Speaking after its annual review of the Italian economy, the head of the IMF European Department, Reza Moghadam, has shown strong support for the president of Italy Mario Monti. This has put pressure on European leaders to ensure that measures to promote growth in addition to the austerity plans response to the crisis.

"The policies implemented by the government have created a stability that is truly remarkable compared to the situation we had at the end of last year," said Reza Moghadam during a press conference.

The IMF confirmed its estimate of 1.9% decline in gross domestic product (GDP) Italian for 2012, after falling 0.8% in the first quarter.

The fund does not think that Rome should take further fiscal adjustment measures beyond what the country has already planned, although the government has raised its forecast for de government deficit from 2013 to 0.5% of GDP, against 0.1% previously. 

"Fiscal policy for this year and next year is a policy that the IMF fully supports," he said.

"Our recommendation is to proceed with plans to recapitalize banks, precisely to ensure that banks have sufficient capital to support credit activity in Italy," he added.

The Boeing, co-owned by the private equity arm of Goldman Sachs and Onex, concluded on May 3 an agreement with its creditors for erasing about $ 2.5 billion in debt under Chapter 11, which aims to allow business to continue trading.

"This debt will no longer hamper our business," said Shawn Vick at a news conference at EBACE business aviation in Geneva.

"The procedure of Chapter 11 should not be confused with the liquidation or bankruptcy. There is too much value in Hawker Beechcraft for this to happen, "he said, denouncing the" misinformation "and" speculation "

. Shawn Vick

stressed that the group would continue to honor its orders and anticipated output of the procedure of Chapter 11 "before the end of the year" …

…… Goldman Sachs Capital Partners, the private equity funds of the bank, and Onex, the first Canadian company takeovers, had bought Raytheon Aircraft Raytheon in early 2007 and were renamed Hawker Beechcraft

. Under Chapter 11, the group of Wichita (Kansas) will have their money transferred to some of its creditors, Goldman Sachs and Onex retaining only a minority stake. 

Acquisition, made at the height of the bubble and in the hope of a growing market, came at the wrong time. The 2008 financial crisis and severe economic recession that ensued led to a fall in business jet deliveries of small and medium – the segment of choice Hawker Beechcraft.

Asked about a possible reduction in its range which would reduce the complexity of its production, said Shawn Vick Reuters that it was not the order of day.

"This company is more than capable of building many aircraft in all segments," he said.

Although it acknowledged that competitors had benefited from his troubles to him take market share, it highlighted a trend of more favorable order in 2011. 

He also expressed confidence in the ability to remain independent at Hawker Beechcraft:

"We have no other project to grow the company on a freelance basis," he said to Reuters. "That does not surprise if others were interested in the company, but more than able to stand on both feet."

Sales of cement, concrete and asphalt decreased by double digit percentages in Europe and the net profit after minority interests stood at 10 million Swiss francs (8.32 million euros), far from the 41.2 million expected by analysts polled by Reuters.

Revenues increased 2.2% to 4.76 billion Swiss francs, compared with 4.718 billion consensus giving.

"The harsh winter has resulted in numerous decisions of sites in Western and Eastern Europe in February," said the second world cement in a statement. 

Cement producers, firms in a particularly energy intensive, face higher costs of fuel and electricity.

Holcim said it could offset the rising costs by raising prices, but Africa and the Middle East. As Lafarge, he observed that the costs of energy and transport seemed to stabilize.

European competitors Holcim, Lafarge and whose German HeidelbergCement, have warned that they would fall under their prices to offset rising energy costs. Holcim said it reverberate cost increases caused by inflation.

The Swiss group, which generates more than half of its turnover in emerging markets, expects increased demand for building materials in Asia, Latin America, Russia and Azerbaijan this year. It also provides an increase in demand in North America.

The Dow Jones Industrial 30 yielded 0.08%, or 10.75 points, to 13,268.57. The S & P-500, wider, lost 3.51 points, or 0.25%, to 1402.31. The Nasdaq Composite, however, advanced on his side of 9.41 points (0.31%) to 3,059.85.

The day before, the Dow had reached in a meeting again four years earlier. And the S & P 500 is up about 11% since the beginning of the year.

Job creation in the private sector last month in the U.S. proved well below expectations, according to the results of the monthly ADP. It was created 119,000 jobs in April as the market expected 177,000 additional jobs.

"If fewer people are involved in the ongoing recovery, it is a sign of underlying weakness which must be addressed. So far, the response of autoritésa been a credit facilitation, maybe he should look no further, "said Jack Ablin, Investment Officer at Harris Private Bank

. This indicator was published in the wake of European statistics bleak ..

……. industrial activity in the euro area contracted again in April while the slowdown in the peripheral countries appears to spread to France and Germany, according to final data from the survey with Markit purchasing managers

….. …. The unemployment rate in the euro zone was 10.9% in March, its highest level in 15 years, mainly because of increases in Italy and Spain. 

In addition to this weak economic table laughing, industrial orders recorded in March in the U.S. its largest decline in three years mainly because of lower demand for e Facilities in the transport sector.

"What the market needs is a sign that the economy does not deteriorate. Although growth is low but it is still there, "said Ralph Edwards (ITG)

The Nasdaq Composite was particularly supported by the good performance of the title Intel, which rose 0.79% to 29.18 dollars, many investors whereas the action of the world's leading semiconductor remains undervalued e

. sector home builders surged 2.60%, brokers citing the growing political support for measures sug rant to cancel the principal of mortgages

. The recovery in the housing market is considered essential to the sustainability of growth United States

.

Stanislas de Quercize, joined Richemont in 1989, is currently the head of Van Cleef & Arpels after having officiated for Alfred Dunhill and Montblanc brands. He will take office at the end of the year.

"From Quercize gave up Van Cleef & Arpels since his appointment, making the brand profitable and grow making credibility with buyers of fine jewelry," said Jon Cox, analyst at Kepler Capital Markets.

Cartier, in his view, represents half the sales of Richemont and two-thirds of operating profit.

Stanislas de Quercize cede his position at Van Cleef & Arpels to Nicolas Bos, current creative director and CEO of the brand in North America.

In exchange, the action Richemont, the world of luxury behind the French LVMH, was unchanged at 9.50, to 55.75 francs, while its European sector index took 0.3%.

The Nikkei lost 55.50 points to 10,086.49 points, away from its highest of eight and a half months reached Monday to 10,172.64 points. The Topix broader, yielded 9.57 points (1.1%) to 858.78 points.

The export values ​​have suffered from profit taking. Toyota was down 1.54% but still up nearly 38% since the beginning of the year. Nissan has lost 2.92% and Sony dropped 4.47%.

The two main Spanish unions, UGT and CCOO, announced Friday a general strike on March 29 to protest "against the labor reform and defense of public services", to be held on the eve of the budget in 2012 marked by the austerity.

The unions denounce "unilateral decision" Conservative government "to implement a labor reform and a new drive and fiscal effort," said CCOO in a statement.

By coincidence, this strike will take place at the 100th day of the power of conservative Mariano Rajoy, who took office Dec. 21. His government adopted on February 11 a new reform to make it more flexible labor market, including lower redundancy payments and measures to stimulate youth employment.

The aim is to boost job creation in a country at record levels of unemployment among industrialized countries (22.85%) and particularly dramatic among children under 25 years (48.6%), but the unions believe that the measure will mainly facilitate dismissals. "This reform will not generate employment, it will destroy even more," said CCOO, and "the government itself acknowledges that this year we lost 650,000 jobs."

The government announced last week expect a further rise in unemployment in 2012, which should hit 24.3% of the workforce. But he remains focused on rigor and plans to adopt March 30 a draft austerity budget, as promised to bring the public deficit of 8.51% of GDP at end 2011 to 5.8% in late 2012.

In approving the strike on Friday, the union also announced its "determination to maintain pressure and social workers after that date would alter the reform if the government does not rectify and is not willing to negotiate."

General strikes are rare in Spain, where only five have been convened since the return of freedom of association in 1977. The last was held September 29, 2010 to protest against a previous labor market reform introduced by the Socialist government of Jose Luis Rodriguez Zapatero. She had had mixed success, but since many events are held regularly, especially in regions that manage sensitive budgets of health and education and have adopted strict austerity.

Against the new labor reform, hundreds of thousands of demonstrators, waving red flags, had marched on February 19 in the cities of Spain. A new day of action is planned this Sunday, with events announced throughout the country. elc-ka/sg/lo

While the new aid package of € 130 billion is now almost ready, the finance ministers of the euro area are still not satisfied with the commitments made by the Greek political leaders to implement the agreement, by 2014 that provides new budget cuts and many unpopular reforms.

There are also doubts about the path of debt reduction Greek. It represents about 160% of gross domestic product and the "troika" consisting of the European Commission, the European Central Bank and International Monetary Fund (IMF) would like to bring to 120% by 2020.

"There are proposals to delay the Greek package or cut into parts to avoid an immediate default without engaging the whole (package)", has said one source.

"The options will be discussed (…) There is pressure from several countries to hold things until there is a concrete commitment in Greece, which could not come before the elections, "they added.

A telephone conference of finance ministers of the euro area must take place at 17:00. It replaces a scheduled meeting in Brussels, canceled the commitments incomplete Greek political parties.

Germany, Finland and the Netherlands are the countries that grow in the direction of delaying the adoption of the plan, have identified two other officials.

Under the terms of the support plan in Athens, an exchange of debt securities must be made within the next few days between Greece and its private creditors, who would accept a loss of face value of 50% and would reduce Greece's debt of 100 billion euros. 

GREEN LIGHT Monday?

The plan must allow Athens to honor the repayment schedule of debt amounting to 14.5 billion euros on March 20 and avoid a disorderly default difficult to assess the consequences for the entire euro area.

About 30 billion euros of the 130 billion dollars are intended to accompany the restructuring of private debt. Thirty other billion are needed to recapitalize the Greek banks.

But the rest of government loan would in turn conditioned on further progress on structural reforms in the country.

Asked about the possibility of dividing the package into several blocks, the spokesman for European Commissioner for Economic and Monetary Affairs, Olli Rehn, said no decision had been ; taken.

"So far in the discussions, it has always been addressed as a single package," said the spokesman.

Segmentation of aid could also face technical problems, private creditors calling, before the exchange of securities, guarantees the public phase Plan. 

These discussions could in fact have the principal purpose of increasing the pressure on Athens to political parties to commit themselves fully to implement the plan, whatever the election results in April.

Antonis Samaras, the Greek leader of the conservative New Democracy, has also sent Wednesday afternoon a letter to the EU and the IMF in which he undertakes to implement the new measures austerity.

Several European leaders, the main goal is to approve the second politically aid plan Monday and Tuesday in connection with meetings of finance ministers from the eurozone and the European Uni ; enemies in Brussels.

Françoise Bettencourt-Meyers has requested in writing to become the beneficiary of some life insurance from his mother – to the tune of 93 million – "because of an agreement" with her past, said Sunday AFP to the former agent of the billionaire, Pascal Wilhelm.

French President Nicolas Sarkozy said on Friday that the countries that continue to harbor tax havens, including a list of 11 expected to be released, would be "ostracized by the international community at the conclusion of the G20 summit in Cannes.

"We do not want to tax havens. The message is very clear, countries that tax havens will remain ostracized by the international community," he told reporters Mr Sarkozy, whose country currently chairs the G20.

According to information from Figaro OECD will publish a new list of tax havens.Switzerland and Liechtenstein can be found on the list and gray, not having done enough to be transparent. Nine other states, including Panama, the Seychelles and Botswana, are in a blacklist.

The two financial centers were committed in 2009 to challenge the secrecy and to meet the criteria of the OECD on tax information, to get out of this list. But they have failed the examination and the international body would have found that the transparency commitments were not met.