 Ore, but said he was not a necessity.

TF1: + 0.28% to 12.36 euros

The FIFA World Cup looks positive for TF1, although the France team was eliminated in the first round of the competition, Le Parisien said the Group CEO Nonce Paolini.Friday, TF1 shares fell 0.84%.

Stallergenes: + 1.85% to 55 euros

The group said to be satisfied with the results of a Phase III clinical study conducted in China for a sublingual immunotherapy (Staloral) for treating asthma to mites.

Eurotunnel (GET): 2.65% + 6.28 EUR

The operator of the Channel Tunnel was given the green light to bid in the privatization of the railway high-speed London-Folkestone, according Wansquare, citing unidentified banking courses.The sale process could be launched today, the Financial Times.

Accor: + 0.14% to 43.89 euros

Standard & Poor's Friday affirmed the credit rating of BBB-group and ended the surveillance period with negative implications opened last September, before the split announcement Edenred of the new entity separate from the hotel services.

Schneider Electric: + 2.28% to 92.14 euros

His finance director has ensured that the group would continue this year to small and medium sized acquisitions in emerging markets.

In the end, the Dow Jones folds of 113 points (-1.14%) to 10,023 points, the Nasdaq drops 1.54% and the S & P lost 18 points to 1070 points (-1.7%). Oil, too, ended down sharply on 72.7 dollars a barrel, weighed down by a series of disappointing economic indicators in Europe and China, bad news for energy demand.

On the energy side, the sector suffers greatly (-4.3% for the sector index) of the state of BP (-14.97% to 36.52 dollars), which fails to control the flow of oil 's escapes into the waters of the Gulf of Mexico since April 20.Titles BP have lost more than 13% at the London Stock Exchange on Tuesday and 40% since the explosion of the platform.

The United States has opened a criminal investigation and civil and criminal cases to shed light on the oil slick in the Gulf of Mexico caused by the explosion of a platform operated by BP, said Tuesday the U.S. Department of Justice.

Two good stastitiques U.S.

The increased activity in the manufacturing sector in the United States has slowed slightly in May, the ISM index fell to 59.7 with measuring, according to figures released Tuesday by the association. But his pace, however, exceeded expectations and the industry and displays its tenth consecutive month of growth.

Moreover, construction spending in the U.S. jumped 2.7% in April, according to official figures released Tuesday in Washington, showing up much more than expected by analysts.Economists on average had forecast an unchanged rate of expenditure after the decline of 0.3% originally announced for March.

June catastrophic better after May

Yesterday, the NYSE was closed for Memorial Day. Friday, after falling heavily in meeting Wall Street had ended the week around the equilibrium. The Dow Jones had lost up to 3% in session after the announcement of the lowering of the Spanish debt rating by rating agency Fitch has finally yielded 0.23% at closing.

The month of June begins on a note strongly negative, while the month of May had already been disastrous for U.S. and European financial centers.

The euro hit a four-year low

On the foreign exchange market, the euro is down sharply.The euro fell Tuesday to 1.2115 dollars in morning, its lowest level in more than four years against the greenback.

The currency was dragged down by a report suggesting the ECB further write-downs for banks in the euro area. According to the ECB, the need for reserves of banks in the euro area to cover potential losses amounted to 90 billion extra in 2010 and 105 billion in 2011. After dropping Friday, the euro had rebounded Monday above $ 1.23.

Prudential pressure

On the side of values, the U.S. insurer AIG (-3.19% to 34.25 dollars) on Tuesday sent a procedural bar to his British rival Prudential, which claimed to be lowered from 14% the price of selling its Asian subsidiary AIA, which could derail the transaction record in the history of insurance.

Also note, the aircraft manufacturer Boeing Co. (-1.92% to 62.95 U.S. dollars) has won a tender to provide civilian aircraft to Russian conglomerate Rostekhnologuiï facing the European Airbus and United Aircraft Corporation Russian UAC.

Among the largest declines in the Dow, Alcoa is the red lantern, with a decline of 3.87% to 11.2 dollars, then comes JPMorgan Chase, which fell 2.63% to 28.54 dollars.

Only six values are listed in the green, including Kraft Foods (+1.05% to 28.9 dollars), more strongly, and Wal Mart (0.71% to 50.92 dollars).

General Motors has for its part announced its intention to invest $ 385 million in Brazil in the renovation of its existing production units. The U.S. company plans to renew the production line of a factory that manufactures Classic, Corsa and Vectra in Sao Paulo.

Elsewhere in the region, the trend is very promising: the Hang Seng in Hong Kong up 1.05%, the Singapore Straits Times of Singapore won 0.3% to 2889 points and the S & P / ASX Sydney s 'gives 0, 71%, to 4652 points.

Sony confident

The Japanese electronics giant Sony has confirmed on Thursday it had ended the fiscal year 2009-2010 on a net deficit reduced to 40.8 billion yen (312 million), reflecting a return to the Green In terms of utilization through reductions in fixed costs.

With the renewed vigor, Sony also said Thursday that he hoped to finish the year began last April, and will be closed in March 2011, a net profit of 50 billion yen (about 400 million euros ).

Nissan Motor Co. is not far from being able to resume an operating margin of between 6% and 7%, said Thursday that Carlos Ghosn, CEO of the Japanese held 43% by Renault. On the occasion of the publication of a return to profit in the fourth quarter 2009-2010, Nissan had Wednesday reported a profit forecast for 2010-2011 considered conservative.

The rating agency also downgraded the debt rating Greek, she now sees as speculative ("junk bunds). As listed in the category BB + BBB + cons before, government debt is regarded as far more risky than that of Portugal, due to repayment capacity considered more tenuous. Yet the Greek market oscillates around equilibrium Wednesday morning.The main index of the Athens Stock Exchange, the FTSE / 20 Athex back slightly after gaining 0.76% to 828.63 points.According to a financial analyst in Paris, several factors explain this calm in Athens.

Psychological and mechanical effects

Investors see some first as the next allocation of aid to Greece, which should cover $ 45 billion or 55 billion, the International Monetary Fund considering to extend its contribution of 10 billion dollars, according The Financial Times.

Furthermore, "prohibiting short selling in the Greek market this morning can also cause a mechanical increase in the index, investors who are forced to buy back their positions," says financial analyst, who notes that " the Greek market has largely underperformed the European markets for several weeks. "

He also whispers in the trading rooms that some operators is positioning itself to try to take advantage of the situation.Thus, "banks can now arbitrage, borrowing from the European Central Bank (ECB) at very low rates, around 0.5%, and buying bonds Greek very profitable." The rate of Greek bonds to ten years continues to rise: it exceeded 11.076% on Wednesday morning. Until then, long yields a euro-zone countries had never exceeded the threshold of 10%.

All European markets tremble

Greece and Portugal are not the only country to see them off the gap between the rate of return on their bond and a risk free loan for the same period. Spreads of Iceland, Spain and also France's rise. In other words, investors' doubts about the creditworthiness of these borrowers are continuing to strengthen.

This lack of trust leads the major indices falling everywhere in Europe.Around 11:30 am Spanish IGBM fell by 3.41% to 1047.61 points. The German Dax drops 1.97% to 6038.22 points. In London, the FT100 was down 1.05% to 5544.91 points. In Paris, finally, the Cac 40 2.28% yield and password below 3800 points to 3757.10 points.

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Antoine Bernheim. – No. Of course I understand that we did not wish to renew for three years president of 85 years. But in this case, it is obvious that age is an excuse. I do not accept the way things have been made against me and against Generali. Me, I was offered an "honorary president", but not at the board of directors! As for the company, its management has been decided from the outside, in Mediobanca. And he provides a board where anyone outside the two managing directors (CEOs, Ed) will not know anything for insurance. They even rejected Claude Tendil, president of Generali France, which is one of the best insurers in the world.Generali deserves better than that. We do not yet know how the powers will be defined between the two managing directors and the president. As for Mr. Geronzi, who must take the presidency, I wonder … This is not an insurer and he always said he did not want this job.

Will you accept this patronage?

Honestly, I do not know yet. Thanks to Mediobanca, I'm not even on the list of directors to be presented at the meeting April 24. Given what I represent in the history of Generali, I think it's an insult. Ultimately, I could accept such a position, if I was director. And then, when we, like me, been kicked out of a masterful kick, one is rather tempted to retaliate. I am.I would add that on April 24, the small shareholders in Generali will, too, have a say.

Vincent Bollore, who is close to you has participated in the council and Mediobanca will become vice chairman of Generali. This does not "compensate" Does not your departure?

Vincent Bollore said he did everything he could within the nominations committee of Mediobanca. I think, though, in reality, I think that he is not against the idea of a withdrawal to my age. He advises me for months already to accept a honorary president for life and the benefits attached to them.Do I need? After all, my phone rings again …

As for the future role within the board of Generali, Vincent Bollore – who, as intelligent and dynamic as it is, is not an insurer – I do not know what he can be when we clearly supports a takeover of Generali by Mediobanca.

What do you mean?

I think if you put me in the door today Generali, because I defend an orthodox management, exclusively serving the interests of the company and its shareholders, not special interests. I also fought for what is Generali of Italy, a treasure, one of his very few companies to be known worldwide. We're number two in France, Germany, Central Europe, in China too (private sector).But for the merchant bank Mediobanca, which is no longer the hub of the Italian economy, it was the time of Enrico Cuccia, the issue has always been to return to power at Generali No teletrack payday loan. What has never been neither in the interests of the company and its customers or the interests of Italy.

The defense of Generali, it was also against the appetites of other insurers. Have you, during your presidency, proposed a marriage with AXA?

My duty has always been to defend, with all my strength, the "Italian character" of Generali. So yes, Axa has always wanted a reconciliation, but I've always been against. And I have often said Claude Bebear.If it was thought at one time or another, the fact that French is the head of Generali was a godsend, he finally had to give in to reason.

Compare yourself today the circumstances of your departure to the 1999?

When I became the CEO of Generali in 1995, it achieved very little of its profit in connection with its object. She was content to sell property to make profits! In four years, I had doubled the turnover consolidated global market capitalization tripled. But Mediobanca from me in 1999. As I said at the time, and this remains true, the recognition is a disease of the dog not transmissible to man!

And then in 2002, Mediobanca, very concerned about the financial situation of Generali, which was lost, asked me to return. What not to the liking of everyone.Antonio Fazio, Governor of the Bank of Italy, has done everything for me put a spoke in the wheels. But he failed. Others were convinced that I would not set goals that I had with the two managing directors: we had developed a considerable business plan, for a term of three years for the management, instead of just one year as was. And as I have done my job, they could not get rid of me … until now.

This special relationship between Generali and Mediobanca did she embarrassed in your plans for the insurer?

Yes, because Mediobanca would not be diluted stake in Generali. They have never wanted me to realize any capital increase. Mediobanca may not, from his point of view, giving room for maneuver to Generali, and I worry for its future.Because if the company has managed to partially rebuild its capital after the terrible financial crisis we went through these past two years, it will not be sufficient to meet future regulatory requirements under Solvency 2 Directive nor more needs to be developed by means not only organic but also by major acquisitions.

At one point, he will make a capital increase. And better sooner than later because the liquidity has been abundant in recent months, will not always what you …

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Last month, the number of unemployed has increased by "only" 0.1% and the Prime Minister said that the unemployment curve "should be reversed" this year.

In this context, the pessimism fades frames. They are more than 23% against 28% a month earlier, suggests that the number of unemployed would "increase significantly" in the coming months. It's the same for the outlook for living standards. The frames provide a breakdown is no longer the majority (45% against 51% in February).

Occupational mobility

Moreover, two important indicators, as forming part of life, experiencing a frank improvement. Thus, 25% of executives (+ 7 points) believe that opportunities to advance their careers in the coming months "will be important" and 18% (+5 points) than their financial situation "will improve" easy payday loans.

Regional elections have also played a role in improving the morale of white-collar. "Their result has reassured the French left's ability to register their camp in a dynamic of conquest of power and those on the right on the determination of the President of the Republic to maintain focus and to pursue reforms, with the exception of the carbon tax, "said Francois Miquet-Marty.Asked about the place and role of higher education, executives claim, massively, more money for it. Eight out of ten consider, in fact, that France "does not invest enough" in this teaching.

On effectiveness, their opinion is also positive. Seven in ten "confidence" in higher education to deliver a broad general education and a narrow majority (52%), they also make it "trust" to prepare young people for the job.

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Despite the concerns of the Japanese government vis-?-vis the deflation threat, the dramatic rebound in exports could indicate the consolidation of the recovery so far seen as fragile and dispel any doubts about a possible recession.

The sharp increase reflects a recovery of global trade but also by a calculation that gives in February 2009 as the reference period. Japanese exports were then plunged 49.4%. Imports were up 29.5% last month.

Thousands of members of Unite, the first British trade union, launched the movement to midnight Friday, hours after a failed final attempt to reconcile the co-general secretary Tony Woodley of Unite and the Director General Company Willie Walsh.The conflict includes the company's decision to abolish the post of cabin crew on fifteen on the long-haul flights, and wage claims of employees. Unite has rejected a deal of 4 years, he said, returning to freeze wages until 2014.

At Heathrow, the world's first airport for international traffic, over 60% of long-haul but only 30% of short-and medium-haul should be provided on three days. At Gatwick, London's other airport, the traffic would be normal for the long haul, and operate at 50% for short and medium haul. Picket lines were in place Saturday morning in many UK airports.

The movement would resume next Saturday

Unite represents 12,000 members of cabin crew for British Airways instant payday loan .According to the union, early indications seemed to show that the movement was widely followed, although the direction of BA had threatened the strikers they remove a number of benefits gained.

British Airways seems better prepared than during the conflict in January 2007, when the strike had been canceled at the last minute. She claims to have found a thousand volunteers from among its cabin crew to fly up Monday and have it properly trained. Sixty other companies have agreed to take on their flights by British Airways customers. The move, which comes just a few weeks of parliamentary elections expected May 6, will last until Monday included initially.But he could resume next Saturday for four days, if no solution is found in the meantime.

After negotiations failed, the British Prime Minister Gordon Brown has missed a strike that is' in nobody's interest "and will" cause unacceptable inconvenience to passengers. " He called it "should be lifted immediately" and that union and management "to meet without delay." Co-Secretary Tony Woodley of Unite said he was disappointed that no agreement had been reached. For his part, Willie Walsh has appeared in a video posted on the site of his company and on YouTube, to say "deeply sorry" and call this day "terrible for the company." This move is embarrassing for the Labor government, Unite is the largest financial contributor of Labor.