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The Competition Commission (Competition Commission) Switzerland announced Friday the opening of an investigation of several international banks suspected of having entered into agreements to influence interbank reference rate and marketing of certain products.

The Competition Commission said in a statement that an institution is denounced by stating that several banks have influenced the benchmark Libor (London Interbank Offered Rate) and Tibor (Tokyo Interbank Offered Rate ) for certain currencies.

Libor is used worldwide as a benchmark to set rates on transactions whose total amount is estimated at 350,000 billion. 

The slightest change in these rates calculated daily based on data from a selected group of banks may have a significant impact on rates charged by banks.

"For these behaviors, traders could obtain a distortion of the reference rate in their favor," said the policeman of the competition in a statement.

The Competition Commission is also suspected that brokers will be concerted on the differences between the buying and selling (spreads) of derivatives products, allowing them to sell financial products to ; disadvantageous terms for their clients. 

Investigations of the Competition Commission with respect to 12 major European institutions, U.S. and Japanese: UBS and Credit Suisse, Bank of Tokyo-Mitsubishi, Citigroup, Deutsche Bank, HSBC, JP Morgan Chase, Mizuho Financial Group, Rabobank, Royal Bank of Scotland, Societe Generale and Sumitomo Mitsui Banking Corporation.

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U.S. authorities, European and British also seeking banks have underestimated the interbank rates to reduce borrowing costs and try to ease market tensions during the financial crisis.

At the time, Libor rates had increased, but some had found that this increase was insufficient to reflect the actual prices in the interbank market. 

"We are in contact with the U.S. Department of Justice and the European Commission," said Reuters on Friday Olivier Schaller, Deputy Director of the Competition Commission. "Our focus for now on the problems appeared on the Swiss market. We're just beginning our investigation. "

" We take these surveys very seriously and cooperate fully with the authorities, "said a spokesman for UBS and Credit Suisse

. RBS have refused ; s to comment while no one was immediately available in other institutions for a position

……. .. Suspicions had already emerged in 2011 when a European asset manager sued a dozen international banks, accusing them of understanding to manipulate Libor …… Charles Schwab Corp.

… has also instituted proceedings against eleven major banks for the same reasons. 

In July, UBS announced it had granted immunity in a case of suspected manipulations to Libor in exchange for his cooperation with certain authorities.

While specialists are more likely to charge rates higher than the social security system, the government proposed a reform that displeased both patients and physicians mutual. At Compiegne, for example, 8 ophtalmos charge consultation between 45 and 50 euros.

In the Oise, it is better not to be myopic, but to have a good mutual. Of the forty liberal ophthalmologists present in the department, only five do not require any extra billing their patients. Thus, at Compiegne or Beauvais, all of these specialists is "Sector 2": they have the right to request additional compensation. And they are doing so! At Compiegne, for example, eight ophtalmos charge consultation between 45 and 50 euros.Not to mention the 4 million French people who do not have each other.

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cities where it is not possible to be cared for and costs Safely

Of course, all specialties are not affected. Outside of Paris, the vast majority of general practitioners, nephrologists, radiologists, cardiologists, pulmonologists and pediatricians are still an area that is to say they respect the social security rates. But in other specialties, the situation is getting worse. According to the latest figures released by Medicare, 56% of dermatologists who have opened an office in 2010 settled in Sector 2, 54% of gastroenterologists, 63% of ophtalmos, 82% of gynecologists, 84% of ENT, or 87% of surgeons.

The debt swap proposed by Greece to its private creditors can reduce more than one third the country's budget deficit next year to reduce it to 5.4% of GDP if it goes smoothly, show Friday the proposed final budget submitted to parliament.

The text states that the exchange, a key component of the plan to reduce government debt developed by the European Union and the International Monetary Fund (IMF), would be to exchange 200 billion of existing bonds against 70 billion euros of new shares and 30 billion euros of cash payments to creditors who will accept it.

It is therefore equivalent to the creditors to agree a 50% loss on their receivables.

Without trade, the deficit would reach 6.7% of gross domestic product next year against 9.0% this year.

"After a history of steady growth, the evolution of public debt will now be reversed," he told MEPs Finance Minister Evangelos Venizelos, in the budget.

"Now the path is a reduction of public debt to alleviate the burden on the shoulders of the Greeks."

The draft budget for 2012 will be initially discussed in committee next week, the plenary vote is scheduled on December 7.

Exchanges in the euro area have closed down Tuesday, still hurt by the crisis of sovereign debt and the risk to the region from falling into recession.

Sign of the serious concerns surrounding the monetary union, the euro is less resistant to storm the previous day. He fell under $ 1.35 and was trading around 1.3497 dollars in late afternoon.

In the wake of the countries now in the crosshairs of the markets, Italy and Spain, whose 10-year rates and spreads (spreads) performance with Germany were strained, France saw its 10-year spread with the Germany to a new high since the launch of the euro in 1999 to 190 basis points (the nominal rate of 10-year OAT standing at 3.68% against 1.77% for the German Bund).The historical record of the spread (250 bps) above the euro and goes back to January 1990.

The Paris Stock Exchange ended down 1.92% to 3049.13 points, those in Frankfurt and Milan, down 0.87% and 1.08% respectively. The index of the principal values ​​of the euro area, the Eurostoxx 50, lost 1.32%.

Outside the euro area, London has resisted (-0.03%).

Financials (banks and insurance) (-1.4%) (-1.85%) and construction (-2.12%) recorded the largest falls in Europe and sector weighed on the stock exchanges, including in Paris.

The Tokyo Stock Exchange started the week up Monday, the speakers are partly reassured about the evolution of the European debt crisis even if they prefer not to push the market too high before an auction to be held in Italy later of the day.

The Nikkei gained 89.23 points (1.05%) to 8,603.70 and the Topix has taken 6.72 points (0.92%) to 735.85.

Italy must award five-year bonds, a first test for the new Chairman Mario Monti.

The market has not reacted much to the publication before the opening of Japan's GDP for the quarter July to September.

U.S. stocks closed up again Friday, the adoption of reform measures by the Italian Senate calm investor concerns about the euro area.

The Dow Jones gained 2.19% or 259.89 points to 12,153.68 points. The Standard & Poor's has been 1.95% or 24.16 points to 1263.85 points while the Nasdaq composite advanced 2.04% or 53.60 points to 2678.75 points.

For the week, the Dow Jones gained 1.4% and the S & P 0.8%. The Nasdaq lost 0.3%.

In Italy, the Senate passed the law of financial stability, a set of austerity measures demanded by the European Union to deal with the crisis. The Chamber of Deputies will vote Saturday on the text.Bank of America gained nearly 3% to 6.21 and JPMorgan Chase & Co 1.65% to 33.28 dollars. The KBW index of bank has been awarded 2.1%.

Nvidia has awarded 3.52% to 14.98 dollars. The graphics chip maker reported quarterly results better than expected thanks to its diversification in semiconductors for mobile phones and tablets.

He assured that the draft prepared by the Tax Commission in Brussels would be considered by the Heads of State and Government of the EU "at the beginning of this year," and promised that France "will fight" in order to so that it is put into service by the end of next year.

The Head of State expressed satisfaction that now "a number of countries have joined the battle of France", quoting indiscriminately the European Commission, Germany, Spain, Argentina, African Union, Ethiopia, South Africa and Secretary General of the UN, which he said Brazil "who said his interest in the process."

European shares opened down Wednesday as investors took the excuse "no" to the strengthening of Slovakia's EFSF to continue to take some profits after a period of strong growth.

In Paris, around 9:25, the CAC 40 index lost 1.03% to 3121.16 points, while the Eurostoxx 50 yields 0.91% and 0.91% Eurofirst 300.

The results below expectations Alcoa, attributed to a slowdown in growth, also weighed, including the metal values.

"The impact (of the 'no' Slovak) seems limited, since operators only imagine evil Slovakia could jeopardize such a process aid to Europe, especially as the Troika suggested that the next tranche financial aid to Greece would probably be released soon, "said Saxo Bank in a note.

The euro is stable against the dollar, halting a rally that was motivated by the hope that the Europeans take the necessary measures to stem the debt crisis.The European currency is trading at 1.3647 / 1.3647 dollars against 49 the previous day in the afternoon.

A barrel of Brent is also stable at 110.75 dollars, after five sessions in the green, OPEC has reduced its forecast for growth in global demand.

The financial and cyclical stocks are once again at the forefront of the correction, with a decline of 1.5% of commodity indexes and automotive and 1.2% of the index of bank stocks in Europe .

The New York Stock Exchange finished up 1.68% Thursday, the Dow Jones Industrial 30 183.38 points to 11,123.33 winner. The S & P-500, wider, took 20.94 points, or 1.83%, to 1164.97.

The Nasdaq Composite Index was up 46.31 points for his side (1.83%) to 2506.82.

Employees of the refinery in the Bouches-du-Rhône LyondellBasell group voted on Thursday the renewal of the social movement and blocking the entire site. They demand the abandonment of the proposed closure of the refinery, which employs 370 workers. Employees of the LyondellBasell refinery in Berre, in a social movement in 2010.

Employees of the Berre refinery owned by LyondellBasell voted on Thursday extended for 24 hours of their strike and blockade of the entire site. Meeting in mid-day general meeting, several hundred of them voted the renewal of the movement, on a site off since Wednesday. A new AG is scheduled Friday at 12pm. The move follows the announcement of LyondellBasell Tuesday the closure of its refinery in the Bouches-du-Rhone.

It employs 370 employees and is located in a petrochemical complex in which 1,250 people work.Wednesday evening, staff representatives were received by the management of LyondellBasell. But it seems to turn a deaf ear to the demand of withdrawal of the proposed closure of the refinery.

Staff representatives also claim an economic viability study of the entire site, with and without a refinery, because they fear that the complex is not only profitable, said the representative of the Inter-CFE / CGC, CFDT, CFTC , CGT and FOR, Patrick Sciurca. They ask, finally setting up "real social measures" if, if, the closure of the refinery were to be confirmed.

Neighboring refineries could be affected by the movement

LyondellBasell announced Tuesday its intention to close the refinery, not having found a buyer for its sale in the spring."Despite the efforts of employees and management, the refinery continues to suffer heavy losses and unable to become profitable," said management. Thursday, employees said, expect "a movement hard and long." "It's better a few days or weeks to strike than to lose everything," commented the coordinator of the CFE-CGC factory Patron Remy. "This movement will perhaps go on but I think we need to think about prospects," he added.

Since the strike began, between 200 and 300 employees remain at the site of Berre l'Etang-to block some being requisitioned to ensure safety, according to Inter, adding that three supermarkets in the region refuel for free. Employees also came Thursday in nearby petrochemical plants, expressing their solidarity but also their concern.

Arkema CGT trade unionists in Fos-sur-Mer explained and have moved to "make news" because they fear that any slowing of the site after the closure of LyondellBasell refinery affects the activity of specific their factory. "Everything is interconnected," they emphasized