At 9:02, the CAC 40 index, which lost 1.2% Thursday, yields 0.74% to 2989.85 points.

The London Stock Exchange drops 0.88%, the Frankfurt up 0.9% and 2.02% fall of Madrid. The pan-European Euro Stoxx 50 index fell by 1.03%.

Fitch Ratings downgraded the sovereign rating Thursday of Greece "B-" to "CCC", citing the growing risk of the country leaving the eurozone.

Moody's lowered the rating Thursday from 16 Spanish banks, including Santander SAN.MC, the largest in the euro area, suggesting the reduced capacity of the Spanish State to provide financial support to ; more of them.

The Stoxx European banks index was down 1.56%.

Illustrating the renewed risk aversion of investors, the 10-year rate of borrowing has fallen under German 1.4%, against 1.43% the day before closing.

On the foreign exchange market, the euro continues to trade at less than $ 1.27, to 1.2660 dollar. 

The German finance minister, Wolfgang Schäuble, however, considered that the current turmoil in financial markets should subside within one to two years.

On the other year, the Spanish gross domestic product fell 0.4%.

Spanish GDP had dropped 0.3% in the last quarter of 2011.

"The recession is advancing at a gradual pace, but if we take into account the latest surveys on activity, it seems that the economic contraction will continue into quarters come, "said Tullia Bucco, an economist at UniCredit. 

The Spanish manufacturing sector contracted at its fastest pace in almost three years in April, while the service industry fell for the tenth month of row, according to the purchasing managers' index.

The export sector, the only one that has progressed over the last two quarters, slowed from January to March, the main economic partners of Spain is also experiencing the recession or slowdown.

Madrid seeks to convince investors that Spain is able to consolidate its public finances while reducing expenses, but the cost of restructuring its banking sector worries the markets . 

The premium demanded by investors to acquire the Spanish debt rather than German debt has reached this week its highest level since the introduction of the euro, more than 500 basis points.

Then appears the HondaJet painted red subsidiary of Honda Motor, determined to carve cruppers the American Cessna (Textron group) and Embraer on the market ; light business aircraft.

Honda has received over 100 orders for the seven-seat aircraft within three days after the program began in 2006 but has since remained quiet about the state of his book.

The Japanese embarked on a market segment that has especially suffered from the crisis of 2008, which does not seem unduly disturbing Michimasa Fujino, Honda Aircraft Company's CEO. 

"The market for light aircraft is close to the automotive market in terms of business cycles," he said in an interview with Reuters. "Light aircraft are influenced by economic conditions, such as automobiles."

Honda plans to produce 20 units of its product by its first delivery scheduled for late 2013 and 50-70 in 2014, before reaching its cruising speed of a hundred a year from of 2015.

The manufacturer promises a device with a quieter and 20% fuel savings compared to competitive models.

"It's like cars: the cars more compact and more fuel efficient are the most popular," noted Michimasa Fujino.

Honda plans to take 10% of the market initially, and then award in the medium term from 15 to 20%. 

Customers interested in the aircraft are not looking particularly to customize the cabin, as might be the case for larger aircraft, he noted.

"HondaJet design looks more like a car, which means that we try to provide an aircraft whose equipment is very complete," said Michimasa Fujino.

He believes the more the market potential of a light aircraft Bigger is not necessarily required for the path of a businessman going to a meeting by instance.

"It's like the car: you do not go necessarily to work with your large MPV", he said.

Michimasa Fujino said that companies were going more and more that have a light business jet they were very helpful. 

"Perhaps the use of light aircraft will become more common in the future," he said. As for the car.

"I was wrong all along the line." It is in these terms that Jamie Dimon, CEO of JP Morgan, returned to the brokerage loss of 2 billion dollars from his bank in the program "Meet the Press" on NBC. A mea culpa-style humiliation for the one who, when the first information output in the Wall Street Journal on the extent of paris risky, there had been "a tempest in a teacup".

The question is how Jamie Dimon is weakened. According to Erik Oja, an analyst at Standard & Poor's, his place as CEO is "absolutely not" in question. "He made amends, there was no attempt to hide the problem," he adds. However, according to the Wall Street Journal, Constable American markets (SEC) is studying the case for whether the bank should have known earlier losses to investors. It seems in any case that JP Morgan has lost much of its credibility.

Until this case, Jamie Dimon was one of the most admired bankers of the United States. He had helped his bank through the crisis without pitfalls and was accustomed to receive praise. Born in New York to a father and a grandfather brokers, Jamie Dimon, 56, began his career as Sandy Weill's right arm, which made the first U.S. bank Citigroup by acquisitions before crisis causes this giant on the brink of bankruptcy.  

The two men fell out in 1998 and Jamie Dimon found himself abandoned by his mentor. This was followed by a journey through the desert before leaving for Chicago in 2000 to lead Bank One. In 2004, Jamie Dimon returned to Wall Street through the front door when JPMorgan acquired Bank One. It has become number two behind Bill Harrison until it retired in 2007. Prudent management has enabled JPMorgan to weather the worst financial crisis since the 30's also taking advantage of the defeat of some competitors. JPMorgan has purchased Bear Stearns on the cheap in 2007 and part of Washington Mutual last year becoming the first U.S. bank by assets at Bank of America.

Jaimie Dimon has used this particular well and its good image to combat the financial reform of 2010, which will come into force in July but was delayed. He who had been an ardent supporter of President Obama, but said today "it is hardly more democratic", has not lost an opportunity to rehearse in the media that more regulation would hurt U.S. banks. Cruel twist of fate, it is because of a risky strategy brokerage own derivatives, the kind of problems addressed specifically by the financial reform and its key measure, the rule of Volker, as the statue of Jamie Dimon wobbles .

Last month, Qatar had already strengthened the capital of French Total to 3%.

A Shell spokesman confirmed Friday that Qatar's sovereign wealth fund bought shares in the group but did not say how much this participation rose.

The journal Middle East Economic Survey reported earlier that the Qatari sovereign wealth fund was "in very advanced discussions" to take 3% to 5% stake in Shell. 

"We are delighted to welcome Qatar Investment Authority as a shareholder in major long term Shell, particularly in view of our excellent strategic relationship with Qatar," said a spokesman in a statement ;.

According to Reuters data, a 5% stake would make the emirate's largest shareholder Shell.

At the London Stock Exchange, Shell action progressed from 0.46% at 10:20 GMT when the European sector index of the energy lost 0.49%.

According to the Middle East Economic Survey, Qatar's sovereign wealth fund is also in talks to take a stake in Italy's ENI. The group did not wish to comment.

Qatari sovereign wealth fund has been very active in recent years, taking stakes in various sectors ranging from automobile manufacturer Porsche at the British bank Barclays.

Qatar is among the top five shareholders and Total also holds interests in several other French companies, including Lagardère, Vinci and Veolia.

The leading European IT services aim has confirmed a further improvement in its operating margin in 2012 but with limited organic growth of its turnover due to the re tion of public spending in Europe.

Capgemini, one of the American competitors IBM, the Anglo-Dutch and French Atos Logica, conducted in the first quarter a turnover of 2.565 billion euros, up 9.2% at current rates and perimeter. 

Order intake amounted to 2.145 billion euros, down over one year, but the ratio of new orders to figure `s business for the consulting, of the integration systems and community services is positive (1.02 for the group), Capgemini said in a statement.

The Capgemini share closed up 1.29% to 28.95 euros on Wednesday, giving a market capitalization of 4.51 billion. It has rebounded 20% since the beginning of the year after falling over 31% in 2011.

Atos has in turn confirmed the end of April all its annual targets after completing the first quarter organic growth of 2.4% of its turnover, driven by the infogé rance, Germany and the UK.

The Capgemini share closed up 1.29% to 28.95 euros on Wednesday, giving a market capitalization of 4.51 billion. It has rebounded 20% since the beginning of the year after falling over 31% in 2011.

The consensus was 776 million euros, according to 10 analysts and brokers polled by Reuters.

"Despite the economic situation remains difficult, we are optimistic for 2012 and are aiming for a profit for the year of about 2.5 billion euros," said Jörg Schneider , CFO of the first global reinsurer, said in a statement. 

In the first three months of 2011, accounts of Munich Re had plunged into the red after billions of euros of damage claims after the effects of earthquakes in Japan and New Zealand.

The media group headed by Arnaud Lagardère hopes to complete its digital portfolio that already includes the particular site or financial information Boursier.com Doctissimo.fr , bought in 2008.

The offer of the media group, which is the entire capital of LeGuide.com, will be open from 9 May to 12 June 

The price represents a premium of 31.2% over the average as the company three months, 25.4% on average in one month and 20.5% from its last closing price, May 4, Lagardere said in a statement.

"Lagardere Active wishes to preserve the autonomy of management and leadership team LeGuide.com maintain the policy of employment and entrepreneurial culture that made its success since its inception" the company adds.

Present in 14 European countries, LeGuide.com, which compares the offers of more than 76,000 online merchants, claiming an audience of 28.9 million unique visitors. 

For the offer to be validated, the total shares held by Lagardère and tendered should be at least 51% stake in the company.

The operation will also receive a green light from regulatory authorities in Germany and Austria.

A German on two rather see Nicolas Sarkozy won the French presidential election and 55% of Germans support the policy of fiscal austerity Angela Merkel, according to a poll published Friday. According to the survey published in the German daily Die Welt, the German answer to 50% "Sarkozy" to the question: "What French President, the German perspective, would be the best choice?".

Of those polled, only 24% cite Francois Hollande. Other (26%) do not know or are not interested in the subject. When asked what they think the appropriate policy in this time of crisis for the euro: "maintain a policy of fiscal austerity or launch programs for growth," 55% of respondents advocate rigor advocated by Chancellor Angela Merkel . Only 33% say they prefer growth programs.

The survey was conducted among a representative sample of 1,004 people between April 30 and May 1.

The difficulties of SFR, the leading provider of liquidity, led the Board to revive the old debate about the relevance of a model combining media and telecoms and put under pressure its number one Jean-Bernard Levy.

Facing the bronca shareholders embittered by a share price at its lowest for nine years, President of the Supervisory Board Jean-Rene Fourtou promised last month that the conglomerate would not remain idly and that all subjects would be put on the table, no "taboo". 

Jean-Bernard Levy told Reuters on his side to the group questioned constantly on optimizing its business portfolio.

"There is no doubt that they are in full introspection on what to do," said one investment banker. "Until now, the board supported management and strategy, but the situation becomes critical and there may be a split."

Investors who dream of a quick and radical, however, may have to be patient despite the excitement in the markets by the situation mentioned by Bloomberg for dismantling and the arrival of man in the capital stock shots, Vincent Bolloré.

The contractor, who is poised to sell its conglomerate channels Direct 8 Direct and Star in exchange for Vivendi shares, wants to be a long-term shareholder and looks forward to working with the council rather than to impose its views at the outset, according to two people familiar with the CEO of Bolloré. 

Most importantly, the tandem-Fourtou Levy, who oversaw the reconstruction of Vivendi after the debacle of the Messier era in 2002, is still in command.

Under the leadership of two men, Vivendi has cleaned up its financial position, streamlined its structure by acquiring minority stakes and settled a series of disputes.

The group also made acquisitions including that of the fast-growing operator GVT and tried to create synergies between its divisions with mixed success, however. 

BACK TO SQUARE ONE

"All these years later, it is quite ironic that the group returned to square one: the action is at its lowest, there is still no synergies between the different business and it will be even harder to sell assets whose value has declined, "said one former executive of the group.

In a letter to shareholders dated March 27, the two leaders again rejected the idea that Vivendi would be a collection of unrelated activities with each other while judging " excessive "the conglomerate discount applied to the title, estimated at 40% by Jean-Rene Fourtou. 

The challenge now is whether the group, which has previously rejected the dismantling scenarios, could this time take the plunge and abandon its hybrid structure.

"We can probably 216,000 scenarios, I do not fit into one of the 216,000 scenarios," said Jean-Bernard Levy told Reuters when he was asked about this hypothesis.

A seminar with the direction in June will be an opportunity to discuss the strategy and scope of Vivendi but a spokesman said the group meeting was held annually for several years and it was unlikely that it leads to major announcements. 

According to several sources familiar with the matter, no bank has so far been commissioned for a sale or restructuring.

In a note, credit analysts at Société Générale consider the hypothesis of "break-up" unlikely unless a departure of Jean-Bernard Levy under pressure because of the difficulties of SFR.

The action of Vivendi has lost over 30% since its acquisition in April 2011 of the total SFR against 7.95 billion euros, an operation expected to result in a boost for the stock market Title and a dividend increase.

The arrival nine months later Free on the mobile market, has destabilized the operator which provides for 2012 down 12 to 15% in operating profit . Vivendi cut its dividend and the difference between the total assets of the group and its market capitalization has increased.

The AIGUILLON BOLLORÉ

Jean-Bernard Levy took the reins of SFR directly before passing the baton to a new CEO in the summer, with the promise to "tighten the bolts" within which the subsidiary recovery is deemed crucial to right the course of the action and for his personal future, according to several sources.

In this context heckled, the group is studying its options, reported by observers and bankers who do not see much to fix.

"Everything is reviewed. When they write in their letter to shareholders that nothing is taboo, it is a call for bankers to offer ideas, "said a person familiar with the group ….

….. "Unfortunately, it's not as simple as what people think when you look at the structure of the group"

.

According to sources, banks are working on a script assignment of Morocco Telecom, whose margin was still 55% last year despite a drop in sales

. Vivendi could also relaunch the IPO of Canal + France initiated last year by its other shareholder Lagardère before be suspended or sell its 60% stake in the video game publisher Activision Blizzard, the U.S. side. 

But the sale of Telecom Morocco, 30% owned by the Kingdom of Morocco, could face political issues, indicates the same person, adding that the operations which appear more affluent, as Activision, have little influence on the other hand on the vision of the market prospects of Vivendi.

Some investors are pinning their hopes on the arrival in the capital of Vincent Bolloré, reputedly close to Jean-Rene Fourtou who said he would be welcome to the board.

A source close to the entrepreneur Vincent Bolloré hopes to reach 5% of the combined effect of the sale of its DTT channels and purchasing title to market. Societe Generale has recently become the largest shareholder with 7.86% of the conglomerate's capital.

"The emergence of a shareholder can bring a little more pressure on management will be forced to be accountable," said Gilles Guibout, portfolio manager at ; AXA Investment Management.

At the head of a family group, the entrepreneur would not invest one billion euros in Vivendi without an idea in mind, argues one contributor.