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."

The mutual health destination of animals

Why purchase a mutual health destination of animals?

Contrary to their owners, pets are not covered by Social Security.

But veterinary costs can reach high amounts. It may therefore be useful to subscribe to a mutual health a pet to take care of these costs.

Insurance intended for pets allows indeed a cost of sickness, accident risk, and even risk death.

What animals are affected by a mutual health?

If dogs and cats are often the main beneficiaries of mutual health destination of animals, the New Pets (NAC) are not far behind. The latter include some mammals (ferrets, rats …), reptiles or birds.

A mutual health destination for New Pets is especially recommended that they should mostly be treated by specialists. The vet bills are higher.

How to buy mutual health destination of animals?

As with any individual wishing to purchase health insurance, it is first necessary to make an inventory of needs.

We must then make a comparison of different pet insurance. It can be done easily online to get an idea of ​​prices before committing.

Namely: to buy a mutual health destination of an animal, various documents relating to it are often necessary (vaccination certificate, certificate of ownership, …)

The operation of the mutual health destination of animals

The mutual destination of animals functions as a conventional health insurance.

Following each visit, the pet owner receives a care sheet. Transmitted to the mutual, this sheet triggers the reimbursement of expenses incurred. The amount reimbursed depends on course conditions health insurance contract.

Note: Some pet health insurance even offer third-party payment so as not to advance the costs.

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Spain could lead the European Relief Fund

 

Spain hopes to get the chairmanship of the Permanent Mechanism of rescue of the euro area (SS) and seems well positioned to succeed, according to an EU official interviewed on Sunday by Agence France-Presse. "It's a real possibility" for Madrid to recover this function to be assigned soon, he said, on condition of anonymity on the sidelines of a meeting of EU leaders in Finland.

The permanent emergency mechanism to protect the countries of the monetary union of the debt crisis must be activated in July. Until recently it was taken for granted that the current President of the Temporary Relief Fund in the euro area (EFSF), the German Klaus Regling, head of the MES. But several key positions must be free by this summer in major European institutions (Eurogroup EFSF, European Bank for Reconstruction and Development) and the negotiations are going well.

Unable cumulation of Germany

But the hackneyed Germany itself cards by campaigning for his Finance Minister Wolfgang Schäuble will become the next president of the Eurogroup when the mandate of the current incumbent, Prime Minister of Luxembourg Jean-Claude Juncker, will arrive due this summer. Given the economic weight of Germany, Schäuble is well positioned to obtain the direction of this forum of finance ministers of the monetary union, said two officials of the euro area also on condition of anonymity no checking account payday advance. "It is the favorite," said one of them. In these circumstances it would be very difficult for Germany to get more of MY president.

So Spain seriously eyeing this function. Because at the same time Madrid has little chance of securing a position in the Executive Board of the European Central Bank, also at stake and for which she has applied. This is a Luxembourg, Yves Mersch, who is best placed, the sources said. "Of two things, if Schäuble was appointed to the Euro, Spain can expect the MES as compensation. And finally if Juncker was to remain in the Eurogroup, Spain will get the job at the ECB as the Luxembourg can claim the two portfolios, "said one official.

In Finland, the Spanish Secretary of State to the European Union, Inigo Mendez de Vigo, would not comment on details of ongoing negotiations. "I can tell you that ultimately we will not be losers" of history, he said at a news conference. "We are a family, a family and sometimes you do not get everything you want but ultimately you should feel at ease and I am confident that ultimately we will be at ease" with the result, he said.

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The Paris daily reprieve in Normandy

 

The new, bad, is not yet official but could be announced to employees on a works council to be held Monday, February 27: Paris Normandy could file for bankruptcy. According to the union SNJ, the regional newspaper, owned by Hersant Media (GHM), after considering a social "scale" would be forced into this solution and, more broadly, the entire division titles Norman Group Hersant Media, which includes, besides Paris-Normandie, Havre Free daily newspapers, Le Havre-Presse and The Progress of Fecamp, and their weekly supplements.

The direction of DRG does not comment. But the situation of his pole Norman is actually very difficult. The paid circulation daily Paris-Normandie has dropped 23% since 2006 to just 52,606 copies at last count of OJD. That of other securities decreased by 26% in five years.

"We fear to a social minimum, at worst a bankruptcy filing," said the AFP-Benoît Marin Curtoud, delegate from Paris to Normandy SNJ.

Discussions with the Belgian Rossel

While DRG is continuing discussions with the Belgian group Rossel to create a joint venture of leading regional dailies in France, the pole Norman seems to be a final hurdle before the conclusion of an agreement. According to the SNJ, the Company Norman publishing and printing (SNPEI), which publishes such titles and employs 365 employees including 114 journalists have registered last year a deficit of EUR 2 million and annual sales of around 40 million.

For the Hersant Media Group, which has already had to close last November Comareg (Released Sold) resulting in the heaviest social of 2011 in France (1650 employees), the liquidation of Paris Normandy would be a second crushing defeat.

Greece: the banks will have to contribute more

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country known to be substantially revised at the deterioration of the situation in the country, warned Saturday. At a meeting of central bankers on Friday night in the only euro area, "we agreed to say that we had to have a substantial increase in the contribution of the banks' rescue of Greece, as a impairment of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector.They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF). The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% of the private sector, the second program of public financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros at the time scheduled.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts online payday loans.

"It is also an effort by the private sector"

In any event, the second bailout in late July, just after the first amounting to 110 billion euros agreed in spring 2010, will have to be redesigned. "It's pretty clear that we need a substantial discount on Greek debt," also said Saturday the Swedish Finance Minister Anders Borg on his arrival in Brussels for a meeting with colleagues from across the EU."We will now work on a new plan in Greek and this new plan is true that there is a substantial effort to Greece again, there is an effort by European countries and will also require an effort of the private sector" said his Belgian counterpart Didier Reynders.

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece said "messy" serious consequences. "It's a negotiation s'entame," said Didier Reynders. In return for the effort required on the Greek claims, it is intended to recapitalize European banks to the tune of nearly 100 billion euros.The subject was Saturday in the agenda of the ministerial meeting, before a meeting in the evening between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the EU summit on Sunday.

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A subway project in the Channel

Do we take the subway to Calais soon the morning to work in 25 minutes on the other side of the Channel in Ashford, and go home at night by the same means? This is the project defended tooth and nail by an association of French entrepreneurs in southern England. The Union of French Citizens Abroad organized Thursday a day of employment and business in the region where the project was presented shuttle Channel.

Olivier Cadic, an entrepreneur of 49 years, Councillor elected to the Assembly of French abroad, moved to Ashford fifteen years ago "because it was the first stop on the Eurostar," to escape the French tax burden, creating a media outcry.It was followed by other entrepreneurs from ready to provide many jobs.

"It's hard to recruit because the high cost of real estate in Kent do not allow employees to set up small, explains Olivier Cadic. An electronics company came along with me, which now employs 1,500 people, would be willing to offer 100 jobs immediately. Or just on the other side of the Channel to Calais, there is 25% unemployment. The TER of the Pas de Calais stops at the entrance of the tunnel. It's absurd. "

For 2012 Olympics

For its proponents, the metro project under the English Channel would be easily achievable. Eight TER trains purchased by the Nord-Pas de Calais originally for a project linking Lille-Manchester, could very well use the tunnel to get to Ashford in less than half an hour cash advance now.Eurotunnel, used only 55% of its capacity, is all for this binding would increase its revenues. SNCF, partner Southeastern Railway on the other side of the Channel, did not object either.

Consul General of France in London, Edouard Braine, is optimistic. "It's a certainty it will happen. Just look at a map and see that there is full complementarity between the two regions. Cross-border workers are already doing this ride by carpooling Eurotunnel but that's not very practical. And this is not the business of Eurostar to the local service. "The high speed train between Paris and Ashford has phased out most of his stops at Calais and London to optimize speed between the two capitals.In addition, its prices are prohibitive for commuting.

The ball is in the camp of the Nord-Pas de Calais, which seems to drag to decide. One question: is there a sufficiently large market to recoup such an operation? The members of the association believe that the London Olympics in 2012 would be a great opportunity to launch the line.

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The newspaper editors united against Apple

The French press bristled. In a joint statement, the leading provider of daily newspapers and magazine announced Friday that it will not NewsStand titles in the digital kiosk that has just been launched by Apple with its new mobile operating system (IOS 5) . Digital versions of newspapers are accessible via the iPhone and iPad applications.

"The trading conditions imposed by Apple today are unacceptable," consider the union of the national daily press (SPQN), the Union of the regional daily press (SPQR), the SPM, which represents the magazine, and professional union the magazine of opinion (SPPMO)."They are undermining the economic model of the press and ultimately reduce the choices available to Internet users."

Newspaper publishers have stalled on several issues with Apple charges for the sale of newspapers imposed, failure to provide subscription multi-platform and commission rates, considered "excessive". It is 30% for any sale in the App Store – be it a press title, a video game or a piece of music. But more than the standard rate of commission is the loss of control over customer relationships that worries the press."Personal data readers are the property of Apple and are not systematically shared with publishers, yet anxious to establish a relationship of trust with their readers to better take into account their expectations, 'the publishers.

Call for government

These criticisms have emerged since the launch of the platform download App Store in 2008 and is shared by publishers around the world. Newspapers have tried to deal with the manufacturer in developing their own applications, offering subscriptions multi-platform on their websites and enlançant a common digital kiosk application in late June (e-Presse premium). But the very existence of the latter is now threatened by NewsStand."We have not intended to be distributed by a single booth, but we want to be distributed under normal conditions," said one editor.

French media owners could benefit from the organization of the conference "New World 2.0" by Minister Eric Besson, this weekend, to educate government and foreign players to their difficulties. The battle is not won. As with Condé Nast, some media groups have signed with Apple in the U.S. while their French subsidiary belongs to the anti-sling NewsStand.

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Ghosn's efforts to regain Renault

Came one week in Brazil to announce the expansion of the Renault plant in Curitiba (Parana State) and the creation of a site for Nissan in Resende (Rio de Janeiro), Carlos Ghosn, CEO of both companies, was welcomed as a head of state in his homeland.

Last Saturday, the President of the Republic, Dilma Roussef movement shifted to receive it. "We are very proud of you," she would have slipped to the one she considers the child in the country. He also had dinner in an atmosphere of "friendship" with the two governors of states where the group operates, before signing the agreements in their luxurious palaces. Finally, it was applauded by the workers of Curitiba, massed on the lawn of a sunny site, which he wrote a speech.

Relaxed as ever, we feel in his element."It's good to be true that in Brazil," said the globe-trotting owner, who was about to visit this weekend to his mother and two sisters, who live on site. For him, this country is a paradise full development. Here, as in China, "we prefer to see what will, while in Europe the focus is on what's wrong."

Yet it is this gloomy old continent – particularly in France, where he is idolized as far from Japan, China or Brazil – that he decided to spend more time, "pulling consequences "of the false espionage earlier this year.

For many, this fiasco was proof that the owner of two companies whose headquarters are located 10,000 kilometers away, was disconnected from the reality of Renault.Many employees, union representatives, but also members of the government, which accused him of favor at the expense of Renault Nissan, having sought to speed up the relocation.

"Today I am more present in France," he says, whereas previously the Hexagon was only 35% to 40% of its schedule. Nissan is going at full speed in China or the United States, Carlos Ghosn promised then to look at the head of Renault, less efficient no fax pay day loans. Japanese sales are expected to double according to him between 1999 and 2011, reaching 4.8 million units, while those of Renault have increased marginally over the period (2.6 million last year). Goal back on track in Europe, where sales of the group fell by 10.6% over the first 8 months of the year.But also boost the image of a registered design banal and lacking in high-end models.

One patron

"Pragmatic," Carlos Ghosn admits he made mistakes. "I was probably too delegate and I paid the consequences," he admits. "One of the problems at Renault, is that people felt that there were two bosses. There must be only one boss, and that's me, "he insists. As a result, the CEO, for whom the "management of Renault changed," "regained control of a number of operations" as the high end, human resources, communication or the ethics committee . He also concedes that the crisis has had under "to clean up relations" with the state (which holds 15% stake) and make the company "more mature".

Be present at the headquarters of Renault and be first in line, that is precisely what the CEO had promised, after the reorganization of the group in late May, which had weighed heavily on the government. Paying for his handling of the "case", Patrick Pelata, Renault's number two, had been set aside in favor of Carlos Tavares.

Mechanically, the scope of responsibility of Carlos Tavares, his number two has narrowed compared to that of his predecessor. "It has fewer powers," but of "autonomy in what remains," said Carlos Ghosn.

The question is whether the iconic CEO will honor its commitments over time. One thing is certain, it is restore the image of the diamond brand in Europe find it in France a strong credit started this winter.

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Sony wants full control of Sony Ericsson

The maneuvers in mobile telephony will continue. Less than two months after announcing the acquisition of Motorola by Google, it's time for Sony to come forward. The Japanese would be poised to buy out its partner in the joint venture Ericsson they hold a 50/50, according to the Wall Street Journal. Sony said "have made any announcements on this and have no comment."

Becoming once again sole master on board in the phone, Sony get back into the race, while its subsidiary is in full decline. In the latest Gartner, Sony Ericsson does not point only to the tenth place. Unbearable to cope with the rise of Samsung and other HTC.

The share of Swedish would be valued between 1.25 and 1.5 billion euros.Sony Ericsson reported a loss of 50 million euros in the last quarter (ended June 30), strongly impacted by the consequences of the tsunami in Japan. The group felt when the earthquake had prevented the production of 1, 5 million phones.

A very strategic move

A recovery of 100% Sony Ericsson, ten years after the creation of the joint venture fits perfectly with the new guideline from Sony. Since late August, the Japanese never ceases to present the virtues of a strategy "five screens" (TV, PC, tablet, game console and … smartphone). At each speaking orchestrated by Sony, its subsidiary in the phone is a little more present. A to obscure the fact that the group led by Howard Stringer holds only half! While in September, when questioned on the subject by the Figaro, a leader of the group responded, "Why buy expensive our participation? ".Admitting a hint that Sony already felt at home in their joint venture. An attitude that could just as tired Ericsson, which has every reason to feel more deprived.

In addition, Sony ensures highlight the synergies between the different divisions of the group. But the mobile phone is, at present, is a real focal point. The latest Sony Ericsson Xperia smartphones are a perfect summary. They are equipped with optical CyberShot inherited cameras from Sony and for the sound, the Walkman and entertainment, Sony Entertainment. The climax was reached with the Xperia Play, which includes all the features of a PlayStation.

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