While the antitrust authorities in Brussels and the United of States have launched investigations into possible abuse of dominant position of Google, which is the French court on Wednesday pulled out the first conviction for that reason. The reason: the free supply of services Google Maps for businesses. The Commercial Court of Paris ruled on the Internet giant guilty of unfair competition to the detriment of the small French company directory Cartographers and imposed a penalty of 500,000 euros in damages and 15,000 euros in fines. Google announced it would appeal the ruling.

"This will trigger the wrath of all other applications Google"

"It's the end of a fight two years is an unprecedented decision," welcomed Jean-David Scemama, a lawyer for the company directory Cartographers that Google had assigned to court in 2009. According to counsel, "is the first time that Google is condemned for its Google Maps application." "Today, all the market needs to know. Google will not stay on a free market and this will trigger the wrath of all the other Google applications," said the lawyer. And he said, the ruling of the Commercial Court opens way for Google's competitors, large groups, but also to other small SMEs to attack the American and force it to market its services.

The Google Maps service are not those referred to the general public, but those developed for companies that integrate maps on their websites. "The map products created by the company directory Cartographies happen to be very similar to those offered by Google free Google Maps API (or application programming interface)," the court noted in its ruling.

"Since the creation of Google Maps, the group's strategy was to say the markets of search engines, I am in a state of abuse of dominant position, but instead on the rest as the Google Maps, I'm on an isolated market, "said Me Scemama. "But the connection between the two markets, and Google directory mapping was demonstrated by the Commercial Court." It also recognizes that a directory Cartographers "underwent a series of injuries is characterized by an undeniable loss of customer and revenue." The court also added that "the practice of free clearly intended to optimize the marketing terms of targeted ads."

Clearly, Google would seek to eliminate competition by providing free services to companies relatively expensive, in order to further capture maximum publicity.

For its part, Google said on Wednesday France "remain convinced that a mapping tool free, high quality benefits both users and for website owners. Competition in this sector remains real for us, both in France and abroad, "according to a statement from a spokesman.

The court also ordered the publication of the sentence in the daily Wall Street Journal, International Herald Tribune, Le Monde, Le Figaro, La Tribune and Les Echos.

L counsel argues that Google Directory Cartographers "tried to maintain the service until the end, so much that they have tried just before the hearing to change their methods of sale".

Representatives of international donors in Greece (EU-ECB-IMF) urged Friday to the Minister of Transport on the need to deregulate transport, including taxis, said the Greek press agency Ana (semi-official ). The delegation, called Troika, and the minister, Yannis Ragoussis, also discussed the planned restructuring of public transport in Athens, and railroads, committed to a partial privatization, said the Ana.

After the meeting, held behind closed doors in a local government, Mr.Ragoussis agreed on the need "not to yield to the demands corporatist," referring to the mobilization since the summer of taxi owners against the liberalization of their profession, explicitly demanded for months by the troika. The meeting, scheduled before the Ministry has been postponed until mid-day, due to a manifestation of thirty employees who were blocking the entrance of the premises, protesting against the measures provided for compression of the public sector.

Friday morning, following the return of the troika in the country to endorse austerity measures announced by the government hopes to secure the release of the sixth tranche of the loan granted to the country in 2010, other ministries, including Finance and Environment, remained "occupied" by officials who are protesting against the austerity imposed. The talks with the troika M.Ragoussis occur before the next parliamentary scrutiny of the bill opening the taxi industry to competition. The measure provoked the ire of the owners of small employers who refuse to enter the market of large corporations. The tug-of-war between taxis and the government has been ongoing since the summer, with series of strikes that disrupted traffic and hinder tourism and urban services. The final took place on Wednesday and Thursday as part of a strike by public transport in Athens, which has completely paralyzed the capital.

For their part, employees of companies of buses, trolleys and trams have been involved in the strike to protest against lay-off thousands of employees of public companies under the government as part of fiscal austerity .The auditors of the troika had left Athens on September 2 after finding a new slide in the Greek government accounts, to allow time for the Government to take additional measures designed to meet the objectives of reducing the public deficit.

The troika, consisting of Matthias Mors representing the European Union, Klaus Masuch of the European Central Bank (ECB) and a representative of the International Monetary Fund (IMF) must also meet Friday afternoon with Finance Minister Evangelos Venizelos. Another thorny issue to be discussed, the implementation of measures laid off in the broader public sector, covering 30,000 employees by the end of December.This subject, which was initially included in cabinet Thursday, is on the agenda of an extraordinary cabinet meeting convened by Prime Minister George Papandreou on Sunday on the eve of a meeting of finance ministers from the euro area in Luxembourg.

The car, based on a flexible architecture provided by the partner Daimler, will probably not built by Daimler plants nor by those of Nissan.

Besides the goal of exceeding the Lexus brand of Toyota in Europe, Infiniti also hopes to avoid the effect of a strong yen.

"Lexus is paralyzed by the yen to 77 per dollar, that puts them on their knees," said one source.

The Nikkei lost 2.31% or 201.99 points to 8,535.67 and the Topix, broader, sold 14.44 points (-1.91%) to 741.26.

Philipp Rösler, German Economy Minister and leader of the liberal FDP, partner of the CDU Angela Merkel in the ruling coalition in Berlin, said that a possible failure of Greece was not taboo.

The possibility of quitting the euro area held at arm's Greece arises after investors were caught off guard by Friday's resignation of Jürgen Stark CEO of the European Central Bank (ECB) because of disagreements on the response to the crisis.

"It is Europe that is at the center of attention, but concerns about the U.S. economy have not gone away Fumiyuki Nakanishi (…)", said.

The index futures on Wall Street seem to suggest a decline, which would come after the fall of more than 2% suffered Friday in the wake of the resignation of Jürgen Stark and the feeling that European leaders can no longer control the crisis debt.

The title Suzuki sold 2.75% after Volkswagen said on Sunday that the manufacturer had breached the terms of their partnership.

In Canada, the U.S. bank has an agreement with TD Bank Group on a portfolio of $ 8.6 billion, according to a statement released Monday, however, reveals that the amount of the transaction.

TD Group said it would pay a "modest premium" of the approximately 1.8 million customer accounts at Bank of America again.

Bank of America also announced the sale of its credit cards in Spain in the private equity fund Apollo Capital Management.

The first U.S. bank seeking to strengthen its capital reserves as it faces several legal disputes inherited from the takeover of the mortgage company Countrywide.

Bank of America, which has lost more than 22 billion dollars over the last four quarters in its mortgage business, was announced in late June have resolved almost all of a dispute relating to securities linked to mortgages from Countrywide, upon payment of $ 8.5 billion in cash.

Since the collapse of large U.S. investment bank Lehman Brothers in September 2008, CDS, hitherto limited to the insurance of corporate debt, have expanded and have become a kind of justice, to the point of fuel the rumors about a possible deterioration in the "AAA" of France.

"Buy CDS in France awaiting an imminent breakdown of 'AAA' is totally unfounded," said Eric Oynoyan, rates strategist at BNP Paribas in London.

Professionals are asked if the decision of the European Central Bank to buy in the market for sovereign debt Italy and Spain this week has loosened the pressure on rates and CDS of the two countries, the 5-year CDS of France peaked around 170 basis points. Before the summer, the CDS of France was below 100.

But in parallel on the spot market, the yield on French government bonds greatly relaxed, the 10 years falling under 3% on Friday, its lowest level since November 2010.

The 10-year yield had fallen German and French at the end of August 2010 lows, respectively 2.11% and 2.51%.

"The rates on the spot market remains the most important.They are the ones that determine the cost of financing state, "said David schnautze, rates strategist at Commerzbank in London.

THE CDS IS NOT A FINANCIAL INSTRUMENT

"Bonds are traded continuously, they are highly liquid, which is not the case of CDS. At the end of the day is the rate that matters for Mr. Baroin (Minister of Economy) and French taxpayers.Person uses the CDS to finance, "said Ciaran O'Hagan, strategist at Societe Generale rate.

"I tend to be very careful not to give too much importance to CDS or what they mean," he adds.

Oynoyan Eric, who has just published a study on the CDS in France, said that among the countries "AAA" in the euro area, the gap between the level of the cash market (the standard rate) and the CDS is much more higher than for France to Austria, the Netherlands and Finland.

He said since the collapse of Lehman Brothers, the CDS of France does not follow the cash and incorporates a risk premium of 60 basis points "too high".

The strategist at BNP Paribas believes that the CDS in France since 2008 includes "the amount of sovereign risk, liquidity risk and a risk premium linked to the banking system."

The increase of 30 basis points of the component of the liquidity risk premium, which explains the surge in CDS of France in recent weeks is far too high in relation to the CDS of French banks and the rise of market volatility shares measured by the VIX America.

"A risky"

The professionals interviewed recalled that after the breakdown in "AAA" rating from the U.S., Standard & Poor's confirmed the "triple A" of France with a stable outlook.Fitch and Moody's, which kept the "triple A" in the United States, have also confirmed for France with a stable outlook.

CDS play in anticipation of a deterioration in France as "AAA" is "a risky given the difference between the CDS and the cash rate (the highest among the" AAA ")," said Eric Oynoyan.

David schnautze highlights the "lack of transparency" of the CDS market, which is an OTC market.

According to estimates provided by BNP Paribas, the net notional amount of CDS sovereign in the world stood at the end of April to nearly $ 150 billion, while the stock of marketable debt of France was about 1300 billion euros at the end of June and the U.S. 17,000 billion, excluding treasury bills (short-term debt) for the two countries.

Ciaran O'Hagan and David schnautze focus on legal issues of contracts related to the onset of CDS. The question was raised in the event of a default of Greece. They note that in this case, it would not result in the onset of CDS.

"The committee (of the ISDA, the association of professionals in the derivatives markets, Ed) in charge to decide is so restrictive that the trip is very unlikely," said Ciaran O'Hagan.

Standard CDS contracts have a maturity of five years and involves 10 million euros. The cost of protecting against a default for a CDS estimated at 170 basis points is 170,000 euros per year.

If they speak of "historic" or "serious decision", they caution that it is not a surprise.

"This is the first country" AAA "to lose the top rating. It's not a big surprise given what has happened in recent days. S & P had prepared the ground for a breakdown of the note states United, "said Nicolas Forest, head of rates strategy at Dexia Asset Management.

"Even if it was half expected, it is a serious decision.The impact will be far reaching, "said Ciaran O'Hagan, rates strategist at Societe Generale who fears that we have opened a" Pandora's box ".

He said the decision will affect somewhat the "risk-free" (government bonds), "but the response will focus on the highest risk assets, including shares and agencies (including Freddie Mac Fannie Mae, Ed) directly guaranteed by the federal government. "

Nicolas Forest also expects initially a slight tension on U.S. rates and a more violent reaction on risky assets, including equities.

SHIP

For two weeks, the sovereign debt crises on both sides of the Atlantic and the economic downturn much stronger than expected, particularly in the United States, were plunging stock markets and interest rates propel fragile states the euro area to prohibitive levels.

Meanwhile, countries that have the best signatures, such as the United States, Germany and France, have seen their rates drop significantly.

"In recent weeks despite threats of debt, U.S. rates have never been so low, a sign of investor confidence," said Nicolas Forest.

Ciaran O'Hagan for, "the Treasuries (bonds, Ed) U.S. will remain a reference (benchmark)."

"It's a ship that takes time to tack," he said, adding that the stock of marketable debt U.S., excluding treasury bills (TBills) amounted to 17.234 billion dollars.

It removes the immediate possibility that other countries rated "AAA", including France, also lose the top rating.

Both strategies underscores the need to assess the decision of S & P over the long term, that is, the ability of the U.S. government to adopt a credible plan for financial recovery in the face of faltering growth.

Ciaran O'Hagan asks the other what will the large portfolios of investors required to have a certain proportion of securities rated "AAA".

The torpor of the activity in Italy and Spain, third and fourth economies in the euro area, continues to fuel the concern of the markets, which fear that this lack of not going further complicates their budget equation and does not lead contagion the debt crisis.

According to estimates released by the Bank of Spain, the Spanish economy grew 0.2% in the second quarter compared to the first, against 0.3% in the period from January to March.Economists surveyed expected an average of 0.1%.

For its part, the Italian agency of statistics Istat has reported a growth of 0.3%, as expected, after rising 0.1% on each of the two previous quarters.

But this slight burst Italian looks short-lived after the fall of industrial production in May and June and indicators gloomy side of purchasing managers and the business climate, economists expect that the growth slowed again in the second half.

"Most of the second quarter growth was obtained at the beginning of the period, and indicators over the three months have indeed shown a marked slowdown," notes Raj Badiani, IHS Global Insight.

The same applies to Paolo Mameli, Intesa Sanpaolo: "The weakness in industrial production over the last two months has raised concerns for GDP growth in the third quarter, which, at present, could fall to 0.1 %.Although GDP growth throughout the year, expected around 1%, could actually be below. "

BANK OF SPAIN FOR POLICY "Energy"

Many economists believe now difficult to achieve the growth forecast of 1.1% set by the government of Silvio Berlusconi, although Istat said that "acquired growth" at the end of the second quarter was 0.7%.

From one year to another, the Italian GDP rose 0.8% in the second quarter, a figure also consistent with the consensus of analysts, after +1.0% in the first quarter.

For Spain, this figure stood at 0.7%, as expected, after 0.8% in the first three months of the year.Final data are published in Madrid on August 16.

In its monthly bulletin, the Bank of Spain said that the good performance of tourism in the second quarter helped offset some of the deteriorating consumer spending and manufacturing activity.

However, it believes that the growing tensions in the market for sovereign debt are the main source of risk to growth.

"The information available in the second quarter suggests a weakening of activity in an environment marked by the deterioration of the crisis of sovereign debt in the euro area," said the central bank.

Symbol of these tensions, the bond market has experienced in early trading Friday a new onset of fever, the yield on Italian 10-year surpassing that of the Spanish paper of the same maturity, the first time since May 2010.

The securities to 10 years in Rome at the meeting showed a return of 6.18% while the yield was 6.11% Spanish, levels considered to be difficult to sustain over time.

The Spanish central bank has warned that a rapid and ambitious conclusion of the work on structural reforms would help reduce uncertainty and restore solid growth.

To overcome the debt crisis, European leaders should not hesitate to implement the agreement decided at the summit of 21 July, she said.

"However, in order to contain the contagion, there must also have a strong response in terms of national economic policy."

The Bank of Spain still discern a glimmer of hope: assuming a continuation of the global economic recovery, it evokes the "recovery" predictable Spanish industrial production in the coming quarters.

Zhou Xiaochuan, in fact, judge that the uncertainty in the market for Treasuries is likely to affect the international monetary system and threatening global growth.

This is the first official reaction from the People's Bank of China after the vote in Congress on the eve of the compromise on the ceiling of the country's debt, just avoiding the United States end up in default.

First creditor of the United States, China is particularly vulnerable to budgetary pressures U.S. and seeks above all to protect its dollar holdings, estimated at about two thirds of the 3,200 billion in foreign reserves held by Beijing.

Zhou Xiaochuan acknowledged the positive developments in negotiations in Washington but has urged the country to take "concrete and responsible" to avoid uncertainty in the market for Treasuries.

"Large fluctuations and uncertainty in the market for Treasuries have an impact on the stability of the international monetary and financial system, and could affect the global economic recovery," we learn in a statement posted on the site of the central bank .

Due to the large size and high liquidity of Treasuries, the yields of U.S. bond paper are often used as a reference for the valuation of other financial assets in the world.

A surge of these returns could therefore affect the markets and push up borrowing costs, threatening the global economy.Investors holding Treasuries as collateral would also be affected.

Now remains to be seen whether the rating agency Standard & Poor's will follow the lead of its competitors Fitch and Moody's decide to keep the U.S. sovereign rating.

A Chinese agency has in turn lowered the credit rating of A-plus U.S. to A, saying that the budget agreement will not allow the U.S. to improve their ability to repay debt over the long term.

China has also expressed recently its intention to diversify its reserves, a new option proposed by the governor of the central bank.