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The European Commission announced Friday the opening of two surveys of competition in the market for credit default swaps (CDS) to determine if 16 investment banks and the data service Markit had heard or had abused their dominance.

The EU executive says it has opened a case against nine of the 16 banks and cons ICE Clear Europe, a clearing house for CDS to determine whether preferential tariffs granted by the Board to banks had harmed competition.

"The CDS plays a useful role in financial markets and the economy," said Competition Commissioner Joaquin Almunia said in a statement announcing the investigation.

"Recent developments have shown, however, that transactions in this asset class suffered from a number of defects that can not be addressed by regulation alone."

The 16 banks reviewed are: JPMorgan, Bank of America Merrill Lynch, Barclays, BNP Paribas, Citigroup, Commerzbank, Credit Suisse First Boston, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Royal Bank of Scotland, UBS, Wells Fargo Bank / Wachovia, Credit Agricole and Societe Generale.

Commerzbank and Deutsche Bank have refused comment.

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Saint-Gobain confirmed on Thursday its 2011 targets after a first quarter marked by an acceleration of growth in its business thanks to the contribution of most geographic areas where it is present and better weather.

The world number one in production, processing and distribution of building materials has produced the first three months of the year sales up 12.2% to 9.8 billion euros, an increase Internal – to structure and exchange rates – by 9.6%.

The consensus of ten analysts polled by Reuters gave the drafting of 9.52 billion euros.

Over the whole of 2010, the year of recovery after the crisis, the growth was stood at 1.9% after falling 13.2% in 2009.

"With this encouraging first quarter, although the basis for comparing the next few quarters looks less favorable, we confirm our 2011 target of organic growth and a double-digit growth in our operating results" , said CEO Pierre-Andre de Chalendar said in a statement.

The group stated previously anticipated growth in the mid-single digit range.

Saint-Gobain has benefited in the first quarter of continued growth in Asia, boosted by the sharp turnaround in Eastern Europe and this time also by a strong rebound in construction and renovation in Western Europe.

APPLIES TO IMPROVE VERALLIA

The Western European market, lagging far, also took the first two months of the year weather conditions are more favorable for yards in 2009.

The activity in France was particularly supported by the new regulations for energy efficiency.

However, the construction market in North America still gives no sign of improvement, "said Saint-Gobain.

Glass packaging (Verallia) activity for which the group plans an IPO in the second quarter minority, took his side to an upturn in consumer spending in Europe and the United States.

Verallia has seen its turnover increase by 8.3% to 852 million euros over the period, representing a growth of 7.2%.

In a statement, Saint-Gobain gave no other details about the IPO process initiated on April 19 with registration starting document with the AMF.

Before the announcement, shares closed slightly up from 0.34% to 47.16 euros on the Paris Bourse, giving a market capitalization of around 25 billion euros.

Since the beginning of the year, the track took about 22%, after remaining broadly stable (+1.1%) in 2010.

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Havas announced Wednesday an organic growth of 6.8% of its income in the first quarter and indicated that the main performance indicators of the group were in line with expectations during the period.

The sixth largest advertising group achieved a turnover of 361 million euros in the first three months of the year with a gain of net budgets of 384 million euros.

"We see this time a revival of activity on all our fields of communication and media that have performed especially well during the first three months of the year," said in a statement its new CEO David Jones.

The activity of Havas, which has returned to organic growth in 2010, was notably supported by robust North America (+7.2%) and strong growth in emerging markets, particularly in Latin America , where the band recorded a jump of 24.6%.

By way of comparison, its French rival Publicis reported organic growth of 6.5% over the same period while the U.S. Omnicom has published a turnover up 5.2%.World number one WPP will make a point on its activity on Thursday.

In the statement, Havas does not provide a forecast for the whole of 2011.

ZenithOptimedia (Publicis Group) has recently revised down its forecast for global growth in advertising revenues this year to 4.2% against 4.6% previously, due to the impact of the earthquake and tsunami that struck Japan and Arab revolutions.

The stock closed Tuesday up 0.16% at 3.7910 euros, a market capitalization of 1.6 billion euros. Since the beginning of the year it was down 2.5% while the European sector index yields 0.82% for its share.

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Paris, London and Berlin have all chances to win their battle to impose on the EU budget from 2014 to 2020 a fierce austerity measures, the risk of weakening the European construction.

The rise of eurosceptic sentiment, the cuts that mark all budgets rolled by the crisis and a sense of powerlessness of the European authorities deal with these phenomena explain this result, inevitable for analysts.

The European Commission will present its proposals on June 29 for "financial perspectives" from 2014 to 2020, giving the start of negotiations which have always turned to the psychodrama in the past when the economic environment was more favorable.

Before you even know these proposals, the countries that contribute most to the budget of the European Union, launched a very clear warning to the authorities of Brussels.

In December, France, Germany, the United Kingdom, the Netherlands and Finland have asked that the EU budget has stabilized over the entire period 2014-2020.

Traveling to Brussels on April 14, French Prime Minister Francois Fillon has pushed the nail.

"We call for the EU budget the same effort as that required for national budgets, that is to say, the stability of expenditure," he said.

NATIONAL DEFICIT Abyssal

Face Abyssal national deficits at home, the "net contributors" from the European Union fully intend to minimize costs at European level.

"We're in a situation unacceptable in the sense 'Thatcherite' of the term," also highlights a top French diplomat, referring to the behavior of Margaret Thatcher in the 1980s, demanded that he return his "money."

With some seven billion euros per year net contribution – the difference between the payments and transfers from Brussels – the equivalent of the French budget of Justice, France considers paying too much.

European Commissioner for Budget, Janusz Lewandowski, had a foretaste of what awaits in attracting a deluge of criticism when he presented Wednesday its preliminary draft budget for 2012, up 4.9 % to 132.7 billion euros.

"It is true that we are caught in friendly fire from a number of Member States," he joked.

The phenomenon is aggravated by increased mistrust vis-à-vis the Union, as evidenced by all the polls and the rise of populist anti-European.

In France, Marine Le Pen, who has a good chance of being in the second round of presidential elections in 2012 are to believe recent polls, is campaigning on the theme of the output of the euro.

If the Scandinavian countries like Sweden and Denmark have never been among the enthusiasts of European integration, Finns, good students in the class so far, have sent a real signal of defiance vis-à-vis the EU legislation at the April 18.

NOT SO DIFFICULT

The True Finns Party won 19% of the vote and threatens to block EU mechanisms for financial assistance to countries in difficulty in the euro area, such as Portugal.The Finnish Parliament is to vote on such plans.

In addition, countries that succeed in the rotating presidency of the EU during the negotiations from July 2011 to the end of 2012 (Poland, Denmark and Cyprus) are likely to be overwhelmed by the heavyweights of the EU.

To top it all, France and Germany will experience crucial elections in 2012 and Poles go to the polls during their EU presidency.

"We have never had as difficult a debate on the financial perspective," predicted a Polish diplomat who feared the worst."We can not paralyze the European Union in a debate as devastating for two years."

Faced with this configuration for less explosive, the European Commission attempts to defend his arguments to avoid having to manage a reduced budget while funding requests unforeseen risk of exploding, the "Arab Spring" and the debt crisis requiring Europeans to get involved.

His officials stressed that only four out of 27 countries (Ireland, Portugal, Greece and Spain) have frozen their budgets, all others, including France, considering an increase.

They insist that the EU budget represents only a hundredth of the European GDP and it consists of capital expenditure, including the "cohesion funds" in favor of poor areas (57 billion euros in 2012 ), tied with agricultural expenditure.

MORE OFFICERS Europhil

Countries that joined the EU in 2004 consider a freeze on spending from 2014 to 2020 would represent a breach of contract, since they joined the Union in exchange for the promise it would help them catch up structural.

"But we are in a context where most member states will never forget that the common interest and will look at their immediate financial interest," said one European diplomat.

The Commission relies on the divisions that may occur between countries, like France, want to maintain a strong agricultural policy, and those who, like the United Kingdom intends to use the negotiations to give the coup de grace Common Agricultural Policy.

France and the UK are also at loggerheads on the "discount" of several British billion obtained through London on its budget contribution.

But the EU executive knows that the heavyweights of Europe will eventually agree – the worst in deciding to grant a rebate to all rich countries, including France.

In this context, the Commission officials acknowledge they can no longer as in the past set the bar very high in the hope of getting satisfaction on some of their demands and demonstrate a degree of fatalism.

"We must be responsible in our proposal and we know that the budget will remain at 1% of GDP," admits one of its leaders. "The generation of Europhile ready to defend the European project no longer exists."

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The Greece international creditors demanded more clarification on the budget plans and projects of privatization set by Athens last week, sources said Thursday Reuters.

They hope to have more details in the weeks to come.

Greece unveiled last week a project-based economies, the partial privatization of large public companies, hoping to avoid a debt restructuring, assuming that the markets feel more and more likely.

Athens has not provided sufficient details on the measures to be taken to help achieve three billion euros in additional savings this year and 23 billion euros between 2012 and 2015.

"They have taken some steps. This is not what we expect," said a source in Brussels, said that until much more from the Greek government.

In return for using 110 billion euros granted by the European Union (EU) and the International Monetary Fund (IMF), Athens must adopt by mid-April a budget plan in the medium term.This plan must be approved by parliament by mid-May.

"What we are presenting today are the guidelines for a project of leading us to a crisis in Greece Greece creativity", said Greek Prime Minister George Papandreou during a presentation of his project.

"You hold in your hands a document of great change (…) just after Easter they will be detailed with a schedule for each department," he added.

The EU, the IMF and the European Central Bank (ECB) in early May will send their quarterly inspection visit to Greece to determine if the country has achieved its objectives and has made sufficient progress to receive the next tranche of 12 billion euros in June.

The medium-term budget plan will also be closely observed during this visit, informed sources.

"If we entertain doubts about the medium-term plan or if it does not match what we expected, we will say frankly," said a source questioned the possibility of granting aid installment based on the credibility of the plan.

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World number one biotech Amgen reported Wednesday a rise of 3% in sales in the first quarter.

Adjusted earnings came in at $ 1.34 per share while the Thomson Reuters consensus I / B / E / S $ 1.29 anticipated.

In GAAP, EPS stood at $ 1.20.

Turnover rose to 3.7 billion against 3.69 billion expected.

The group said it expects annual adjusted earnings of between 5 and $ 5.20 per share and a turnover ranging from 15.1 to 15.5 billion.

The consensus analyst EPS envisages annual $ 5.15 and a turnover to 15.24 billion.

Amgen assesses the impact of health insurance reform to a number between 400 and 500 million for fiscal 2011.

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On the site, no less than 60,000 tons of contaminated water still prevent technicians involved in the plant. Over 60,000 tons of radioactive water are present on the plant site due to the mass of water injected by TEPCO reactors.

The French nuclear group Areva will provide a system for decontaminating radioactive water at the site of the Japanese central Fukushima, said Tuesday in Tokyo President Anne Lauvergeon. The operator of the Fukushima Daiichi plant (No. 1), Tokyo Electric Power (TEPCO), "has accepted our proposal," she said during a news conference. "This is a method for treating contamination: we will inject chemicals into the contaminated water and this technology should allow radioactive substances to settle to the bottom", separating these materials contaminated water, has explained the group's president.

Over 60,000 tons of radioactive water are present on the plant site due to the mass of water injected by TEPCO reactors since the earthquake and tsunami that occurred on March 11.

Ms. Lauvergeon suggested that these operations "emergency" would begin shortly. "TEPCO wants to see them begin in late May," she said. "We have not negotiated in terms of price," she added, saying "trust" in Japanese contacts for further processing of financial aspects of cooperation.

The operator began Tuesday to pump some 10,000 tons of highly radioactive water that flooded the ground floor of the engine room of the reactor 2 in order to transfer to a waste treatment facility with a capacity of 30,000 tons.

The presence of this highly contaminated water prevents workers to intervene in the facilities to restore the cooling plant, located 250 km northeast of Tokyo. In a statement, Areva said that his method was based "on a principle of co-precipitation. "This process, developed by Areva and used the facilities at Marcoule and La Hague (France), provides for the use of specific chemical reagents that can separate and recover the radioactive elements." Areva, through its expertise, offers solutions to process and then manage them, "assured the nuclear group.

To address this radioactive water, Areva will bring and use a "sewage flow of large, equipped with the process of co-precipitation."This facility will reduce very significantly the levels of radioactivity of treated water that can be reused in the cooling circuits of the plant," he detailed. The operator TEPCO said Sunday he hoped to stabilize the situation of the four reactors of its rugged Central within six to nine months.

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The International Monetary Fund seems to have taken his courage in both hands to address his critics in the U.S., its largest contributor, while the G20 emerging economies show fangs.

A question arises now the question that Washington will make remarks Fund.

In the burst of reports that have punctuated the meetings organized by the IMF and the G20 in Washington, one of them pointing at the U.S. deficit and questioned Washington's ability to reduce by half by 2013, attracting an immediate response from the Treasury to ensure that promises are kept.

"The IMF is suddenly his best to appear impartial," said Eswar Prasad, former head of the international monetary institution.

He says such a turnaround can be explained by the demands of increasingly urgent demand of emerging economies that the IMF closer monitoring of developed countries, held responsible for the crisis of 2007-2009.

Among these nations, the United States do not, by far, the harshest criticism and sign of the times, they do not seem to mind.

Timothy Geithner, Treasury Secretary and former IMF responded Saturday, saying the U.S. "welcomes the announcement of increased surveillance of their fiscal and monetary policies."

The hardening of tone adopted by the Fund is also due to the publication in February of an internal report showing that he had failed to detect early warning signs of financial crisis, particularly because that it is "too intimidated or influenced by the rich countries."

IN SEARCH OF FAIRNESS

Since the outbreak of the financial crisis, U.S. monetary policy has lost its luster.Emerging markets, once the subject of condescending advice from developed economies, began to call openly questioning the guidelines set by the United States.

"Some countries are responsible for the worst crisis since the Great Depression, and who have yet to resolve their own problems, always seem to want to prescribe codes of conduct to the world", launched on Saturday Guido Mantega, Brazilian Minister of Finance.

Many emerging economies have amassed monumental foreign reserves, mostly to guard the risk of having one day extend their begging bowls to the IMF in exchange for loans with strict conditions.

Refreshed and confident about their strengths, emerging markets are now demanding that the IMF deals with the developed economies with the severity that was hers when they were suffering from similar ailments.

Domenico Lombardi, who heads the Oxford Institute for Economic Policy, believes the unusually harsh tone adopted by the IMF against the United States is a way of showing he can be impartial in his dealings with wealthy countries as recommended by the program adopted by the G20.

The United States is one of seven countries in the G20 will be a comprehensive study, conducted under the auspices of the IMF to determine whether their policies pose risks to the global economy.

"Since the mandate that the IMF has just received is not accompanied by any coercive power, the only leverage he has is his credibility, respectability as an honest broker," said Domenico Lombardi, also a former responsible for the Fund.

He said the U.S. is ripe to receive the IMF's advice and put them into practice.

Reducing the U.S. deficit has become a priority, and Timothy Geithner knows that if IMF raises his voice against Washington, the credibility of the United States will be strengthened in their relationship with Beijing.

After two years of intensive discussions with China, the U.S. has won only meager success on the issue of the yuan, which they consider undervalued, and support the IMF could support them in welcome their future discussions.

"In the past, Treasury secretaries have little regard for the benefit of international cooperation", said Domenico Lombardi.

"Now, the U.S. realized they can not alone solve the problems of the planet. To establish their leadership, they must take the path of international cooperation."

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The Prime Minister, George Papandreou, today announced a comprehensive privatization plan, which should bring at least 12 billion euros by 2013. But the rates continue to soar …

Athens announced Friday a plan for privatization by 2013, coupled with additional budgetary savings in 2011, but failed to curb the surge in bond yields or to reverse the skepticism of the market who think it likely that a debt restructuring.

In presenting his plan, almost a year after the call for assistance launched by the country to its partners and a loan of 110 billion euros, Prime Minister George Papandreou spoke of "radical changes" .

Greece solve "deep" problems, "not by restructuring the debt, but by restructuring the country," stressed the Prime Minister, who received support in the day of the European Central Bank and leader of Finance ministers from the eurozone, Jean-Claude Juncker.The latter said that "rumors" on a debt restructuring of Greece were "totally unfounded".

While announcing the details of the plan is scheduled for after Easter, April 24, the Socialist government, driven by markets convinced of the insolvency of the country, has unveiled plans to privatize that break some taboos in Greece .

He also announced cost-saving measures including a passage officials to 40H per week, against 37.5 currently.

Thus, the national electricity DEI, will see the participation of the state, currently at 51%, falling to 34%.The state plans to retain the operational management of the group which this week signed a partnership with a Chinese group, having done the same with the French EDF.

In total, the assignments should report between 12 and 16.5 billion euros by 2013, including 2 to 4 billion euros this year.

In 2011, the state will also "reduce its shareholding" of 20% in the telephone operator OTE, whose main shareholder is Deutsche Telekom, and partially privatize TRAINOSE, the company operating the railway.

The gas company Depa will be partially privatized.Casinos, weapons factories, ports and airports are also included in the catalog sales.

In terms of land, a first "portfolio" of land and properties will be offered in June to international investors for leasing concessions in the long term.

To enable a "reduction in immediate debt, which will reach in 2012 157% of GDP and whose only service aborb more than 7% of GDP, these transfers will be matched until 2015 with budget savings of $ 26 billion, which three billion of additional measures in 2011.

The objective is to reduce the deficit to "about 1% of GDP end of 2015 against 15.4% in 2009, an effort based on a two-thirds reduction in spending, including through lower wages in large firms public, and cuts in health budgets and defense.

Mr. Papandreou said there was only "one way" and had the support of the Greeks.The other path, which would involve a restructuring of public debt, meaning a drop of Greece on European and global stage, is "one of isolation, bankruptcy and impoverishment," he said by pushing.

However this plan does not seem to have convinced the markets that continued to push for restructuring.

The Athens Stock Exchange closed down 1.26 points Friday.

On the bond market, the yield of the Greek debt have achieved new record highs. The 10-year rates were 13.712% to 13.156% against 1600 GMT at the close Thursday. As for the rate to two years, they flew to 17.967% 17.318% cons.

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The economy minister expects a growth of 2.25% against 2.5% originally planned. The Minister of Economy and Finance Christine Lagarde, by the Assembly on 8 February 2011.

In an interview with Les Echos newspaper published on Thursday, the Economy Minister Christine Lagarde is forecasting growth of 2.25% for 2012, against the 2.5% originally planned. "I note first that our forecast of 2% growth in 2011 is now accepted as credible, while the government has long been attacked on this point.The OECD estimates that even they might be lie beyond! For 2012, we plan to accelerate growth, but we decided to be cautious, "she said.

Higher raw materials

This review aims to anticipate a moderate recovery in global demand "a little more muted than expected," especially due to rising commodity prices and budgetary constraints of States. "Our economic scenario is based on an average price of a barrel of crude oil to $ 101, against $ 77 in the stability program established last year. Inflation is expected at 1.8% this year, then 1 , 75% in subsequent years, "said Christine Lagarde.

The minister hoped a "gradual acceleration of job creation," through the "strengthening of employment policy, via the plan for learning and the mobilization of supplementary budget of 500 million euros."

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