Carrefour Friday categorically denied press reports suggesting a possible change at the head of the group.

Le Figaro wrote that the main shareholders of the supermarket group, funds Colony Capital and Groupe Arnault, have courted Plassat George, the patron of the group distribution of shoes and clothing Vivarte to replace the current CEO Lars Olofsson.

"Faced with rumors successive change of any officer of Carrefour, the Board of Directors of the Company expressly disclaims any information on this release," the group said in a statement.

No one was immediately available from Colony Capital and Groupe Arnault to comment.

Source familiar with the matter, it tells Reuters that George Plassat has been approached by the shareholders of Carrefour to take the CEO of the group but he refused the proposal this month.

"It has been proposed and he said 'no'. It was during November," said the source.

"There is still no candidate to succeed Lars Olofsson," she added.

According to Le Figaro on Friday, the board gave Lars Olofsson to the end of the year to prove itself, especially in terms of achievement of financial targets for 2011.

"(Georges Plassat) is courted for months by the main shareholders of Carrefour.

Increase in grants, including Milan slight easing of interest rates in the long run Italian … Silvio Berlusconi's announcement he will leave soon to relieve the financial markets. The Italian prime minister Silvio Berlusconi

The markets applauded Wednesday morning the next departure of Italian Prime Minister Silvio Berlusconi, whose ability to recover the finances of his country were strongly questioned by investors. So much so that the pressure on interest rates threatened to kill Italian Italy asphyxiation.

In the wake of the Asian stock market, the European equity markets have in turn opened up. Italian interest rates at 10 years have slightly relaxed the bond market and oil prices climbed. The euro, however, was stable.

Paris and London and took a little over 0.8% at the opening.

"The risk appetite increases, investors favor cyclical stocks at the expense of defensive background of relief related to the resignation of Berlusconi," he told Dow Jones Newswires Justin Rooney, head of sales at CBA in Sydney.

The Italian 10-year rate is slightly relaxed: they amounted to 6.65% Wednesday morning in Asia, after reaching a day high of 6.77% in Europe. Before the announcement of the forthcoming resignation of the head of the Italian government, the 10-year rate had risen to 6.77%, a level unprecedented since the inception of the euro, slightly more than the previous record which dated from the morning same (6.73%).

Sanctioned markets and Italy for its policy and had considered lax in their sights the prime minister Silvio Berlusconi, seen as unable to apply the meusres rigor demanded by the European Union.

Already stung by the latest developments in euro area markets have also been faced with the announcement of a further slowdown in manufacturing activity in China and the United States has accentuated the negative sentiment in the markets.

COR-No decisions but work in Brussels

No decision will be announced following the summit of the euro area held late Sunday afternoon in Brussels, even if the work is progressing well, said Nicolas Sarkozy and Angela Merkel.

French President and German Chancellor, speaking at a joint press conference after a summit in the first twenty-seven on Sunday morning and noon, said the work "techniques" were still to be completed by the next level of the EU and the euro area on Wednesday.

"Work is progressing well on the banks of the fund and the potential use of this fund are tightening the assumptions and broad agreement is taking shape.On the issue of Greece things are progressing.

The transformation of the European Financial Stability Fund (EFSF) in the bank, which insisted on France, no longer part of the options considered by the finance ministers of the euro, has also said Angela Merkel.

Without commenting on this issue, Nicolas Sarkozy said that France was just as attached as Germany the independence of the institution in Frankfurt, which is itself hostile to the possibility of granting a banking license and Unlimited funding EFSF.

"No solution is viable if it does not have the support of all European institutions," said Nicolas Sarkozy.

The two leaders also said they urged the Italian Prime Minister Silvio Berlusconi, with whom they met ahead of the summit, for it to decisively implement a program of growth and debt reduction Alps.

"I hope that decisions will be taken (…) Italy is a major economic force but Italy has a very high public debt should be reduced in a credible way in the coming years," said Angela Merkel.

Nicolas Sarkozy has outbid by saying that Paris and Berlin were "confident sense of responsibility of all the Italian authorities' political, financial and economic," said Nicolas Sarkozy.

Rescue of the euro: the bites of discord

Despite claims of a "perfect match" between Paris and Berlin to save the euro area, Germany is seeking to impose its measures to France. But Paris is fighting back. Anthology of statements that illustrate these differences. German Chancellor Angela Merkel and French President Nicolas Sarkozy during a press conference at the Elysee Palace August 16, 2011.

"The French do not move one iota"

Paris and Berlin on the same wavelength? There is something highly doubtful. Despite Thursday about the German Finance Minister Wolfgang Schäuble has mentioned a "total agreement" between France and Germany before the European summit Sunday, the two capitals still cling. This is particularly the disagreement on scenarios for ending the crisis of the euro which caused the postponement of a final decision next Wednesday, not Sunday as planned.Angela Merkel even declared Thursday in a small group that "the French do not move one iota" on their positions, according to remarks reported by the German daily Bild.

"Give a banking license in EFSF is out of question for us"

The disagreement most marked between the two capitals is on maximizing the European Financial Stability Fund (EFSF). Paris wants to give it a banking license to enable it to obtain financing from the European Central Bank (ECB) and have a borrowing capacity multiplied. Out of the question for Germany. The Vice-Chancellor of Germany Philipp Rösler was repeated Friday, "in no circumstances do we want a banking license is given to the EFSF. Want that our colleagues, friends and partners in France. But it's out the question for us as government and the coalition (government) as a whole. "The ECB also refuses, his chief economist Juergen Stark said on Thursday that "we can not meet the expectations of the governments (…) the fact that the ECB to do more."

"France continues to defend it, there are big discussions"

The EFSF, negotiations are still bitter between the two diplomats, and Paris does not admit defeat. According to a European diplomat, "France continues to defend it, there are big discussions." Paris as the ECB would continue to purchase securities of distressed states like Greece, Italy, and Spain. The institution has made since May 2010 out of its mandate to do so, and avoid contagion of a debt crisis in these countries. Belgium is already favorable.But the ECB refuses to continue this policy firmly and waits for the EFSF take the baton, according to the diplomat.

"From the beginning, Merkel dictate the tempo and impose its income erroneous"

If France does not want to compromise on its position is that it has followed much the German proposals in recent weeks on two main points: a strong restructuring of the Greek debt and bank recapitalization. It has long been opposed, but finally solved it, especially to preserve the unity of France and Germany. "From the beginning, Merkel dictate the tempo and impose its income erroneous," a European diplomat plague.France seemed to have resigned to claim the "banking license" to EFSF, it is now ready to attempt the showdown with Berlin.

"The impact is disastrous outside"

To stem the crisis, Berlin wants to use the EFSF as insurance against the default of the countries in difficulty. It would guarantee 20 to 30% of the securities issued by states. But on this subject the French are not the only ones to show their reluctance. Rome and Madrid are also in disagreement according to a source cited by Les Echos. According to Italy and Spain it will create a rate difference between bonds and debentures. "No one in a financial crisis, venture to purchase securities that need a crutch," the official said.The prospect of a consensus is difficult to foresee, and Europe the world illustrated by his disagreements according to the chairman of the Eurogroup, Jean-Claude Juncker. "The impact on the outside was a mess," he said. "We'll have to agree soon on how we can improve the look of others on us."

The situation in Greece "has not changed since July"

One of the major issues for the future of Europe is its ability to prevent financial excesses of fragile states in the euro area. In Germany, it would tighten controls on the reforms implemented by the countries supported by the troika (EU, ECB, IMF), today Greece, Portugal and Ireland. For this troika responsible for evaluating on a quarterly basis the progress of reforms, not enough according to a source close to the German government.The situation in Greece "has not changed since July," said the source. "The troika system which advises us every three months because too much stress, we need a much more permanent support, which allows to adapt much more quickly" assistive devices.

"There is no real problem with the Chancellor, there is a problem with the German coalition"

According to a French official quoted on the blog of Libération journalist Jean Quatremer, the real obstacles between France and Germany would rather a problem of "German-German". "There are no real problems with the Chancellor, there is a problem with the German coalition," said the official, who stressed that the Finance Minister Wolfgang Schäuble diverges including its chancellor on the level of discount to be imposed on creditors private on Greek debt.What foreshadow muscular discussions before the EU summit on Sunday.

Gecina will sell other assets to reduce debt

The real estate group Gecina said Thursday it planned to sell 500 million euros of additional residential assets to accelerate debt reduction.

Citing the economic and financial climate, the land says it wants to focus more on sales than on new acquisitions in the office sector.

"By making an additional amount of sales of 500 million euros of residential assets, Gecina will quickly reach a target of 1.5 billion euros in sales," we read in the press release.

The title Gecina closed Thursday at 67 euros (5.15%). He was accused Wednesday the largest decrease of the SBF 120 in response to the departure of its CEO, Christophe Clamageran, because of differences over strategy.

France could reactivate the plan to help banks in 2008

The French authorities said Sunday that the system created in 2008 to help banks following the collapse of Lehman Brothers was always available on event "extraordinary".

However, they insisted that French banks, whose market value has shrunk in a few weeks, were strong and they did not need injections of public capital demanded by some stakeholders in the financial markets.

"The only thing that exists is the mechanism 2008 of a public company may purchase securities in the capital of banks if they express a need.So if there was an extraordinary event, this mechanism is in place, "said the Governor of the Banque de France, Christian Noyer, in an interview with Journal du Dimanche.

"There is no plan.And besides we do not need, "he added, saying once again its confidence in the strength of French banks.

The Sunday newspaper also reported that a proposal by the French authorities to banks, September 11, to put 10 to 15 billion euros at their disposal, along the lines of operations in 2008.

Banking sources said this week told Reuters that exploratory talks on a possible state support to the banking sector were underway.

READY FOR 2013 IN BASEL III

According to the Journal du Dimanche, the CEO of Societe Generale, an institution whose share price tumbling for weeks, has accepted the proposal of the authorities, provided that all banks participate.But "BNP Paribas declined to be supportive, burying the project immediately," wrote the weekly.

"Many intervention schemes were under consideration, simple loan to the issuance of preferred shares with warrants," he says.

Contacted by Reuters, BNP Paribas, Societe Generale and Credit Agricole had no comment.

As for the Ministry of Finance, "between the more formal denial" of the possibility of an imminent public recapitalization plan mentioned by the Journal du Dimanche.

Christian Noyer also stressed in the same interview that he has asked banks to speed up the process of strengthening their capital of schedule III of Basel, the international agreement designed to make banks more resilient. "They will be ready by 2013," he said.

To address the financial crisis following the collapse of U.S. bank Lehman Brothers, the French government established in the fall of 2008 a plan to help the banking sector by mobilizing a budget of 360 billion euros, including 40 billion to build equity and 320 billion to help banks refinance themselves via the Company's financing of the French economy (SFEF).

Fitch confirmed the AAA rating of the United States, stable outlook

Fitch Ratings said Tuesday it confirmed the maximum rated AAA in the United States, bringing the world's largest economy some breathing space after decommissioning carried out by its rival Standard & Poor's here more than a week.

The rating agency added that the prospect of the country was stable.

European shares cut their losses after the announcement of Fitch, but on the other hand Wall Street has ignored this announcement and was sharply lower in early trade.

"The confirmation of the AAA sovereign rating of the United States reflects the fact that the main pillars of the exceptional quality of the signing of the United States remain intact: its role in the global financial system and a healthy economy, diverse and flexible that provides the basis of its income, "Fitch said in a statement.

"The flexibility of monetary and exchange rate increases accordingly the capacity of the economy to absorb shocks and adapt."

Fitch warns that the outlook for its rating will depend on the economic situation and current legislative work in Congress to reduce public debt.

It states that upward revision of projections in the medium and long-term debt, resulting either from an economic recovery is weaker than expected from the inability of a joint committee of Congress to propose a deficit reduction of 1,200 billion dollars at least, could place the U.S. in a negative outlook.

"The decision on the rating would most likely revise the outlook to negative, a probability of more than 50% of a downgrade in the space of two years.Downgraded by one notch would be less likely. "

Economists take note of the decision of the agency, without apparently seeing too many implications for the immediate future.

"In general, it is not really a concern of the United States downgrade from Fitch and Moody's or, and I do not believe, therefore, that the markets will react a lot," said Omer Esine ( Commonwealth Foreign Exchange).

"Fitch is based on the ability of the United States to pay principal and interest on the debt, which no one seriously questions. No one is worried about being repaid," said Jane Caron (Dwight Asset Management) .

Gold breaks the barrier of 1600 dollars per ounce

The price of gold rose to a new high, exceeding for the first time 1600 dollars an ounce. The safe haven is more than ever sought at a time when investors are loath to take risks against a backdrop of sovereign debt crisis. Meanwhile, silver, whose prices generally follow the fluctuations of gold, rose above 40 dollars per ounce for the first time since April.

The gold price reached a new record Monday by exceeding for the first time the threshold of $ 1,600 an ounce as investors continued to focus on investments deemed the safest, such as precious metals, amid crisis sovereign debt.

The price of an ounce of gold has risen to a new high of 1,600.10 dollars on the spot market at the start of European trade.The yellow metal has continued to surge the previous week, still driven by a series of factors that lead investors to be cautious in investment.

Their nerves were tested by the crisis of sovereign debt in the euro zone, still unsuccessful negotiations on the ceiling of public debt in the United States, not to mention European bank stress tests whose results were published Friday .

Meanwhile, silver, whose prices generally follow the fluctuations of gold, rose above 40 dollars per ounce for the first time since April, when he set a record at nearly $ 50 ( 49.79). This new surge in prices of precious metals "highlights how investors are reluctant to take risks," said Chris Purdy, of the brokerage Spreadex.

EU unblocks aid to Greece, working on a second plan

Greece will receive by mid-July a new tranche of aid of 12 billion euros after the green light Saturday of finance ministers of the euro area, which also discussed the outlines of a second support plan in Athens.

In a statement issued after a conference call of the Eurogroup held from 6:00 p.m. Saturday, the Ministers welcomed the adoption by parliament this week of a second Greek austerity program 28 billion euros by 2015, which paved the way for a new financial support from the European Union and the International Monetary Fund.

"The Ministers welcomed the progress made by the Greek authorities (…) In particular, the Ministers noted with satisfaction the adoption by the Greek parliament of key legislation relating to tax strategy and privatization, "it is written in the text.

"The ministers approved the disbursement of the fifth tranche of aid by July 15 following approval of the board of the IMF", can we still read.

Without this portion of loans, Greece would certainly have defaulted on its debt during the summer and hear the Europeans now enjoy a few weeks of respite a tie for second aid plan, which they hope to combine the financial sector and private investors.

"Consultations with the Greek creditors are underway to define the modalities of voluntary participation from the private sector in order to achieve a drastic reduction in annual funding requirements of Greece, while avoiding selective default" the statement said.

He stated that the exact modalities of this participation will be decided "in the coming weeks" but the Greek finance minister, Evangelos Venizelos, said in a separate statement that the plan would be implemented by mid-September, when that the sixth installment of 8 billion euros to be paid.

FINANCIAL SECTOR

Friday, the financial sector, through the Institute of International Finance (IIF), said he was ready to engage in an effort "voluntary, cooperative, transparent and wide" to support Greece through a "rollover" of the Greek debt, that is to say an extension of the maturities of existing securities or the debt buyback operations.

Highly anticipated, this commitment goes beyond the plan on the table earlier this week by French banks on a "rollover" of the Greek debt offering including buyouts.

The latter, considered promising by bankers, is to offer the Greek state the opportunity to buy a portion of its debt at a discount to its face value, allowing it to reduce the amount of debt.

Investors who bought in recent months packages of debt sold off at prices in the secondary market or who have already spent in impairment of these receivables have for their interest in participating in these operations because they could make a profit without accounting wait many years to recover their initial bet.

On Thursday, German financial institutions, banks and insurers, had already announced they would contribute up to € 3.2 billion rescue of Greece.The figure of the contribution of French institutions, however, is still unknown.

GREEK DIFFERENCES

The authorities hope the euro area private sector initiatives will generate between 30 and 45 billion euros, which will be added to new loans from the EU and the IMF for an estimated $ 55 billion of euros and 25 billion euros that Greece hopes to by 2014 of a vast privatization program.

Taking into account an amount of EUR 45 billion not yet disbursed under the first plan of 110 billion agreed in May 2010, the new support plan and should be between 155 and 170 billion euros.

The goal is to give Athens a breath of fresh air for a period sufficient to allow it to resume a sustained growth without having to worry about during this time of its funding in financial markets.

But the conservative opposition leader, Antonis Samaras, warned Saturday that he would object to the background of support if the Socialist government of George Papandreou does not change its economic policy.

"We want to wipe out the deficit, not to the Greeks, the middle class Greek and Greek families on their knees," he told the weekly Greek Real News.

The message was not heard by the government, the Minister of Finance in a statement insisting on the fact that it was now "critical that parliamentary decisions are implemented promptly and effectively."