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Retailer Carrefour to sell stake in Greek joint venture Retailer Carrefour to sell stake in Greek joint venture
(about 1 hour later)
Carrefour, the French retail chain, is selling its stake in its Greek joint venture due to concerns about Greece's deteriorating economic situation. Carrefour, the French retail chain, is selling its stake in its Greek joint venture owing to fears about Greece's deteriorating economic situation.
It is selling to partner Marinopoulos, and will take a financial charge of about 220m euros (£179m; $278m) on the deal.It is selling to partner Marinopoulos, and will take a financial charge of about 220m euros (£179m; $278m) on the deal.
In a statement the company said the move was in response to "challenges posed by the Greek economic context". In a statement, the company said the move was in response to "challenges posed by the Greek economic context".
Carrefour's shares rose 1.68% following the announcement.Carrefour's shares rose 1.68% following the announcement.
The Greek economy contracted 6.5% in the first quarter of 2012, whereas Carrefour's group-wide sales rose 0.9% to 22.5bn euros over the same period.The Greek economy contracted 6.5% in the first quarter of 2012, whereas Carrefour's group-wide sales rose 0.9% to 22.5bn euros over the same period.
On Thursday it announced that it had bought EKI, the struggling Argentinian retail chain.On Thursday it announced that it had bought EKI, the struggling Argentinian retail chain.
Heavy lossesHeavy losses
Meanwhile, in further signs of nervousness about the Greek economic situation, French bank Credit Agricole has taken control of assets owned by its Greek subsidiary, Emporiki Bank.Meanwhile, in further signs of nervousness about the Greek economic situation, French bank Credit Agricole has taken control of assets owned by its Greek subsidiary, Emporiki Bank.
It has taken over Emporiki's assets in Albania, Bulgaria and Romania, leading to speculation that it is preparing a full exit from the country if Greece leaves the euro.It has taken over Emporiki's assets in Albania, Bulgaria and Romania, leading to speculation that it is preparing a full exit from the country if Greece leaves the euro.
Emporiki has suffered heavy losses ever since Credit Agricole bought the Greek lender in 2006.Emporiki has suffered heavy losses ever since Credit Agricole bought the Greek lender in 2006.
In June, ratings agency Moody's downgraded Emporiki to just one notch above default status.In June, ratings agency Moody's downgraded Emporiki to just one notch above default status.