Blow to Vivendi. According to the newspaper Valor Economico, the French group headed by Jean-Bernard Levy had committed irregularities in the acquisition of the Brazilian telecom operator GVT. According to information from the newspaper, without citing its sources, Vivendi did not inform the "appropriate investors." The supervisory authority of the Brazilian markets, CVM believes that the French government carried out an operation "bad faith" after starting last November a tender offer for 100% stake in GVT.

Vivendi is in fact suspected of violating securities regulations in skewing his information to markets, and other pretenders to the redemption of this Brazilian Telecom Operator.He allegedly claimed to hold a controlling stake in the capital of GVT as he had in fact acquired option contracts on the title of Brazilian online payday advance. Vivendi would have claimed a victory before actually winning the race.

The group first acquired 53% of GVT for 2.2 billion dollars, then gradually took total control of the Brazilian operator to four billion dollars. The transaction closed in late April after a fierce battle with Spain's Telefonica.

The Market Authority has not confirmed this information. A spokesman said that the CVM agency had issued no press since its announcement in March that it was opening an investigation into Vivendi for possible irregularities.

If fraud is proved, Vivendi would afflict a large fine by the Brazilian stock Constable.According to the daily Valor, it would be at least 1.3 billion euros.

Saint Gobain turn a historic page in its history. Jean-Louis Beffa who presided for a number of world production, processing and distribution of building materials for over twenty years, has bowed out at the General Assembly (GA) annually. Although his departure is long, the emotion was the appointment of the AG.

His successor, Pierre-Andre de Chalendar confirmed its objective of a rebound results in 2010 and said to expect solid growth in operating income in the first half, compared to the same period last year as over the second half of 2009.

"Activity levels of the various businesses of the group in April and May clearly confirm the trend of improvement in March," said Pierre-Andre de Chalendar, which should add at the end of the AG function president than he is currently CEO.

But these signs of recovery are highly differentiated according to geographic location. "In Western Europe and North America, the recovery remains hesitant," he warned. "The effects of recovery plans are very uneven and the uncertainties on the financial strength of certain states, or issues relating to the consequences of public deficits, still gives an idea of the times". He added: "The contrast is striking with Asia and Latin America, where the crisis is already a distant memory."

A solid first half for

Pierre-Andre de Chalendar sees these geographic disparities confirmation that the group should continue its internationalization initiated by his predecessor and even accentuate, this time beyond European borders no faxing pay day loans. "I am convinced that Saint-Gobain will be in ten years (…) a larger group outside Europe, but a group rooted in its territories," he said.

The group made last year 16% of its turnover in Asia and other emerging countries – awarded to North America – 29% in France and 42% in the rest of Europe. He intended this year a large portion of these investments to high-growth areas, particularly in the solar sector.

Strong rebound margin

Pierre-Andre de Chalendar, who maintained the targets for the full year – strong growth in operating income at constant exchange rates, a sharp rebound in margins and free cash flow – for items delivered the semester ends in view of the improvement observed that since the end of the first quarter.

"Accordingly, and considering the impact of programs, achieving cost savings, operating profit of the group should continue to improve in the first half of 2010, with both strong growth over the first half of 2009, and sustained growth over the second half of 2009, "he said.

The interim results, that Saint-Gobain published July 29, will also benefit from favorable comparisons.The company posted an operating profit of 930 million euros in the first half of 2009 and 1.286 billion in the second.

After a year 2009 more than difficult, Natixis confirmed at the beginning of 2010, renewed glimpsed at the end of last year. The bank has indeed registered the first three months of 2010 its third consecutive profitable quarter, up from 464 million euros.The group confirmed its target of a net banking income more than 6 billion in 2010, according to a statement issued after-hours trade Tuesday.

Net revenue (equivalent to sales) reached 1.63 billion euros, up 28%, and Natixis confirmed its revenue target of more than 6 billion for the whole year.

As the fourth quarter of 2009, the portfolio of illiquid assets of more than thirty billion inherited from the crisis has only slightly affected the result (-16 million euros).

BPCE: Exposure to Greece to 2.1 billion euros

The parent company Natixis, BPCE, published a group net profit of 1.01 billion euros in first quarter 2010 against a loss of 1.149 billion euros in the same period a year ago.Its revenues rose 64% to 5.973 billion euros in the first quarter against 3.641 billion euros in the first quarter 2009 paydayloans.

In a statement issued last Thursday, the group announced that its BPCE exposure to Greece package totaled 2.1 billion euros, of which 882 million euros through its subsidiary Natixis. BPCE exposed to 1.4 million euros to the Greek sovereign debt and Natixis to 160 million euros.In contrast, private debt is fully supported by Natixis to the tune of 722 million euros.

BPCE: 25 billion euros of GDP by 2013

The group aims BPCE net banking income of 25 billion euros by end-2013 from two thirds of the commercial banking business and insurance and third trades Natixis.

At the Paris Stock Exchange, Natixis closed down 0.82% to 3.75 euros in a market down by 0.73%.

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The CAC 40, its lowest level since July 29, 2009. For the week, the blue chip index fell 11.12%. Fear of contagion to other Greek countries of the euro area has made the markets nervous over the past week.

But on Monday, the atmosphere should be more relaxed, even if the night was tough for the leaders of the European Union. He has established a plan to help the euro area, and obtained from Spain and Portugal to announce new measures to reduce their deficit. Around 2:00 am, the EU finance ministers agreed on the establishment of a "European stabilization mechanism designed to preserve financial stability in Europe."

Warm welcome in stock: Asian stock markets move in the green Monday, and European markets should be reassured that Monday morning.Around 8:00, the futures contracts expire in May predicting an opening up of more than 4%.

However, gold continues to rate at its highest, indicating that investor nervousness remains high.

Michel Barnier on Wall Street

On Monday, the Bank of France must publish at 8:30 its business survey in industry for the month of April. Fifteen minutes later, INSEE unveil industrial production in March in France. In Germany, foreign trade in March will be monitored

In Europe, the "World Economic Forum opened on Monday for two days.Moreover, in the afternoon, Michel Barnier, European Commissioner for Financial Services, will deliver a speech on Wall Street Fast Cash Without a hassle.

Veolia confirms its objectives

Side values, Veolia Environment has issued Friday a consolidated sales down 4% at current exchange rates and 3.1% at constant exchange rates for the first quarter of 2010, to 8.7 billion euros. The group confirmed the targets set for 2010, namely "to generate a positive free cash flow after payment of dividends and earn a recurring operating income up."

Eiffage reported a sales decrease of 4.2% to 2.9 billion euros for the first quarter of 2010 due to declining revenues in its construction division due to weather at the beginning of the year.

Euler Hermes has announced a net profit almost tripled in the first quarter to 47.6 million euros, and confirmed he expects this year's results improved.

Orascom and France Telecom have unveiled Sunday details of the agreement they reached on their holdings in Mobinil, at the request of the Egyptian market regulator.

The Japanese company Toray Industries, a specialist in textile and carbon fiber, announced Monday it had reached an agreement 15 years until 2025, an unspecified amount, with the European aircraft manufacturer Airbus for the supply of composite, especially for the A350.

Once again, Apple imposes its views in Orange, SFR and Bouygues Telecom. For its release in France in late May, the touch pad, the iPad will not be sold in their shops. Duplicating its model designed in the U.S., Apple will book the sales in France to its own stores, both Apple Store opened late last year in Paris and Montpellier, its website and retail mix in electronics. Distributors Fnac, Darty and Boulanger, Surcouf, already used to sell iPhone and Mac, will be the four most affected, according to an industry source. This will involve "a large number of stores," said an already Darty spokesman told AFP.

The tablet, however, will not be found in the shops of the three operators.Then they hoped "to generate traffic with the curiosity that is likely to generate the iPad [...] Steve Jobs has imposed on them an absolute bar to" Les Echos noted Wednesday morning. Apple would indeed set the iPad closer to a computer than a smartphone. Orange, SFR and Bouygues Telecom will be content thus to propose specific plans for the 3G version of the iPad, as they already do for the iPhone paydayloans. According to the scenario under development, Apple will contact the operator chosen by the client to forward him a SIM card and Micro-activates its line. But all the steps and subscription management package will intervene directly on the iPad.

It is around the price and terms of these packages lie the remaining uncertainties.In the U.S., Apple set to AT & T plans to develop 3G no time commitment, to 14.99 dollars per month for 250 MB of data exchanged or 29.99 dollars for the unlimited. In France, the operator suggested that "the price and features of these packages will vary from the key 3G standard, which hover around 30 euros, according to Les Echos. In fact, they fear that the tablet from Apple, with its larger screen than the iPhone, is developing new uses more bandwidth-intensive, particularly video. This could bring down the price of subscriptions up. In the U.S. market, AT & T said, however, expect that the iPad achieve more WiFi version, thus saving the mobile network.

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The business climate has improved in France in April. The INSEE indicator, compiled from responses of business leaders, rose 4 points in March and was 96. "This improvement in the economic climate is reflected in all sectors," notes the INSEE. At the same time, the indicator of rollover for the perception of changes in trend, stays in positive territory.

Moreover, the leading index PMI purchasing managers, the Institute established by Markit, found an acceleration of growth in activity. The first flash estimate of the overall activity index rebounded to 58.4, against 55.8 in March. The consensus of economists was expecting, according to Reuters, on 54.1.Services, down from the beginning of the year, grew more aggressively, to 57.8 in April against 53.8 the previous month.

However, "the decline in employment continued in April in the French private sector, bringing to 23 months duration of the current period of contraction," says Markit. "Some respondents attributed the cuts to restructuring programs."

"The high growth rates of new business volumes and the volume of outstanding work, suggest that the expansion will continue at a steady pace during the second quarter," says Jack Kennedy, economist at Markit.

From our correspondent in Brussels

A pain in childbirth. After a head-to-head tight between Angela Merkel and Nicolas Sarkozy, the sixteen countries of the euro agreed Thursday on a plan of aid to Greece. He shared the role of lender of last resort between the Europeans and the International Monetary Fund.

Germany, long reluctant to directly support Athens has finally agreed to contribute financially, with other countries. In return, France and Brussels institutions will accommodate themselves to a "substantial involvement" of the IMF, led by Angela Merkel in the European fold. Beyond the Greek emergency, countries of the euro should also prepare for a new diet on the budget model Germans.

As for Greece, the Franco-German compromise provides for a "European framework" consisting of bilateral loans and coordinated by the States.Getting an added "complement" of IMF lending, minority according to Paris. The details of the text remains to tie up. The envelope said to be in Brussels, should be between 20 and 22 billion euros. Greece was considered "quite acceptable". The method could be extended to other countries plunged into the red.

On the fiscal side, the France accept the German demand for a say on strengthened European national deficits, "including sanctions." This tightening could indicate the end of the year, with a revision of treaties. Grant to Berlin, Paris is already planning "all legal options".

The Franco-German compromise, dictated by the urgency, did not dispel all misunderstandings. Berlin, veiled, concerned about the French penchant for French growth based on consumption and public investment.In contrast, Paris has openly criticized, Christine Lagarde, German model based on savings and export feed which comes deficits neighbors.

The Franco-German agreement was expanded in the evening to the sixteen countries of the Eurogroup meeting on the sidelines of emergency summit in Brussels European cash advance . It dictates the immediate requirement that the EU would apply beyond Athens to all countries in the euro area exceeded its deficits. Explosion of debt, sluggish growth and low productivity, Portugal, Spain and Italy share the same ills as Greece.

The pill is bitter ahead for Premier Papandreou. He waited for Europe to help to refinance at a lower cost. Athens must find 15 billion euros by early May and 50 billion by the end of the year.The conditions imposed by Angela Merkel are the joint support of the EU and IMF use a strong deterrent.

Greece can not make call as a last resort, in full only if the sixteen countries of the euro note – unanimously – that it can not refinance market. The European funding will be "no element of subsidy. IMF side, the rates appear more attractive. But they relegate Greece to rank countries attended. They also spend an extra dose of austerity that Athens would have trouble passing against the social anger.

On the merits, Angela Merkel has essentially dictated the law to the EU. At first isolated in its orthodoxy, Germany has shown that nothing can be done without it in a Europe in crisis. Inflexible, the Chancellor has imposed his choice.Nicolas Sarkozy, head of the ECB Jean-Claude Trichet, president of the Eurogroup Jean-Claude Juncker, the head of the EU executive Jose Manuel Barroso, all would have preferred a purely European. All saw the use of IMF interference in the pride and independence in Europe. But Thursday night, the threat of a collapse on the euro does them no choice.

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The Chinese inflation seems under control. The index of consumer prices continued to rise in February to 2.7% but remains below the 3% limit set by the government. This figure was drawn by the waltz of the labels of food products due to appalling weather conditions and to celebrate the Lunar New Year.

The Chinese authorities remain confident. "We believe that rising prices will remain moderate and controllable. So we must stabilize inflation expectations, "said a spokesman for the National Bureau of Statistics (NBS).

The owner of the Banking Regulatory Commission, Liu Mingkang, displays the same serenity: "Do not worry about inflation.The index of consumer prices and the index of producer prices could increase slightly "in view of the process" complicated "global economic recovery," but only moderate inflation is unlikely.

Still, the resumption of exports has caused a jump in industrial production by 20.7% over the first two months of the year. Investments in fixed assets (buildings, factories, equipment, …) it has boomed by 26.6% over the same period. Domestic demand is no exception, retail sales rose by 17.9% yoy in January-February.

Still, "we do not believe the inflation risk," wrote in a note Xu Bei, economist at Natixis. She recalls that the figures are distorted by a base effect, the statistics of early 2009 was very low because of the crisis."By comparing the price index of the beginning of this year compared to 2008, the price increase is only 1%."

The government, on the other hand, already started to tighten monetary policy to prevent a runaway economy and prices. It set to 7.500 billion yuan (800 billion euros) the level of loans does not exceed by banks in 2010, against 9590 billion yuan last year. The effect would be felt in February: Chinese institutions have issued 700.1 billion yuan this month, almost two times less than in January (1.390 billion yuan).

Validated: This morning during a special Board of Directors, France Televisions has decided to enter into exclusive negotiations for the privatization of its governed France Televisions with Lov Financial Advertising and Publicis.

Only staff representatives voted against while Dominique Wolton abstained after proposing to delay the decision. Indeed, Patrick de Carolis, president of France Televisions has written his "tutelage" in this case Christine Lagarde and Fran?ois Fillon asking them to affirm the necessity of selling the board even though a number of parliamentarians proposes maintaining advertising day.The president of France Televisions would, however, felt it unnecessary to await the reply of the State to initiate this discussion and even exclusive it would be absolutely necessary for "guarantees" about possible conflicts of interest with a buyer St?phane Courbit, who is also a supplier of programs for antenna France Televisions payday loan .

Side employees and representatives are upset that the proposals of the candidates certify the absence of socially for three years for the Metropolitan France. They argue that the end of the pub on their RFO does not give sufficient guarantees in respect of employment.

"We have a bitter taste," said the representatives of the CGT – the majority union at France Televisions."We feel that the assets of the company is sold off and we find this shocking distinction between employees of the Hexagon and those DomTom. Finally we fear that in a few weeks all realize that this assignment was useless because of changing legal requirements.

Finally! After six sessions of declines, the Bourse de Paris displays a better form. In the green at the opening, the CAC 40 – which posted a gain of 0.46% to 3705 points in early trading – has continued to display good orientation to the closing up 1.37% in 3739, 46 points, boosted from 15 hours through the publication of the first estimate of GDP in the United States for the fourth quarter of 2009. She stood at 5.7% (5.4% on average expected).

According to Christian Parisot, head of economic research at Aurel, "this figure is reassuring for markets and for the future." But that rebound is partly 'technical', relativize does. He explained to the tune of 3.4 points from a "stock effect". Croissancedu the fourth quarter will be weaker in the first quarter of 2010, he said.

Markets have also been able to welcome the extension to the head of the Fed Ben Bernanke.In choosing the U.S. Senate is also banking on a continuation of the current monetary policy, marked by very low rates. The news is welcome.

Across the Atlantic, the figures of industrial activity in the Chicago area for January were also pleasantly surprised: ISM index rose to 61.5. Then, ten minutes tardn it was the turn of consumer confidence as measured by the University of Michigan to give pleasure: it has been revised upward to 74.4, reaching its highest level in two years.

The LSE has also finished up Friday, the FTSE-100 index of leading values winning 42.78 points, or 0.83% over the closing Thursday at 5188.52 points. On Wall Street, the trend is still upwards, two hours after opening.

However, we must put this meeting (plus up to 3764.6 points), including a portion of the increase is purely technical: the week, the CAC 40 surrendered 2.2%, and the peak of the last five session was reached Monday at 3831.8 points …And last week it had dropped as much as 4.9% …

European unemployment 10%

This morning, the European Central Bank announced that the M3 had contracted by 0.2% in December from a year in the euro area, less than expected by markets, while private sector credit remained stable.

Unemployment in the eurozone has reached the threshold of 10% in December, its highest level ever reached since the creation of the single currency of eleven years ago, according to data released Friday by the European statistics office Eurostat.

Inflation, which was as expected, has accelerated in January, 1% a year from 0.9% in December, according to a first estimate published by Eurostat this venrdedi.