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British Airways saw its loss widen in the first quarter of 2010-2011, under the combined effects of volcanic ash cloud and a strike, which did not deter the British airline reaffirmed its forecast of a pretax profit in equilibrium.

At about 8:00 GMT, the group, which saw its value melt a billion pounds over the past two years, advancing 3.15% to 222.8 pence while the index values comprising the European air transport and travel increased by only 0.23%.

The taxable loss worsened from 10.8% during the period April to June, to 164 million pounds (196 million) while sales fell 2.3% to 1.93 billion euros.

However, the performance of British Airways – a measure of revenue generated per passenger and per mile traveled – has jumped from 12.7% due to lower costs.

"Although some economic experts stress the risk of a return to recession, the strong economic recovery continues and in this context, we reaffirm our goal to be in equilibrium before income taxes of all exercise, "said Willie Walsh, chief executive of British Airways, said in a statement.

Tuesday, Air France-KLM also confirmed targeting a return to balance operational throughout the period 2010-2011, while voicing cautious about changing conditions in the second half.

Like all European airlines, British Airways was strongly affected in April by the appearance of a cloud of ash into the skies of Europe caused by the eruption of the Icelandic volcano Eyjafjöll. Air traffic was interrupted for several days in a row because of this phenomenon.

British Airways has estimated that 100 million cost of volcanic ash on its activity.

The airline also has also seen a series of strikes in the first quarter of 2010-2011, which cost some 150 million pounds.

BA, which has just received approval from the European Commission to merge with Iberia, said its passenger revenues had fallen by 3.4% over this period.Without the volcano and strikes, they would have increased by 11%.

Publicis has raised its expectations for 2010 after having exceeded expectations in the first half to gain the favor of budgets and increased spending of its customers.

The third group in terms of global advertising revenues for 2010 it now expects organic growth above the rate of 3.5% estimated for the global market through its subsidiary ZenithOptimedia.It previously expected growth above 3%.

The Chief Executive Maurice Levy also explained to reporters that Publicis hopes to exceed 2010 operating margin of 15% in 2009, when it previously expected to stabilize at this level.

Publicis has a revenue of 2,538,000 euros in the first half, with organic growth of 5.3%.

The 12 analysts polled by Reuters were expecting the writing to an average of 2,440 million euros, with organic growth of 4.3%.

On second quarter alone, the group posted organic growth of 7.1% against 6% for the U.S. Omnicom, the world.

"The group's growth was fueled by gains in the 2009 budget as well as increases in advertising expenditure of major customers," said Publicis in a statement, echoing the findings of Omnicom.

Publicis has earned $ 2.1 billion in net earnings of budgets in the first half, including contracts for Nokia or Goodyear.

"Publicis has strengthened during the crisis," said Maurice Levy, saying "pleasantly surprised" by the dynamism of the group's business in the first half.

"There is reason to believe that the growth that we know and that is greater than the market has good reason to continue beyond this year, it is sustainable," he added.

RISKS IN EUROPE AND THE UNITED STATES

ZenithOptimedia noted last week by 2.2% to 3.5% its forecast for global market growth in 2010 given the surprising strength in spending by advertisers in the U.S. and Europe in the first half.

Maurice Levy has shown, however, prudent for these two regions because of the possible impact of austerity plans in Europe and the downside risks to the United States.

"There are indications that the market may slow, so I am mindful.Even in this slowing market, Publicis will not only better than the market, but better than what we've announced so far, "he said.

Publicis has not so far found of slowing the momentum in North America, where he recorded organic growth of 6.6% in the first half.

In Europe, where the rate was twice as high, it has identified growth markets, "healthier", like France and the United Kingdom, do not benefit only favorable comparative or specific operations.

Maurice Levy noted that sectors like FMCG, telecom distribution and remained active, while the group was gaining market share in the pharmacy.The financial sector and restart the car shows positive signs, "he added.

Publicis has an operating margin of 369 million euros in the first half, with a rate up 1.5 points year on year to 14.5%.Analysts had expected 326 million and 13.4% respectively.

The group hopes to reduce its margin in 2012-2013 from its peak of 16.7% in 2008 and then beyond.

Publicis now generates half its income in the digital and emerging high-growth, with a target of 60% within three to four years.

Maurice Levy said the group would stay on the lookout for acquisitions in these two areas – a development plan in China planned for the fall – but also in media buying or creative advertising agencies.

European values rose again Tuesday, ending a five-week high, despite the announcement of a sluggish U.S. consumer morale, but below their highest of the day, as investors continued to anticipate an improvement conditions with some macroeconomic indicators and results of large groups considered encouraging.

In Paris the CAC 40 gained 0.83% to 3666.40 points, pulled, like other European benchmark indices, by banking shares.

These were highly sought, supported by UBS, which issued a profit exceeding expectations for the second quarter and the decision of the Basel Committee soften its draft regulations on minimum capital.

UBS surged 11.21% to 17.46 Swiss francs.

Societe Generale took 10.59%, 10.14% Credit Agricole and BNP Paribas 5.49%.

Deutsche Bank has won 4.49% to 52.64 euros in taking advantage of a quarterly earnings in line with expectations, with lower provisions for bad debts and despite the announcement of a sharp increase its exposure to sovereign risk .

BP has sold 2.63% to 416.95 pence. The tanker has confirmed the departure of chief executive Tony Hayward, announced a provision of $ 32.2 billion on the oil spill in the Gulf of Mexico, which makes the results of the second quarter in the red.

Greece will receive a second tranche of funding from the European Union (EU) and International Monetary Fund (IMF) because Athens has fulfilled the conditions prescribed in its austerity plan, announced by the Minister of Finance in the Weekly Kosmos tou Ependyti.

Representatives of the EU, IMF and European Central Bank (ECB) will be in Athens on Monday to verify that Greece is well implemented its austerity program and grant further financial assistance to nine billion euros.

Athens has already received an initial payment of 20 billion euros of its European partners and the IMF in May

"The release of the second tranche depends on our ability to achieve the objectives that we were asked to reach at June 30, George Papaconstantinou said in an interview with the newspaper.

"These conditions have been met and we have taken another step in adopting the bill on pension reform."

The minister also reiterated his call for a consolidation of the Greek banking sector to supply the market with liquidity and to support the economy.

"Any decision that leads to larger groups with higher levels and sufficient capital, to international developments and economies of scale will help in this direction," he said.

Then Piraeus Bank has proposed to buy out of state in Hellenic Postbank (TT) and ATEbank George Papaconstantinou said the government does not decide on this offer as his advisers have not completed their assessment.

The results of resistance tests passed by 91 European banks confirm the overall resilience of the banking system of the European Union, said on Friday in a joint statement the European Commission, the European Central Bank and European bank regulators.

The results announced Friday by the Committee of European Banking Supervisors (CEBS) show that seven out of 91 European banks have failed this test.

"Accordingly, the test results confirm the resilience of overall banking system of the European Union to macroeconomic shocks and financial negatives, and are an important step in restoring market confidence," the statement said.

He added that banks that failed this test must first seek to strengthen their capital base with the private sector and then turn to the states if necessary, in compliance with EU rules on state aid.

The Paris Bourse has picked lower Thursday in the opening exchanges in the wake of Wall Street affected by pessimistic about Fed Chairman Ben Bernanke on U.S. growth.

At 9:28, the CAC 40 was down 0.36% to 3481.19 points.

Rodamco Unibail-resistant, with a gain of 2.9%, largest increase in ACC after the announcement of the distribution of 20 euros per share in cash.

BioMerieux fall of nearly 9%, largest drop down SRD, following the release of prospects considered mixed for the entire year.

Faurecia is 2.6% after raising its 2010 targets.

Nicox loses 15% after the announcement that the U.S. Food and Drug Administration (FDA) refused to approve the record of its anti-inflammatory Naproxcinod.

Other major European markets also were down London and Frankfurt lost 0.42% 0.38%. As for the European indices, the EuroStoxx 50 and yields 0.5% Eurofirst 300 yields 0.27%.

U.S. stocks open down sharply on Tuesday after disappointing quarterly results published judged by a number of big names from the coast.

In the first exchanges, the Dow Jones fell by 1.4% to 10,012.90 points while the Standard & Poor's 500 broad leaves 1.3% to 1057 points and the Nasdaq composite lost 1 7% to 2160.70 points.

Goldman Sachs lost 1.8% after reporting profit and loss reduction.

International Business Machines (IBM) gave up 4.6% after sales rose less than expected.

Johnson & Johnson lost 2.5%.The group specializes in health, reduced for the second consecutive year its annual profit forecast.

Texas Instruments retrocedes 1% after a turnover below expectations.

Delta Air Lines, world's largest airline, announced Monday it had returned to profit in the second quarter, thanks to the resumption of international air traffic.

The group sees growth in its turnover due to economic recovery, after two difficult years for the airline industry faces a sharp decline in demand.

The company's net income totaled $ 467 million (360 million euros), or 55 cents per diluted share in the second quarter, after posting a net loss of $ 257 million, or 31 cents per share, the previous year.

The operating revenues increased 17% to 8.17 billion dollars, a figure broadly in line with estimates of analysts polled by Reuters had expected $ 8.25 billion.

Title Delta Airlines lost 1.5% to 11.55 dollars in pre-exchange trading after the announcement of these results.

General Electric reported Friday a 16.1% increase in net income for the second quarter 2010, ending a run of nine consecutive quarters of declining results, the industry group that benefited from strong demand for equipment in the areas of health and energy.

The leaders of the U.S. giant, however, cautioned against some signs of weakness identified both the U.S. and Europe.

General Electric has identified the three months to June profit attributable to equity holders of ordinary shares to 3.03 billion against $ 2.61 billion a year ago.

Earnings per share from continuing operations came in at 30 cents more than the 27 cents expected by analysts surveyed by Thomson Reuters I / B / E / S.

The turnover has meanwhile declined 4.3% to 37.44 billion dollars.

World leader in the manufacture of jet engines and turbines to produce electricity, GE has benefited this quarter from an increase in demand for its hospital facilities.

"The good news is that these results are consistent with other results that we saw this week.The groups have reported better than expected results, we should welcome such information that occur when everyone is anxious to see the momentum slowing the recovery, "said Mike Lenhoff, of Brewin Dolphin.

Before the opening, the action took 2% to 15.59 dollars.

GE says continue to reduce the size of its financial arm GE Capital. The group announced Thursday the sale of its Central American subsidiary BAC-Credomatic Colombian Grupo Aval to $ 1.9 billion.

Global growth will slow in the coming months, in the wake of China and the United States, because of austerity plans implemented in various countries, according to a Reuters poll.

However, several Asian countries, like India and South Korea, should yield better performance this year that envisioned a few months ago.

Ultimately, the 600 economists polled by Reuters and more, however, remain optimistic about the prospects for global growth, anticipating a rate of 4.2% this year and 4.0% in 2011, slightly better than the previous survey dating three months.

A consensus was also to estimate the quarter ending was stronger than many had expected, which implies that the expected slowdown in the second half will be affected even more.The horizon, however, should clear up in 2011.

"Globally, but it slows the deceleration is compared to growth rates which, in the second quarter, appear to have been more sustained than many had thought," said Dominic Wilson (Goldman Sachs).

This theory of a slowdown in growth, accompanied by a discrete inflation implies that the major central banks around the world, as the Federal Reserve or European Central Bank (ECB), whose rates are already ultra-low risk Observer status quo well into next year also.

However, many of those who have raised their rates recently, South Korea, India, Canada, Sweden and New Zealand are still likely to do so this year, perhaps several times.

HIGH UNEMPLOYMENT

Economists polled by Reuters have lowered their outlook for the U.S., ahead 3.3% annualized growth in the second quarter, against 3.5% in the June survey.

Growth will slow to 2.6% in third quarter (3% expected previously) and up to 2.7% in the fourth trimstre (2.8%).

For all of 2010, the average forecast is 3% growth against 3.2% estimated in the June survey.

In China, growth should slow gradually, Beijing withdrawing support measures implemented during the financial crisis. But it still provides 10% growth this year and 9% the next, while India would experience a steady growth also.

A similar slowdown is also expected in Japan, amid persistent deflation, at least until the end of 2011, again pushing the Bank of Japan not to raise interest rates near zero.

Signs of a slowdown in growth are evident in the latest Purchasing Managers' Index (PMI) published, either in industry or in services.

The high level of unemployment remains one of the main obstacles to a resumption free.The U.S. have lost jobs in June for the first time since last year and there is little hope that the unemployment rate, currently 9.7%, falls without growth spurt.

Economists see no real changes in the U.S. unemployment rate before the end of 2011. They are more optimistic than the euro area, which is around 10%, especially as the public austerity plans have proliferated after the debt crisis of the Greek.