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"We told you so's you!" For U.S. policy makers who are struggling since 2010 to oversee Wall Street, the announcement of the disappointments of JPMorgan timely. While the final text of the U.S. banking regulation should be adopted in the coming months, the loss comes discredit the speech of one of their most brilliant opponents, the bank manager, Jamie Dimon. The man never tires for months to detail the disastrous economic consequences of a law too narrowly and to question the competence of its authors. "Today's announcement sounds like a strong reminder of the need for regulators to establish effective and stringent rules," he said at the Thursday night Democratic Senator Carl Levin of Michigan.

The debate on bank regulation in the United States, born after the collapse of Lehman Brothers, has refocused on the "Volcker rule", named after the former president of the Federal Reserve. This text prohibits banks that collect savings to speculate on their capital. He wants to draw a boundary between the regulated and the banking world of hedge funds, to prevent savers and taxpayers have to pay for reckless risk-taking. Once established, this principle raises numerous issues on which borders falling over for months and policies bankers. Wall Street has already received several exceptions weight. Trading, whose goal is not speculative but is intended to "cover" the risk of a bank, and would currently not affected by the law. Yet it is on this type of operation that JPMorgan has stumbled. Jamie Dimon admitted a hedging strategy "ineffective, poorly controlled, poorly built and all that follows." In short, a technical error, regrettable, but whose realization is possible in a risky world.

A speech inaudible to American politicians who have not forgotten the tens of billions of dollars spent in the bailouts of 2008. The loss of JPMorgan demonstrate the contrary, they argue, the need to extend the legislation. "The enormous loss of JPMorgan provides the latest evidence dated as what banks call" risk coverage "actually corresponds to paris often risky it is not normal that these institutions make systemic scale," said Senator Carl Levin.

Repercussions in France

The standoff will continue in the coming months. Its echoes will reverberate in Eu-rope. While the British have advanced to a strict separation of credit and market, the continent is still in full swing. At the community level, Commissioner Michel Barnier told the Finnish Erkki Liikanen to chair a task force, which should stop the cursor from the reform. Its conclusions are expected in the fall. The new French government should in parallel, and in connection with this commission, quickly present its proposals. Francois Hollande and future Minister of Economy advance probably this summer.

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Appointed in 2008 as head of the SNCF which he was number two, Guillaume Pepy has since opening figure of ultimate boss of office of Nicolas Sarkozy. The former chief of staff of Martine Aubry has nothing to fear from the change of head of state. And, except to be appointed to another position, it should not only complete his term as CEO of SNCF, scheduled until February 2013, but re-enlist at the head of a company where he spent most of his career and he seems happy to embody.

Everything will depend on the host that the Government will make available to the rail reform projects driven by Guillaume Pepy well in advance of the election. It was he who suggested to his minister, Nathalie Kosciusko-Morizet, to open a "Grenelle of the rail," a broad debate that ended this winter.

The head of the SNCF has two great ideas in mind overnight pay day loans. The first involves a major reorganization of the French rail, bringing Réseau Ferré de France (RFF), the manager of the railway network in the lap of the SNCF. Objective: To terminate an organization considered grotesque and expensive. But neither competitors nor RFF of SNCF do not hear it that way. The battle will be fierce between Guillaume Pepy and Hubert du Mesnil, the boss of RFF.

Second site, sensitivity: the creation of a "social framework harmonized" for SNCF workers and new entrants on the French market being opened to competition. Beyond this global negotiation, Guillaume Pepy wants to get the right to hire out the status of a railway station. One way of playing field with its powerful rival, Deutsche Bahn.

• Proglio frontline

Proglio. Photo credits: ALBERT FACELLY / Le Figaro

Egg prices more than doubled in one year. "Today, 100 eggs cotent 9.5 euros on the spot market (market day to day), Figaro tells the Christian Marinov, director of the French Confederation of poultry farming (CFA). There was a year they were worth 4.62 euros. " With a peak on March 13 at 13.53 euros for 100 eggs.

Main cause of this sudden increase: up to standard European cages for laying hens. Brussels imposed from 1 January 2012, a minimum area of ​​750 farms in square centimeters against 550 before. "The drop in production comes from the adaptation time required for farms transform their building is being finished, adds Christian Marinov. Some of the 1500 French producers have taken a little late compared to their investment plans to bring their buildings up to standard. This is the first time we have received state aid, $ 12 million over one billion euros in investment cash advance no fax. But all eggs produced in France since the beginning of the year are the standards, "stressed the head of the CFA.

Also the current shortage in France, European leader with 15 billion eggs consumed annually is it only temporary. "We will return to normal by next July when the farms are all in line. Courses on the spot market should go down significantly, "said Christian Marinov, recalling that" the balance point is around 6 euros for 100 eggs to the producer. "

Meanwhile processors who refused any contractual take their troubles patiently. These include manufacturers of pasta or pastry industry. "For the consumer the impact is limited, an increase of about 2 to 3% on the selling price," says Christian Marinov.

Cards, Vitale, SIM for mobile phones, biometric passports, Navigo … The smart card, created by Roland Moreno, resulted in a multitude of high-tech objects indispensable in our daily lives. Amateur science fiction, self-taught, this French born in Cairo in 1945 and died Sunday in Paris had the idea to invent a portable device to store information. He had filed the first patent of the smart card in 1974 and it took him eight years to convince bankers, RATP and other industrial utility of his invention.

A small fortune

But his perseverance has won the chip has become a social phenomenon on a global scale. And Roland Moreno has made a small fortune. "Before the patent of the smart card does not fall into the public domain in 1998, it brought me close to 150 million euros. Since I saw through the excess cash, "he explained in 2007 the newspaper La Croix.

The inventor has sold ten years ago its shares in Gemplus, a French manufacturer of smart cards. But he remained at the head of his company Innovatron, which continues to collect fees on contactless cards as Vélib 'or Navigo. A method based on radio transmission of data qu'Innovatron was developed in 1994 with the RATP.

Passionate about new technologies, Roland Moreno worked in parallel, to launch a poker site online. He was also busy writing the second volume of the ambient theory brothel, a book which is against the "tyranny of the original in the field of art."

From our correspondent in the United States flexes growth in the United States. After a fourth quarter where expansion had reached 3% annual rate, that as the economy slows to 2, 2%. This is slightly less than expected.

A decline in business investment of 2.1% is largely responsible for this disappointing performance moderately. However consumption, traditional locomotive of the U.S. economy, climbed 2, 9%, against 2, only 1% at the end of last year. This is encouraging. And especially since U.S. households saw their moral improvement in April to its highest level since February 2011. Households are optimistic about economic recovery, although they are less confident when it comes to their personal financial situation?

The acceleration of consumption can not only offset the decline in investment, but it also helps to overcome the slowdown in inventory rebuilding. From January to March, rising stocks is liable only for 0, 5% growth yoy.

During the previous period, the increase in inventories was represented more than half of the increase in gross domestic product (GDP). From this perspective, growth in the first quarter seems healthier than October to December, although it is more modest bad credit personal loan lenders.

Decline in military spending

A third unexpected factor slowed the U.S. economy: the decline in military spending. It explains the drop in 5, 6% annual rate of all federal spending, while states and communities continue their part to save money.

"The key factor explaining the worse than expected performance of the economy, the decline is much sharper than expected public expenditure … But that does not reflect at all the health of the economy. It is certainly disappointing that business investment has declined, but this may be temporary, "said Mark Zandi, chief economist with Moody's Analytics.

Figures released by the Commerce Department does not seem to alter the waiting position of the Federal Reserve, which plans to leave interest rates to the floor until the end of 2014 .. In reviewing a slight increase to almost 3% growth forecast for the current year, it implicitly rejected for the moment to launch a third round of quantitative easing, ie net purchases of Treasury securities in order to drive down long rates.

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European capitals have asked the Commission to bone up on the fight against unemployment, but many probably not appreciate his advice: the lowering of wage costs to the free movement of labor across the EU through a minimum wage "modular", Brussels risk of setting fire to the powder to the left and right.

The document, which will be released Wednesday, could also ignite the French debate around employment and Europe, with five days of the first round of presidential elections. As Nicolas Sarkozy, Brussels appears for a lower wage cost burden on businesses. It is a "privileged instrument to strengthen the labor supply," says the latest version of the text obtained by Le Figaro. The Commission suggests alternative resources as VAT, taxes "green" and property taxes.

Another proposal leading risks in contrast to spark outcry among conservatives, echoing an old controversy about the "Polish plumber". This is to overcome the final obstacles to a single labor market in Europe, the U.S. model. "Labour mobility is not sufficient in the EU (…) In order to exploit all the possibilities, it is crucial to ensure a balance between demand and supply of jobs" at European level , the authors note.

Red cloth

On this front, the Commission advances two tracks dangerously undermined. The first is the end of restrictions on employment of Romanians and Bulgarians, programmed by treaty by the end of 2013 but refused by nine countries, including France. The second is the opening of national public employment to all EU nationals, except as validated by the sovereignty of Justice high risk personal loans.

Finally, Brussels waving a red rag in front of the entire European left: that of a national minimum wage that could be differentiated by industry professional, provides a way she, "to support the provision of employment ". The authors do not specify the model. But they ensure that wage floors should be discussed "in consultation with unions and depending on economic developments."

The contribution of the Commission is only prospective. It is unlikely that the communication "Towards an employment-intensive growth 'lead in the state. But it looks quite controversial for the twenty-seven Commissioners wish to review it one last time with the college in full force Wednesday in Strasbourg. Against the backdrop of elections in France and Greece, José Manuel Barroso will leave the public presentation in Hungarian Laszlo Andor, Commissioner for Employment and Social Affairs.

For Brussels, it is clear that the challenge of unemployment requires bold solutions. Lagging behind the emerging powers but also the U.S., the EU has lost 4.5 million net new jobs since 2008. Since January, a second recession in three years has increased the average unemployment rate above 10%. And restarted at the same time a growth debate that nobody has yet really convincing answer

.

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The American series arrives on France 3. Chain regions broke his piggy bank to afford a nice kind of success, the miniseries Mildred Pierce, whose title role was incarnated on screen by the talented Kate Winslet. The latter is even won an Emmy and a Golden Globe for his performance. This is from the prestigious HBO that France 3 acquired these five one-hour episodes. They are likely to be broadcast on Sunday evening by early 2013. Time Orange, who is the first broadcaster, exhausting his rights to his channel Orange Cinema Series.

For France 3, it is, according to David Djaoui, director of programming and acquisitions in the chain, "to create the event on a space usually devoted to the European crime series recurring." Usually, these are shows like Barnaby, Murdoch and Dr. Lewis are presented this evening, with some success for hearing. On average, these three series make between 11 and 12% audience share, or scores well above the average of the chain, which now runs at around 9%.

"We want a few times a year, offering a prestigious miniseries, in a very targeted against logic-programming compared to what we usually offer," he says. But the manager also promises that this foray into the demanding world of the American series "will never have anything to do with that suggest the main commercial channels TF1 and M6-type" with Mentalist or House MD. And for good reason. If the string "is not prohibited in the future to repeat the experiment" with suppliers as prestigious as HBO or Showtime, it must demonstrate opportunism to acquire existing rights.  

Human second choice

All major providers of American series are subject to long-term contracts with private televisions. Leaving the public channels that the possibility of acquiring the second choice of studios or production miraculously escaped this type of contract.

This is also why France 3 no longer hesitates to invest in pre-purchase of the miniseries. Thus, the chain announced the pre-purchase of 52 minutes eight times World Without End, the sequel to the blockbuster Germano-Canadian Pillars of the Earth. A real risk, given hearings that made the first season on the line, averaging 8.4%. But, says David Djaoui, this series' has performed well on our qualitative barometer. " Similarly, the chain intends to pre-purchase exclusive first Swedish police a series of at least six episodes to power the same box. These purchases are intended to show that France 3 "moves, intends to modernize and rejuvenate at a time when the media landscape becomes more complex. Next year will be even more complicated for us, public channels, in a universe of twenty-five chains, "says David Djaoui.

Ironically, these announcements come as the National Film Centre (CNC) has announced its willingness to revive French fiction and particularly to focus on new formats that are 52 and 45 minutes. Until then, France 3 emerged as the champion in all categories of the film unit of 90 minutes. Suffice to say that the French producers will have to start the page, even with the chain regions.

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