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Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, an increase in revenue per passenger per mile to offset the high cost of kerosene.

The first low-cost airline said he had been European virtually no impact of the decline in consumer confidence but added that traffic would fall in coming months because it had grounded 80 planes in response to high fuel prices.

"Bookings are well underway for months at a level slightly higher than the same period last year," said Howard Millar, Ryanair's chief financial officer.On its first half, earnings totaled 543.5 million euros, up 20%, while sales amounted to 2.71 billion euros.

On this six-month period, the number of passengers carried increased by 12% and rates of 13%, while costs increased by 13%, mostly in kerosene.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

Howard Millar said further that the sale of 29% stake in its competitor Ryanair's Aer Lingus would probably be more to the agenda in the coming months, since British Airways, which could be the 'prospective purchaser had bought bmi.

The Tokyo Stock Exchange closed up 1.86% Friday, the Japanese financial sector has benefited, as Wall Street and European stock markets, the prospect of Athens abandoned its proposed referendum on the bailout of the country.

The Nikkei gained 160.98 points to 8,801.40 and the Topix, broader, took 13.44 points (1.82%) to 752.02.

Over the whole week, accusing the two indices, however, a decrease of 2.8% and 2.5%.

The beginning of the week had led to panic after Prime Minister George Papandreou had overtaken everyone by announcing Monday he would submit the bailout of Greece to a referendum.

French banks, which publish their accounts in early November for the third quarter, are expected by investors on their performance in market activities and their cost of funds after the market storm of summer has suddenly melted during their Stock Exchange.

Beyond the impact of depreciation on new Greek debt as a result of the Europe Agreement of 27 October and an expected revaluation of debt that will boost results, they should undergo a significant decline in their income banking and investment (BFI), analysts said.

Institutions such as Barclays, UBS and the Swiss German Deutsche Bank, have all recorded sharp decline in income and profits in this sector.

"Given the volatility in the markets since this summer, we will look closely at the impact on market activities," said Christophe Nijdam, an analyst at AlphaValue.

"We'll see if there was blood in the trading rooms in both equity trading activities (actions, Ed) and fixed income (interest rates, Ed)," he says.

The quarterly results will also be an opportunity for French banks to specify the measures they intend to implement to enhance their financial strength to cope with the debt crisis in the euro area in early October that forced the Franco-Belgian Dexia decommissioning.

As part of the recapitalization of the banking sector, the European Banking Authority has estimated that a total of 8.8 billion euros deficit capital of BNP Paribas (2.1 billion), Societe Generale (3.3 billion) and BPCE (People's Bank, Savings Bank) (3.4 billion).

Unions and bankers expect in the context of a degradation of the environment that they are announcing job cuts, especially in their BFI.

The first results of union elections in the State civil service reflects a surge of reformist organizations (FOR, UNSA and CFDT). Three million will elect officers on October 20 their union representatives.

The first results of union elections in the State Civil Service, made public Friday, reflect a surge of reformist organizations according to experts, that link including the growth of FO and UNSA and erosion of the CGT. The day after the election for which about two million state employees were called to elect their representatives in the equivalent bodies in the private councils, the Minister of Public Service, François Sauvadet unveiled interim results.

According to these results do not include the votes of Finance (165,000 subscribers) and Justice (75,000 subscribers), the FSU continues to lead with 19.1%, followed by FP that collects 16.2% of the vote. The latest results placed the two organizations, respectively 20.6% and 15.4%. For Anne Baltazar (FP), "if the results are logical, it holds the rope for first place in the State Civil Service", the FSU is not present in Finance.

A participation rate of 51%

"So far so good, the results are good," has carried out its Groison Bernadette (FSU), noting that the organization consolidated his first place in Education. The UNSA, who was fourth and climbed into third position (15.3%), greets his part "satisfactory results" show that "the strong commitment to our agents and reformist humanist values."Then come the CFDT (14.5%), a "uphill" as one of its representatives Brigitte Jumel, the CGT (12.8%), Partners (6.2%), GSC (5.8 %) and CFTC (3.9%).

In presenting these results, François Sauvadet said the turnout of all elections was 51.2%, which is affected by the worst score in Education (40.4%). Apart from this rate "not extraordinary", Guy Groux, a researcher at Sciences-Po, points out that these initial results should be treated with caution as they fail Finance, nearly 15% of registered voters.He noted, however, that "unions are not necessarily favored in the private, such as FSU, UNSA, or FOR, take their game completely," pointing in particular a "sharp increase in Unsa".

The CFTC under the carpet

Bernard Briere, Institute of Economic and Social Research (IRES), for its part is a "rise of the reformist pole" (Unsa, CFDT and FOR) and a hypothesis: "a call for negotiations." For Bernard Vivier, the Higher Institute of Labour, "the surprise is for FOR, CGT while eroding a bit", the result of Finance, however, may change the situation. For unions, which defend their right to negotiate but also their means, the stakes of this election is crucial because the rules of representation have changed the law of 5 July 2010 on the renovation of social dialogue.

Representative to stay, organizations must obtain seats in the various bodies, forcing them to cross thresholds ranging from 3% to 7.5% (against 10% in the private sector). Based on preliminary results, Mr. Vivier, believes that the CFTC passes "certainly at the door," while it should be checked for the GSC. Mr. Briere notes that "small unions have a little progress, but have not achieved what it takes to be representative." Hacquin Vincent, head CGC, however, ensures that the organization was representative, noting that "no one goes so far."

The results of the economic ministries are expected in the evening on Friday. The officers of the Department of Justice that will vote Nov. 22 due to quirks in the preparation.The results for the public hospital where a million workers were also asked to vote Thursday, are expected in early next week.

The Greeks were again gathered in their thousands on Thursday to protest against government austerity measures. Overflows have marred the parades and a man died of heart attack. Demonstration in Greece, Athens, Syntagma Square, October 19, 2011.

The mass protests against new austerity measures continued Thursday in Greece for the second day, weakening the government of Socialist George Papandreou at the approach of a summit "crucial" in Brussels Sunday for the country and the euro area.

In Athens, more than 50,000 people participated in the movement, against 70,000 on Wednesday. Throughout the day, the unit staff, private sector employees prevailed. Thus Vanguélis Bouldadakis, in a public hospital doctor put forward "the destruction of the collective agreements" that "reduce our salaries" and "take our rights."The center of Athens was again sealed off to traffic, Parliament surrounded by dozens of vans of riot police and thousands of police.

Clashes marred the protest near the parliament. Fighting hand to hand and shots of lumber and iron protesters opposed to law enforcement. The latter, usually very active in the protests in Greece, had retired to the adjacent streets, sending only a few grenades and tear gas to try to disperse the crowd preventively.

A few sporadic incidents continued in the early evening around the Parliament and even in the tourist district of Monastiraki.Mobile groups of several dozen young people were harassing the police were carrying out acts of vandalism, burning trash, throwing molotov and stoning shop windows and street furniture.

Central to the dispute: a bill to be voted in Parliament to reduce the deficit abyss of the country and it avoid bankruptcy. Its adoption would freeze collective agreements and lead to a sudden drop in living standards of the Greeks, especially civil servants

These events have caused the death of a man. This woman had been transferred to hospital after violent incidents, died of a heart attack, said the hospital management. He "did no injury," Contrary to the media said, the hospital said in a statement. Justice has opened an investigation and sent an attorney for prosecution.The media for their part said that Mason had been hit by stones in the head on the sidelines of violent clashes between protesters and a group of communist troublemakers. The announcement of the death had raised strong emotions in Parliament, where MPs were to adopt in the evening a new law rigorously.

Moody's is given three months to determine whether his perspective "stable" on "AAA" tricolor is still justified. The rating agency said that financire the financial strength of the French government has weakened. The Minister of Economy and Finance Baroin presented Wednesday, September 28 in Council ministresle of the state budget for 2012.

The rating agency Moody's Investors Service gave the first Monday penknife to the sacrosanct "AAA" rating of France, announcing that it gave three months to determine whether his perspective "stable" was still justified in view of the deteriorating economic situation."Over the next three months, Moody's will monitor and evaluate the stable outlook (the note of the country) in the light of progress made by the government to implement" the measures announced to reduce the budget deficit, said the agency rating in a statement.

France has currently the highest rating possible from Moody's (a "Aaa"), as from its main rival Standard & Poor's and Fitch Ratings. This high rating allows it to borrow on the markets in very favorable terms to finance its budget deficits. If the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months).And France would become the new big country, after the United States to lose the precious talisman financially.

The agency is careful to note that this review is part of its annual study on the accounts of France and that it is not – at this stage – a decision on the note country. But it is the first of three major rating agencies and to cast a shadow on the "Aaa" French. Last week, Moody's had yet to confirm the strength of the French note, after the announcement of the restructuring of the bank Dexia.

Keeping the promise of deficit reduction

In addition to the ability of the French government to meet its budget commitments, Moody's says it will consider in its deliberations "new negative developments in the economy or financial markets."In its statement, Moody's notes that the financial strength of the French government, although still very high, "has weakened, as is the case for other countries in the euro area, as the economic and financial crisis in the world has led to a deterioration in its debt ratios, which are now among the lowest rated countries Aaa + + ".

For Moody's, so it is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unforeseen challenges."Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments that must support the country's budget, "said Moody's.

"The deterioration of debt ratios and the ability to see new potential liabilities are putting pressure on the prospect of stable rating Aaa + + of the country," said the agency. For Moody's, the French government now less room for maneuver in 2008 (…) "during the crisis of" subprime "." The continued commitment to implement economic reform measures and budgetary and visible progress in the goals "for reducing debt" will be important for maintaining the stable outlook "of the note of the country, the agency warns.

A fault of Greece have unpredictable consequences, including the risk that the debt crisis in the euro area spread to other countries, said Commission President José Manuel Barroso, quoted in the German daily Bild.

Discussions between Athens and the inspectors of the mission the International Monetary Fund (IMF)-European Union (EU)-European Central Bank (ECB) continued for a payment of a new tranche under the aid plan international countries.

Greece could be short of money in the month of November without this slice of eight billion euros.

"If we leave Greece, there are more chances for the crisis is spreading to other countries," said José Manuel Barroso in an interview to be published by Bild on Monday.

The President of the European Commission stressed that no one had ever experienced a bankruptcy of a member state of the euro area.

"We have entered uncharted territory and we are talking of solutions that have never been tested before."

Didier Reynders, Belgian Finance Minister, also made comments rather alarmist, saying that Greece should be helped to prevent financial contagion across what had happened during the collapse of Lehman Brothers in any late summer 2008.

"If we do not solve the Greek problem, if there is a danger of contagion to Spain and Italy, while the worst case scenario could materialize," he said in an interview published Saturday by the Greek magazine Proto.

Nicolas Sarkozy traveled to Berlin on Sunday for talks with Angela Merkel of crisis, with a priority to overcome their differences on how to recapitalize European banks.

In announcing the end of September it moves ahead in the German capital, the French president had indicated he would discuss with the Chancellor "ways and means to accelerate economic integration in the euro area and implement as soon as possible" the new aid plan for Greece approved July 21 by the Europeans.

DEBT REDUCTION GREEK underestimated DIT SCHÄUBLE

Wolfgang Schäuble, German Finance Minister, said that Europe may have underestimated the amount of debt should be reduced Greek summit on 21 July.

The summit, which established the principle of a second aid plan for Greece and that of an extension of the powers of EFSF, provides that private creditors agree to a 21% discount on their debt Greek.

"It is possible that, in July, we held a level of debt reduction is too low," said Wolfgang Schäuble, quoted by the newspaper Frankfurter Allgemeine Sonntagszeitung.

Jean-Claude Juncker, President of the Eurogroup, said a few days ago that the finance ministers of the euro area were reviewing the extent of private sector involvement in the second bailout of Greece.

"There are significant risks to the crisis deepens and widens," said Wolfgang Schäuble.

Greece is at a crossroads and must implement "structural reforms much more stringent" to avoid failure, said the head of the IMF mission in Greece, Poul Thomsen, quoted by the German Sunday newspaper Welt am Sonntag .

"Greece is at a crossroads," said Thomsen. "It is clear that the program will not work if the authorities do not take a path that requires structural reforms much harder than we've seen so far."

"Greece is two steps forward, one back," said Thomsen."The Greek government has much of the most difficult changes are to come."

About the austerity measures, Didier Reynders warned however that we should not go too far: "We do not want a cure that will kill Greece."

Greek Socialist Prime Minister George Papandreou could propose the formation of a unity government with the opposition to try out his country from the financial crisis, a local newspaper reported Saturday.

The government has however denied reports published by the financial daily Imerisia which raises the possibility of a resignation of Papandreou order to reach a political consensus and bring together a large majority in parliament supporting a coalition government.

Newly appointed head of the IMF, Christine Lagarde Nicolas Sarkozy will meet Saturday to prepare for the G20 summit in Cannes. Christine Lagarde REUTERS / Benoit Tessier (FRANCE – Tags: POLITICS)

Nicolas Sarkozy Saturday at noon will receive the Executive Director of the IMF Christine Lagarde to talk about it with "the preparation of the Cannes summit of the G20 and the situation in the euro area," the Elysee Palace said Friday.

The head of the French state will fly the next day to Berlin for talks with German Chancellor Angela Merkel poour attempt to speed up the rescue plan of the single currency.

Leaders from the eurozone continue intensive negotiations for a recapitalization of banks in the EU to address the risks of contagion from the debt crisis.

Germany has given the green light last week in the expansion of the European Financial Stability Fund (EFSF), which is waiting for the ratification of Slovakia.

The Greek government approved on Sunday evening a plan to reduce the number of employees, matching the most controversial release of financial assistance from the International Monetary Fund (IMF) and the European Union (EU).

The project creates a "worklist", where 30,000 employees would be affected by the end of the year with a drop of 40% of their compensation. After a year they would be dismissed.

"Measuring worklist was unanimously approved," he told Reuters a vice minister at the meeting of the cabinet.

European shares ended sharply lower Friday, ending mostly to four sessions of consecutive increase after the announcement of a halt in job creation in the United States in August.

The CAC 40 index fell 3.59% to 3148.53 points. The benchmark index of the Paris, however, who managed to stay on top of an important support points in 3136, managed to record a gain of 1.97% for the week.

Other major European markets also stumbled, leaving London and Milan respectively 2.34% and 3.89%.Frankfurt, who had already lost ground yesterday, yielded 3.36%.

For the week, the London was up 3.16% while its German counterpart has remained stable (0.02%).

"There are fears a 'double dip' (relapse), several indicators have turned to orange or red. It's like 'take the cash and run' on the market," said Fabrice Cousté, CEO of CMC Markets France, highlighting the rapid exit of investors from stocks to safe havens.

The Swiss franc and back ground on the European single currency within 1.12 franc per euro (1.1174 francs to 6:13 p.m.), 1.13 franc against most of the day.Similarly, gold rose 2.82% to 1,875.96 dollars per ounce.

SYSTEMIC CRISIS

Another illustration of the renewed risk aversion of investors, the performance of the German government bond (Bund) and 10 years fell below 2% in the wake of the publication of U.S. employment figures.

"We will turn to the Fed and its special meeting two days. But the Fed is out of breath and lack of ammunition.We should not have EQ3, but probably something more technical, "said Fabrice Cousté.

The latter warns that in the meantime the markets should still live on hard times even if investment opportunities should arise in securities of groups able to significantly increase their prices or capacity of important innovations.

Friday, fears of relapse into recession in developed countries have particularly affected the cyclicals and financials.

As for banks, Alpha Bank has dropped 9.26%, Barclays 8.4% and 7.38% Credit Agricole. The automotive industry, PSA fell 5.99%, 5.17% of Volkswagen and Fiat of 4.98%.

"The market values ​​have a relapse into recession scenario.Only a systemic crisis as in 2008 is not yet 'pricée ", explains Benoît Peloille, equity strategist at Natixis.

"However, central banks have just replaced the emergency measures that had helped break the stalemate in the interbank market resulting from the collapse of Lehman Brothers," he adds.