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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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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Since it was set afloat, ten years ago by three friends in Colorado, Crocs has sold more than 150 million pairs of shoes in 90 countries. Right in her funny shoes, this American company shows $ 1 billion in revenue in 2011, up 27%. 112.8 million and net income, against 67 million in 2010. The hilarious crocodile brand has regained its bite.

At the NYSE, the action hovers around $ 20. It was not worth even at a low point in 2009. In 2007, she had already sold 100 million pairs. She posted $ 168.2 million profit. After a flash of sales growth between 2005 and 2008, its accounts have fired that year in the red: it lost 185.1 million in 2008 and 42 million in 2009, before returning in 2010 to profits.

Crocs has been the victim of the crisis on its first market, the United States, which now represent less than half of its sales. Victim, too, its single-product strategy and the strength of his shoe aesthetics controversial. Crocs lost momentum, if not renewed by their fans. "The Crocs shoes are indeed a life of ten years on average," says Mustafa Sadik, head of the brand in France.

But the restructuring, fought on all fronts, product development management through logistics and supply sources, has borne fruit. The Canadian plant closed. Manufacturing has been focused on China.

The Croslite: a lightweight resin

This is taking the offensive on diversification, international and opening stores as she now has more than 169 – that picked up Crocs. Without abandoning his favorite material: colored and perforated, the shoe – called "Clog" – was forged in a patented material, the "Croslite", lightweight resin, antibacterial, waterproof and flexible. Hooves, dominated by the model "Cayman", weigh only 50% in sales volume, but also offers Crocs shoes to more traditional sole "Croslite". Fabric or leather dress patterns for women, men and children, from sneakers to high heels compensated, covered with cork, to sandals, ballet slippers and boots for the whole family. The colors are often flashy, but the forms were assagies. The brand, which also sells shoes filled, at the same time has reduced its dependence on seasonality: the items were accounted for only 65% ​​of sales. Ready-to-wear this summer, with shells and sleeves for smartphones tablets, scheduled for 2013 in France, a slew of new products will accelerate diversification.

If the shoe of Colorado is still nearly half of its sales in the U.S., sales there rose by 19% in 2011, but have surged 34% in Europe and Asia. In Europe, where Crocs aligns 34 stores and 92 franchises, an offensive was launched in France, where the brand has opened two stores, after closing at all its difficulties. Its third store will open its own in France in Nice on March 22. This will be his first major "Crocs Store" in Europe. A new store concept, where 250 models will unfold in both healthy, shelves and large digital displays.

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Traders are torn between fatalism and resignation. According to the ninth wave of the observatory shops conducted by Ifop for the retirement of independent mutual Medicis, 86% of traders are worried about the French economy. 70% are for the future of their trade. These figures are up sharply over 2009 and 2008.

Many find that a very real way the economic downturn. Observe a 43% drop in attendance of their stores. An increase of 9 percentage points compared to May 2011. Two out of five professionals interviewed explained that their revenue has fallen since January. 46% expect their turnover is stable.

Traders have a positive on various measures taken by Nicolas Sarkozy since the beginning of his term in April 2007. 77% qualify as "good" tax exemption for overtime, the 67% increase in the age of retirement. 61% favor the elimination of business tax. But they are only 51% to defend the introduction of VAT at 7% in restaurants. They are hostile against the increase of 1.6 percentage points of VAT. 62% feel it is a "bad thing".

Reduction of charges

Concerned about the future of small shops they fear of losing, traders are worried about their retirement and for their welfare. Little interest in the presidential election, they condemn the indifference of political leaders towards them. 81% feel that the candidates for president do not understand their professional concerns.

Almost one in three believes that candidates are not aware of the weight they represent in the French economy: France has 750,000 merchants employing 2 million people and generating 343 billion euros in turnover. Asked about their expectations, 73% required a reduction of charges. Specifically, almost one in two merchant would be they who lower employer costs. More than one in three plead for a lower wage costs. But they are only 23% want trade to be protected and promoted by measures. A minority (8%) asked for more financial aid from the government and banks to hire or grow. Only 4% consider it a priority the defense of "Made in France" or the taxation of imports in favor of French products.

Not surprisingly, Nicolas Sarkozy remains their preferred candidate. 37% say they would vote for him in the first round of the presidential election when they were 44% in the first round in 2007. Francois Hollande is second with 19%. It is followed by Marine Le Pen (18%) and Francois Bayrou (16%).

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American giants distribution keep their cool. The absolute record of purchases in one day is certainly to be beaten after the national holiday of Thanksgiving.

This Friday, malls and independent stores in the United States sold more than 11.4 billion worth of goods. But up from last year about 7% of purchases this Black Friday (known since the 1960 Black Friday in the sense of "black people") does not necessarily mean that the holiday season, crucial for annual profits of distributors, will be memorable. The purchasing power of Americans do not progressing. Only by drawing on their modest savings that households increased their spending in the fall.

To draw in their paths some 152 million Americans, most major retailers like Wal-Mart, Target and Best Buy have dared to open their doors in the middle of the night from Thursday to Friday. Offering discounts up to 60%, they mobilized a group of customers eager to use after months of deprivation. Commerce online has participated in the movement also offering exceptional discounts. Friday and for 24 hours, Apple has reduced by 10% and the prices of its popular digital tablets. The net impact of these promotions on margins in the industry to be determined. Monday is called Cyber ​​Monday.

Other banks, Wall Street stars, also address their operating costs.The offices are less green and Morgan Stanley, which decided to cut the budget plant. "Every dollar not spent is a dollar that can be used for growth," says her boss wisely James Gorman. Bank of America canceled several expensive meeting, while Barclays will strictly monitor the bill for business phones for its employees.

Bonuses reduced and job cuts

More importantly, the impressive bonus paid out to employees at year end should be reduced. Although for the moment, the cumulative 65.69 billion dollars, set aside for this purpose in the first half by Citigroup, JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America, do not show it yet. In recent await the end of the fourth quarter before taking any decisions about it.

Saving measures will also affect employment installment payday loans.Goldman Sachs cuts and positions could not be about 3% of the workforce (1,000 people), as expected so far, but 5% of the total. Bank of America will eliminate 30,000 positions, JPMorgan Chase 3000.

A disastrous quarter

The time has come for U.S. investment banks to tighten their belt after a disastrous third quarter. The very poor stock market performance of major Wall Street banks over the period, characterized by loss of 16% to 49% over the period, illustrate the phenomenon.

The reason: the pressure around the debt crisis in Europe affects the banking sector on both sides of the Atlantic, the new cases of mergers and acquisitions and bond below the 2008/2009 levels, and economic slowdown in the U.S. and the euro area.Not to mention the always present impacts of the subprime crisis.

Symbol difficulties, Goldman Sachs is expected to announce on 18 October, its worst quarter since going public 12 years ago. The consensus of analysts now speak of an earnings per share of $ 1.35 (against 2.65 dollars a month ago), a loss of profitability of 50% over the year. Some even refer to a quarterly loss that the bank would be its first episode since the Lehman Brothers in 2008.

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Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. 2.88% ahead of Frankfurt, London and Milan by 1.98% to 1.91%. Wall Street awaited with optimism after the Fed meeting on Wednesday night.In session, the Dow Jones gained 0.47% and the Nasdaq 0.62%.

Paris, which opened on a slightly pessimistic quickly changed his tune, from the bulk of the session in the green. The index briefly accused the sudden mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world and expressed concern about the evolution of the economy in the United States and Europe. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to spread to major countries in the euro area Online payday loans.

If he had anticipated the deterioration in the rating of Italy by Standard & Poor's, the Paris market, retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to avoid a bankruptcy of Greece.A new conference was scheduled Tuesday night between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and International Monetary Fund. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.

In Paris, banking stocks have nevertheless taken the index back down green. Societe Generale lost 2.43% and 6.32% BNP Paribas. However titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%)

The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).

The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .

Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.

The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …

Denial of a tax on financial transactions

The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.

Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.

Decisions deferred

For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of ​​supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.

For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.

Shortly before the start of the meeting on Monday in New York, the index futures Standard & Poor's 500 and Nasdaq 100 advanced 1.11%, respectively, to 1187.50 points and 0.94% at 2184.25 points. The Dow Jones was meanwhile expected to rise from 0.82% to 372.5 points 11.

The reaction of U.S. markets to long-awaited speech of Ben Bernanke, head of the powerful U.S. Federal Reserve (Fed), will eventually in two stages.A slight disappointment that quickly gave way to a clearer optimism which plainly overtime on Monday.

The Dow Jones above 11,000 points

According to analysts at Aurel BGC, the announcement by Ben Bernanke, a two-day meeting in September to study in detail the possible deployment of new monetary tools, reassured. "Either the recovery of economic activity is growing, or the central bank will implement new support measures, they summarize. Under these conditions, the U.S. indices rebounded sharply after the speech of Ben Bernanke. "

In fact, fell below the 11,000 points while the Fed chairman began to speak, the Dow finished at 11 284.5, up 1.2% on Friday night.A final increase, which encouraged European stock markets bounce back on Monday morning, except in London, closed due to holiday.

Two indicators will be stalked in the eye of investors on Monday, with, at 14:30, before the opening, income and consumption of American households for the month of July. It should show a slight increase. This will be followed at 16:00, the promise of home sales for the month of July, which are expected down 0.1% from a consensus of analysts, against 2.4% rise previously.

No major publication is expected on the business side.

As with other global exchanges, all operators will have the eye to Brussels where to begin 1:01 p.m. at the extraordinary summit of the leaders of the euro area. They have an obligation to find a solution on a new plan of aid to Greece if they want to prevent contagion from the debt crisis. Angela Merkel and Nicolas Sarkozy on Wednesday reached a common position on the new financial rescue plan and a private sector participation.The content of the agreement between the German Chancellor and French President was not specified but to do so, it took seven hours of talks "very tight" in Berlin, according to members of the French delegation.

The two leaders called on mid-term president of the European Central Bank, Jean-Claude Trichet, to join them in Frankfurt, suggesting that the compromise has its support. José Manuel Barroso, President of the European Commission launched Wednesday a warning more serious than usual to the leaders of the euro area.

Obama confident

The announcement of the agreement led to a rebound in the euro against the dollar. The single currency is worth 1.4265 dollars in morning trading. Oil prices were also up, supported by market expectations of seeing the debt crises lead to solutions.A barrel of "light sweet crude" for delivery in August took 28 cents to 98.68 dollars and that of Brent North Sea crude for September delivery took nine cents to 118.24 dollars.

United States, President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default. "I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

Rafale indicators

In addition to the meeting, the markets should observe the indicators that will be published on both sides of the Atlantic.In France, the composite PMI, which includes industry and services, is version 52.8 "flash" from 54.9 in June. "The financial crisis of 2008/2009 aside, the latest survey data suggest lower growth in overall activity since the third Gulf War in 2003," said Jack Kennedy, economist at Markit.

Activity in the private service also slowed against all odds in Germany in July to its lowest in two years, according to preliminary results of the survey Markit. The composite PMI stood at 52.2 in both "flash" against 57.3 in June.

United States, the day will begin with the weekly jobless claims. It will be followed index of home prices in the Federal Housing Finance Agency (FHFA), the index of manufacturing activity Philadeplhie Fed, then the index of leading indicators.

China's manufacturing activity shrank in July for the first time last year, registering its largest decline in 28 months, according to preliminary PMI HSBC published this morning. PMI Purchasing Managers calculated fell to 48.9 against 50.1 in June, the lowest level for this indicator since March 2009. This new atmosphere was sealed on the Asian markets.

Values ​​to follow

Banking

Banks eagerly awaiting the end of the EU summit. Their participation in the rescue of Greece is at the heart of the debates. Moreover, the institutions of the European Union will face fines of up to 10% of their net banking if they do not meet new international requirements for capital and liquidity, said Michel Barnier.

For now, Societe Generale (2.24% to 36.80 euros), Credit Agricole (1.92% to 8.98 euros), Natixis (1.50% to 3.24 euros), Axa ( 1.43% to 13.84 euros) and BNP Paribas (0.80% to 47.33 euros) are among the highest increases in the ACC

EADS: 0.10% to 24.81 euros

Airbus is ready to look "seriously" the increase in the production of single-aisle A320 to carry it beyond the already record a goal, but has not so far committed to this, its president said Wednesday Excecutive.

Eutelsat: 0.06% to 30.81 euros

The Strategic Investment Fund (ISF) on Monday rejected a proposed takeover of Eutelsat joint push by the Spanish Abertis, reported Thursday the newspaper Les Echos.

The benefits of Publicis climb

Plastic Omnium: 5.23% to 24.76 euros

The Group expects a net profit in 2011 "strong growth" after a rise of 26% in the first half to 91.4 million.

Publicis: -3.75% to 36.42 euros

In the first half, the Group generated revenue of 2.7 billion euros in organic growth of 7.1%, exceeding the expectations of analysts whose estimates ranged from 6.2% to 6.5%.

Remy Cointreau: 3.97% to 60.51 euros

The group reported a turnover of 198.6 million euros in the first quarter organic growth of 22.5%.

Unibail-Rodamco: 1.48% to 154.35 euros

The group said it had signed for 1.1 billion euros of asset sales in the first half and accelerated its development plans after reporting an earnings growth supported by its recurring rental income.

Ubisoft: 4.97% to 6.21 euros

The group announced that its sales better than expected first quarter gross margin should support a few days after being heavily penalized by the stock market concerns about future profitability.

Mersen: 3.75% to 40.22 euros

The group released a turnover up 17% in the second quarter, supported by sales in solar activity, which is the group to provide a statement of objectives for the entire year.

APRR: -0.11% to 46.80 euros

The group announced it had recorded a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.

Cegid: 0.05% to 20.90 euros

The group reported a 32% decline in net profit in the first six months of the year to 4.8 million, despite a 5% increase in sales. The publisher of management software specialist said that last year, accounts for the first half was boosted by a reversal of provision for risk.