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Tokyo stocks ended sharply down, the Nikkei lost 2.18%

Japanese stocks ended down sharply on Wednesday in the wake of Wall Street on concerns over exports, while the yen touched a new high of 15 years against the dollar.

Uncertainties about the health of European banks and the political situation in Japan have also weighed on the trend.

The Nikkei ended up retreating to 2.18% or 201.40 points to 9024.60 points, while the broader TOPIX, yielded 1.67%, and 13.93 points to 820.99 points.

The dollar touched 83.34 yen, a new low of 15 years, despite the renewed commitment of government to intervene on the foreign exchange market to halt the appreciation of the currency.

In this context, export values have declined.Sony has come a decline of 2.23%, Canon and Honda 2.09% 2.52%.

Many Japanese companies have assumed an exchange rate of 90 yen per dollar and a rate of 110-115 yen per euro for the fiscal year which ends in late March.

Crédit Agricole sealed by its subsidiary in Greece

Crédit Agricole has extended by one year the return to profit of its Greek subsidiary Emporiki due to credit losses more than expected because of the recession in Greece. The woes of its Greek subsidiary Crédit Agricole will require to spend a further depreciation of 400 million euros in its accounts the second quarter, after the 500 million spent last year.

The French bank, which bought Emporiki in 2006, told analysts still expected a pretax loss of 130 million euros for its subsidiary in 2011, instead of a profit of around 10 million expected initially. For 2010, the expected loss for Emporiki will also increase, to EUR -750 000 000 -350 000 000 cons around. Return to the green accounts is the Greek subsidiary of the blow pushed to 2012 instead of 2011.Around 12:30, the Crédit abandoned agricultural 4.9% to 9.472 euros, underperforming the sector index Stoxx 600 European banks (-2.13%). BNP Paribas and Societe Generale fell by 3.3% and 4.6%.

Battered stock market because of fears surrounding its exposure to the crisis in Greek, the title Credit Agricole sells more than 22% since January 1. Pressed by the market, the bank eventually amount to 850 million euro exposure to sovereign debt Greek."We realize qu'Emporiki always weighs more heavily on agricultural credit, with a cost of risk emerges from 450 million euros more than expected in the original plan," said Tom Bartholomew, head of credit research at Louis Capital Market.

Standardization in 2013

The economic crisis in Greece was in fact forced Crédit Agricole to harden its scenario losses on credit, which is increased by 450 million euros between 2010 and 2013. According to the bank, the cost of risk will normalize in 2013. Leaded by two successive years of losses in 2008 and 2009, Emporiki has also been recapitalized in March by Credit Agricole, to the tune of 989 million euros.

Its parent company now estimates qu'Emporiki will have a "specific need" for 550 million of additional capital by the end of 2011 to confront the crisis and complete its restructuring.Taken to a drastic plan to reduce its costs, the Greek subsidiary of Crédit Agricole had already planned last year to reduce its overhead 21% and close 57 branches, resulting in the departure of 1,500 employees.

The French bank believes that the decline in enrollment of Emporiki will be "faster" in 2010 but "slower than anticipated in 2011. In this scenario, the operating rate of Emporiki will improve faster than expected in 2011 to 62.5% instead of 68.8%.

Wall Street opening undecided

Wall Street operates on a hesitant note in early trading, pending the publication of monthly statistics of sales of new homes.

The major indexes started up after raising earnings forecasts from FedEx Group but they quickly moved into the red.

Ten minutes into trading, the Dow Jones was almost in equilibrium at 10,427.27 points, the Standard & Poor's 500 index was virtually unchanged at 1102.91 points and the Nasdaq Composite Index retreated 0.16 % to 2265.93 points.

FedEx earned more than 4% after raising its earnings forecast for the quarter and year.

Values pharmaceutical react to rumors of acquisition of biotech company Genzyme. Genzyme earned the title at 5.33% 65.85 dollars in early trade.

Finally, the BP side as New York took 2.79% to 37.89 dollars before the board meeting, scheduled for Monday evening, which could define the modalities of the departure of CEO Tony Hayward and announce his replacement by Bob Dudley, the American leader who also oversees the fight against the oil spill.

French growth expected at 1.3% in 2011

The chances of achieving economic growth of 2.5% in France in 2011, as required by government depart according to a Reuters poll of economists, who consider the measures of fiscal consolidation in Europe will weigh on demand .

Seventeen economists polled by Reuters expect, thereby increasing the gross domestic product by 1.3% next year (median forecast), against 1.7% in a poll conducted in April equivalent.

The median forecast for 2010 is 1.3% against 1.4% in April.

"The austerity measures in France and neighboring countries will weigh on demand and we expect a decline in consumption and investment in a number of European countries," said Maxime Lemerle, an economist at Euler Hermes.

Economists now expect that consumer spending, a pillar of French growth, will increase by only 1.1% in 2011, when they expected 1.4% in April.

Over two thirds of French exports to Europe by the weak demand in the region should weigh heavily on trade, according to Maxime Lemerle, which forecasts growth of 1.1% of GDP in 2011, a cons, 8% previously.

The government expects growth to reach 2.5% annually between 2011 and 2013, which would help reduce the government deficit from 8% in 2010 to 6% in 2011, 4.6% in 2012 and 3% in 2013 .

Slower growth could lead to additional measures to reduce the deficit or raising taxes.

"If we have less growth, certain expenses will tend to increase as those related to employment. So I think they might have to raise taxes a bit," said Dominique Barbet, economist at BNP Paribas.

The Economy Minister Christine Lagarde said she would not rule to revise the growth forecast for 2011 after the publication in mid-August GDP figures for the second quarter.

His counterpart on the Budget, Baroin, said the deficit reduction targets were met, although growth was below forecast.

The government plans to reduce the deficit to 6% in late 2011, 40 billion euros less than in 2010.According Baroin, 15 billion will come from the extinction of the recovery plan, saving 14 billion and 11 billion of revenue increases.

Santander bought the German commercial banking division of SEB

Santander is one step closer Monday toward its goal of becoming a bank offering a full service commercial bank in Germany with the acquisition for 555 million euros in the division for the subject of Swedish SEB.

Santander seeks to expand its presence in Europe, especially Germany and Great Britain, and the high growth markets such as Latin America.

"Germany is an important market for Santander.This acquisition is an important step towards achieving our goal of being a commercial bank offering a full service in Europe, "said its chairman Emilio Botin said in a statement.

The Spanish bank believes that its ratio of Tier One capital could fall by ten basis points due to the acquisition, the amount is close to 500 million previously reported by sources close to the situation.

According to head of operations in Latin America, Santander, Francisco Luzon, quoted by the Financial Times, Santander plans to strengthen Colombia and Peru, where its market shares are between 10 and 20%.

Around 9:15 GMT, Santander and SEB yielded respectively 0.69% and 0.76%, while the Stoxx index comprising the major European banking stocks lost 0.66%.

Wall Street hesitates before the start of the season results

After three days of consecutive increase, Wall Street opened Friday on a tentative note, pending results of the first companies to be published next week.

A few minutes after the start of trading, the Dow Jones fell by 0.05%% to 10,133.70 points and the Standard & Poor's 500 by 0.07% to 1069.46 points while the Nasdaq Composite advanced 0 , 09% to 2177.45 points.

If the optimism shown by State Street in mid-week its quarterly earnings outlook is considered auspicious by analysts for earnings season, investors prefer to wait for their actual publication, especially since there no important macroeconomic indicators on Friday.

The wait-market is reflected in low volumes and partly explains the volatility seen this week on Wall Street.

As for values, Boeing gained 0.12% after formally responded to the call for tender for the tanker to the U.S. Army.

Google took him 3.31% in favor of renewing its operating license by the Chinese authorities, a decision that allows the U.S. group to remain on the largest Internet market in the world.

The European Commission awarded it a satisfactory plan of Athens

The European Commission said Wednesday that the reform program initiated by Greece out of the recession and the debt crisis was largely on track.

The process of fiscal consolidation is consistent with guidelines established under the rescue plan member countries of the euro, the commission said in a report on his mission to Athens for the month of June

Brussels also awarded full marks to the advancement of fiscal and structural reforms of pensions and the site opened by the government of George Papandreou in exchange for massive financial support from its European partners and the IMF.

The report notes as well that if tax revenues were slightly below expectations, lower expenditure of the State is it more pronounced than expected.

But the Commission considers that the Greek economy suffers from a lack of competition and some macroeconomic data are incomplete.

"Although this overall assessment is positive, with an application of this program largely on track, this preliminary review has identified a number of pressure points and areas where further progress is necessary," reads the report in .

Greece, the debt crisis has shaken the euro area, negotiated a financial assistance of 110 billion euros with the EU and the International Monetary Fund and pledged in return to a policy of economic stringency in particular through a reform of its pension system adopted in late June by the government.

On Monday, Finance Minister George Papaconstantinou said he was confident his country's ability to meet its goal of reducing the budget deficit to 8.1% of GDP this year, against 13.6% in 2009.

To access the full report of the Commission, in English, double-click here

Less risk of the French note, said an analyst at Fitch

France is in progress on structural reforms, which implies that there are now fewer risks today than the note of France has deteriorated, said Friday at a Reuters television analyst ratings agency Fitch.

The government of François Fillon has pledged to reduce its deficits and this week announced a reform of the pension system.

Asked if it was less risky than sovereign debt rating lowered or French today than a month or two, David Riley, director of sovereign ratings at Fitch, said: "Yes, well safe ".

"France is much more than it did before, particularly when it announced a stabilization plan and with no details," he said.

A project to reform the French government aims to restore financial equilibrium of pension schemes in 2018, in particular through the gradual increase of 60-62 years in 2018 the legal age of retirement.

The CAC 40 to drop off again, the sovereign risk returns

The Paris Bourse is distributed downward and fell below 3,600 points on Thursday mid-morning, the fears surrounding the sovereign debt of the euro area resurfacing and penalizing bank stocks.

In addition there are comments from the Federal Reserve of the United States, acknowledged Wednesday that a U.S. economic recovery faltering.

A significant gap between the yields (spreads) of debt Greek and German revived fears about the euro area.

The CAC 40 index, which opened in rebounding, losing 1.17% to 3599.27 points at 10:55, the next support lying at 3580.

BNP Paribas (-4.19%), Societe Generale (-3.01%), Dexia (-2.73%) and Credit Agricole (-3.05%) recorded the largest declines the CAC 40.

"The market fell because of Greece, the spreads diverge. It's affecting the banks," said a vendor.

Other major European markets have also turned down.

Raoul Sachs, edited by Dominique Reynolds

Monceau Fleurs accelerates its international expansion

Monceau Fleurs Group wants to expand its international presence and is aimed primarily Germany and Asia to boost its sales, told Reuters CEO Laurent Amar.

To support this development, the florist has launched a bond issue in May to a maximum of 12 million euros, which ends June 25 The unit amounts to 500 euros maturing in June 2015, with a coupon of 8%.

"It was rather a good home," said Laurent Amar in an interview. "The receipt of the loan shows that the financial reputation is being done.And the financial reputation is essential for the liquidity. "

Laurent Amar said it had rejected the option of a capital increase because he believes that the current valuation does not reflect his company or its doubling in size after the company acquired in 2008 Rapid'Flore nor its international success.

"As I have my heritage that is in, I refuse to dilute the value then," he said.

Laurent Amar counting on improved financial visibility to see the group increase its capitalization today of 52 million euros.

The group, which already has over 450 stores in eight countries, confirms its objective of growing its network of sales by 20% during 2009-2010, which ends Sept. 30.He added that the pace of store openings to accelerate the international over the last year.

"We went from 6% to 10% in number of stores opened abroad. It'll go faster," said group finance director, Eric Villedieu. "We aim for 1,000 stores in five years," said Laurent Amar.

The group is particularly Monceau penetrate the German market, which he estimated at seven billion euros a year against three billion to France.There is already present through a joint venture with Lagardere Services which owns 40% stake.

The company, which owns the brands Monceau Fleurs, Rapid'Flore and Happy, already extends for several years its international presence by establishing joint ventures with partners.

They have a franchise for periods of seven to ten years in exchange for a fee and a requirement to provide priority via the Monceau group.

"We went further we got from our partners to be the capital of these companies that hold rights in the country.It is quite rare to get this from its partners, "said the CEO.

ASIA, FLORISSANT CONTRACT

Monceau Fleurs said having well through the crisis because of its policy of low prices, achieved in particular through the integration of its suppliers, in addition to its innovative products like its pink bioluminescent.

The CEO also said to have benefited from the crisis to negotiate leases for new retail outlets on terms much more favorable, thereby facilitating its expansion.

Already present in Japan with nine shops, Monceau Fleurs placed on the dynamic Asian markets and their high consumption of flowers, partly due to the multitude of temples in the country to develop.

"It's part of our priorities is a market that is made for us.It would be a mistake not going there, "said Laurent Amar.

Besides the development of the network through franchises, the group does not make acquisitions as opportunities arise, but he says he remains "extremely cautious".

"In terms of developing countries, through acquisition, we do not refuse any opportunity," said Laurent Amar, whose grandfather created Monceau Fleurs in 1965 in Paris.

The group was incorporated in 1985 by the Compagnie Financiere Edmond de Rothschild.

After a degree in business law, Laurent Amar, confident that the flower industry was promising and mostly impervious to attacks, developed the network in the province from 1998 in 2002 before acquiring the company, which now holds , 38, 69% of the capital.

Monceau Fleurs, whose competitors are the Jardin des Plantes in France or the U.S. 1-800-Flowers internationally, has seen its turnover grow by 72% in 2008-2009 due to external growth, 66, 4 million euros for an operating profit (EBITDA) of 1.2 million euros.

At the Paris Bourse, the title listed on Alternext Monceau Fleurs showed a stable course Tuesday to 9.00 euros. Since the beginning of the year, he sold 17% after surging 101% in 2009.