The annual result of the German reinsurer, before deduction of minority interests, is significantly higher than the 590 million euros expected on average by four analysts polled by Reuters, while being significantly lower than the net profit of 2.43 billion euros achieved in 2010.

"Munich Re expects for 2012 a return to results equivalent to those recorded before the year 2011," we learn in a statement. 

The world of reinsurance also announced in a statement that it intends to maintain its dividend for 2011 to 6.25 euros per share.

The title Munich Re was stable around 13h00. He lost nearly 12% of its value in one year as a result of earthquakes that hit Japan and New Zealand and storms in the United States.

Gross domestic product grew 0.4% between July and September, slightly higher than expected average of the 31 economists polled by Reuters had forecast a 0.3% increase."Employment is zero, the most dangerous."

VICIOUS CIRCLE

In a separate statement, INSEE has announced that the employment of non-agricultural market sectors had created "only" 7,400 jobs between July and September, which amounts to a zero contribution.

If consumption and investment spending of households supported the performance of GDP in the third quarter, spending by non-financial firms are divided into lower, 0.3%, an alarming signal judged by professionals.

The Chamber of Deputies will vote Saturday on the text and Prime Minister Silvio Berlusconi, private on Tuesday its majority in the House, has promised to resign in the wake to give way to a broad-based government should be led by the former European Commissioner Mario Monti.

The latter voted for the first time Saturday at the Palace Madame – he was appointed senator for life last Wednesday by President of the Republic Giorgio Napolitano.He also called Italian President to express his confidence in his "leadership".

Nicolas Sarkozy announced that he would speak in the day Friday with Giorgio Napolitano.

A MONTI market confidence

"What is needed is that we could get back on track in Greece, it is happening, our Italian friends, who so many ties bind us is what is being to be. I will immediately President Napolitano on the phone, "he said on the sidelines of celebrations of the Armistice of November 11,.

The U.S. Treasury Secretary Timothy Geithner stressed that the crisis in Europe was "the main challenge to global growth."

Do not waste the potential of the photovoltaic sector. That's essentially the message that wanted to pass Thursday industry professionals gathered as part of the presentation of their general condition. According to them, photovoltaics can create 100,000 jobs by 2020. They argue that the solar electricity market is exploding worldwide, and that within 10 years will weigh between 79 and 129 billion euros a year in revenue. They believe this type of energy could begin to be as efficient as electricity from the grid by 2016.It provides for a reduction in production costs by 50% by 2020, following the industrialization of the sector. And a boom in sales following a European directive which induces that all new homes to be energy self-sufficient over a year since 2020.

The professionals ensure that France has the means to take advantage of this expansion. To do this, it must be able to install a power production of 20 gigawatts (GW), which happens according to professionals with an investment of 800 million euros per year and the establishment of a "regulatory framework visible and stable. " "Instead of the objective of the Grenelle 5.4 GW in 2020, we offer 20 GW, which will create 100,000 jobs of which 12,000 can not be relocated in the industry," said Loïc de Poix, responsible of the Association of French industrial PV.

After several months of the States General, all industry players have submitted their proposals to the press for the future of a sector that has suffered greatly from the moratorium imposed in 2010 by the government, which resulted in the removal some 10,000 jobs. These proposals focus on four areas: defining a stable regulatory framework with measures to support demand and supply meet the production target to 20 GW by 2020 against 5.4 GW currently adapting the rates redemption of the solar electricity and regionalization. If nothing is done, the sector could be a deficit and a half billion euros in 2020.

The rating agency Standard and Poor's downgraded Wednesday by one notch credit rating of Slovenia, pointing degradation "of budgetary conditions" of the small Alpine country member of the euro area.

Standard and Poor's has increased from "AA" to "AA-" credit rating of the bonds Slovenian long-term, explaining that "budgetary conditions of Slovenia has deteriorated since the financial crisis of 2008" without that "the Government has presented a credible strategy of consolidation."

"AA-" is the fourth best score on the scale of Standard & Poor's and Ljubljana retains its status as issuer of high quality. In late September, it was Moody's had downgraded the sovereign rating of the country and threatened to lower it again, highlighting the fragility of banks and the risks to the government having to intervene again to support the sector.

Fitch's colleague had done the same in the process, lowering by one notch to "AA-" rating of the country, citing similar reasons. Fitch also regretted the rejection of the pension reform, "which is" a setback for long-term soundness of public finances. "

The decision by Standard and Poor's comes as pressure continues to deepen in the euro area, which is still unable to stem the debt crisis, while financial markets have placed their hopes in the top of the EU in Brussels on Sunday.

Tuesday, it is Spain which has been targeted by the rating agencies, with Moody's lowered the country's credit rating by two notches, and indicating that it might be lowered further in the medium term ."The debt burden has declined in Slovenia between 2002 and 2008 and has grown rapidly due to government policy to protect the economy and the banking system of the negative impact of the crisis," noted the agency in a statement.

Standard and Poor's has reported a "stable outlook" for the former member of Yugoslavia because "the expectation" of the agency to see "the government strengthen its finances and implement a program to consolidate budget ". The Slovenian government was overthrown in late September and early elections were called for December 4.

This election "is an opportunity for the new government to avoid another slip (public debt) and to implement structural reforms," ​​said the American agency.Former student model from the former communist members of the EU, Slovenia has been hit hard by the economic crisis and financial crisis of 2008/2009 and is struggling to recover.

Unemployment has nearly doubled in three years. The public debt rose from 22.5% to 43.3% of gross domestic product (GDP) between 2008 and 2010, but remained well below the limit imposed by the Stability Pact and European growth (60%).

"The Franco-Belgian bank crystallizes the difficulties of his peers: its viability through the sale of assets too fast cash customers for nearly 20 billion euros," reads one in the business daily.

"Another lever is to externalize 80 billion of loans to local governments, but the modalities of this operation are still in limbo," the newspaper without elaborating.

A Dexia spokesman was unavailable for immediate comment this article.

Le Figaro wrote Saturday that Dexia, Caisse des Depots and Post Bank negotiated the creation of a new public to fund local government, an operation that would allow Dexia to reduce its balance sheet.

Requested by Reuters on Friday night, the three banks did not comment.

The governor of the Banque de France, Christian Noyer, said about Dexia that "the model faces a number of problems," in an interview with Journal du Dimanche.

"It must continue to restructure," he says.

The French authorities said Sunday that the system created in 2008 to help banks following the collapse of Lehman Brothers was always available on event "extraordinary".

However, they insisted that French banks, whose market value has shrunk in a few weeks, were strong and they did not need injections of public capital demanded by some stakeholders in the financial markets.

The European Commission has raised the possibility Friday of Eurobonds restricted to six countries in the euro area receiving the highest rating by the agencies, among the options being considered to better face the future with debt crises excessive. This idea is supported personally by one of the vice-presidents of the EU executive, the Luxembourg Viviane Reding.

"The United States are in a difficult situation but have no problem with the bond market because it is so great" at home, argued Commissioner Reding, responsible for justice issues, in an interview published Friday by the German daily Hannoversche Allgemeine Zeitung. "This is why I propose that all states in the euro area receiving the highest rating, AAA-rated states – France, Germany, Luxembourg, Austria, Netherlands and Finland – are pooling their bond markets "she said.

Such a mechanism for sharing national public debt of the most solid would be "a rock in the middle of the storm," she said.The spokesman of the Commission, Pia Ahrenkilde, said in Brussels that this idea was part of various options under consideration within the EU executive, which plans soon to submit a feasibility report on Eurobonds with the various possible formulas.

"There are a number of options are discussed, the remarks of the Vice-President (Viviane Reding) must be seen in this context," she told reporters. The creation of such a pot of government borrowing by countries in the monetary union is seen by its promoters as the only lasting solution to the debt crisis by ensuring that fragile states are protected by the strongest . However, Germany refuses because she sees an incentive to fiscal laxity. Its Ministry of Finance rejected this mechanism again Friday, although limited to countries rated triple "A"."Our position has not changed" and "this is true whatever the composition of the group (country) which would be backed Eurobonds," said a spokesman for the Ministry in Berlin.

In Paris, the CAC-40 ended up on 3.27% to 3045.62 points.

The European Central Bank (ECB) has also helped to sustain the upward movement of European stock. She said Thursday that it would conduct operations at a fixed rate to three months from October to December, offering to banks as many dollars as they want.

These operations are intended to amortize any drying up of liquidity that could occur later this year.

Banks in the euro area show a gain of 6%.BNP Paribas in particular gaining 13.4%, after surging 22% to the announcement of the ECB.

However, UBS ended the day on a loss of 10.8%.

A trader suspected of being linked to losses of some $ 2 billion announced Thursday morning by UBS was arrested in London, said on Thursday from several sources.

This leading indicator of consumer sentiment, calculated on the basis of a survey of about 2,000 people, spring down to 5.2 in September against 5.3 in August, but in line with the expectations of the analysts interviewed by Reuters.

The component of macroeconomic expectations fell to 13.4 against 44.6 the previous month.But the purchase intentions were up, supported by a strong labor market.

"The deterioration of the debt crisis and the sharp fall in stock markets around the world at the moment weighs only slightly on consumer sentiment," said the institute GfK said in a statement.

"The domestic setting extremely positive, unemployment down and wages up offset these negative factors."

The unemployment rate in Germany came out in May and June to 7.0%, its lowest since the reunification of the country.

But recent statistics have fueled doubts about the ability to Berlin to continue playing its role as a locomotive of the euro zone, amid debt crisis and fears of a global economic slowdown.

In the second quarter, Germany posted a slower growth to just 0.1%, weighed down by a lowered consumption and low investment in construction.

German business morale has meanwhile posted a dip in August marked the most since the 2008 crisis, according to figures released Wednesday.

In this context morose, German households now fear being asked to contribute to increasing attempts to resolve the budget crisis European, is the institute GfK.

Largest economy in the euro zone, Germany pays more than a quarter of the invoice bailouts granted by the region to try to stem the debt crisis.