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The second Japanese bank, Mizuho Financial, reported Tuesday a fall of 80% of its net quarterly profit, mainly due to a decline in the value of his stock portfolio. </ p> Net income for the quarter October to December fell to 16.3 billion yen (162 million euros), against 80.3 billion yen in October and ; December 2010, according to Reuters calculations based on the results of nine months. </ p> Nikkei index falling by over 13% between April and ; December, banks have had to spend significant provisions on the value of its shares in listed companies. </ p> The results are also affected by a charge related to a change in tax law.</ P> For the year, Mizuho maintains its net profit forecast to 460 billion yen, up 11% over the period 2010-2011 while the market expects 427 billion yen, according to the consensus Thomson Reuters I / B / E / S. </ p> The first Japanese bank, Mitsubishi UFJ Financial, is to publish its results on Wednesday. </ p > <p> third Japanese bank Sumitomo Mitsui Financial Group (SMFG) said Monday net income stagnant under its third quarter. </ p> Action Mizuho has gained 17% since its low point of eight years moved in November, while the Nikkei index gained 8% at the same time. Mitsubishi UFJ Financial Group (MUFG) is up 10% and 20% of SMFG. </ P>

The rapid increase of the debt crisis in the euro area threatens the credit ratings of all European states, warned Sunday the U.S. rating agency Moody's. Moody's in New York.

In a "special comment" on European countries published Sunday, Moody's says it still considers that the euro area will maintain its unity without any fault as that of Greece, but notes that even this' scenario 'positive' carries consequences very negative for the notes "of European countries. The U.S. rating agency, recently warned that France could lose its "triple A" allowing it to borrow at favorable rates in the markets, and clearly indicates that no country, even among those considered most solids, such as the Netherlands, Austria, Finland or Germany, is immune to a lowering of note.

Other countries may need help

While countries such as Italy and Hungary have more and more difficult to obtain financing at rates viable markets, Moody's wrote that "the political momentum to implement an effective solution to the crisis could n ' be found after a series of shocks, which could lead more countries to be deprived of access to funding markets for an extended period. " The agency is referring to countries like Ireland, Greece, Portugal or Hungary, which have benefited from one or more financial rescue from the European Union or the International Monetary Fund. She said other countries may need to use this kind of solution if the EU fails to quickly find an adequate response to the crisis, these countries would then most likely lowered their rating to that of a investment "speculative."

The new Italian Prime Minister revealed the composition of his government. In addition to its status as prime minister, he will take the reins of the Ministry of Economy at a time when the country is under pressure from the markets. Mario Monti.

The new Italian Prime Mario Monti said on Wednesday it would also economy minister, after his team presented to the President of the Republic Giorgio Napolitano. The former European Commissioner, 68, was named to replace Silvio Berlusconi as head of government while Italy is in danger of suffocation from the weight of its debt.

Monti also decided to create a large Ministry of Development, Infrastructure and Transport told the boss that the second national banking group Intesa Sanpaolo, Corrado Passera. Mr.Monti said the combination of these three portfolios within the same department by the "logic" to "put more centrally coordinated initiatives for economic growth."

Other key ministries were entrusted to experienced technocrats: Foreign Affairs to Ambassador Giulio Terzi di Sant'Agata, the Defense Admiral Giampaolo di Paola, the Interior to Prefect Anna Maria Cancellieri. Corrado Clini, Director General of Ministry of Environment in the last 10 years, was appointed minister. The government of Mario Monti has a total of three women who take charge of Justice, Interior and Labour and Social Policy, said Mr Monti.

After the Senate Friday, the Italian Chamber of Deputies adopted late Saturday afternoon the law of financial stability, a step that paves the way for Berlusconi's resignation and the formation of a new government.

Berlusconi, who was unable to obtain an absolute majority Tuesday, promised to resign after the Italian parliament have endorsed the law of financial stability, requested by the European partners of Rome to restore market confidence in public finances Peninsula.

Silvio Berlusconi is expected to recover in the next few hours his resignation to President Giorgio Napolitano. It is the former European Commissioner for Competition Mario Monti should succeed him.

Over the past twelve months, the transactions made by Greeks reached some 250 million pounds. They seek to place their assets ç outside the country and the euro area. The London property market is relatively stable and offers a return on investment

They lag far behind Gulf investors or Russia, but the Greeks buy more properties in London, considering the British capital as a sanctuary for their fortunes away from the turmoil of the crisis that undermines their pays.Alors the Athens can abandon the single currency has been openly discussed by European leaders, some Greek citizens believe evidence that leaving their assets to their homes is far too risky, and struggle to get them out of the euro area.

London, where the real estate market is relatively stable and offers a return on investment, seems like a good alternative, according to industry experts. "The Greeks have long been on the market in central London, but after eighteen months, the number is increasing," says Liam Bailey of Knight Frank real estate agency specializing in luxury homes.

The Greeks represent 1.5% of the market

This interest was further increased in recent weeks with the deepening of the Greek crisis, confirms Richard Barber, who works at the WA Ellis agency, which specializes in upscale neighborhoods of Chelsea and Knightsbridge. "They prefer to put their money into real estate rather than first class in Greek bonds. The property market in London has a reputation as a sanctuary." The phenomenon is still embryonic.

Exchanges in the euro area have closed down sharply Friday, with the G20 summit concluded its work without any major decision, and especially without a concrete solution to the debt crisis in the eurozone.

In Paris the CAC-40 lost 2.25% to 3123.55 points. For the week, it yields 6.72%. The other major European markets also ended down: London and Frankfurt lost 0.33% 2.72%. Of the European indices, Eurofirst 300 finally lost 1.02%.

The Wall Street players show the same skepticism, resulting in losses of more than 1% for the three major Dow Jones, S & P 500 and Nasdaq Composite, despite the employment statistics rather positive.

"The G20 has not entered into by major decisions. It was a big problem with Italy," says one vendor."There is no visibility," he said, adding that the new EU stability "is not forthcoming."

Alexandre Le Drogoff, technical analyst at Aurel BGC, said the "bear market" comes back and that "the current decline in prices should lead to lower annual test" (2693 for the CAC 40, 1935 for the Eurostoxx 50).

The euro transplanted nose against the dollar and appears on course to acknowledge its biggest weekly loss since mid-September, traders in the largest remaining uncertainty about the bailout of Greece in preparation for the vote of confidence.

The Bund future was up, taking advantage of the lack of commitment of the G20 countries on strengthening the participation EFSF, especially after the statements of German Chancellor Angela Merkel.

Greece wants a solution to their debt problems that would apply to all of its debt maturing until 2035, said Monday a government source.

"We think of all the Greek debt, expiring until 2035, not 2020 as planned in the previous plan," the source said, adding that "nothing can be done without the European Central Bank ".

Leaders of the 17 euro zone members must agree by the EU summit Wednesday on how the second aid package granted to Greece, including a marked discount on Greek bonds held by the private sector , which represent the 200 billion euros.

"We oppose any unilateral action that could be interpreted as a reconstruction of the debt," the source said.

Whatever emerges from the top of Wednesday, Greek banks are not nationalized, also said the source.

According to the information that leaked a report on the debt of Greece by international inspectors, it seems that the second aid package of € 109 billion agreed in July is no longer sufficient unless private investors n 'accept a discount of 60% on their Greek bonds.

Without it, it would take more than 250 billion euros for Greece is solvent, say economists.

Private creditors of Greece may have to accept a loss of up to 60% on their sovereign debt to the Greek debt can become sustainable over the long term, according to a report that will serve as the basis for decisions of the leaders of the euro area meet Sunday and Wednesday in Brussels.

The EU finance ministers STRIPS for their Saturday on different scenarios and try to resolve their differences in voluntary or not of such private sector participation to a new bailout for Greece.

Friday night, they brought a breath of fresh air in Athens, giving the green light to the payment by mid-November of the next tranche of international assistance by 8 billion euros, without which Greece would default on its securities sovereigns in the coming weeks.

The International Monetary Fund still has to also accept the payment, he conditioned ambitious decisions of Heads of State and Government of the euro area to reduce the mountain of Greek debt.

According to the scenarios included in the report of the troika – IMF, ECB and European Commission – representing international donors in Greece, a 50% discount on Greek bonds held by private investors is necessary to reduce debt to 120% of GDP , against 162% today.

If it was intended to bring it below 110%, a discount of 60% would be necessary, the report, which warns that the Greek debt could have a peak at 186% of GDP.

A footnote on page mentions, however, opposition from the European Central Bank to the publication of such scenarios because it believes that investors will refuse to subscribe voluntarily to these losses, resulting in an inadequate Greek.

Fearing to trigger a credit event with unforeseeable consequences, France and several other countries are also reluctant to go beyond the envelope of 50 billion euros negotiated last July 21 with the banks, as demanded German authorities if necessary by forcing them to go the extra mile.

FUND SUPPORT FOR THE EURO AREA

Reflecting a view increasingly shared by European leaders, the Swedish Finance Minister Anders Borg has called for Saturday to a "substantial discount" on the Greek titles.

"I do not think we should use taxpayers' money.The safeguards system can not only restore confidence, "he said on his arrival at the meeting of EU finance ministers.

In addition to the Greek plan, they try to move forward on Saturday a comprehensive plan to recapitalize banks on the continent, aimed not only to prepare them for losses in Greece but also to restore investor confidence.

Several European and banking sources told Reuters earlier this week that the plan could be around 100 billion euros.

They must also continue work to define a formula acceptable to all the Fund to leverage support for the euro area (EFSF), on which Paris and Berlin are divided.

Friday night, after a meeting of the Eurogroup, which barely touched the issue, the economy minister, Baroin said that France continued to believe that the conversion of cash in bank was the best solution but did not make "one final point of confrontation."

"What counts is what works.And what works is what will go towards deterrence and effective firewall and it is around that we're trying to work, "the minister said to the press.

SARKOZY, MERKEL MEETING

Granted a banking license in EFSF would allow access to funding from the European Central Bank to increase its capacity for action by a factor of up to five.

But Berlin rejects this possibility, which would be to accept that the institution of Frankfurt finance the countries of the euro area, one of the dogmas explicitly excluded by the European treaties.

The other members of the euro area are also divided, Belgium and Spain having voted for a reconciliation BCE-EFSF while Slovakia and Austria have indicated that this solution was not studied.

A European source said Friday that among the solutions on which floor the ministers, not imply the

ECB.

This issue could be decided on Saturday evening at a bilateral meeting in Brussels between Nicolas Sarkozy and Angela Merkel, who will be joined by the presidents of the Commission and the European Council, José Manuel Barroso and Herman Van Rompuy.

European leaders are under intense pressure by their international partners to take decisive action against the crisis, less than two weeks of the G20 summit in Cannes, where they planned to hold them accountable.

The new organization called the head of Renault after the false spy case will come into force on 2 November as planned and strengthen the power of the CEO Carlos Ghosn with the aim to avoid the fiasco of the early recurrence in 2011.

Two audits were presented last April to the board of the diamond group to shed light on the failures that led to falsely accuse several of its executives of industrial espionage.An audit was conducted in-house and one by the firm Bearing Point.

Among the organizational changes confirmed Friday night in a brief statement included a redesign of the security service of Renault, who was at the heart of the case that began in January and now suspected to be a scam.

The new management of protection and prevention group, the prerogatives extended, will be led by Eric the Great, who was previously a function similar to the Post Office.But in the future to reduce the risk of error, the direction will be doubly locked with the appointment of an Inspector General, Jean-Marc Berlioz, who led a time IGPN (General Inspectorate of the National Police), and who will report directly to the CEO.

"President Carlos Ghosn had communicated its intention to implement all the report's findings as soon as possible," it said in a statement from Renault.

The new organization also confirms the reunification of HRD and the enlargement of the former General Secretariat (support functions, management and legal protection group, the famous security service), Mouna Sepehri told.Both services are now placed directly under the authority of Carlos Ghosn, and not under that of his number two as in the previous architecture.

The responsibilities of the new Chief Operating Officer Carlos Tavares are reduced compared to those of his predecessor Patrick Pélata, ousted after the affair.

Carlos Ghosn turns his back on a tandem operation that has punctuated the history of Renault with famous couples, like the one formed by CEO Louis Schweitzer and the Secretary General Michel de Virville in the 1990s.

So far, Carlos Ghosn had seemed like a time to step back and focus on long-term strategy of the Renault-Nissan, and had delegated for this purpose from 2008 operational direction of the diamond group at Patrick Pélata.

"It's a good thing he is more responsible for Renault, he made it clear from the case that the company was within its responsibility, and employees expect there to be a boss and a single" said a source told Reuters the company.

The state, which owns 15% of Renault, has never hidden its displeasure over the matter.Renault said Friday that Veronica Dosdat named director of public affairs, will be responsible for defending the interests of the group with public authorities in France and worldwide.

REDESIGN THE COMMUNICATION

Audits of spring had never accepted the responsibility of the CEO of Renault.The two reports believed that the president of the company was not part of those "who played a key role in the investigation of the case and / or the anchoring of the belief that it was a case of corruption.

Carlos Ghosn had however provided in January at 20 hours of TF1 that he had "certainty" and evidence "multiple" to support the dismissal of executives.

The espionage case ultimately led to the indictment of Dominique Gevrey, one of the security officials of Renault for organized fraud.The executives were charged for their compensation and, for two of them returned to Renault.

The audit also recommends the establishment of a new management expanded audit and risk management, reporting directly to Carlos Ghosn, whose spokeswoman for Renault said it would be entrusted to Farid Aractingi, who held this function in the previous version of the chart.

Mouna Sepheri had also given the task of learning from the management of the crisis in communications.The audit criticized the internal and external communications have left no room for doubt for several weeks, the group announced Friday the appointment of a new communications director e, in the person of the automotive journalist Florence Goldfiem.

American values ​​have appreciated Friday for the fifth consecutive day, on hopes that Europe finally managed to resolve its debt crisis.

Investors, however, warned that a strong back down was to be expected if no concrete solution does not materialize.

Present in Poland at the Ecofin meeting, Treasury Secretary Timothy Geithner urged European leaders to use leverage to multiply the response capacity of the fund "euro area", the EFSF, several sources reported high rank.

However, no agreement has emerged on what to do.

The Dow Jones closed up 0.66% or 75.91 points, to 11.509.09 while the S & P 500 gained 0.57% or 6.90 points at 1216.01.

The Nasdaq was awarded for its 0.58% (15.24 points) to 2622.31.

For the week, the three indices gaining 4.7%, respectively, 5.4% and 6.3%, accounting for the Nasdaq its best week since July 2009.

"Many questions remain unanswered, which means that the situation will remain fluid enough," said Mark Luschin, head of investment at Janney Montgomery Scott in Philadelphia.

"All we have to win the last five sessions may disappear."

As for values, Research in Motion, maker of the BlackBerry, has plunged 18.99% to 23.93 dollars, a day after announcing a sharp drop in quarterly profit.