The exemption on overtime would represent a loss of 6 billion euros for the state budget.

The bank is trying to cut costs in investment banking, which had a loss of 21 million euros even though the company eliminated 300 jobs.

A year earlier, Allianz posted a loss of 2.5 billion euros.

Its banking unit, Dresdner, posted a loss of 424 million euros.

Pechiney reported a loss of 50 million euros last year.

The company is struggling with debt and is expected to post an annual loss of around 100 million euros.

The consumer electronics division, on the other hand, posted a loss of 15 million euros.

The company, battered by the advertising recession, reported a loss of 33 million euros in the first quarter.

But instead of the expected 120,000 spectators visited only 90,000 then the ideas, there was a loss of 2.5 million euros.

The earnings contrasted to a loss of 524.2 million euros ($617 million) for the period a year earlier.