Archive for the 'office' Category
A few days after announcing a loss for broking $ 2 billion, Jamie Dimon acknowledged his twist on a television program. Some experts believe it could keep his job. The U.S. bank, who wanted a model in terms of risk management, announced a loss of over $ 2 billion related to its trading activities.
"I was wrong all along the line." It is in these terms that Jamie Dimon, CEO of JP Morgan, returned to the brokerage loss of 2 billion dollars from his bank in the program "Meet the Press" on NBC. A mea culpa-style humiliation for the one who, when the first information output in the Wall Street Journal on the extent of paris risky, there had been "a tempest in a teacup".
The question is how Jamie Dimon is weakened. According to Erik Oja, an analyst at Standard & Poor's, his place as CEO is "absolutely not" in question. "He made amends, there was no attempt to hide the problem," he adds. However, according to the Wall Street Journal, Constable American markets (SEC) is studying the case for whether the bank should have known earlier losses to investors. It seems in any case that JP Morgan has lost much of its credibility.
Until this case, Jamie Dimon was one of the most admired bankers of the United States. He had helped his bank through the crisis without pitfalls and was accustomed to receive praise. Born in New York to a father and a grandfather brokers, Jamie Dimon, 56, began his career as Sandy Weill's right arm, which made the first U.S. bank Citigroup by acquisitions before crisis causes this giant on the brink of bankruptcy.
The two men fell out in 1998 and Jamie Dimon found himself abandoned by his mentor. This was followed by a journey through the desert before leaving for Chicago in 2000 to lead Bank One. In 2004, Jamie Dimon returned to Wall Street through the front door when JPMorgan acquired Bank One. It has become number two behind Bill Harrison until it retired in 2007. Prudent management has enabled JPMorgan to weather the worst financial crisis since the 30's also taking advantage of the defeat of some competitors. JPMorgan has purchased Bear Stearns on the cheap in 2007 and part of Washington Mutual last year becoming the first U.S. bank by assets at Bank of America.
Jaimie Dimon has used this particular well and its good image to combat the financial reform of 2010, which will come into force in July but was delayed. He who had been an ardent supporter of President Obama, but said today "it is hardly more democratic", has not lost an opportunity to rehearse in the media that more regulation would hurt U.S. banks. Cruel twist of fate, it is because of a risky strategy brokerage own derivatives, the kind of problems addressed specifically by the financial reform and its key measure, the rule of Volker, as the statue of Jamie Dimon wobbles .
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Qatar continues its buying spree abroad, entering the capital of the British oil giant Royal Dutch Shell and considering a stake in Italy's ENI, according to news reports.
Last month, Qatar had already strengthened the capital of French Total to 3%.
A Shell spokesman confirmed Friday that Qatar's sovereign wealth fund bought shares in the group but did not say how much this participation rose.
The journal Middle East Economic Survey reported earlier that the Qatari sovereign wealth fund was "in very advanced discussions" to take 3% to 5% stake in Shell.
"We are delighted to welcome Qatar Investment Authority as a shareholder in major long term Shell, particularly in view of our excellent strategic relationship with Qatar," said a spokesman in a statement ;.
According to Reuters data, a 5% stake would make the emirate's largest shareholder Shell.
At the London Stock Exchange, Shell action progressed from 0.46% at 10:20 GMT when the European sector index of the energy lost 0.49%.
According to the Middle East Economic Survey, Qatar's sovereign wealth fund is also in talks to take a stake in Italy's ENI. The group did not wish to comment.
Qatari sovereign wealth fund has been very active in recent years, taking stakes in various sectors ranging from automobile manufacturer Porsche at the British bank Barclays.
Qatar is among the top five shareholders and Total also holds interests in several other French companies, including Lagardère, Vinci and Veolia.
Capgemini announced Thursday a turnover up 4.5% at constant scope and exchange in the first quarter and confirmed its financial targets in 2012.
The leading European IT services aim has confirmed a further improvement in its operating margin in 2012 but with limited organic growth of its turnover due to the re tion of public spending in Europe.
Capgemini, one of the American competitors IBM, the Anglo-Dutch and French Atos Logica, conducted in the first quarter a turnover of 2.565 billion euros, up 9.2% at current rates and perimeter.
Order intake amounted to 2.145 billion euros, down over one year, but the ratio of new orders to figure `s business for the consulting, of the integration systems and community services is positive (1.02 for the group), Capgemini said in a statement.
The Capgemini share closed up 1.29% to 28.95 euros on Wednesday, giving a market capitalization of 4.51 billion. It has rebounded 20% since the beginning of the year after falling over 31% in 2011.
Atos has in turn confirmed the end of April all its annual targets after completing the first quarter organic growth of 2.4% of its turnover, driven by the infogé rance, Germany and the UK.
The Capgemini share closed up 1.29% to 28.95 euros on Wednesday, giving a market capitalization of 4.51 billion. It has rebounded 20% since the beginning of the year after falling over 31% in 2011.
Bank of Japan announced Friday a further easing of monetary policy, pledging one hand to increase its program of asset purchases of 10,000 billion yen (94 billion euros) and secondly to acquire government bonds of longer maturities.
Despite signs of growing a resumed third largest economy, Japan's central bank and takes measures to support activity for the second time in just over two months and displays its determination to fight against the phenomenon of deflation beating down the country for over ten years.
Economists had expected an increase in the program of asset purchases two times lower. The BoJ has also surprised by announcing that it would expand its purchases of riskier assets such as Exchange Traded Funds and REITs.
"The BoJ has a bit more than what we expected, then its decision is a surprise" said Masamichi Adachi, senior economist at JPMorgan Securities.
"The bank is trying to get the message that it supports the market and economic recovery, as it did in February. This is a step in the right direction and we believe that the BoJ should do more to encourage the economy. "
The BoJ's decision, taken unanimously, carries its asset purchase program to 40,000 billion yen. The rate remains unchanged in a range of zero to 0.1%.
Immediately after the decision of the BoJ, the yen fell against the dollar. He was subsequently erased its losses and, to 6:40 GMT, gaining more than 0.3% against the greenback and the euro.
The BoJ has estimated that it would not "too long" to reach its inflation target of 1%, which could dampen expectations of further aggressive monetary easing measures.
It also found more and more evident that the third world economy was on the road to recovery. A series of indicators released Friday abounded in his direction.
Japan's industrial production rose 1.0% in March, posting its largest gain in three months in favor of a stabilizing external demand and the reconstruction of areas hit the country ; es by the earthquake and tsunami a year ago.
Also in March, retail sales jumped 10.3% year on year, against a 9.8% increase expected by analysts, while household expenditure increased by 3 4% in real terms, after growing 2.3% in February.
The unemployment rate meanwhile remained steady last month at 4.5%.
The Tokyo Stock Exchange closed up over 1% Friday, the good performance of the action Fast Retailing and relief related to the failure of the rocket launch North Korea has than offset the disappointment that followed the publication of a Chinese GDP worse than expected.
The Nikkei gained 1.19% or 113.20 points to 9,637.99 and the Topix broader took 5.60 points (0.69%) to 815.48.
Growth of the Chinese economy slowed to its slowest pace in almost three years in the first quarter, to 8.1% annual rate against 8.9% last quarter , said Friday the Chinese central statistics office.
Analysts polled by Reuters had expected an annual growth of 8.3% of gross domestic product (GDP).
The title Fast Retailing jumped 8.59% after the chain of clothing stores, owner of the Uniqlo brand, announced Thursday a second quarter earnings of its 2011-2012 fiscal year and a soaring increase in its annual targets.
North Korea conducted Friday to fire a rocket at the origin of a strong condemnation from the international community but this attempt was officially ended in failure.
After a record year 2011, property transactions are spread downwards, credit dries up and prices began to decline. In short, all signs of a turnaround in the market are there. The question is what will be its magnitude. . The reasons for the sales record in 2011
The real estate prices continued to rise last year but this has not prevented sales of existing homes to beat their time record. According to the report released Thursday by the notaries of France, some 858,200 transactions were recorded last year, up 9% from 2010. In fact, only sales in the Province recorded a record with a jump of 14% over one year. The Ile de France, however, suffers a fall of 8%. This exceptional performance overall is therefore explained in part by the boom in sales of second homes. And would therefore be the consequence of the change in the taxation on real estate gains, which came into force in February. Indeed, we see a surge in transactions in the Tarn (31%), Correze (28%) and in the Pyrenees-Atlantiques (24%). Add to this the prospect of stopping interest loan in the former in late 2011 that prompted first-time buyers to anticipate an acquisition. Nearly 300,000 homes have indeed been funded in part by this system in 2011.
The reversal observed in early 2012
Such dynamics do not observe this year. The reasons are promoted in 2011 – the planned abolition of tax incentives – rather play against the market. Bazaille Pierre, president of the property market notaries, table and a decline in transactions from 15 to 20% in 2012, representing a range of 700 to 740,000. A reversal has already begun and abruptly, as evidenced by the unprecedented collapse of home loans. According to the Bank of France, the amount of home loans granted in February was the lowest in 32 months, falling by 41% compared to January and by 49% compared to February 2011. And this trend continued in March according to the Housing Credit Monitoring that evokes a fall in the amounts awarded by 36% over the first quarter, compared to the same period last year.
"The decline is alarming. Such a sharp decline was not foreseen, is concerned Mouillard Michel, professor of economics at University of Paris X Nanterre in charge of this observatory. In 2011, production reached 160 credit billion. This year it should rise to 120 billion, or slightly less. " And to emphasize "a drop of this magnitude is unprecedented," even during the 2009 crisis. Ditto when property prices had soared between 1989 and 1992: the decline in home loans that result had reached only 15 to 18%.
For him it is a sign that "everything is going to crash, even on the market of large cities." A pessimism that also feeds on the situation in the nine, the number of housing starts collapsed since the beginning of the year. "We have never seen a level of construction as low since 1986" says he. Notaries, themselves, are less alarmist. They believe that Paris and the vibrant cities of province, like Nice, Lyon, Lille, Bordeaux, Nantes, Montpellier, lower volumes may be limited to around 5%.
The reasons for the reversal
The tax reasons – the end of PTZ + in the old or the disappearance of Scellier in nine – are not the only explanation for the drop in home loans, and therefore transactions. The changing attitude of banks also plays a role. "Besides being confontées to slower growth or even recession, European banks are facing new prudential rules and have a capital ratio more important," said Marc Touati, chief economist of the financial holding company Assya. Incentives to limit risks, they are much more selective in granting loans, imposing more restrictions on prospective borrowers (need input, etc..).
The market downturn also reflects the uncertain economy, the unemployment rate is rising and the prospect of higher taxes for 2012. Results for Nicolas Tarnaud, an expert in real estate, "we fail to commit more over time, we will rent. And first-time buyers are the first affected." Finally, the French expect the outcome of the presidential election.
In short, demand is sluggish, "depressed" for Michel Mouillard. "This is the first time we observed an important loosening of intentions to purchase real estate," said the academic. A recent survey of the observatory Housing Credit / CSA, only 4% of households say they want to buy property in the next six months, down 29% compared to 2009.
Finally, property prices are still at historically high levels. From 2000 to 2011, they more than doubled in France (117%), even more in Ile-de-France (+138%), and almost tripled in Paris (186%). While household incomes, these, only increased by 26% over the same period. Reflecting a shift, according to some, the existence of a housing bubble that can only end up deflating, or even explode.
What price decline in 2012?
The question is whether such a crash is possible. Notaries exclude the hypothesis and favor a simple soft landing. "2012 will be a year of correction and sobering price," sums up Peter Bazaille. For the full year, they expect a 5% decline in the most tense areas in terms of supply as Paris and some regional cities. The rest of the territory, they anticipate a decline "more or less pronounced", 5 to 10% depending on the area.
Marc Touati plans to share a scenario a bit rougher. "Whatever the outcome of the presidential election, the note of France may be degraded, he says. In this case, the rate of OAT (obligation akin to treasure) would increase by one point, and it would be the same for credit rate, which could rise to 6% or 7%. "In this case, Economist expects a decline of 10 to 15% of property prices
. For his part, Michel Mouillart refuses to talk down price. This does not prevent him from displaying his pessimism. "For now, the market collapses, with 20 to 30% less activity in 2012, and the problem is that n 'there is no prospect of a rebound. And we do not see how to get out of bottoming "
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Ireland's GDP fell 0.2% in the fourth quarter after falling 1.1% in the third. A nasty surprise which should limit growth to 0.5% this year.
The Irish economy contracted by 0.2% in the fourth quarter of 2011, bringing the country back into recession after a third quarter also negative, according to official figures released Thursday. Over the whole of 2011, however the country has grown by 0.7% thanks to a good start to the year, said the Central Statistical Office (CSO) in Ireland. The gross domestic product (GDP) had contracted during the previous three years.
GDP fell 0.2% in the fourth quarter, after -1.1% in the third quarter, according to a revised figure of CSO. The country is thus technically back in recession, it characterized by a decline in GDP for at least two consecutive quarters. This return is in recession and takes a nasty surprise against the foot of the forecasts International Monetary Fund (IMF), who still believed in early March that the country was to escape thanks to the good performance of exports in sectors such as pharmaceuticals and computer.
The institution was then once again commended the efforts made after the international bailout of 85 billion euros in 2010 concluded with the EU and the IMF to help Ireland to meet a deficit abyss caused by the sinking its banking sector. She pledged in return to a consolidation of public finances through a severe austerity measures, whose implementation is complicated by growth at half-mast, synonymous with lower financial income for the state.
"Net exports have disappointed this time," said Sonia Pangusion Thursday, economist at IHS Global Insight firm. The Irish economy is in fact based largely on exports, making it vulnerable to economic conditions in the rest of the euro area, while domestic demand remains very depressed. "Households continue to save rather than spend it in a context of fiscal austerity and unemployment high," said Alan McQuaid and, Bloxham economist Dublin firm, which expects growth of 0.5% this year. The Irish government hopes for its part "at least 1%" growth in 2012, stated the Minister of Finance, Michael Noonan, in a recent interview with AFP.
In 2011, annual growth has been fueled by sectors of industry and agriculture, whose growth has offset the decline in construction or services. Gross national product (GNP), which excludes the activity of many multinational companies based in the island, for its part, declined 2.5% last year.
India should seek to turn its airlines to refuse to participate in the program of the European Union to tax carbon emissions in the airline, said Monday , a senior administration official Reuters India.
China first allowed its air transport sector to participate in this program.
Since 1 January, all airlines flying from airports in the EU are subject to a trading system of emission quotas for greenhouse gas (ETS).
A company failing to observe these rules is liable to a tax of 100 euros per tonne of carbon emitted quota allowed. The EU ban of up to serve European airports.
If the EU were to proclaim such prohibition, she risks being subjected to similar retaliation from New Delhi.
"There are many things we could do if the EU did not return to his demands. We have the power of the economy. We not bleed as much as them, "the official said, adding that the Union's position would affect its economy and airlines
… …… The Indian government expects to receive formal approval from several departments before giving the order to its airlines not to participate in the program of the Union ……
… "The question is: are you (the Union) in bringing about a global trade war?", the official said ….. Beijing
…. The opposition to the European system of emission allowances has escalated last week with the cancellation of orders Airbus. ()
India does not provide for the time to reach such an end, but it does not exclude it either, the official said.
Amber Dubey, head of aviation at consulting firm KPMG, said that Indian industry was booming with a significant increase in the size of the civil and military fleets.
"The issue of EU ETS raises fears of trade war between the EU and the world. There is a chance that the government uses these big aircraft orders as a tool in its negotiations ", he told Reuters.
The European aircraft manufacturer Airbus, an EADS subsidiary, owns 73% of the Indian market of commercial aviation. He has in his notebook over 250 aircraft ordered by Indian companies, IndiGo, Go Air and Kingfisher.
The Slovenian subsidiary of Renault announced Thursday it would cut production in April and would eliminate 13% of positions at about 2220, due to lower sales in Europe.
"We have had in recent months a decline in orders resulting from a severe contraction of the European market. Because market conditions do not improve (…) we don ' will more probably night shift on April 26, "said the subsidiary Revoz, which produces models Twingo, Clio and Wind.
Production Revoz had peaked at 212,860 cars in 2009, falling to 174,127 in 2011. The subsidiary did not provide a target for this year.
The night shift existed since 2007 but was suspended from May to September 2011 due to a shortage of electronic parts produced in Japan, a direct consequence of earthquake of March 11.
Revoz said she planned to increase the number of positions in the second half of 2013, when it will produce two new models to be developed under the partnership between Renault-Nissan and Daimler.
The new car registrations have fallen sharply again in February in the euro area, mainly due to the weakness of French and Italian markets, announced Thursday the European manufacturers association of motor.
Japanese consumer confidence has plummeted in February. Individuals who fear a deterioration in the economic environment are more likely than those who see an improvement. A Prayer for the 23,000 dead and missing caused by the earthquake and tsunami that devastated parts of Japan.
The Japanese consumer confidence has plummeted in February, the index released Monday by the government losing by 0.5 points compared to January, witnessed the continuing concerns of the population about the situation.
The overall confidence index (expressed as data seasonally adjusted) fell to 39.5 points, 40.0 points against the previous month. It evolves rather erratic since this fall, after returning in the summer of his fall recorded by the tsunami of 11 March 2011. A result below 50 indicates that individuals who fear a deterioration in the economic environment are more likely than those who see an improvement.
In February, the global economy has yet given new positive signs after the turbulence in the fall of the worst debt crisis in Europe. But this relative calm did not embellish the mindset of Japanese consumers, who are generally anxious, especially as the challenges placed on the road to the third largest economy are huge, one year after tsunami that devastated the northeast of the archipelago.
In detail, in February, under-employment index fell 1.1 points to 36.0 points, continues to evolve sawtooth since the natural disaster of last spring, despite some relaxation observed on the labor market according to other indicators.
The sub-indicator of future income lost 0.6 points in turn to 38.9 points, many of those surveyed continue to fear that their earnings do not suffer from the economic uncertainties.
The sub-indicator of economic welfare in general has eroded to its share by 0.2 point in February to 40.6 points, and subindex purchase intentions for durable goods stagnated at 42 4 points. This survey was conducted February 15 to 6,720 homes in the archipelago.
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