The top news headlines

Day of truth for Greece on Wednesday. While Athens is on strike yesterday, members are asked to vote for or not an austerity plan for four years. The vote will be followed by a second vote tomorrow on the law enforcement.

The President of the European Union, Herman Van Rompuy, warned Tuesday that the next few hours would be "decisive" for Greece, the euro area and the global economy.

Since yesterday, the U.S. and Asian markets seem optimistic about the outcome of the vote in spite of renewed clashes on Wednesday between protesters and police Greek. Optimism is always de rigueur at the Paris Stock Exchange: the Cac 40 rose 1.32% to 3902.87 points.

As for other European exchanges, the FTSE-100 in London gained 1.01% to 5825.21 points and the Dax in Frankfurt was up 30% 1.23 to 7258.50 points.The FTSE MIB in Milan climbs from 1.60% to 19,765.46 points. The Italian luxury group Salvatore Ferragamo for his first day of trading, taking 8.89% to 9.80 euros in mid-session.

The first quarter growth revised down

On the macroeconomic front, INSEE revised down growth in the first quarter of France at 0.9% against 1% set in mid-May

For the euro area, the confidence index of entrepreneurs and consumers in June fell for the fourth consecutive month. The index fell to 105.1 points, down 0.4 points compared to May.

In the U.S., two indicators are on the agenda: the promise of sale of homes in June (16 hours) and the weekly inventory of crude oil (16.30).

On the corporate side, the banking sector is in good company in this context of optimism surrounding the Greek parliamentary vote.BNP Paribas takes 1.51% to 51.90 euros, Crédit Agricole rose 1.34% to 10.11 euros and Natixis advance of 0.90% to 3.34 euros. Yesterday, banks have earned an average of more than 2%.

Offshore wind: Areva alliance with Iberdrola

Societe Generale: 2.60% to 39.82 euros

The participation of private creditors to the new plan of financial support to Greece to be as fair as possible to increase the chances of success, said CEO of the bank, Frédéric Oudéa, the Senate Public TV.

Values ​​cars respond well to the good performance of Japanese manufacturers on the stock market after the Japanese industrial production confirmed the rebound in April.Renault climbed 1.81% to 40.65 euros and Peugeot is up 1.61% to 30.95 euros.

EDF: 1.88% to 26.79 euros

The energy group confirms its investment in the LNG terminal in Dunkirk, along with Belgian Fluxys and Total.The cost will be borne by EDF to 65% (650 million), 25% Fluxys (250 million) and 10% by Total (100 million).

GDF Suez: 0.93% to 24.34 euros

The gas is in talks to take over the assets of the U.S. company Duke Energy in Latin America, according to the Brazilian business newspaper Valor Economico.

Areva: -0.40% to 25.20 euros

The nuclear group has confirmed that he would ally with the Spanish Iberdrola Renewables on two of the five areas of the tender for offshore wind launched by the state, confirming a report of Echoes.

Ipsos: 3.85% to 32.80 euros

The British advertising group Aegis said to be in exclusive talks with the institute of studies and surveys for the sale of its subsidiary Synovate market research.

Havas: 2.26% to 3.58 euros

In an interview with Echo, the executive director of the group will develop two commercial microarray in the world, one around his BETC teaches French and the other about Arnold, his agency based in Boston.

DS: 1.41% to 58.37 euros

The software developer, a subsidiary of Dassault, owner of the Figaro Group, combined with a subsidiary of American online retailer Amazon to offer a paperless commercial in "cloud computing" (technology that allows a company to dispense servers physically located in its premises), according to a spokesman for the group.

After the close of trading, EuropaCorp will release its results for the year 2010-2011.

Tenders for the smart grid and waste recovery, today announced the first six institutes of technology and equipment of the first wave of excellence, creation of national fund boot which will have 400 million to invest in young innovative companies … Just in recent days, the operations related to the investment program for the future have not failed! And it lasts for eighteen months …

The program, which must prepare "the France of tomorrow" will be the subject of the press conference of head of state this morning. "Nicolas Sarkozy is that this topic is important and can not talk enough about this initiative should restore the competitiveness of France," said his entourage. Yet René Ricol leads to the rod.Appointed commissioner-general for investment to drive the program, the former ombudsman of credit has one goal in mind: to create wealth and employment in France over time freecreditscore.

In December 2009, Nicolas Sarkozy set the priorities for the future supported by the large loan. Following the recommendations of the report Rocard-Juppe, he announced 35 billion euros of investment and ultimately rejected the idea of ​​a popular loan – a form of financing too costly at a time when the debt of France is under the eye markets. Five priorities were identified: higher education and training, research, industry and SME development and finally digital. Today, all 35 billion euros is in the hands of the public operators (ADEME, OSEO, the CDC …) that are responsible for distributing the money.

The CAC 40 is back on Friday after his heavy fall of more than 2% Thursday night. The index opens up 1.34% to 3838.50 points. From a technical point of view, it would reach 3850 points to enter a bullish phase. Markets appreciate the calming of the Greek case. While Europe has promised a new plan Thursday to save Greece, while maintaining the pressure to Athens in exchange for adopting an unpopular austerity program, Greece, she has reached an agreement with international donors on the final details of a new austerity plan, whose adoption in parliament expected next week.

Moreover, the French Minister of Economy Christine Lagarde was released Thursday in Washington visibly relaxed in his great oral before the Board of the International Monetary Fund, which shall designate within a week its new CEO.She assured that she would not be lenient with European countries if it took the head of the institution.

European leaders, meeting on Friday formalized the appointment of Mario Draghi at the head of the European Central Bank, to replace Jean-Claude Trichet.

In France, INSEE said that growth will wait for 2.1% in 2011.The first months left on the ground running, with a 1% growth in the first quarter but spring is marked by a strong downturn in part because of the end of the scrapping a car that plunged household consumption, in the face of any support in the international environment.

Oil has won

The eyes are also looking to the monthly survey of French consumer confidence survey for the month of June: French consumer confidence remained stable in June, while fears of unemployment and inflation continued to decline. The composite indicator of consumer confidence stood at 83, unchanged from the revised figure for May

In Germany, the Ifo barometer (10 hours) followed, while the U.S. side, durable goods orders will be scrutinized closely.

Meanwhile, the euro stagnated this Friday morning (0.02% to 1.4268 dollar) while the side of commodity markets, the last few hours were hectic. Yesterday, the price dropped $ 5 in New York, at $ 90 and $ 7 in London. A decline caused by the International Energy Agency that surprised by deciding to draw on its stocks to supply the market.

EADS not "indifferent" to an approximation Thales / Safran

After a week early for professionals, the Paris Air Show opens Friday for three days the general public who can see the stars in flight aviation such as the A380 or the Rafale fighter.The 667 contracts announced four days propel the Airbus order book of European best-seller, the A320 Neo, over 1000 copies. In total, Airbus set a new record high with 72.2 billion dollars in contracts.

In addition, EADS (1.18% to 22.28 euros) can not remain "indifferent" to a rapprochement between Thales and Safran, two major suppliers, said Thursday on radio BFM Business Marwan Lahoud, the director of the European aviation group's strategy.

Bernard Charles, CEO of the world leader in 3D software, Dassault Systèmes (0.92% to 56.95 euros), told the BBC that the aviation economy is on the verge of a revolution.

The Nuclear Safety Authority (ASN) denounced a "deliberate process" of non-reporting of accidents at the site of the Flamanville (Manche), particularly on the part of Bouygues, in a report revealed Friday by humanity.

Vinci (1.87% to 42.50 euros) has signed a new syndicated credit line of four billion euros in five years, two options to extend for one year to fund general needs of the group. This new facility replaces several existing credit lines not drawn, maturing in 2012, a total of 3.685 million euros.

PSA (2.42% to 30.07 euros) refused to commit to a future timetable for its plant at Aulnay-sous-Bois (Seine-Saint-Denis), said the CGT.

Societe Generale (2.05% to 39.25 euros).Bank unions have denounced a draft direction to reduce the incentive and incentive to be paid to employees in 2012.

The IT services company Capgemini announced Friday the acquisition of Praxis Technology, a small computer services company and consultancy based in Beijing, its first acquisition in China.

Areva (0.13% to 26.05 euros) has announced the creation of a new joint venture in nuclear power in China. The nuclear group has signed a contract for the supply of instrumentation systems from the heart of two reactors at the plant Ningde.

Sanofi (1.19% to 52.91 euros) won on Thursday ahead of the health authorities of Canada to put his cancer Jevtana on the market.

For employees of Renault, the day will end with a relief or a disappointment. While the manufacturer is poisoned by a false espionage, many of them want to burst the abscess on Monday. Convened at noon, a board of directors will review the findings of the investigation into this fiasco. This report was requested on March 14, when the CEO, Carlos Ghosn, acknowledged that three executives had been wrongfully dismissed.It aims to "identify the origin of recently observed failures in the business" which the State holds 15%, said the Ministry of Economy, which will ensure that "the consequences are drawn both in terms of organizational reforms in terms of individual responsibility. "

Of "disciplinary proceedings"

The audit was conducted by an outside firm controlled by the audit committee of the manufacturer, involving six members of the board of directors, including a representative of the State, under the responsibility of Philippe Lagayette, a former senior vice present president of investment bank Barclays Capital. The audit committee will present this study to the rest of the board of directors, as well as proposals for action to take.The directors, however, could give himself time to think before acting and push their decisions to 28 April, the eve of the general meeting of the group.

This survey has highlighted the developments of "a certain level of seriousness" and make discoveries about the responsibilities of different actors of this slippage, "says a close case. The group said it would incur "disciplinary proceedings" against three members of the Security Branch. This service, led by Remi kilt, a relative of Carlos Ghosn, also includes Dominic Gevrey, who alone was in contact with a mysterious source, whose secret service doubt existence.The group has convened a meeting of dismissal, which he could not go since he is indicted and imprisoned.

Leaders in the crosshairs

The whole issue now is whether other heads will fall. Carlos Ghosn did not think to leave. The CEO of Renault and Nissan, cement the alliance between the two manufacturers, it is considered an "asset" for the group. Neither the State nor the unions seem to want to decapitate the organization. Remains with the continuation of Patrick Pelata, the chief delegate. He submitted his resignation on February 14 Carlos Ghosn, who has refused, arguing he would not "add crisis to crisis." Number two this time could serve as a fuse.

Legal Director, Christian Husson, and the director of senior executives, Jean-Yves Coudriou, are also in the crosshairs."I hope it does not give birth to a mouse," said a director, as this would only that "burden the climate at Renault." Employees, shocked and confused, waiting for more transparency on this story. The board will also decide on the amount of compensation paid to three executives, which will total millions of euros each.

ALSO READ:

The Paris prosecutor would have covered the investigation

"One of the" Mr. Security "gives his version of the case

Carlos Ghosn would have imposed the law of silence

Renault espionage or fraud? The mystery remains in the case which led the manufacturer to lay off three of its senior executives for selling strategic information for the benefit of China. Before having to publicly apologize to the weakness of evidence in its possession. The former security director of the diamond brand, Alain Le Guen, "said Le Parisien that he does not give up too quickly assuming the act of spying. 'The Chinese track is quite plausible, "said he.

Investigators suspect the contrary Gevrey Dominique, former number two at Renault's safety, have all conspired. The latter has been indicted for "organized fraud". According to the chained duck, he received an account in Switzerland some of the 250,000 euros paid by Renault to get an anonymous source evidence of the guilt of its executives.

"Not a single source"

But Dominique Gevrey "did not invent the standard for financial information" and organize the intelligence fraud that led to the dismissal of three executives from Renault, Alain Le Guen understands. The latter knows the prime suspect of the case: he had come from the manufacturer and they are both awarded by the Directorate of Protection and Security of Defense (DPSD).

On the other hand, according to Le Parisien, Dominique Gevrey gave the judge the name of the source that provided it with the elements against the dismissed executives. A Belgian or Luxembourg, the paper said. It would, as the chained duck, an employee of the global bank transfers Swift. But this information, adds the satirical weekly, is unlikely: the information available Gevrey could not be owned by Swift."Without doubt this is it not a single source, for its part considers Alain Le Guen.

Allowances

Still, Renault has had to back against three executives indicted for espionage. The manufacturer is now obliged to negotiate with them compensation for having wrongfully dismissed. Renault CEO Carlos Ghosn, Patrick Pelata, the general manager, on Monday presented their "their apologies and deep regrets, personally and on behalf of Renault.

A fourth part, Philippe Clogenson, dismissed in 2009 after anonymous accusations, also believes his loss of several million euros. And calls for "public apology" from Renault, says Le Figaro.

ALSO READ:

"Renault is negotiating quietly with the fourth licensed

It is ultimately the American General Mills will acquire Yoplait. Reportedly, the U.S. group will take 51% stake in the dairy group valuing it at 1.6 billion euros.

Several groups including Chinese, Mexican, Japanese, Dutch cooperative as well as Swiss and American giants have become interested in the sale of the participation of the investment fund PAI (50%) in Yoplait. COPERS Sodiaal also sells 1% of its share s and remains a shareholder at 49%.

Yoplait is the second global brand behind Danone fresh dairy products. Launched in 1965, thirty-six years after Danone, a brand created by the cooperative Sodima, ancestor of Sodiaal, succeeded his breakthrough on the French market, at once aggressive and commercial innovations.First brand to launch in cardboard containers, Yoplait yogurt invented the fruit and yogurt drink.

ALSO READ:

"A Chinese on the offensive to redeem Yoplait

The U.S. stock market does not know which way to turn this Wednesday. After opening on a small drop, the Dow Jones gained 0.36% to 12,101.20 points, the S & P 500 rose 0.47% to 1312.43 points and the Nasdaq Composite advance of 0.67% to 2755.74 points.

On Tuesday, U.S. indices ended sharply lower. Investors are worried that soaring oil prices will overcome the economic recovery. Up to the opening, the indices on Wall Street have stalled while crude prices took off, ending a barrel to 115 dollars in London, and nearly 100 in New York. The Dow Jones dropped 1.38% to 12,058 points, the Nasdaq lost 1.61% to 2737 points and the S & P500 1.57% to 1306 points.

Meanwhile, gold has reached a new record of over 1432 dollars, erasing its previous peak dating last December.On the New York Mercantile Exchange, the futures contract due in April, the most traded, rose up to 1435.60 dollars, again a record high of 31. The precious metal is still a safe haven amid geopolitical tensions in the Arab world.

Increase job creation in the private

On the foreign exchange market, the euro off again up slightly against the dollar Wednesday, still supported by speculation about the anticipated monetary tightening in the euro zone but remained stationed around $ 1.38. About 11 hours in Paris, the euro bought 1.3804 dollars against 1.3774 dollars late Tuesday.

On the macroeconomic front, the U.S. private sector has identified 217,000 new jobs in February, according to EPA figures. That is more than the 175,000 expected by analysts. The January figure was revised upward to 189,000 against 187,000 before.

Crude oil inventories fell last week to the U.S. after a long series of weekly gains and those of gasoline fell, against analyst expectations, according to figures released Wednesday by the U.S. Department of Energy.

At 20 hours, investors will focus their eyes on the Fed's Beige Book, which provides a picture of prospects for economic performance of the first world power.

Very important also, IATA (International Air Transport Association) said soaring oil prices should halve the profits of the airline industry in 2011.

Apple to unveil the iPad 2

Apple: +0.36% to 350.58 dollars

The side of values, Apple expected to unveil on Wednesday a new version of its tablet computer iPad, which should be given additional features to better counter the competition from devices left by other manufacturers lately. A year ago, the Apple boss Steve Jobs unveiled the iPad, calling it "revolutionary and magical product really." This year Steve Jobs is on sick leave since mid-January. Analysts at Goldman Sachs, "the device should provide a first line of defense against competing tablets expected in the coming months." An enhanced memory, a more powerful microprocessor, cameras front and back, perhaps a thinner design and more angular, could characterize the new device.The market for tablet virtually nonexistent a year ago is booming. In February, the consulting firm Deloitte predicts that it would sell a total of fifty million tablets this year. Apple has sold some 15 million iPad 2010.

AIG: 1.58% to 37.28 dollars

The AIG said Tuesday after the close of Wall Street have given the green light to its rival MetLife (-4.41% to 44.01 dollars) to get rid faster than expected actions of this group held to continue to reimburse the state. At the closing price of MetLife Tuesday at the New York Stock Exchange, all securities held by AIG were valued at approximately $ 9.8 billion.

In addition, shareholders of the consortium Chen Ruen Investment, comprised of Ruentex, its real estate subsidiary Ruentex Development and shoe manufacturer Pou Chen, which seeks to buy out AIG's Taiwan subsidiary has formally approved on Wednesday its offer of 2.16 million dollars, paving the way for a possible confrontation with the authorities regarding the financing of the operation.

Yahoo!: +3.85% to 16.72 dollars

For its part, the U.S. Internet group Yahoo! talks with the Japanese telecommunications and Internet services on Softbank the possibility of breaking their agreement on the Japanese market, "says New York Times on its website. Yahoo! Japan has achieved in the first nine months of its fiscal year 2010-2011 (April-December) net profit up 13% over one year to 828 million.Its turnover is steadily increasing, unlike that of Yahoo! which fell 2% in 2010.

EON: 0.53% to 32.27 dollars

The number one German energy EON announced Wednesday the sale of its UK electricity network for 4.7 billion euros to the U.S. Pennsylvania Power & Light (PPL), which he had already sold its subsidiary in Spring 2010 U.S..

NYSE Euronext: +0.22% at 36.58 dollars

Also after the close of Wall Street, NYSE Euronext and the Tokyo Stock Exchangeont signed a letter of intent to explore the possibilities of interconnection between their networks of trading.

Valeant Pharmaceuticals International: -0.18% to 39.72 dollars

For his part Valeant Pharmaceuticals International announced it would issue bonds for $ 1.5 billion dollar, particularly in order to repay loans and to repurchase shares.

General Motors: -0.52% to 32.78 dollars

Car sales have increased 27% year on year last month in the U.S. according to figures released Tuesday. General Motors sold more than 200,000 vehicles last month in the U.S., a jump of 46% over one year. Ford (+0.75% to 14.77 dollars), the number two market, saw its sales rise 14% on a year to more than 156,000 vehicles.

Also note, the liquidator Irving Picard, responsible for compensating victims of the fraudster Bernard Madoff, said the AIF U.S. Tremont Group Holdings and is seeking $ 2.1 billion, according to the text of the complaint. The liquidator had reported in mid-December that it had recovered half the money invested by the victims of the fraudster, or about ten billion dollars. It seeks to recover a total of 50 billion dollars.

Before his meeting with Barack Obama on Monday in Washington, Nicolas Sarkozy received Thursday at lunch at the Elysee a bunch of economists called on the floor for the G20 Elysian priorities: reforming the international monetary system, development assistance and supervision of commodity prices.

The experts submitted to the Head of State of written proposals should be published in the coming weeks. During the "two hours of real trade", according to Jean-Paul Fitoussi, one of the guests French, the French president has expressed his willingness to "put formally on the table G20 issues important to things happen. ""We're not going to reform the international monetary system of a magic wand," says French economist, but we want to create a committee of the G20 system reform "that could begin by strengthening the role of the SDR (the rights Special Drawing the "currency" of the IMF).

Of the nineteen economists selected by Nicolas Sarkozy's entourage included two international stars: the American Joseph Stiglitz, Nobel Laureate in economics, known for his criticism of the American model, and Briton Nicholas Stern, chief economist to have encrypted the financial cost of inaction in the fight against climate change.

Most of the group consulted by the French presidency of the G20 exist since 2009.Formed around Joseph Stiglitz, it was mandated after the crisis by the president of the UN General Assembly, to draw lessons from the financial crisis and lay the groundwork for "a world safer and fairer .

The Stiglitz Commission presented a report to the UN on September 21, 2009 "reform of international financial and monetary system."An excellent basis for Nicolas Sarkozy, who wants to restore order in the "current monetary mess," find innovative sources of financing for development, and curb speculation on food commodities.

Three French

Three French were Thursday at the Elysian diners: the very Keynesian Jean-Paul Fitoussi, an affiliate of Stiglitz, Professor Henry Bourguinat specialist exchange rates, and François Bourguignon, director of the Paris School of Economics and former Chief Economist of the World Bank. Among Europeans, we note the presence of former Minister Heidemarie Wieczorek-Zeul, the figure of German social democracy.

The other "gurus" of Nicolas Sarkozy are all from developing countries.Economist Louis Kasekende in Uganda by José Antonio Campo, through the President of the Malaysian central bank, Zeti Aziz Akhtdar, they all share a critical view of current economic model, deregulated, delivered to speculators, and dominated by the dollar .

ALSO READ:

"Nicolas Sarkozy sets out three priorities for the G20

"Sarkozy inherits a difficult G20

U.S. economist Jeffrey Sachs, special advisor to UN Secretary General Ban Ki-moon and professor at Columbia University, spoke today at the conference "New World, New Capitalism", organized in Paris by the Minister Industry Eric Besson, in the presence of François Fillon and Prime Minister of Greece George Papandreou. Father of the liberal shock therapy in Russia of Yeltsin, Sachs, who has advised many governments, has evolved over the years in cross-interventionist in the fight against poverty.

LE FIGARO. – The European Union will she have to save other Member States this year?

Jeffrey Sachs. – I am more optimistic than most of my fellow economists about Europe. I think the euro will resist and that countries have chosen the difficult path of austerity will hold good.The bailout of Greece and Ireland's long overdue and has been implemented grudgingly, which was expensive in Europe. I agree with these plans, with one caveat: in the case of Ireland, where the weight of private debt is large, the government guarantees to banks have been too generous to me.

The French economic model he was protective against the crisis?

As an American, I am tempted to say, especially to the French right long seduced by liberalism in the U.S.: do not go to the American model! The United States undergoing a structural crisis much deeper than Germany or France. United States, unemployment reached 10%, income inequalities have never been so blatant, and the budget deficit weighs 10% of GDP. The financial system and labor market deregulation are the cause of this crisis.The heart of Europe – except Italy, which has its own political problems – France, Germany, the Netherlands, Scandinavia are much more balanced, more resistant, more competitive in the long run than the States USA.

How the West can they stay competitive?

Global competition is intense. You can increase competitiveness by lowering wages of unskilled workers or, conversely, promote education. The crisis has led to a decline in consumption no faxing 1 hour payday loans. Rulers had the choice between stimulating the consumption or boost investment. The second option was the best, not one chosen by the United States, who preferred short-term policies. The recovery requires investment in major infrastructure, the green economy and human capital. Stimulate consumption is a very naive approach.The scrapping, for example, in vogue in many countries, is an easy solution, but absurd.

Are you in favor of reforming the international monetary system?

The dollar has already begun its decline. An international monetary system based on multiple currencies is needed. We must first restore the credibility of the euro. Second difficulty: Asia. The yuan prevail there as the Asian currency or will he monetary cooperation with the Japanese yen and Korean won? The yuan is not even a true international currency, but China probably has a plan to transform the next ten years or even faster.If Europe speaks with one voice (there was dithering in Germany), while Asia also agrees, then the monetary system will be based on three pillars, the euro, Asian currencies and the dollar .

In this context of weak growth and debt in the West, China Will it extend its control over Europe?

No need to be a genius to see that China is trying to recast the global economy. It saves half of its GDP! This accumulation of wealth is spectacular. One part feeds the fastest urbanization in history, which involves the construction of infrastructure, roads, power plants on a scale without precedent. China has also become the largest investor in Africa. She also played an important stabilizing role for the euro. Premier Wen Jiabao said China would continue to purchase debt securities Greek, Portuguese or Spanish.On the other hand, China is the source of rising world prices of energy and power. What she did not properly managed, are its natural resources. She is going through a profound environmental crisis. But this is twenty years I reiterate that China's growth is strong and she changes the world.

The links between Credit Agricole and Intesa Sanpaolo of Italy to normal. Green Bank, which focuses on developing its strategic plan, announced it would no longer be represented on the supervisory board of its competitor. Its participation of 4.79% will be reclassified from strategic financial.

It must then be valued at its market value: what will result in an unrealized loss of 1.25 billion euros in its accounts for the fourth quarter. For the record, Crédit Agricole had allied with the insurer Generali in spring 2009 in a shareholders' agreement, then denounced by the Italian Antitrust.Crédit Agricole had agreed to lower its stake in exchange for the acquisition of Intesa Sanpaolo branches.

However, the group reiterates once again that he will not need a capital increase to meet the new prudential rules Basel III low fee pay day loans.

Crédit Agricole has however made no decision on the future of its 20% stake in Spanish bank Bankinter and 10.8% in the Portuguese bank Espirito Santo, two banks also experienced by the financial crisis.

Finally, the mutual bank said recently ruled out for the moment to embark on new acquisitions to expand in Europe, arguing that the priority of the cooperative banking group is to complete the restructuring of its Greek subsidiary Emporiki.

The Crédit Agricole closed Friday down 2.51% to 10.09 euros, bringing its decline since the beginning of the year to 18.4%.

ALSO READ:

"Credit Agricole is preparing its exit from Intesa Sanpaolo