The head of the White House and leaders of seven other industrialized countries, meeting in the presidential retreat in Maryland, the heart of the Catoctin Mountains, sought to reassure financial markets face difficulties of Spanish banks and the risk that Greece leave the euro zone. 

"We are all determined to ensure that growth and stability and fiscal consolidation, are part of a package of measures to ensure the prosperity of our citizens, we all want, "said Barack Obama during the resumption of talks on Saturday morning.

After meeting with U.S. President, British Prime Minister David Cameron said that progress had been made on how to address the debt crisis and ; rising oil prices, the two main threats to the global economy.

David Cameron said he had found among his G8 counterparts "a growing sense of urgency on action" to exit the eurozone crisis. 

"Contingency plans must be implemented to strengthen banks, improve governance and strengthen the firewall devices – all these things shall be implemented quickly in order to any eventuality, "he said.

But he added that German Chancellor Angela Merkel had "absolutely right" to demand that the countries of the euro area take the necessary steps to reduce their deficits.

On Friday, setting the tone of the summit, Obama had matched the proposed Francois Hollande supports incentives to growth facing austerity advocat ; born by German Chancellor that appeared isolated. 

"IMPERATIVE TO CREATE JOBS AND GROWTH"

The U.S. president has agreed with his French counterpart on the fact that the fight against the crisis in the euro area is "an issue of extraordinary importance, not only for Europeans but also for the global economy ".

He called for "a responsible approach that is coupled with a strong growth agenda".

Angela Merkel advocates instead a strong fiscal discipline to reduce the debt level. Its isolation is even greater than the draft final communique of the G8, seen by Reuters, plans to emphasize "the need to create growth and jobs".

"Germany is almost completely isolated," said Domenico Lombardi, former head of the International Monetary Fund. "(…) It is now clear that Greece has become a crisis systemic, "he added.

G8 leaders also discussed the Iranian nuclear Saturday.

Barack Obama said Friday that all participants remained committed to an approach combining sanctions, pressures and diplomatic talks with Tehran. 

"We are all involved here with a determination to continue the approach of sanctions and pressures combined with diplomatic discussions," he told reporters.

"And our hope is that we can address this issue in a peaceful manner that respects the sovereignty and rights of Iran within the international community, but also recognizes its responsibility s ".

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.

According lsa.fr, the market share of the distributor was down 1.7 percentage points, to 21%, against 22.7% during the same period last year .

"The two main signs of the Carrefour group are affected by this plunge: hypermarkets in mind, which fell 1.2 points to 11.4% market share while Carrefour Market supermarkets them lose 0.6 points to 7.9%, "the site that it is adding Leclerc, Système U and Intermarché who benefit most from the decline of the French leader.

Carrefour declined to comment.

The specialist services for conformity assessment and certification confirmed target for 2012 unless economic downturn, a "strong" growth in its turnover and its operational result ; rationally adjusted.

On January-March, it achieved a turnover of 868.3 million euros, showing organic growth of 8.6%, against 6.5% over the same period the last year. 

Changes in the scope of the group also contributed 1.2 points to growth in sales through acquisitions that represent a number of annual sales accumulated over 110 million euros on the basis of 2011.

"The group is in advanced stage of negotiation on other acquisitions that should be finalized during the year," he says in a statement.

The quarterly sales also includes a positive impact of exchange rate fluctuations of 2.2%, reflecting the appreciation of the U.S. and Australia and the Chinese yuan.

"The outlook for 2012 are well oriented and well, except further deterioration of the economy compared to current projections, the group should experience a strong growth of its turnover (…) And adjusted operating profit, in line with the strategic plan objectives BV2015, "said in a statement the CEO, Didier Michaud-Daniel ….. The plan

…. growth of 9% to 12% on average per year in sales at constant exchange rates, generated e for third through external growth, and improved operating margin of 100 to 150 basis points in 2015 compared to 2011

.. ……. In exchange, the action Bureau Veritas finished Thursday at 68.80 euros, valuing the company at 7.5 billion euros. The stock has risen 21.4% since January 1 after falling 0.74% in 2011

.

The Spanish unemployment rate, one of the highest in the world, jumped to 24% in the first quarter, its highest level since the early 1990s. Retail sales fell for their part, for the 21st consecutive month, as the country is experiencing its second recession in three years.

"The numbers are terrible for everyone and terrible for the government (…) Spain is in a crisis of immense proportions," said the Foreign Minister, Jose Manuel Garcia -Margallo, during a radio interview.

The unemployment rate in Spain was 22.9% in the last quarter of 2011. Half of young people are unemployed and the numbers are unlikely to improve anytime soon, while fiscal savings of some 42 billion euros this year while undermining hope for growth for the country.

Standard & Poor's lowered the rating Thursday of the Spanish sovereign debt to "A" to "BBB +" with negative implications, citing the risk of fiscal slippages may be more important than expected.

The rating agency considers particularly likely that Madrid has to provide support to its banking sector.

Lowering S & P sovereign rating instead of Spain at the same level as that of Italy, to "adequate capacity to pay" – is a few notches away from the class speculative. From Fitch and Moody's, Spain has however always a "strong capacity to pay".

BANKS SICK

Friday morning at the Madrid Stock Exchange, banking stocks fell 3.38% while the risk premium of Spanish debt, measured by the yield spread between government bonds ; ten years, has jumped 10 basis points to 434 points.

"This is a very difficult situation. I do not think banks are trapped, but we need the government to quickly find out how they intend to do it for them, "said Gilles Moec, economist for Deutsche Bank ..

……. Spanish banks may require more public funds, said in the morning, the Secretary of State for Fernando Jimenez Latorre economy, while excluding the use of EU funds

. The Spanish government also plans to create a structure defeasance for banks' toxic real estate assets, three rounds of cleaning and consolidation of the country's financial sector was not enough to reassure investors of its soundness. 

Madrid has already come to the aid of several banks devastated by the bursting of the housing bubble in 2008 and investors feared, given the current economic contraction, a new wave of de defects credit which further weaken the country's financial sector.

The contraction of the economy also means that Spain is unlikely to achieve its fiscal targets this year despite a severe austerity.

While in Europe are increasing calls for measures to support growth, the Spanish Prime Minister Mariano Rajoy reiterated its willingness to adhere to fiscal consolidation planned for the country. 

His government expects that the reforms of labor market flexibility adopted in the first quarter produce results next year. For now, many companies have primarily benefited the new rules to lay off more.

The agency of the Dutch public debt was between 1.5 billion and 2.5 billion euros.

"This is a good result under the circumstances. This is presented poorly yesterday but they managed to put it all in minutes, "said a trader in the bond market, who requested anonymity ….

….. "Place one billion on the line long term is particularly good sign," he said

. The yield on

line maturing in 2014 stood at 0.523%, down from 0.664% to yield the secondary market Monday ……. The yield on

.. line due in 2037 stood at 2.782% against 2.773% in the secondary market the day before

.

"Many investors believe that the Netherlands has solid fundamentals frankly. Yields are high but traders are satisfied, "said Lyn Graham Taylor, bond strategist at Rabobank

.

The next sessions will be held Wednesday, May 9, Wednesday, June 6 and Wednesday, July 4, 2012.

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club@lexpansion.com

In 2012, the Club de L'Expansion gets a makeover with The Express: Christophe Barbier, Managing Editor of L'Express and L'Expansion, and Philip Way, columnist, have designed this new format enliven the debate and after economic point of Beatrice Mathieu.

About the Club de L'Expansion

Each month, the Club de L'Expansion gives you an appointment with a prominent political figure and a renowned economic expert. Far diagnoses agreed and postures that abound in the media, members meet to exchange high-level economic and political, without taboo nor a priori.

These meetings in small circle and the value of the information collected can help you develop your thinking and your personal network. They set some benchmarks and also with the members in their decision-making in a world constantly changing.

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Business investment was an engine of French growth in late 2011. And it should still contribute positively to GDP growth this year. But not enough to generate a rebound expected by the government. A study of the credit insurer Euler Hermes posted Wednesday, in fact, only a quarter of French companies plan to increase their investments in 2012. And made to depend on two spending growth prospects. And as these are faiblardes, their investment projects are too. This is the snake biting its tail …

Business investment should experience an increase shy of 0.5% annual rate in 2012, according to Euler Hermes. And growth in France would be reduced to 0.4%. Accompanied by a table yet another bad news: the quality of these investments will continue to deteriorate.

To forecast, Euler Hermes interogé 1684 companies from November to January. 25.8% said they plan to increase investment, 20.5% to 53.7% and reduced to maintain unchanged from 2011. "The wishes of investment are investments for renewal, not of development investments," said Ludovic Sénécaut, CEO of Euler Hermes, during a press conference.  

Thus, according to the study, 8.9% of these some 26% of companies ready to increase their spending account to make investments for productivity gains, 0.8% of spending on research and development. As for the increase in production capacity, it accounts for 19.1% of their spending intentions, while the renewal is 26.7%.

Most of the rest are investing in staff, told AFP chief economist of Euler Hermes, Ludovic Subran. Mr. Sénécaut notes that this situation of "low quality spending", already visible in 2011, "continues to deteriorate". Phenomenon "consistent with a French economy still facing enormous internal market and, when she goes to the international, country chooses and thus close to areas where the activity is and will remain weak for some years yet,"- he said.  

"We are very concerned about the effects of a second round of austerity measures in Italy, Spain and the UK," added Mr. Subran. Side outlets in the Hexagon, "there is still not in France of measures to fight against unemployment and unfortunately we can expect that it continues to increase in 2012," he said , holding that it is "worrisome" for consumption.

Euler Hermes also anticipates a rebound in 4% of business failures this year to 63,500, "record numbers", says Subran.

Asked about the presidential election, he felt that the campaign is the tax that could have "an effect on investment spending." "No candidate can become president without calling flat what is going on taxation in France. There is a volatility of taxes that worries companies," he said.

After 5.2% of GDP last year, instead of 5.7% expected in the Finance Act, Nicolas Sarkozy and François Hollande, favorite polls, have pledged to re reduce the public deficit to 4.5% and 3.0% end of 2012, limit the European stability pact in late 2013.

The effort would be lower than expected.

The outgoing president praised the figure of Friday.

"France has done much better thanks to the efforts of the French," he said, renewing his promise to reach 3% in late 2013. 

But the trend was poor in January and a sharp economic slowdown is expected for all of 2012, likely to derail the accounts if it were larger.

The "good" figure of 2011 on Friday will also be confirmed by further appreciation expected on May 15

The government balance includes accounts of the state, local and social security funds. It has not been positive since 1974.

Nicolas Sarkozy promised to return to balance end of 2016 and his Socialist opponent François Hollande end of 2017.

DOUBTS IMPORTANT FOR 2012

In January, the government deficit, which is the largest component of public deficit fell by less than a billion euros over January 2010.

A negative signal, even if the accounting parameters are not identical, to the rise or fall, a positive impact of € 2.6 billion having been such registered in January through the sale of radio frequencies.

The government deficit in February will be released April 6.

Especially, strong economic growth this year, which largely determine the amount of revenue is uncertain. 

The government has just raised its growth forecast for 2012 to 0.7% against 0.5% earlier (after 1.7% in 2010), while Francois Hollande provides 0.5% .

International institutions and economists are less optimistic, the IMF providing 0.2%, 0.3% OECD and the European Commission 0.4%.

The evolution of public finances is crucial for France, already deprived of its precious AAA by Standard and Poor's and sees its sovereign rating placed on "negative outlook" by the three major rating agencies.

Borrowing costs on financial markets may increase, which would make the effort to restore data even more important. 

The yield differential ("spread") between the French public debt to 10 years and German debt is currently above 110 basis points, or 1.1%.

This level is much lower than that achieved in November, at the height of tensions on the debt in the eurozone, to nearly 200 points, but it is much higher than the observed 30 to 40 points s during "normal".

This is a serious blow to the culture of beer. British Prime Minister David Cameron said on Friday a series of measures, including an award minium of 40 pence per unit of alcohol, to fight against "binge drinking", drinking bouts which cost 2.7 billion pounds (3.2 billion euros) per year in public health service.

"The binge drinking + + accounts for half the consumption of alcohol in this country," said the Prime Minister. "My message is simple. We can not continue like this." It proposes to introduce a minimum price of 40 pence (50 cents) per unit of alcohol (10 ml of ethyl alcohol) sold.  

The measure will hit priority ciders sold cheap, strong beer and spirits sold off. For example, an extra strong beer that contains three units of alcohol would see its price from 75 pence to 1.20 pounds (1.40 euros). The strong cider, four units of alcohol, would almost double their price in almost two euros. The minimum price is to include the purchase of alcohol at bargain prices in supermarkets.

"Let's be clear, this will not affect the pubs," he told Mr Cameron. "A pint of beer contains two units of alcohol, if the minimum price is 40 pence per unit, the pint will not be affected." The government says the measure could even benefit the pubs, preventing supermarkets from selling at bargain prices. The government plans to prohibit the promotion of "two drinks for the price of one" and introduce a tax for pubs that open late, a way to offset the cost to ensure public safety in their neighborhood.

The culture of "binge drinking" has led last year by 1.2 million hospitalizations and a million crimes and crimes related to alcohol, according to official figures. The government intends to launch a consultation in the summer. Future legislation will apply in England.

Scotland is also considering a minimum price for alcohol. "We will launch a consultation, but a minimum price of 40 pence would result in 50,000 fewer crimes each year and 900 alcohol-related deaths averted annually by the end of the decade," said Mr. Cameron. The retail federation has protested vigorously. In contrast, associations fighting against alcoholism and the medical applauded the announcement.