Jamie Dimon did not anticipate that the general meeting of shareholders of JPMorgan Chase is held five days after his embarrassing revelation of a "trading error" of over $ 2 billion. In Tampa (Florida), on campus surrounded by palm trees of the "back office" of the largest bank in the United States, the boss of giant New York to its shareholders renewed the apology on last weekend. "This would never have happened … All corrective actions will be taken," Jamie Dimon promised.
Despite these exceptional circumstances, the meeting lasted only fifty minutes. And how the bank treats its customers in trouble with their mortgages will be raised as many questions as the famous trading losses. That some called him "the king of Wall Street" will still be held accountable in the coming weeks. The FBI has opened an investigation into the matter. While those directly responsible for "gross error" already thanks, Jamie Dimon did not give details to its shareholders on Paris failed to in London. One reason for this silence: the bank losing positions are unsettled. In disclosing details could make things worse by giving to other market participants with useful information to speculate against the positions accumulated by JPMorgan Chase.
A motion put forward by pension funds was to separate the CEO of the bank as president of the board. Designed before the fiasco last week announced it scored significantly from 40% of the votes. Jamie Dimon, however, will therefore continue to accumulate these functions fast payday loan no faxing. And the advisory vote on remuneration received 91.5% of the votes, far more than many other banks recently shaken by their shareholders.
Institutional shareholders, however, promise to analyze closely how the error is trading will be paid next year. They want some of their bonuses are retroactively removed. "It is possible that we do this," said Jamie Dimon to reporters at the end of the meeting.
Rising prices
In mid-session Tuesday for the first time since Friday, the course was part of JPMorgan Chase upward, reducing to less than $ 16 billion loss of capitalization of the bank since Friday. At nearly $ 139 billion, the market value of the institution still exceeds by more than 60% that of its rival Bank of America and Citigroup.
Barack Obama invited a female talk show on ABC, has implicitly recognized that this case does not affect the strength of JPMorgan Chase. "JPMorgan is one of the best managed banks. Jamie Dimon, his boss, is one of the most intelligent bankers that we have. And despite this, the bank loses $ 2 billion and losses continue to rise … We do not know all the details. The case will be investigated. But it shows why we voted the Wall Street reform … We could have had a bank that was not as strong, not as profitable, but that would have taken the same risks and we could be forced to intervene, "said estimated U.S. President.
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Worrying trend reversal. After several months in the green, indicators of wage guarantee scheme (AGS, the employers' organization which pays wages and severance payments of bankrupt firms) have almost all switched back into the red the first three months of this year. A result of concern that does not bode well for the situation of companies in the aftermath of the second round of the presidential election
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The AGS notes and "the provisional figures of the first quarter 2012 (ended March 31) already indicate an increase in the number of bankruptcy." No fewer than 4,000 cases have been opened between early January and late March, representing a significant increase of 6% compared to first quarter 2011. The AGS, which is funded by a mandatory contribution of 0.3% of payroll for all companies, still observed a decrease of about 15% of openings in bankruptcy late last year ….. ……
This observed increase of 6% in early 2012 is identical in terms of the number of backup procedures and recorded the number of beneficiaries. So that 12-month rolling the number of employees who received the AGS rose 0.2%, to be around 265,000 people. As for the total amount advanced for a year (wages, notice and / or indemnities companies in backup procedure and then declared in liquidation / receivership), it has also advanced 0.3% to reach almost 2 billion euros. Only positive of this blackboard of the French economy, the amount of recovered debts from businesses assisted (AGS is repayable advances) rose sharply, by 3.3% in annual development. It now stands at almost 700 million euros.
Essentially TPE
There is however little change on the size of companies that use the backup regime. This is still an overwhelming majority of small establishments. Less than 10% of collective proceedings opened in 2011 were indeed concerned companies over 20 employees. More than eight out of ten cases treated were for companies with fewer than 10 employees.
According to data as of March 31, the Rhône-Alpes, Provence-Alpes-Cote d'Azur, Ile de France and Aquitaine still focus 40% of backup procedures started rolling 12 months. The AGS note, however, "significant increases" the number of procedures in the Pays de la Loire, in Picardy, in the Midi-Pyrenees or in Lorraine.
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A little optimism. Following the meeting of the Monetary Policy Committee of the Fed (FOMC), the Central Bank of the United States (the Fed) announced an increase in its growth forecast for 2012: GDP to grow by 2 devarit, 4% to 2.9% next year, against a range 2.2% -2.7% previously. For the IMF, U.S. growth is expected to grow 2.4% in 2013, after rising 2.1% in 2012.
Another good sign, the Fed estimates that the unemployment rate, currently 8.2% according to official figures, could drop to 7.8% in the fourth quarter, and, in worst cases to 8, 0%. The FOMC gave the end of January unemployment at 8.2% -8.5% at the end of the year.
Inflation would she, somewhat higher than previously thought and the FOMC would reach 1.9 to 2.0% throughout the year (not 1.4 to 1.8%), mainly due to the energy bill. Improved economic conditions associated with an inflationary outlook that fuels unexpected monetary tightening by the Federal Reserve. In other words, it is less likely that the Fed sets up new stimulus measures this year, as she was able to do in previous years by injecting hundreds of billions of dollars into the economy.
However, its chairman Ben Bernanke assured that the Fed was ready to increase its support for the U.S. economy if necessary. Anyway, it does not touch the rates before the end of 2014. For the Central Bank, growth remains moderate and high unemployment.
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Drive improvement in public finances in Europe. The 17 euro zone countries have reduced their cumulative deficit to 4.1% of GDP in 2011 against 6.2% in 2010, Eurostat reported Monday. It is however still far from pre-crisis level: in 2007, the deficit of the euro area amounted to only 2.1%.
Throughout the European Union, "the largest government deficits high, relative to GDP were recorded in Ireland (-13.1%), Greece (-9.1%), Spain (- 8.5%), UK (-8.3%), "Eurostat reported. France, it has reduced its deficit from 7.1% in 2010 to 5.2% in 2011. It's better than expected initially, the first estimates assuming a gap between revenue and expenditure of -5.7%.
This is especially out of belt-tightening that 17 countries have successfully reduced by more than 2 points the hole in public finances. Government spending has in fact fallen faster than revenues have increased, to reduce the deficit. The first shrank by 1.6 points, to 49.3% of GDP, against 0.5 points for second, with 45.2% of GDP. Throughout the European Union, "24 Member States recorded an improvement in the deficit (including France, Ed), deteriorating two and one remained stable," leading the European Institute of Statistics.
Although the deficit in the euro area has narrowed, the public debt, it has continued to swell. Certainly, at a slower pace than previously. Debt rose by almost two percentage points, to 87.2% in 2011, exploded after nearly five and a half points in 2010 and almost ten points in 2009, as a result of the crisis. Still, the observed level, 14 states have had their debts exceed the bar 60% of GDP limit set by the European Treaty. Among them, Greece (165.3% of debt), Italy (120.1%), Ireland (108.2%) but also France (85.8%) and Germany (81 , 2%).
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Now that he has eliminated all its competitors in the Republican nomination for president – has abandoned Santorum, Gingrich and Paul are too far behind – Mitt Romney has a new challenge before him: catch Barack Obama in the race for dollars. In this respect, the Republican can boast of a successful month of March. With nearly 13 million collected, he never raised much money. But the delay is very clear with the outgoing Democrat, who has earned almost $ 35 million over the same period.
Result, at nine months of the election, relations between the two candidates are from one to ten in terms of "cash" available. Barack Obama has $ 104 million when Mitt Romney, who had to spend lavishly to remove tough Santorum, no longer "only" 10 million in the bank. A bad sign, if one remembers that in 2008, with the same period, the ratio was similar between Barack Obama and John McCain, who ended up losing the election.
As in 2008, therefore, spending on U.S. presidential promise this year to reach record highs. Experts even suggest the sum of one billion dollars a camp, which supasserait the record set four years ago to 1.6 billion in all. By contrast, French law allows a maximum ceiling of 20 million per candidate, set in 2007 by Ségolène Royal and Nicolas Sarkozy.
Super PAC: advantage to Romney
The responsaibilté this runaway overseas rests with the change of election financing rules, which were imposed in the game a new player: the super PAC, support committees with permission to spend without limit (provided that it remains formally disconnected from the official campaign). One area where Romney camp knows how effective. Roamed this land, the former governor of Massachusetts has the advantage over Barack Obama in March, "Restore Our Future" raised him to $ 8.5 million, when "Priorities USA" harvested 2.5 million for Democrat. The outgoing president owes his advance as individual contributions.
This imbalance is not without worrying about the Democrats, as the super CAP seem to play a crucial role during the campaign. Indeed, it is up to them to the "dirty work" of producing spots decrying, sometimes extremely virulent opponents of their champions. And Mitt Romney has yet to benefit from the reinforcement of "American Crossroads", probably the most powerful Super PAC Republicans, whose co-founder is none other than Karl Rove, former adviser and electoral strategist for George W. Bush. The committee plans to spend this year $ 300 million, almost exclusively in attacks against the Obama camp.
Another factor to watch: the entry into operation of the National Committees of each party. CNR, for the Republicans, and the CND, for Democrats, allow candidates to receive donations for their respective parties, the amount can legally be much higher than that paid to the official campaign committees. And both have already started to build their war chest.
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In 2012, the autonomous communities must get their deficits below 1.5% of GDP. Regularly pinned by the rating agencies and international observers, the regions represent about 35% of public expenditure in Spain. In 2011, it is these governments that have caused much of the slippage in the government deficit of 6% of GDP in Brussels promised to 8.51% finally recognized. The Conservative government of Mariano Rajoy for stepping up the pressure as they bend to the rule of austerity.
First step, last Saturday: Rajoy has met 11 of the 17 regional presidents, those belonging to his training, the Popular Party (PP). Verdict: "I have seen an optimal response on the part of all the administrations involved, said the chief executive. Resigned, if you want, but in any case committed to implementing their new obligations. "In short, regions need to update their budgets to take account of national accounts. For transfers from central government will be limited. The second stage took place on Wednesday, with the call of the Minister of Health, Ana Mato, regional leaders. Health is, with education, the main item of expenditure of the autonomous communities. But Madrid has decided to trim 7 billion on the health budget.
Retirees will pay more for their drugs
For weeks, regional presidents have launched trial balloons and explored new avenues for spending less: institution of user fees on consultations or on drugs, reducing the range of treatments offered for free or recentralization of health administration.
Today, Mato wants to push self-governments in the same direction. First announcement: retirees must pay for their drugs. So far, they were exempt, and now they shall pay 10% of the price indicated on the label, to a maximum of 18 euros per month. As for the assets, also will pay more business cards design. The bill would vary between 50 and 60% of the total price, depending on the tax form to every Spaniard. For now, all assets pay the same rate, 40% of the actual price. This new pricing should help save 3.7 billion euros.
The central government intends to finally exercise its watchdog role accounts. Before the end of the month, the autonomous communities must show in Madrid a "plan of financial imbalances" detailing the measures to restore the accounts. On Wednesday, Secretary of State for the Regions has threatened regions lax. "The Autonomous Communities may be subject to intervention if they are unable to meet their financial obligations," said Antonio Beteta. In other words, Madrid could take control in areas too spendthrift. A revolution in one of the most decentralized countries in Europe.
Banks: a peak of bad debts
Spanish banks are muddy in the economic crisis. In February, the rate of bad loans reached 8.2%. This is a record since 1994: the beginning of 1997, impaired loans did not exceed 1% of total loans. In one month, outstanding loans to businesses or people at risk of insolvency has increased by 3.8 billion to $ 144 billion. The austerity measures introduced by the Government to reduce the country's deficit partly explain this further deterioration. She falls ill while Madrid multiplies remediation plans to try to reassure international investors about the soundness of its banking sector.
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Google remains an unconventional company in many ways. In terms of governance, however it comes to side with the practice in the media sector. The search giant announced on the Internet Thursday night creating a new class of shares which confers no right to vote. This reform will enable the two co-founders of Google, Sergey Brin and Larry Page, and their partner Eric Schmidt, who surrendered the CEO Larry Page to a year ago, to lock their controls on capital and strategy Company.
The three men already control 67% of the voting today through their actions "Class B". On their own, Sergey Brin and Larry Page and hold just over 58% of the voting rights. However, the continued distribution of stock options to employees gradually erode this position of strength. To reduce this dilution, Google ranks the system in place so long at Comcast, News Corp. or even The New York Times.
The new songs called "Class C" will be listed separately. They carry no right to vote. But, if Google decides to distribute a dividend, the holders of these shares may perceive them. This probability increases as Google continues to accumulate considerable liquidity. Its cash exceeds $ 49 billion already. Besides their use in the distributions of stock options, these new shares may also be used to finance potential acquisitions.
Divide by two securities
Traditionally, this governance structure serves the interests of families who want to maintain their dominance in a listed company. The Murdoch media empire for News Corp. or Roberts for the cable operator Comcast fall into this category.
But more recently, the model was taken over by young companies whose founders intend converse control, despite a lucrative IPO. The new stars of the Web, Zynga, LinkedIn and Groupon, for example, have two types of actions, one of which is reserved for managers or shareholders historical and is accompanied by superior voting rights.
Mark Zuckerberg, Facebook founder, also intends to continue to control the voting rights of his company once it is introduced on the stock market, probably in May.
In addition, Google has responded to public inquiries wanting to buy stocks cheaper per unit. The Class A shares are divided into two. Today, before the division, the Class A share is $ 630. After division, the same amount would buy two titles.
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Like it or not, a sort of "peer government" is trying to establish in Europe. No national economic policy can now be released from the judgment of its neighbors and European authorities themselves, for better or for worse. While Spain had suffered fire Tuesday in financial markets, with the key rumors of a possible bailout like the programs in place for Greece, Ireland and Portugal, the German Government and the European Central Bank have seen fit to act as surety moral Wednesday, and in almost identical terms.
"Spain has undertaken major reforms in several areas, including finance, labor market and the banking sector," said Johannes Blankenheim in Berlin, the spokesman of the Ministry of Finance. "We regret that the markets have not yet acknowledged the enormous reform efforts," he added.
Almost simultaneously, but in Paris, Benedict Cœuré, one of six members of the ECB executive, developed the same argument. "The new government (in Spanish) has taken strong decisions … What is happening in the markets does not reflect the fundamentals (of the Spanish economy)." And the ECB representative, who attended a conference organized by the AFTE (French Association of Corporate Treasurers), joined the action to the word: "The ECB could intervene? We instrument for this, programs to purchase securities in the market, which has not been used (since February) but can be. "
The situation remains fragile
These words produced an instant effect on the markets. Yields on bonds of the Spanish State, which had peaked at 5.99% on Wednesday morning, retreated to 5.82%. However Italy has seen its borrowing rates harden, and the eight billion shares to twelve months were subscribed at a rate of 2.84% instead of 1.40% during the similar issue launched in March, while its refinancing conditions had steadily improved since the beginning of the year. This is clear proof that "the situation remains fragile … Governments must continue the efforts already made to restore sound fiscal positions and support the long-term growth," added Benedict Cœuré.
The roadmap on which governments will be judged by the markets is twofold equally important: first reductions of deficits and the other structural reforms likely to revive economies. Thus the European Commission Wednesday she said "the very important reform of the labor market" set up by Madrid, having welcomed the measures announced Monday savings in health and education, a total budget of 10 billion euros.
As president of the French Banking Federation and head of Societe Generale, Frederic Oudéa says the same thing: "You have come to show the markets that the trajectories become virtuous, and this requires a number of quarters to show that results are well go, "he said Wednesday on BFM Business antenna.
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The TGV will happen one day at Toulouse to Bilbao? The Pink City will she finally to 3 h 15 from Paris by train, against more than five hours today? The decision to build the new high speed lines (HSL) from Bordeaux will not be taken before long. But last Friday, a necessary step to making this project possible was reached: the Ministry of Transport has validated their route. By setting three new TGV stations at Agen (Lot-et-Garonne), Montauban (Tarn-et-Garonne) and Mont-de-Marsan (Landes).
If governments dither before launching the operation is that it will be very expensive. "At least 12 billion euros," said one expert. A huge sum when the coffers of the State and local governments are desperately empty because of the debt crisis. In February, the General Council of Lot-et-Garonne has already said he would not pay his bill for the Pharaonic site.
The hesitation is all the more palpable than funding another LGV, that between Tours and Bordeaux, was problematic. But this was "only" from one site to 7.8 billion. It was expected that 57 local authorities provide nearly $ 1.5 billion for this mega project won by Vinci in public-private partnership.
Finally, about twenty of these entities have defaulted. Foremost of these, the Regional Council of Poitou-Charentes led by Ségolène Royal, who refused to pay its contribution, fixed at 103 million euros. For this LGV can be built, the state decided to take the money for its support.
330 million accrued
It also will replace the General Council of Gers, who a month ago, is back on his promise to pay eight million for this line, as with other local authorities who have given up to get their hands in their pockets for this work. Of nudges that will not be pledged the state budget. The explanation? "Nearly 330 million had been provided by the State in 2011 to address a potential rise in interest rates which Vinci was exposed because the group had used bank loans to complete the operation, says an expert on the issue. But this rise in interest rates has not occurred. These sums have been used in part to address the failure of several local communities. "
Result, despite all these upheavals, the financing of the LGV Bordeaux-Tours is provided. And Lisea group, led by Vinci, can concentrate on the subject regardless of his income. Fortunately, as Europe's leading construction and concessions has not time to lose if he wants to meet the deadlines: the first trains will travel on this line as of July 2017 and will Bordeaux 2 hours from Paris against three today.
For now, Lisea, which was selected in March 2010 to complete this operation is on schedule. In February, the group obtained the approvals related to the protection of wildlife and waterways necessary to begin work. It also acquired 71% of the land where will this new line of 340 km. And if some owners may appeal to the justice of the decision on the expropriation, these procedures will not prevent the commencement of work. In addition, Vinci has completed all archaeological excavations on the route at the end of the year. Already, he started out small tasks related to land clearing or the connection of the new and the existing line.
But the real kickoff of the site will be given in a few weeks. "We will attack the earthworks in June, Tricot explains Hervé, President of Lisea. Four or five thousand people are at work in fifteen different places. This work will take three years, maybe less if the weather is good. "
