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 .
The leader of PASOK, Evangelos Venizelos, announced Saturday its economic program a week early parliamentary elections in Greece, promising reforms on liberalization professions rather than tax increases.
The party of former Socialist Minister of Finance, who played a key role in the financial rescue of Greece by the EU and the IMF last year, is ahead in polls voting intentions by his conservative rival, New Democracy.
PASOK came to power in 2009 with nearly 44% of the votes, May 6 should get between 14 and 19% of the vote, voters blaming him for the harsh treatment of austerity imposed by the donor in exchange for their financial support.
Evangelos Venizelos took the reins of a party in February capilotade in succeeding former Prime Minister George Papandreou. At the time, PASOK enjoyed a popularity rating of just 8%.
The new leader pledged Saturday not to declare the general fall in wages and pensions as long as the country continues on the path of reform.
"No Greek citizen should live in fear of what will be done in June," has tried to reassure the Socialist leader, referring to the new crackdown announced for next month's parliamentary elections. "We pledge (on this point) and we assure you that no new tax will be imposed."
He added before a crowd of enthusiastic supporters: "On the contrary, we will focus on structural reforms in order to have a state smaller and less expensive, open market and professions ; s and to allow everyone free access to economic activities and production. "
Last week, the leader of New Democracy, Antonis Samaras, promised if he wins election to cut taxes and increase social spending while meeting commitments budget set by foreign donors.
New Democracy and PASOK are the only two major political parties to support the Greek bailout the nation's finances, which bends under the burden of debt.
Nicolas Sarkozy is the "worst manager in history," Friday accuse Michel Sapin and Jerome Cahuzac, two experts on public finance team of Francois Hollande.
This attack follows the satisfaction of the Head of State after the announcement of a 2011 deficit lower than expected.
"Nicolas Sarkozy is carrying the six worst deficits in history recent budget," wrote the former finance minister and the chairman of the Finance Committee of the National Assembly, in a statement.
They recall that before the crisis, the largest deficits of the Fifth Republic had been achieved when Nicolas Sarkozy was budget minister (1993-1995).
"The figure of 5.2% budget deficit in 2011 compared to the GDP hides the continuing and disturbing increase in debt of France," they continue.
"The other significant figure announced by INSEE, is that the increased revenue from taxes paid by the French," they add.
Nicolas Sarkozy promised if elected to bring the public accounts in balance in 2016, for the first time since 1974. Francois Hollande provides balance in 2017.
Vinci said Tuesday expect a stabilization of its operating margin in 2012 to its 2011 level, in a context of expected stagnation in activity due to economic uncertainty in Europe.
The world leader in construction and has made concessions in 2011 a turnover of 36.96 billion euros, above the consensus of seven analysts gave 36.41 billion euros.
The Group turnover increased by 10.7%, higher than the growth "of about 7%" he anticipated so far.
Operating profit from ordinary activities (ROPA) group has meanwhile increased by 6.6% to 3.66 billion euros, according to the consensus, and gives a margin of 9, 9%.
"The margin ROPA / CA was 9.9% of sales, against 10.3% in 2010. This was due to the increased weight of the contracting industry in the total ('mix effect'), "Vinci said in a statement
…. The contracting activity ….. includes the construction and energy, one of two core businesses of Vinci near concessions, including motorway (ASF, Escota, Cofiroute and Arcour)
. The first pole represents 85% of sales but only 39% of operating profit of Hence the group's ambition to increase the weight of concessions in its business by purchasing an existing business, including Vinci airport assets
. was in line to the airports offered for sale by Hochtief of Germany, but it has recently suspended the tender because of the Greek crisis – including Hochtief wants to sell the airport Athens. According to sources familiar with the matter, it is now well positioned to take 40% of the first Turkish airport operator, TAV Havalimanlari.
UNCERTAINTY IN EUROPE
For 2012, the group plans "at least a stabilization of its activity" in a context marked by economic growth prospects more uncertain in Europe and a possible slowdown in orders on the continent in some segments or certain geographical areas.
In late January, the CEO, Xavier Huillard, had told Reuters that order intake in France may be less strong in the coming months because of questions about the financing community.
"The group remains confident and sets the objective to maintain its operating margin rate compared to good levels reached in 2011," continued Vinci.
It accounts for it on a slight increase in toll revenue and enters the year with a backlog of 30.6 billion euros in the contracting business, up 18% and its highest level ever.
"The position of the strong order book underpins their forecasts," said one industry analyst who requested anonymity. "In general, comments on 2012 are reassuring, we think that in the current action is interesting that these figures should cause a positive reaction tomorrow to scholarship. "
Before this publication, the action of the group closed at 36.83 euros (-0.37%), giving a market capitalization of 20.87 billion. Since the beginning of the year, the stock rose 9.1% after dropping 17% in 2011.
Vinci, who reached last year's net income, group share, of € 1.9 billion (+7.2%), proposes a dividend of 1.77 euro per share (6.0%) for the past year.
His group's net debt, largely inherited from the acquisition of French motorways during their privatization in 2005, declined last year by 3.6% to 12.59 billion euros.
Consumer confidence rebounded in November, the latter being a little less worried about the prospects for employment and income.
The Conference Board index measuring it stood at 56.0 against 40.9 in October (39.8 in the first estimate).
It is the highest since July and well above the consensus which gave 44.0.
"Consumer expectations have finally improved after six months of steady decline," said Lynn Franco, head of research center of the employers' organization.
Intesa Sanpaolo published Tuesday a net profit declined for the third quarter due to a depreciation of 593 million euros related to its exposure to Greek debt and losses in its trading activities.
The first Italian retail bank reported a net profit of 527 million euros over the period of three months to September, against 741 million euros in the previous quarter.
Losses from trading activities amounted to EUR 74 million against a profit of 541 million euros achieved in the second quarter.
Its Core Tier 1 ratio stood at 10.2% at end-September, as at end June
Visa announced Wednesday that revenue growth had slowed and that the group had paid more promotional premiums to its customers, which has set back the title in after-hours trading despite a profit above expectations.
The world of credit cards reported that its revenues had increased by 2.6% in the fourth quarter of fiscal year compared to the previous or their smallest increase since the beginning of the year.
Premiums paid to customers totaled $ 576 million against 421 million a year earlier.
"The results are slightly disappointing," Judge Chris Brendler, an analyst at Stifel Nicolaus & Co.
The action Visa declined by 1.7% in after hours trading these ads.
The San Francisco-based group has reported a net profit of $ 880 million in the fourth quarter of fiscal year, or $ 1.27 per share of Class A, against 774 million or $ 1.06 per share a year before.
Analysts were expecting earnings per share of $ 1.25, according to Thomson Reuters I / B / E / S, but it was not immediately clear if this figure could be compared with that published by Visa.
The number of transactions increased by 9% over the same period last year to 13 billion. Volumes have increased them by 13% to 970 billion.
The group also said it expected 2012 net annual growth of around 10%.
The Vice-Chancellor of Germany, Philipp Rösler has firmly rejected the idea of granting a banking license in the European Financial Stability Fund (EFSF), an idea yet desired by Paris. The German Economy Minister Philipp Rösler and leader of the FDP
The Vice-Chancellor of Germany Philipp Rösler has categorically rejected the idea to turn a banking license to allow the European Support Fund to borrow from the European Central Bank, in an interview Friday on TV. M. Rösler, who is also leader of the small liberal party FDP and Minister of Economy, has also assured the ZDF German contribution to the Fund (EFSF) may not exceed the ceiling of 211 billion euros agreed by the parliament.
"Under no circumstances do we want a banking license is given to the EFSF. Want that our colleagues, friends and partners in France.But it is out of question for us as a government, and for the coalition (government) as a whole, "said Rösler." Similarly, the ceiling of 211 billion euros should not be exceeded . This is clearly shown by the position of Germany in the negotiations with France and with our European partners, "he added. The Vice Chancellor also defended the postponement of Sunday to Wednesday for a final decision by the leaders Europe on how to implement the EFSF.
"We need to know all the details. Only then will the Budget Committee of Parliament will make a final decision and that the federal government will be entitled to display its position on a European scale," says Rösler.The German parliament voted last month to strengthen the EFSF, increased to a capacity credit of 440 billion euros, had stipulated that the Budget Committee would be responsible for monitoring the implementation of its implementation. Thursday several German officials had suggested that France had abandoned the idea, but the evening still strong differences between Paris and Berlin became clear when the two capitals have recognized that European leaders would not be able to get agreed on Sunday as planned.
Dexia has given Thursday launched the final phase of its dismantling by validating the sale of subsidiaries whose Franco-Belgian bank must dispose as part of its rescue plan.
Dexia held on the night of Wednesday to Thursday a board of directors also approved the nationalization of the Belgian retail banking for four billion euros and confirmed negotiations with the Caisse des Depots (CDC) and the Postal Bank to redraw the area of financing of French local authorities.
First victim of bank scale of the crisis of sovereign debt in the euro area, Dexia should exist only as a holding company listed in Brussels which will combine the activities of financial services to the public sector in France, Spain, Italy and Germany.
"The council me (…) Mandated to finalize the sale of RBC Dexia (services to institutional investors) and to transfer the asset management subsidiary of Dexia Asset Management and the Turkish subsidiary DenizBank, "said the Chief Executive Officer (CEO) Pierre Mariani to Les Echos.
"The sale process of the International Bank in Luxembourg is being finalized," he added.
Ten days ago, Luc Frieden, Luxembourg's finance minister, told a group of Qatar, a member of the royal family Al Thani was ready to buy the Luxembourg branch of Dexia.
On the French front, the Board approved the proposed acquisition by the CDC and the Postal Bank to 65% and 5% stake in Dexia Municipal Agency (Dexma), the company that refinances loans granted by Dexia Credit Local (DCL) to French local authorities.
Dexia is committed to providing Dexma guarantees on a portfolio of 10 billion euros in loans structured agreements with French local authorities.
TOXIC LOANS
To do this, Dexia benefit itself against a guarantee of France, up to 70% of losses exceeding 500 million euros.
Besides the excitement caused by this second rescue plan, Dexia is in the center of intense controversy after granting loans considered toxic to many local communities.
But the pursuit of the activity of local public sector loans will no longer be performed by Dexia Credit Local, but by a joint venture owned respectively 65% and 35% by La Banque Postale and the CDC.
Dexia shows that if the workings of this new venture and Dexma based in part on teams Dexia Credit Local, the future of this subsidiary and its employees raised the fear of the unions.
Indeed, the core business of MCI – the financing of French local authorities – will be conducted by the Deposit Bank and post.
The Board of Directors of Dexia has nevertheless sought reassurance about the outlook for Dexia Credit Local, which, according to his statement, will remain "involved in local funding and will continue to offer a wide range of financial products and services to its customers in the public ".
The Dexia share is worth more today than 0.61 euro. She lost three quarters of its value since the beginning of the year after falling nearly 39% in 2010.
The European Union will set up a system of tougher sanctions against countries that allow spinning deficits. View of the European Parliament.
The European Union will significantly tighten its budgetary discipline to learn from the debt crisis, following a vote Wednesday the European Parliament which provides for sanctions easier to take than in the past against states that allow spinning their deficits. This vote will allow the entry into force of a device to strengthen the European Stability Pact, discussed for nearly a year and already agreed by member states of the European Union.
In the future, financial sanctions will fall faster and easier, in the form of cash deposit in blocked accounts can be converted into fines against countries deemed to be lax. This mechanism is intended as the consideration for the implementation of the Financial Assistance Fund for countries in trouble in the euro area.Reform – called "6 Pack" because it's actually six pieces of legislation-was originally proposed by the European Commission to draw lessons from the debt crisis in Greece.
Reform had become necessary as the Stability Pact, as it was originally designed has proved largely ineffective as too little deterrent. Governments have spent their time in ten years around it. The reform will allow the Commission to seek remedies and even punish states that move away from deficit criteria (3% of GDP) and debt (60% of GDP) by claiming that the State would make the ignore the deposit of a sum equivalent to 0.2% of GDP. The six pieces of legislation received the support of conservatives and liberals.
The left has denounced reform too focused on rigor and not enough on the recovery.The reform "is good news for the EU", welcomed the President of the European Parliament Jerzy Buzek after the vote. "Reform is an austerity pact that is based on cuts and penalties. It leaves no flexibility to EU states for spending smart, targeted investments," he regretted the contrary, the socialist Stephen Hughes .
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