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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HEC loses its top spot this year and comes in 2nd place … but the ball remains in the European camp, since it is the Spanish business school, IESE, which holds the top rank in 2012 of "Executive Education", namely the non-degree executive education, conducted by the Financial Times (FT).
The Best 50 schools worldwide in the field made for 5 years by the prestigious English newspaper compiles two rankings: one programs tailored to companies (the "customs") and the catalog of programs, intra-company (the "open ").
"We have focused our strategy on programs tailored to companies. We worked to ensure sticking to their needs, "explains Bernard Ramanantsoa, Director of HEC, who sees annually 7500 participants in such programs. Currently, these requirements focus on change management. "
"A company can send up to 800 employees," says the boss of HEC. For middle management executive committees, through their battalions of "high potential" identified internally, needs to train executives are considerable.
The Financial Times ranking thus directly reward the attractiveness of business schools to businesses. And it is clear that European schools have their own in the face to all Anglo-Saxon traditionally powerful.
These six French schools
Behind IESE and HEC comes the Swiss IMD, beating Harvard, which lost two places. Finally, the ranking of 13 U.S. schools, four British, and not less than twenty European, including six French: CET (2nd), Insead (10th), ESCP Europe (29th), EDHEC (33th) , EM Lyon (40th) and Grenoble School of Management (50th).
"This ranking shows that the French business schools worldwide are on continuing education, and this even though France is a country of more training," commented Olivier Oger, Chairman of the EDHEC group.
Absent from the rankings last year, EDHEC is back in 33rd position. Olivier Oger sees the recognition of a strategy pursued since the early 2000s called "Edhec for business" of redirecting research to companies. The group, which opened in 2011 with campuses in Singapore and London, has recently opened in the heart of Paris, a research center serving the company. Executive Education on business customers include Bouygues, Veolia, Michelin, Suez, but also "the banks based in Singapore who need our services on the subject of governance," says the director.
"The important thing is to be present in the rankings!" Comments does one in Grenoble School of Management who arrives in 50th position. Since entering the charts three years ago, its tailor-made programs continue to ramp up. Hilton, SNCF, Safran, Sanofi, or Schneider Electric are among its customers.
Considered a guarantee of quality, this ranking of the FT is one more argument brandished by schools during the bidding companies.
CFDT reminded the president-elect's "strong discourse on the need to collect the French" and his promise of making the social dialogue "a priority in his working method." The central François Chérèque believes that there is no time to lose, including employment and purchasing power. It requires "stimulus" and request an initial meeting with the new government before the parliamentary elections.
Jean-Claude Mailly, head of FO that does not give instructions to vote and feels "free face to the new power," also calls for "bilateral meetings" to prepare for the social conference in mid-July. He called Francois Hollande to resume a "normal dialogue". "This means that you are not criticized, treated intermediary bodies, stigmatized, as this would only worsen things."
Quiet during the campaign, the CFTC was the first to express wishes for success at the president-elect. The Central Christian wishes "that the five year term is synonymous with social justice" and invites Francois Hollande to "question the effectiveness of policies of austerity in times of recession" – what, candidate, he had by himself .. .
The UNSA also refers to "the conference on growth and employment" of mid-July. "If we want to effectively solve social and economic problems, we must mobilize all social actors," says Luc Bérille, its general secretary. Not entirely disinterested, since the UNSA is not officially representative …
The silence of the CGT, the telegram Medef
The Solidarity union (SUD) welcomes "good news" for the defeat of Nicolas Sarkozy and asked Francois Hollande to take "immediate" decisions. For example, increasing "in 1700 euros net" the minimum wage, suspend layoff plans. However, silence yesterday in the CGT, the union that had the most spectacularly called out Nicolas Sarkozy.
As employers, Laurence Parisot Sunday night sent a telegram of congratulations to President-elect, giving him all his "good wishes". The president of MEDEF had cringe during the campaign by touting the "extraordinary job" done by Nicolas Sarkozy.
Prior to rectify this and ensure it will work with the winner, whoever he is. CGPME, meanwhile, merely to recall the promise of Twitter Francois Hollande reduce the corporate tax for small businesses.
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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
.
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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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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New twist in the saga Free Mobile, which runs the telecom sector since January. Orange has threatened Saturday to suspend the contract that binds him to Free Mobile. Such a decision will have serious consequences for clients of Free Mobile since this agreement, said roaming allows subscribers of the new operator to go through the Orange network where there would be no network available Free.
What has bitten Orange? For this contract, Stéphane Richard, CEO of Orange, was repeatedly congratulated for having signed the beard of SFR and Bouygues him should yield about 1.5 billion euros. Two reasons for this reaction. First, Orange is concerned about the various failures occurred on the network of Free Mobile recently and wants to protect its own customers. "Orange reaffirms that it can, and will not hesitate to suspend the contract if the roaming network incidents Free Mobile would affect the quality of service to Orange customers," said a door- word of Orange.
Second, Orange believes they have been challenged by the regulator. "Contrary to some claims to Orange failures occurred on the network of Free Mobile in recent days, the group accepts no responsibility for these failures," added the spokesman of Orange. Saturday, in an interview with Le Figaro, Jean-Ludovic Silicani, president of Telecom Regulatory Authority, stated that "both sides have underestimated both the number of subscribers and the amount of traffic through the Orange network. "
Questioned, Free does not wish to comment. Arrived with a crash in January on the market of mobile telephony, the operator led by Xavier Niel now has nearly 2.2 million subscribers.
Poker game
This estimate comes from its competitor Bouygues Telecom as to the presentation of its quarterly results, Free Mobile maintains the mystery of this figure strategically. In mid-February, Orange admitted to have lost 201,000 subscribers, SFR and Bouygues Telecom 200 000 134 000. The irruption of Free Mobile phone on the board, with very aggressive prices, the market has completely changed into the headquarters of groups (see below). Its competitors were forced to revise their prices downwards. Bouygues Telecom is the company to provide rate reductions of up to 40%.
Finally, in the incredible poker game that is played between players, the latest statements of Orange do they represent a real threat or a bluff? For how could the contract that would, they say, has been negotiated foot foot for forty-five days, did not foresee all situations, especially breakdowns? Besides his denunciation would have a significant cost to Orange.
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SWFs have definitely an appetite for stone. In January, Qatari Diar, already owns the premises of the Hotel Royal Monceau in Paris, put his hand on those of the Carlton in Cannes. Reportedly, GIC, the Singapore fund, has made him a ticket of 100 million euros in the funds spent on office property completed by the end of 2011 Altarea land.
This spectacular arrival of sovereign wealth funds in commercial real estate almost makes you forget a more pervasive phenomenon. Insurance companies have become the biggest buyers of offices, shopping centers, hotels and warehouses. According to the consulting firm Cushman & Wakefield, they earned last year 26% of investments in this asset class in France. Their representatives are out in force this week in Cannes at MIPIM, the international exhibition industry.
"With the crisis, insurers have found that some of their favored investments such as bonds had become riskier, says Xavier Seagull, Director of Acquisitions at Allianz Real Estate France. They therefore turned to real estate. "These properties correspond perfectly to the needs of insurers, they offer a 6% return, which allows them to fulfill the contract made with the purchasers of life insurance: a performance around 4%.
As a result, insurers have decided to strengthen real estate. Allianz, which was 3% of its investments in stone in 2008, rose to 4% and now account for 6% of spend the next four to five years. "At group level, we want to happen in three years at the 10% position in real estate as against 7.5% today," says Philippe Depoux his part, Chairman of Generali Real Estate France.
Acquisitions financed with equity
Insurers are likely to keep their goals because they have a secret weapon: with the money collected by life insurance, they can finance their operations from their own funds. An asset, at a time when banks have drastically reduced their loans to buy back buildings and shopping centers. "Today, we are fine business when they were proposed by the trustees of private equity funds that financed their operations by resorting to massive debt," said Joelle Chauvin, Property Manager of Aviva France.
Each insurer has its strategy. Aviva took the risk of launching 50-50 with Predica construction of a tower of defense, Carpe Diem, to be delivered late 2012-early 2013. An operation "blank", that is to say developed without identifying a tenant. An approach that refrains Allianz, positioned on existing buildings with long leases. In 2011, the German company bought 260 million Forum Seine, a building of 35,000 m2 including leased Locapost. However, these players are always looking for the same locations: Paris, La Défense and near western suburbs.
Along with their purchases of real estate, insurers are increasingly engaging in more in mortgages that are secured on the asset value to fund. One way to enjoy the disengagement of the banks real estate field. The possibility of waiving the banking monopoly is under the Insurance Code. Axa and Allianz have decided to play the forerunners in this field.
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While the Lorraine steel industry is fighting for its survival, the region is to take advantage of its central location in Europe to attract Chinese companies. Monday, the company TerraLorraine presented in Thionville (Moselle) his plan to create an area of 130 hectares on which Chinese companies will be moving.
"We target medium-sized Chinese businesses, with between 5,000 to 20,000 employees, says Régis Passerieux, president of TerraLorraine. This is to welcome their branches, subsidiaries or representative offices in Europe. "This project, located Illange, between Thionville and Metz, will take place in five phases over a period of ten years. The first is about 245,000 square meters. "The building permit has been issued, said Regis Passerieux. The construction will start in September or October for delivery late 2014 or early 2015. "
Attempt to Chateauroux
The project proponents expect the creation of 30,000 direct jobs in ten years, including 3000 for the first phase. "We have already received numerous Stay Tuned! From Chinese companies," commented President TerraLorraine.
This subsidiary of an investment fund specializing in real estate business, Comex Holdings, is investing € 150 million directly in the first phase, without aid.
"A business center value-added"
Lorraine is not the only region to show interest in China. At Chateauroux (Indre), a former NATO air base and is already in work to attract Chinese companies. Launched with great fanfare two years ago, this area, which would accommodate 4,000 jobs, slow to see the arrival of Chinese companies.
"We want to make a business center TerraLorraine value-added, not just a center for retailers," says Regis Passerieux. Voices are raised to point the risk of these locations: the Chinese would simply assembled on site products made in China. They would get the precious label "Made in France". "It is better to be active rather than undergo massive imports", however, defends Passerieux Regis.
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Olympus is preparing to renew its leadership. The group of optical and medical imaging, the center of a scandal hidden losses, said Monday it has chosen children of the seraglio to compose his future Board. The group is now led by Hiroyuki Sasa, now in charge of marketing.
Olympus has also promised to appoint six outside directors (most already linked to the group) of the eleven new members to its board of directors to be presented for approval at a special meeting of shareholders on April 20.
A scandal of hidden losses of $ 1.5 billion spread over thirteen years to put down the reputation of Olympus. Last summer, the group managing director, Michael Woodford, was curtly thanked by its board of directors after requiring clarification of accounting anomalies revealed in the press.
Since then, the president "historic" Olympus and six executives were arrested. In a country where a charge often means a conviction (almost all of the defendants are convicted in Japan), these arrests have cast doubt on the sustainability of the group in its current form.
Exit the ambiguity
Too broke out, could be sold by Olympus divisions to another industry. Its medical imaging division in particular displayed an insolent financial health despite a fiscal year 2011-2012 which looks disastrous for society (200 billion yen loss forecast for the year which will end in late March). Sony has already shown particular interest in the activities of Olympus.
Meanwhile, the current management group, on borrowed time until April 20, closely linked to the ousted president, trying with difficulty to break the ambiguity. The next president is chosen as Olympus just SMBC, the bank group, so its main creditor, who has covered, probably by laxity, all of its accounting maquillables.
"It is not desirable that the president comes from SMBC", pleaded last week the U.S. fund Southeastern Asset Management, which owns 5% of Olympus. Wasted. To date, most members of the board are being sued … by Olympus.
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