JP Morgan: water mill Regulators

 

"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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The inventor of the smart card disappears

 

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."

U.S.: GDP disappoints consumption reassures

 

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.

Of American fiction on France 3

 

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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Zara gives a future city youth

 

A modern fairy tale with young "misfits" in the lead roles. Four years ago, Jean-Jacques Salaün, the general manager of Zara France, has launched a new and daring to help disaffected youths from tough neighborhoods. "I told myself after the events of 2005 in the suburbs that we had to do something for these kids abandoned," he says. The French boss of the brand's ready-to-wear convinced his Spanish CEO to leave in recruiting Permanent, full-time and minimum wage, a dozen young per semester that will train and promote vendors as two stores. "I'm young that nobody wants, while others take only young people that everyone wants," says he: women forced into marriage, deprived of political refugees, young people out with their families or society – some have been in trouble with the law. The tenth "promotion" began training this week.

Soon selected, prospective vendors are sent 15 days in a hotel in the Paris region where they are supervised 24 hours 24. "They are given drama lessons, speaking, sales, kitchen …, detailing the patron of Zara France. They are taught the basic rules of group living. Personalities come every day to talk about their passion and their profession. "Raymond Domenech, the former coach of the France team football, is a faithful

. "They just trusted …"

"It is not easy, there are tensions, but the fact of failure to trust them is one key to the success of the operation," added Jean-Jacques Salaün, Michel supported daily by Paras, the Steward FW. "It was so beautiful – we were fed, housed, paid, we got celebrities – we thought there was a trap, remembers Konte, a young of the first class that will become part of the Zara Montparnasse in Paris. And no, there was no wolf guaranteed high risk personal loans. They just trusted, given a job and they made me an example for all of my small city. "

Once their training is completed, youth are sent for a week in stores where they are supervised by a tutor, one week before returning for a final training in sales techniques. "After a month this plan, I challenge you to tell me what are the youth who attended this training," says Jean-Jacques Salaün. "They are like other sellers, confirms El Idrissi, store manager of the Boulevard Haussmann in Paris, which hosted five young people in four years. It is just more attention to them without making them privileged. "

150 000 euros per year

An operation that works! In four years and nine promotions, 133 youth were recruited from Zara, 50% are still working. The operation has a cost, not insignificant: 150 000 euros per year. "It's great, but it's not rocket science for a big company," says Jean-Jacques Salaün, who never wanted to mention this in the media before being asked by Le Figaro. "And it's useful. I regret never having managed to convince other major groups to do the same. "

Especially since this operation has not only served troubled youth … It has helped reduce the number of part-time (common in the trade) for all employees by extending the CDI system on two stores in 600 vendors . And this is just the beginning for Jean-Jacques Salaün account duplicate this system to other brands (Zara Home, Massimo Duti …) group Inditex which owns Zara.

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A carbon tax applicable to contested 4000 companies

 

Air transportation emits about 3% carbon dioxide (CO2) released by humans into the atmosphere. But according to the UN Framework Convention on Climate Change (UNFCCC), its emissions have almost doubled (+98%) between 1990 and 2006 and are expected to increase by 63% by 2020. This is due to the strong growth that the EU wished to include airlines in the industries subject to carbon allowances.

Decided in 2008, this "carbon tax air" has been applicable since 1 January to major airlines transiting through EU airports. According to official documents of the end of 2011, 4291 airlines must be submitted to CO2 quotas, including 28 Chinese companies. Brussels has set an emissions cap for each company, who must buy the equivalent of 15% of its emissions, as carbon credits.

This air tax should bring in 2012 256 million euros to the EU, the Commission said. A pittance compared to $ 3.8 billion represented the German Government, by controlling only Airbus Hong Kong Airlines, threatened. Connie Hedegaard, European Commissioner for the fight against climate change, repeated his refusal to yield to threats and to revisit the legislation.

The profession particularly hostile

From the earliest discussions on the implementation of these CO2 quotas on airlines, the profession has expressed very hostile. Last November, ICAO, the Organization of International Civil Aviation, adopted a resolution recommending to exempt non-European companies of the carbon tax. 26 of its 36 members including China, the United States and Russia, were signatories. The International Air Transport Association (IATA) and ICAO call for voluntary measures to reduce emissions of greenhouse gases, implemented worldwide.

In a report published in early 2011, the rating agency Standard & Poor's estimated that the measure Brussels could cost 1.12 billion for airlines in 2012-2013. Since then, the price per tonne of CO2 collapsed on the European market which would reduce the cost to about 700 million euros. But it adds to the severe increase in fuel prices.

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MBAs remain attractive despite the crisis

 

Times of crisis are double-edged for the MBA. On the one hand, the full-time programs are rubbing their hands, because the lack of economic dynamism, and therefore attractive enough career prospects for managers, strongly encourage them to invest in formal training they will release a When the economy rebounded. Conversely, executive programs, whose participants are mostly still in office, are less likely to see pay for training by their employer.

This year, the situation seems much more mixed. The full-time MBA from HEC shows a decrease of 15% of applications. "This is an effect of the global crisis, and to a lesser extent impact of the circular Guéant who last year restricted the issuance of work visas for some of our international graduates," says the deputy director of the MBA HEC, Bernard Garrette.

Diversity profiles

For its part, Insead has seen the number of candidates to the program full time ten-month increase in proportions which he described as "moderate." Faced with an upsurge in applications, the International MBA from EM Lyon has chosen to preserve a small promotion (thirty people) and has revised upwards its selection criteria.

In both schools, it is recognized that these good figures are also linked to a greater diversity of profiles. If applications from Western European managers tend to settle, they are balanced by a growing interest among Asians, Indians and Latin Americans. The same goes for the European Executive MBA from ESCP Europe. "For the winter semester 2012, our Executive MBA candidates are substantially identical to those of January 2011. Our recruitment is based on our five campuses European balance, including an increase in the number of candidates on Berlin, "says Valerie Madon, program director.

Facilitating employment

The development of strong co-investment between participants and employers may contribute to not fall too in Executive MBA candidates. The young executive MBA from ESC Dijon has even increased its staff this year (18 participants). Service statistics careers in any case seem to agree with those who are engaged in an MBA. At HEC, over 90% of graduates in June 2011 were placed in less than three months.

And opportunities are as interesting as before the crisis. The study TopMBA.com QS Jobs and Salary Trends Report 2011-2012, the salaries of MBA graduates have even increased by 10% in Europe last year. "Companies are definitely more time to recruit to ensure they have found the right profile, but when they found it, they reward the true value," said Joe Li Puma, director of the International MBA from EM Lyon.

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First historic loss for Credit Agricole

 

For the first time in its history, Crédit Agricole SA ended the year 2011 in the red. This loss of 1.47 billion euros is due to a double effort: trying to balance the Greek crisis and adaptation to the new world of banking.

"The Greek situation continued to deteriorate throughout the year. Emporiki, the local subsidiary of the group, saw its operating losses increase, "says the group in a statement. In total, the cost of the Greek crisis did go up in smoke 2.4 billion euros in 2011. It had already cost the green bank over two billion euros the previous two years. Positive, the group has managed to reduce by half the level in nine months of Emporiki refinancing by its parent.

The second part of the bill, presented to the regional, for adapting to the new world of banking. In this respect, John Paul Chifflet, the general manager, did not choose the half-measure. Its vast battle plan, unveiled last December, resulting in 2.5 billion euros in provisions and impairments on acquisitions too aggressive fast cash now. In parallel, the mutual bank will embark on a diet, mainly driven by the Corporate and Investment Banking (CIB). For this subsidiary, lost $ 150 million over the years, adapting to post-crisis world through the sale of portfolios, the removal of 1750 positions and the withdrawal of twenty-six countries. The adaptation plan costs nearly 500 million euros in the bank.

Cumulative, Greece, impairment in the fourth quarter and the adaptation plan dug accounts of Crédit Agricole SA of 4.4 billion euros. These losses do not yet call into question the soundness of the Credit Agricole group, based on fieldwork of the regional banks. They have not fallen in 2011 with a cumulative profit up 3.6% to nearly 4 billion euros. The Crédit Agricole group as a whole shows and an annual profit of 812 million euros, against 3.6 billion in 2010. The group has a solvency ratio of the nails in the European requirements to 9.6%.

Ways to streamline housing assistance

 

The report by the Center for Strategic Analysis in a housing report released Wednesday is brutal: while the subject of aid mobilizes huge (37 billion euros) from the State and local governments, households the less fortunate spend more on housing. In 2005, they spent at this position 41.4% of their income against 25% in 1988.

To improve the situation of more modest in this area, the Center for Strategic Analysis made several proposals, focused on social housing. "First, it should be that only those who earn more than five times the annual rent for a dwelling may be candidates for living," Chriqui advance Vincent, general manager of that agency of the Prime Minister. A measure of common sense would settle with the current situation today, up 64% of households are eligible for public housing.

To reserve social housing for disadvantaged populations, some only dream of being able to expel those whose income has become, over time, well above the maximum income. This would call into question the sacrosanct principle of the right to remain in public housing, one of the cornerstones of the world HLM. Cautiously, the Center for Strategic Analysis does not follow that direction.

However, he has worked on a system where the rent paid by tenants would be modulated according to their income. "In fact, rents are nominally higher and tenants would receive a grant that would cover some of this burden, says Vincent Chriqui. The premium will be lowered when the tenant would see its revenues increase. "To avoid creating too strong reactions in a world quite restive HLM changes of this kind, this system would first be tested by some social landlords . If the Center for Strategic Analysis recommends this solution is that the devices require tenants whose incomes exceed the ceilings to pay additional rent malfunctioning. Normally, a public housing tenant whose remuneration exceeds 20% of the maximum income to pay a surloyer. "But it is a cumbersome process that requires to initiate proceedings," said Vincent Chriqui. Soft law passed in 2009 plans to evict a tenant of public housing for two successive years if its resources are at least two times higher than the ceiling. But we must wait three years after this observation that the measure could be effective. Result: more than three years after its adoption, the text has yet to produce any effects.

Statistical tool

Last priority recommendation of the Center for Strategic Analysis: Building a statistical tool that emphasizes respect for each program HLM, level of public support and the "discount" rent in the social housing compared to private apartments around the park. "By learning about government subsidies and the results they deliver, this should help to refocus the production of social housing where the need is greatest," says Vincent Chriqui.

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The loss of triple-A does not interfere with management

 

The downgrade of France by Standard & Poors on January 13 did not have the effect feared. Markets do not collapse, the lending rates did not explode … And executives do not seem affected. According to the latest barometer of Eco-ViaVoice, only 29% of them think that the loss of triple-A will impact their business. Surprising but positive, this result illustrates the gap between the hype and the consequences of lowering "The financial situation of a company, not the triple A which is," says François Miquet-Marty, president of ViaVoice , before adding, however, "this reduction is not confirmed by other agencies, it remains in perspective."

Ineffectiveness of political discourse

Beyond the triple A, the composite index of moral frameworks rose slightly for the second consecutive month at – 48 after – especially in January and 52 – 56 in December, its lowest level since the barometer in 2004. However, for François Miquet-Marty, "it is difficult to talk of improvement, all the remaining indicators, sobering …" For if the frames, as the markets seem less concerned, they are generally pessimistic about the economic activity . For 69% of them, the standard of living in France will deteriorate over the years, where 10% think it will improve, an increase of 5 points. On employment, 82% expect an increase in the number of unemployed.

"At three months of presidential executives do not perceive the candidates' speeches, possible improvement levers on the issue of unemployment," worries Francois Miquet-Marty, noting that "they place little hope in politics. "

About their financial prospects, they remain grim: 41% of executives expect a deterioration of their financial situation in the coming months. Career opportunities remain "weak" for 78% of them. Finally, motivation, stagnant, with 40% of executives reported that their employees are being motivated.

Flat in this context, only a takeoff of the presidential campaign could cause a rise of the honest moral frameworks.

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