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European shares opened sharply lower Tuesday, financial and cyclical stocks in the lead, continuing a decline the last two sessions in markets still dominated by fear of failure Greek and a return to recession.

Following a meeting of finance minister in the euro area, the President of the Eurogroup Jean-Claude Juncker said that the private sector into the background of aid to Greece should be reviewed to reflect of the degradation of the economy and European markets.

At 9:38, the CAC 40 was down 2.51% to 2853.30 points and a loss of over 6% since last Thursday.

"It is clear that these concerns about Europe are not going away anytime soon, as long as markets remain dominated by this fear, the downward pressure should continue to prevail. The meetings of European finance ministers who stand in Luxembourg have already lead to a series of statements that move the markets – again primarily to the decline, "said IG Markets.

Other major European markets, London yields 1.95%, 2.57% Frankfurt and Milan 2%.The pan-European Euro Stoxx 50 index lost 2.5%.

The banking sector is still one of the largest declines, dragged down by Dexia, which collapsed after holding an emergency board on back of speculation of dismantling the group.

In this context of anxiety and risk aversion, the performance of the German government bond (Bund) is relaxed to 10 years again, to 1.72%, 1.81% against the previous day.

The euro continued to decline and is trading at 1.3174 / 78 dollars, against 1.3181 the day before the end of the session.

Similarly, a barrel of U.S. light crude lost another $ 1.31 to 76.30 dollars amid concerns about global growth.

Nokia, faced with declining sales and profits, announced Thursday the elimination of 3,500 positions, including the upcoming closure of its plant in Cluj, Romania.

The closure of the Cluj result in the layoff of 2,200 persons.Nokia also plans to eliminate 1,300 positions in its other division Rental & Commerce, which includes the world leader in digital mapping Navteq.

These staff reductions are in addition to a program unveiled by the group in April to achieve 1 billion euros in savings, and including the removal of 4,000 jobs.

The world's largest maker of mobile phones by volume is facing a decline in sales and earnings after announcing in February that now employ the operating system from Microsoft for its smartphones.The first of them well equipped arrive on the market later this year.

The action Nokia has lost half its value since February, investors feared that the group would lose much market share until the launch of its new smartphones and no longer able to fully regain thereafter.

Around 9:10 GMT, the action to Nokia gained 0.96% 4.22 euros, while the European sector index electronics progressed from 0.17%.

Nokia also announced it would inject with Siemens € 500 million in their joint venture Nokia Siemens Networks, headed by Jesper Ovesen would succeed Olli-Pekka Kallasvuo, former CEO of Nokia.

The action EADS is among the largest declines in the CAC 40 index on Thursday morning at the Paris Stock Exchange, while concerns are emerging about a domino effect on aircraft manufacturers difficulties refinancing of French banks in dollars.

In a market that was down 3.93%, weighed down by the performance of particular financial and cyclical stocks, the parent company of Airbus shows a fall of 6.81% to 21.14 euros at 10:45.

"It lowers the title.This is the first strong example of the effects of the crisis of dollar liquidity for European banks on the real economy, "said David Thebault, head of quantitative trading at Global Equities.

"We must certainly take this into account (the difficulties of banks) in financing equipment for all aircraft manufacturers," judge his side an analyst based in London, in a note.

This risk is relative, however, under the control of German banks to lend and potentially U.S. institutions, said the analyst, who also refers to possible emergency measures on the part of the French state.

"There are ways to deal with it immediately: some will take the place of French banks – U.S. banks and Chinese – and there are other ways to finance an aircraft, especially to leasers (lessors ) and 'vendor financing' EADS ', also adds Christophe Menard, an analyst at Kepler.

These fears of financial difficulties echo the statements of some leaders of the aviation sector in the Istat, a conference on the financing of aircraft, held in Barcelona on Tuesday.

French banks, which accounted for about 31% in aircraft financing transactions in 2010, reduced their availability significantly, said on this occasion the chief financial officer of Ryanair, Howard Millar.

The five major central banks around the world, including the ECB, announced September 15 a coordinated commercial banks to offer loans in dollars in three months to prevent freezing of the money market which would be caused by the debt crisis sovereign in Europe.

European banks, particularly French, have seen their share price fall since the beginning of the summer on fears related to potential recapitalization needs and issues of liquidity in dollars, American money market funds and other traditional lenders Greek dollar fearing failure and potential devastating effects on the markets.

In this context, speculation saying that the French government could be forced to intervene to stop the bleeding is growing, especially as fears of a credit freeze remake regular surface due to the persistence of debt crisis in the euro area.

Politicians and bosses of banks took turns for several weeks to deny any need for new capital, but struggle to convince.

BNP Paribas, which has undertaken to strengthen its equity more quickly, said last week it would reduce the size of its balance sheet of about 10% by the end of 2012 and it would also reduce its needs funding dollar.

Societe Generale for its part intends to strengthen its capital of four billion euros by 2013, including asset sales and reducing their activity.

Senior European financial ministers urged to strengthen bank capital, preventing a "systemic crisis" sovereign debt affects banks and raises the specter of a new credit crisis.

In documents prepared by those responsible for the Ecofin meeting of September 16 and 17, that Reuters was able to consult, it is referred to a "risk of a vicious circle between sovereign debt, the financing banks and the negative growth ", which can cause a credit freeze.

"While the tensions in the market for sovereign debt have intensified and the risk of bank loans increased during the summer, the contagion has spread in the markets and countries and the crisis became systemic."

These documents, where the risks are highlighted with terms unusually energetic and very critical of some countries for not helping the weak banks, illustrate the degree of anxiety that gripped the European capitals about the financial crisis.

In the text, prepared by the influential Economic and Financial Committee to prepare the program changed the discussions between finance ministers of the European Union, is a vigorous appeal to the recapitalization of banks weakened, particularly those countries exposed to difficulty.

NEW CREDIT CRISIS

The paper shows including highly critical of some countries such as Spain, accused of not acting aggressively enough to strengthen its banks after the poor performance on tests of strength.

What is at stake, writing committee members, a new credit crisis.

In an article dated September 13, states that "spillover effects" could "feed a dangerous downward spiral between the financial sector and real sectors of the economy or financial problems (…) the (…) risk aversion could lead to a deleveraging of banks, a phenomenon that in turn would result in some Member States, a credit crunch. "

Considering that the budget crisis "is entering a new phase", the paper highlights the difficulty of banks to borrow.

"Despite the considerable strengthening of positions in equity compared to their levels of 2008-2009, European banks have recently been facing financial difficulties, resulting among other tensions in the market for liquidity, high spreads on the market secondary, and some European banks, increasing difficulties in accessing finance from their U.S. counterparts, "reads yet.

To counteract the loss of confidence in European banks, officials of the committee stressed that "further strengthening of bank resources is commendable."

"This is important for banks that have not passed the tests of resistance, but also to those who were successful but with capital levels near the threshold required," the report said.

The French will be more better off put to three years, the time to reduce the deficit, but the government should ensure the right balance to avoid an exodus of the richest, said Wednesday at the Reuters chief executive of Publicis Maurice Levy.

The French executive, who is about to announce a package of measures to meet its deficit reduction targets, including considering a contribution of more privileged who could take the form of an exceptional tax the highest incomes.

"The whole problem is to calculate the contribution so that it is not only symbolic and it is not a discouragement for the ruling classes, or advantaged people who say 'this If I go, '"said Maurice Levy, who also chairs the French Association of Private Enterprises (AFEP).

"So it's a balance to be struck so yes it is an effort, it is limited in time, it allows to solve problems, it is significant but it is not discouraging, "he said in an interview with Reuters.

In an article in Le Monde in mid-August, Maurice Levy floated the idea of ​​a contribution of the richest in France, before being joined by a dozen other CEOs.

The government and several officials of the majority suggested that the key contribution income over one million euros annually.The approximately 30,000 households concerned and would pay a total of about 300 million euros in additional taxes next year as determined by the UMP rapporteur of the budget in the Assembly, Gilles Carrez.

No cups ADVERTISING INVESTMENT

Some voices were raised to denounce a cosmetic measure, which would not affect the distribution of wealth in France.

"I do not want this to be only symbolic, I think it has to be a real contribution," said Maurice Levy, who initially pleaded for an effort of limited duration, without excluding a subsequent more comprehensive overhaul of the tax system.

"I think it takes three years to redress public finances if they have a sustained and vigorous," he added."Then we take stock, and if after three years you realize that it's better to reform the system, we will reform the system."

Maurice Levy was confident in the ability of France to redress its finances, while stressing the need for structural reforms.France suffers particular, he said, a cost of labor made too high payroll taxes, and a labor law particularly complex, especially with regard to restructuring.

Maurice Levy is leading advertising group in the third world in terms of turnover, whose activity is sensitive to changes in economic conditions.

While stock markets have come through three weeks black leaded by fears of a slowdown in the global economy and the problems of sovereign debt in the euro area and the United States, the head of Publicis said he did not see the signs of downturn.

"What we've done so far in August, is to call many of our customers and try to understand what was going to happen on future investments," he said. "For now, the indications we have are indications of continued investment without much change."

He was optimistic for next year, which will be marked by two major sporting events: the London Olympics and Euro 2012 football.

"With these two events, we already know that it adds between 80 basis points to 120 basis points for growth," he said.

The British household products and hygiene Reckitt Benckiser reported Monday a 10% increase in earnings in the second quarter, helped by the acquisition of SSL and the success of Suboxone, treatment alternatives to the heroin.

Adjusted earnings group in the second quarter stood at 56.8 pence per share, a figure consistent with the expectations of analysts polled by Thomson Reuters (56.5).

Reckitt Benckiser, owner of detaching including Cillit Bang, the analgesic Nurofen, Air Wick air fresheners, Scholl sandals (made by SSL) or Durex condoms, always aims for 2011 up 12% of its sales of business and 10% of its net profit at constant exchange rates.

The group benefited from strong sales in emerging markets and hopes to counter rising commodity prices by reducing costs and increasing prices.

With the success of its new version of Suboxone tablets that dissolve under the tongue, Reckitt also hopes to restore new life to his treatment against heroin addiction, which has lost its exclusive license in October.

This success has helped to strengthen the pharmaceuticals business group, which represents one fifth of its profits.

Reckitt Benckiser, whose stock has dropped 7% in April with the announcement of the retirement of its Director General, has recently been the subject of takeover rumors surfaced.

U.S. stocks finished higher Tuesday after quarterly results from big names considered encouraging and the rating on hopes of a political agreement in Washington to avoid a default.

The Dow Jones gained 1.63% or 202.26 points at 12,587.42 points, while the Standard & Poor's 500 took 1.63% or 21.29 points to 1326.73 points and the Nasdaq Composite advanced 2.22% or 61.41 points to 2826.52 points.

The increase accelerated after a speech by President Barack Obama suggesting that discussions were progressing toward an agreement to reduce the budget deficit and an increase in the ceiling of the debt of the United States as we approach the deadline of August 2.

In addition, accounts and prospects published by some major groups have enjoyed.IBM said Monday after closing a quarterly profit up 8% over the previous year and reported a sharp rise in new business in its services division. The action ended up 5.7% to 185.21 dollars.

The S & P value of IT has awarded 2.7%. Apple gained 0.8% before the publication of its results.

Coca-Cola took 3.3% to 69.32 dollars after publication of results slightly above expectations.

A jump in housing starts in the U.S., their largest increase since January, has also supported the trend.

This supported the builders like DR Horton (+5.7%).

Some banks have been neglected.Bank of America and Goldman Sachs dropped 1.5% and 0.6% after the publication of their results.

Wells Fargo, by contrast, soared 5.7%. The bank reported a 30% jump in net profit in the second quarter.

The two options designed by creditors, including French, to contribute to the new aid package to Greece likely to lead to a default, according to the rating agency. The headquarters of the rating agency Standard & Poor's in New York

The plan discussed by the European authorities and the International Monetary Fund (IMF) to reduce the burden of the Greek debt could be a default, said Monday the ratings agency Standard and Poor's.

The scenarios imagined by the creditors, including French, to contribute to the new aid package to Greece "likely to lead to a failure to pay according to our criteria," said the rating agency said in a statement.

A plan proposed by the French Banking Federation (FBF) has to reinvest 70% of the amount reimbursed by Greece under the maturing bonds.Of these 70%, only 50% would be placed in securities Greek at age 30, the remaining 20% ​​being retained in an ad hoc investment vehicle as collateral.

A second option would engage the private creditors to reinvest 90% of the amounts reimbursed by the Greek state in new 5-year bonds.

Standard and Poor's considers that these two options would lead to a default because if they are not strictly an "exchange" of debt, they amount to a "quasi reorganization".

The agency had already considered that the default was imminent on June 13 by lowering three notches to "CCC" the note of Greece, is one of the lowest marks possible in its classification.

"Although we do not consider the two options presented by the FBF as strictly an exchange (debt), we believe that each of them falls into the category of a quasi reorganization under our criteria," argues Standard and Poor's in this release. Therefore, if one of these two options should be retained, the rating agency would decide to lower the rating of Greece to place it in the "selective default", considering the fact that the country has "effectively restructured some but not all, of its bond debt. "

The agency emphasizes, however, that once applied either of these scenarios, a new note would then be given to Greece reflect the Greek sovereign risk assessment.

This weekend, the Europeans were given more time to move forward on this second rescue plan in the longer term, supposed to Greece immune to market until late 2014. The outlines were hoped for in July, but may be delayed. The main question mark is the contribution of banks and other private creditors of Athens, European seeks to avoid it being considered by the rating agencies as a default.

"The announcement of S & P should force the Europeans to revise the agreements being discussed," one analyst said Monday Crédit Mutuel-CIC.

Russian Technologies (Rustech) announced Friday the sale this year at Nissan Japan a 4% stake in Russian carmaker AvtoVAZ.

"We sell them a 4% later this year," he told reporters Rustech Director General Sergei Chemezov at an economic forum in St. Petersburg.

Renault, which controls Nissan, is already a shareholder in 25% of AvtoVAZ for a settlement in 2008.

The Renault-Nissan has obtained approval from the Russian government to become a majority interest of the producer of Lada cars.

Yves de Chaisemartin lost Friday the direction of Altran, the Board of Directors of the technology consulting company has designated Philip Hall to replace him.

The fate of former boss was sealed since the vote of the general meeting of shareholders by late morning, they stood together to Altrafin Participations, the holding company controlled by Apax Partners, which demanded his departure.

After heated debate, they voted for the election to the board of directors of two new representatives of Altrafin Participations, Philip Hall and Monique Cohen, rejecting the appointment of three independent directors, as proposed by Yves de Chaisemartin.

"Game Over", had already acknowledged after the vote of the General Assembly Yves de Chaisemartin, who refused to bow to calls for the resignation of Altrafin.

The outcome of the Board was not in doubt, Altrafin, which has the support of representatives of the two founders of the company's board now has six votes out of ten against four out of eight in the previous configuration.

The new CEO Philip Hall has meanwhile said in an interview with Reuters that he set the objective to develop a first draft strategic plan for technology consulting company by the end of September.

NO VERDICT APPEAL

The verdict of shareholders was no appeal in contrast to what could suggest the applause for Yves de Chaisemartin in the room: Phil Hall, Monique Cohen were elected with 91.52% and 83.42% of votes.

With a quorum at 62.61%, the balance of power firmly in favor of playing Altrafin Holdings which owns 19.2% of the capital and 31.2% of the voting rights of society.

At 46, Philip Hall, who spent eight years in consulting before leading international groups such as Vedior and Geoservices, unsurprisingly should take the lead Altran when the company is on the road to recovery.

"I proved in my career that I have made strong developments (…) Internationally and I think that is a topic of particular interest that Altran, "he said.

Former McKinsey and Accenture, but it will build a reputation in a sector where it has so far not had the opportunity to exercise.

The meeting, held under the supervision of a bailiff in the presence of a large police contingent, led to heated exchanges.

"You wanted me to leave as we do from a chicken thief," shouted Yves de Chaisemartin, accusing Apax Partners will take control of the board.

Altran's boss has defended the record of his five years at the helm of the group, believing that the refocusing of activities on project management and control policy costs were paid off.

YVES DE CHAISEMARTIN DEFENDS HIS BALANCE

"The strategy worked," he said at the podium, recalling that the group had recorded a double-digit growth in its turnover in the first quarter.

"I can tell you, even if the official turnover of the group's second quarter will be announced at the end of August (…) we are largely in line with these figures, with this growth and it will even accelerated. "

While acknowledging that some things "could have gone faster," he again denounced the methods used by Apax, confessing to having thought resign.

"We could organize a smooth transition smoothly," he told representatives of Apax first.

They have defended their decision to want to appoint a new CEO, regretting that their dispute with former boss was focused on the media and judicial fields.

"Despite the tremendous efforts made by the company, it is clear that the results do not go," said Maurice Tchenio, founder of Apax he represents the Board of Altran.

He has set several priorities for Philip Hall: lead a strategic review by country and profession to better direct human and financial resources, accelerate growth both internally and through acquisitions and improve profitability for the bear "at the best ".

"The goal we have (…) Is Altran again become the undisputed leader, "he said, recalling that Apax had invested 150 million euros in Altran since his arrival in the capital in 2008.

The action of Altran closed down 0.94% to 5.2460 euros. Since the beginning of the year, it jumped 61.27%.