Considering the situation in Greece "concern" after the results of Sunday's parliamentary elections, Jean-Paul Chifflet, the Director General of the French bank, has however, that the assumption of output in the euro area was not the scenario chosen by the majority group. 

"We are in all cases prepared for all eventualities even if we think that it should not happen," said Jean-Paul Chifflet at a conference call about the future of Greece.

"We do not envisage this scenario so as the majority of risk occurrence," he added.

At the Paris Bourse, the action Credit Agricole SA, which had opened on a drop of over 3%, 2.26% gave up to 10:10, to 3.417 euros in a market still nervous because of the political stalemate in Greece and the revelation of a trading loss by the U.S. bank JPMorgan. 

Since the beginning of the year, the title, which hit Wednesday during its lowest (3.344 euros) since its IPO in late 2001, falling more than 21%, significantly underperforming the European banking index down only 0.35% since January 1.

"Given the current Greek, the group's exposure to Emporiki remains a major factor of concern," said Alex Koagne, an analyst at Natixis.

"However the performance of core business lines is strong in the quarter. Moreover, the deleveraging plan ahead properly, which is good news, "he says

. NEW CHARGES ON GREECE … The listed vehicle

….. group Credit Agricole says first quarter spending in a new charge of 940 million euros for Greece, which EUR 567 million related to its Greek subsidiary Emporiki mainly because of new provisions

. Its net profit reached 252 million of the coup euros for the first three months of the year. According to the Thomson Reuters consensus I / B / E / S, analysts on average expected a net profit of 571 million euros.

Its revenues for the period rose 2.3% while its provision for credit risk have increased more than two.

The bank, which was accused last year its first annual loss since its IPO in late 2001, warned in mid-March that its first quarter accounts would incorporate new provisions on the Gre and it related to the perimeter of the second aid plan for the Hellenic Republic. 

Hired as other European banks in a restructuring of its operations in the BFI and reduce balance sheet size, the group also states that it reached in late April, 70% of its target to reduce its liquidity needs and 91% of its objective of reducing its risk-weighted assets.

ALL OPTIONS OPEN ON CHEUVREUX

This restructuring of the CIB, which involves the removal of 1,750 positions, also resulted in the first quarter charge of 224 million euros.

Asked about the future of its subsidiary brokerage Cheuvreux, Jean-Paul Chifflet also said that all assumptions were now open. 

Cheuvreux was excluded from the scope of end-March discussions with the Chinese broker who negotiates the purchase Citics CLSA, the brokerage subsidiary of another bank green.

For the whole group Credit Agricole, the net profit was 804 million euros in the first quarter, down 47%.

For comparison, the group BPCE (People's Bank – Savings Bank), parent company of Natixis, has made a net profit of 665 million euros.

BNP Paribas and Societe Generale have in turn reported net income of respectively 2.867 million and 732 million euros.

In the first three months of the year, adjusted earnings came in at 59.2 billion kroner (7.8 billion) against 47.2 billion ago one year and 53.4 billion expected by analysts.

Production of oil and gas over the period reached 1.970 million barrels oil equivalent per day, against 1.765 million a year ago and a consensus of 1.881 million.

For all of 2012, Statoil has stuck to its projections of production of some two million boe / d.

This natural disaster had disrupted for months the production chain, in the automotive sector and elsewhere.

Data released Tuesday by the Japan Automobile Dealers, however, show that sales of April 2012, which reached 208,977 units, still 5.9% lower than those of April 2010.

Toyota sales including the Lexus brand, rose 185%, while Nissan was 51.6% and 61.5% of Honda.

The airline needs to spend a large order by the end of 2016 to reach its goal of doubling its capacity to 150 million passengers a year.

An order before the end of 2014 is unlikely, however, said Michael O'Leary told reporters.

The CEO of Ryanair also said that if his group paid a special dividend in respect of fiscal 2013, it does not pay a second in 2014.

These funds are meant to give the IMF the means to combat the crisis of sovereign debt in the euro area.

The G20 finance ministers meet in Washington next week and will increase the Fund's resources will be central to their discussions.

"I would say it will be somewhere between 400 and 500 billion and that much will depend on commitments of the major world economies and European economies outside the euro area," said an official of the G20. 

Executive Director of the IMF, Christine Lagarde, said Thursday that an agreement could take time, suggesting that the meeting next week may not result in an agreement dice finitif.

She also said it was possible that the IMF has required fewer resources than he thought a few months ago, the economic and financial risks are being mitigated, as well as its financing needs.

The long-term operations (LTRO) of the European Central Bank refinancing two to three years made in December and late February, by watering thoroughly with liquidity sys my bank, have also helped reduce the need of the Fund, in the opinion of officials. 

The IMF estimated in January that it would take $ 500 billion more for loans and an extension 100 billion in reserves for protection of risks arising from the debt crisis of the euro area .

"UNREALISTIC"

"It was always clear that this envelope 500 to $ 600 billion (…) was too unrealistic," said another official of the G20. "We will be happy if we get other countries as much as what the Europeans are willing to contribute."

Countries in the euro area have committed to provide 150 billion euros and other countries of the European Union 50 billion.

The first official said that China and Japan could together provide $ 100 billion, or slightly more. "It seems that Japan and China are relatively happy with what Europe has done," said a third official.

"But among developing economies, we still feel that the rich countries like Germany should play a greater role in solving the problems of the region, it may be that there is no agreement until the last moment, "added the third charge.

For now, the U.S. and Canada are the only countries that do not contribute to an increase of IMF resources.

The social network plans to complete the transaction in the current quarter.

Instagram was launched in January 2011 and now has thirty million users. The application allows in particular to apply filters and effects to photos taken with a smartphone.

This acquisition is unexpected since Facebook is preparing an IPO.

"This is an important step for Facebook because it's the first time we acquire a company and a product as accrued," said the Director General General of Facebook Mark Zuckerberg.

Stanislas de Quercize, joined Richemont in 1989, is currently the head of Van Cleef & Arpels after having officiated for Alfred Dunhill and Montblanc brands. He will take office at the end of the year.

"From Quercize gave up Van Cleef & Arpels since his appointment, making the brand profitable and grow making credibility with buyers of fine jewelry," said Jon Cox, analyst at Kepler Capital Markets.

Cartier, in his view, represents half the sales of Richemont and two-thirds of operating profit.

Stanislas de Quercize cede his position at Van Cleef & Arpels to Nicolas Bos, current creative director and CEO of the brand in North America.

In exchange, the action Richemont, the world of luxury behind the French LVMH, was unchanged at 9.50, to 55.75 francs, while its European sector index took 0.3%.

In Paris, in mid-session, the CAC 40 was down 0.8% at 3443.28 points. The Dax 30 yields 0.58% and the FTSE 0.47%. The index futures point to a New York opening on Wall Street rather indecisive.

PSA Peugeot-Citroen gained 0.9%. The French manufacturer announced it was studying with General Motors on the feasibility of development of common platforms for large segments of small sedans and minivans.

BT wins more than 5%. The British telecoms operator plans to pay two billion pounds into its pension fund as part of a new nine-year plan more advantageous for shareholders.

The French government raised its economic growth forecast for 2012 to 0.7%, against 0.5% previously, and was lowered to 1.75% for 2013, against 2.0%, said Minister of Economy Baroin. This announcement follows the revision by the National Institute of Statistics and Economic Studies (INSEE), its growth forecast to 0% in the first quarter and 0.2% in the second quarter of 2012.

Moreover, the overall business climate in France has improved significantly in March, to 95 points, an increase of 4 points, according to INSEE.

In the U.S., the indicator of new home sales will allow investors to refine their expectations of recovery in the industry and the economy in general.

The increase is in line with market expectations.

In January, prices showed an increase of 0.2%.

Gasoline accounted for more than 80% of the increase in consumer prices in February, said the Labor Department.

Excluding volatile prices such as food and energy, inflation remains subdued with an increase of 0.1% in February after a 0.2% gain in January.

The February increase is below market expectations (+0.2%).

The price of gasoline jumped 6%, their largest increase since December 2010. They had gained 0.9% in January.

Food prices were flat last month after rising 0.2% in January.

Over one year, the consumer price as a whole jumped 2.9%, as in January.

Excluding volatile, they rose 2.2% after rising 2.3% in January.

The Federal Reserve said Tuesday that soaring energy costs would result in a temporary rise in prices. In the long term, inflation is expected to be more than 2%, the objective of the central bank.

In anticipation of upcoming elections, the Institute of Business and Expansion are now Bayrou, president of the Democratic Movement and candidate for president, Xavier Huillard, president of the Business Institute and CEO of Vinci, and the economist Jean-Marc Daniel. They discuss the theme: "Produce in France: what works to restore prosperity?"

The debate is moderated by Franck Dedieu, a journalist at L'Expansion. It is broadcast live on Dailymotion. You can also comment on twitter and ask questions via the # debateco.