A special board is scheduled Monday morning and is expected to endorse the departure of Pierre-Henri Gourgeon, blamed for the results considered bad and bad relations with the President of the Board Jean-Cyril Spinetta.

This move was expected. "I think the end of this suspense but it is close to the company itself to decide," said Transportation Minister Thierry Mariani Wednesday, describing the arrival of Alexander Juniac of "true-false suspense ".

The French state owns 16% stake in the airline.

The Bank of France reiterated Monday its forecast of growth of 0.1% of the French economy in the third quarter, based on the results of its latest monthly business survey.

In September, "industrial activity has remained stable, the contraction in the automotive and manufacturing equipment was offset by the increase observed in the food industry and some sectors of production of consumer goods" said she.

The Bank of France said that the forecasts of business leaders expect a continuation of the stability of industrial activity in the coming months. Services could, in turn, suffer from a slowdown in activity.

Thursday, INSEE had indicated anticipate GDP growth of 0.3% for the third quarter, a more optimistic prediction than the Bank of France.But the institute expects a stagnation in activity over the last three months of the year highlighting the sharp deterioration in the economic climate in the euro area during the summer.

The indicator of business climate in France has lost eight points between July and September to $ 97 in its long-term average of 100.

INSEE also announced Monday that industrial production rose by 0.5% in August while economists polled by Reuters on average expected a contraction of 1%.

"It's always good to take.PMI surveys suggest already predict a decline in output, which shows that this sector should not escape the impact of slower global growth and lower domestic demand against a background of escalating crisis debt in the euro area ", says Joost Beaumont, economist at ABN Amro.

Markit PMI surveys among purchasing managers have shown last week a contraction of manufacturing and for services, the lowest growth for two years.

The only support activity at year end could then once again to come from household consumption, unless the sovereign debt crisis incentive for consumers to save more.

According to Insee, the saving rate of French households has reached 17% in the second quarter, its highest level since the third quarter of 2009.

The Dow Jones Industrial 30 yielded 2.49%, or 283.82 points at 11,124.84. The S & P-500, wider, lost 35.33 points, or 2.94%, to 1166.76.The Nasdaq Composite fell on its side of 52.05 points (-2.01%) to 2538.19.

As expected, the Fed announced it would buy Treasury bonds maturing long to bring down interest rates in the long term, but especially the phrase "significant downside risks weighing on the economic outlook" that caught the attention of market participants.

"This comment on the prospects – and I do not, moreover, why it is a surprise – was an attachment point for market participants," said Stephen Massoc, managing director at Wedbush Morgan.

The Fed will buy, by the end of June 2012, 400 billion of Treasury bonds with maturities ranging from six to 30 years.During this period, it will give an equivalent amount of bonds maturing in three years and under.

This action, to put pressure on interest rates in the long run is similar to that conducted in the 60's and so called "Operation Twist".

Stressing that economic growth would remain weak, the Federal Reserve that kept interest rates at between 0% and 0.25%, confirmed that these rates remain exceptionally low until mid-2013.

The index values ​​involving transportation, considered a measure of economic health, has plunged 5.27%.

The fund bank also sensitive to economic conditions, was also affected by the decision of Moody's downgrade of Bank of America, Wells Fargo and Citigroup on the ground that the Federal government may be reluctant to rush to the aid of large banking institutions difficulty.

The title of Bank of America fell 7.5% to 6.38 dollars, that of Wells Fargo 3.9% to 23.71 dollars and action Citigroup lost 5.2% to 25.52 dollars, the index KBW banking shares fell 5.5%.

The technology sector was one of the few in the green, the action Hewlett-Packard gaining 6.6% to 23.96 dollars after a source said the board planned to replace the CEO Leo Apotheker after less than a year of service.

Oracle has gained 4.2% to 29.54 dollars after reporting quarterly forecasts Tuesday night than expected.

The latter, designed to hide 37 billion euros to its debt stock requires approval by 90% of private sector investors, said Athens to other cities in an official letter.

Greece had previously made this level a goal and not a condition.This threshold applies to the bondholders holding the paper maturing in 2014 and 2020.

"If these thresholds (or either) are not met, Greece will go no further on any part of the transaction whatsoever," the Greek government.

Greece, however, has left some leeway, saying it would withdraw from the case if the proportion of participants did not meet investors its international partners such as the European Union and the International Monetary Fund (IMF).

This would occur if "she realized, in consultation with public authorities, that the total contribution of private sector creditors (…) was insufficient to allow public authorities to support the new multi-year adjustment program."

"It's a tactical maneuver. She wants to put pressure on private investors to participate," said an executive of a Greek bank.He said the threshold of 90% is ambitious and believes that the transaction will in any case, even if not achieved.

The Greek banking sector plunged 7.24% to 1300 GMT in Athens Stock Exchange.

"Not bad DELAY"

The Institute of International Finance (IIF), which coordinates the bank discussions, said Thursday that 60% to 70% of bondholders had expressed their intention to participate in the plan.

They may be more numerous, he said, once a proposal has made formal.

The European Commission said in turn suggests that private investors are involved enough to sustain the bailout program.

A Parisian banker noted, however, the collateral argument made by Greece to Finland in exchange for loans may complicate the matter.

Helsinki does not give this guarantee and its finance minister said Friday Jutta Urpilainen that the country would be irresponsible if they waive this requirement.

"I feel that there has been a lot of delay in the finalization of the methodology and the implementation of this plan," said the banker."There are big problems also contributors to the final device, given what is happening in Finland, Austria and other countries, and its ratification.

Greece wants to join the plan investors hold around 135 billion euros of debt on the 150 billion that will mature by 2020.

He was asked investors to indicate their interest, non-binding to participate in the exchange of obligations by September 9, said bankers.After that, a formal proposal will be formulated and binding, probably in early October, they added.

The idea of ​​involving the private sector in a second bailout of Greece comes from a political anxious to save the taxpayer a part of this new financial burden. This idea would mean a loss of 21% for bondholders.

Production increased by 0.9% the previous month, its highest growth rate in seven months. Economists on average had expected an increase in production of 0.5%, following growth of 0.4% (revised from 0.2%) in June

In one year, industrial production was up 3.7%.

The rate of capacity utilization stood at 77.5% in July, the highest since August 2008, against 76.9% in June

Economists surveyed expected a rate to 76.9%.

The study conducted by the polling institute Emnid, 31% of respondents hold this view, against 65% who bet on the opposite.

The "Ossis" (inhabitants of the former GDR) are the most skeptical about the future of the common European currency, with 41% who believe in his death in 2011.

The people of Western Germany are showing more optimism, 28% of them only believing in the death of the euro in the next decade.

The survey also reveals a split between men and women: 70% of German respondents are betting on the continuation of the euro in ten years, while the Germans are 61% believe it.

At the Paris Bourse, the fall of the SocGen action sailed around 18.5% to 16.15 after exceeding 20% ​​temporarily. BNP Paribas

Abandoned agricultural credit and 15.68% 12.52% to 16.15.

The indices also dug their losses in the wake of a drop of around 3% of Wall Street opening.

"When we see how things have changed, there is now a lot of pressure on France.It's pretty focused, "said one London-based analyst who declined to be named, about the fall of the French bank.

"It's a little to challenge the French system:" you promise to reform.It's good but now we need concrete announcements ", he adds.

The French government announced late this morning that France would take 24 August the necessary steps to ensure that its objectives of reducing public deficits are met regardless of changing economic conditions.

CONCERNS IN ITALY

French banks are also under attack because of their high exposure to Italy, a country under pressure from European leaders to address its budgetary situation.

According to figures from the Bank for International Settlements (BIS), the French banks are exposed to the tune of 410 billion euros to Italy, followed by German banks with an exhibition of 165 billion.

BNP Paribas and Credit Agricole are especially vulnerable to Italy because of their local branch, respectively Banca Nazionale del Lavoro and Cariparma.

At the Milan stock exchange, securities Intesa Sanpaolo and UniCredit were reserved for the decline in the afternoon due to excessive volatility.

The market is concerned about the ability of Italian banks to refinance.In response to these rumors in the market, the ABI, the Italian Banking Association, said Wednesday morning that Italian banks had no difficulty at this time to refinance.

"Italy seems to be what worries that the market returns (the Italian debt) have fallen after the intervention of the ECB", noted earlier in the morning a trader in Paris.

EXTENSION OF AID TO GREECE?

In addition to these fears also reports that the European Union and the Institute of International Finance (IIF) would think an expansion plan for the exchange of Greek sovereign debt to include obligations maturing in 2024 instead of 2020.

To some analysts, this could result in the sudden depreciation of the most important for banks that hold the Greek sovereign debt beyond 2020.

"Banks that have not depreciated 100% of their positions could have an additional impact," said an analyst based in Paris. "This is true for BNP."

BNP Paribas said last week it held the Greek sovereign debt beyond 2020 on which it has not applied a 21% discount.

Societe Generale has however indicated that it did more than government debt after 2020.

"The Secretary Geithner told the President that he intended to remain at his post at the Treasury," said Assistant Secretary of the Treasury Jenni LeCompte.

Geithner wants to "deal with the challenges that the U.S. economy faces," the statement said.

A technical problem led the Belgian chemical group, poised to buy the French Rhodia, has announced that EBITDA was stood at 304 million euros (+12%).Financial analysts had relied on a figure of 299 million.

The increase in EBITDA was notably due to the higher volumes and selling prices of products of the group, which offset increased energy costs.

"The second quarter 2011 was excellent for Solvay with a request that resulted in volume growth of 4% on the back of an increase in our prices by 11% over the same period last year," said Christian Jourquin, CEO of Solvay, said in a statement.

The profitability of most chemical groups suffered from the rising cost of raw materials, they do not always affect the selling price charged to customers.

The Swiss Clariant and said Wednesday he had been able to increase its prices by 7% in the second quarter of 2011 while the cost of raw materials increased by 14%, noting in passing that this cost is expected to increase in the second half.

BASF, the world leader in the industry, for its part, reported profit and sales below expectations, blaming the loss of oil production in Libya and a slowdown in global economic growth.

The German group also said he expected growth "less dynamic, as observed by the end of the second quarter."

Solvay said in May anticipate the full year improved its annual operating profit, thanks to the contributions of both the chemicals and plastics business.

The Belgian group announced in April its proposed acquisition of Rhodia to 3.4 billion euros, of reconciliation which the European Commission will decide Aug. 5.

The French announced Thursday also an EBITDA up 31% to 297 million euros in the second quarter sales up 22% to 1.617 billion.