JPMorgan has been the subject of Wednesday two lawsuits from some of its shareholders, who accused the bank and its executives for taking excessive risks that led to trading losses of at least two billion announced last week.
A spokesman for JPMorgan Chase declined to comment on these two complaints that were filed in federal court in Manhattan.
Economists and analysts are far from unanimous on the eve of the first round of presidential elections on the possible impact of the vote in the markets and the debt of France.
This uncertainty was reflected in an excitement on the market of the French debt, whose resistance was tested Thursday on the occasion of a rumor of dice gradation of the sovereign rating of France.
"The continuation of the gap (between the French and German rates) depend on the evidence that will give the next president of the Republic of the fiscal framework that will implement , and this will depend on the coherence between the presidency and the majority it will enjoy in the Assembly, "said CM-CIC Securities in a note.
The first round results on Sunday, to measure the influence that extremes may have on the face of the next National Assembly, while a socialist majority in the Senate and that a victory of Francois Hollande in the second round of presidential elections is seen as the most likely outcome among market professionals.
Uncertainty, they agree to say, will remain until the June parliamentary, government's announcement will come out and the decisions it will take to reduce budget deficits ; TARY.
But, says Guillaume Menuet, an economist at Citigroup, "the markets could react negatively, especially if the candidate of the far left reaches Jean-Luc Melenchon third me, allowing his party and his Communist allies to influence policy, even at the margin ".
"DEBT RESISTS WELL"
A rate strategist at a major bank, who noted the relative stability of voting intention polls, sees no movement on the scale of market unless the two finalists are not Nicolas Sarkozy and Francois Hollande.
"There will not necessarily flow as a seller there is no flow buyer. Like right now, people will stay on the side," he said. He noted that currently, "(despite) the absence of flow buyer, the French debt up well", even as concerns over the euro area are back.
The French rate to 7 years maturity corresponding to the average of the entire French debt, varies from a low of 2.28% in early February 2.5% today, representing a decrease of 22 basis points only.
Many investors point out that the current market will continue to revolve around the financial situation of the countries 'peripheral' in the euro area, regardless of the next tenant of the Elysee.
"We continue to believe that the first factor in the evolution of spreads will be the evolution of French spreads devices and macroeconomic prospects of the debt crisis in the eurozone" write economists and strategists from Barclays. "The elections will be a secondary factor behind Spain and Italy."
But for Robert Crossley, rates strategist at Citigroup, "the market seems serene, wrongly, on the prospect of victory in Holland. This victory is likely to result in a defeat on the economic front and market confidence "
." Mê ; myself skimming the election rhetoric, the hostility of Holland to the business world and his lack of experience in finance and bond markets begin to undermine the fragile market confidence, "he says
. He however advised to buy the debt of France to favor of widening spreads (yield spread with German debt, refer to the euro area) related to political uncertainties, this spacing to be temporary according to him. He suggests buying French bonds at 10 years and sell bonds or Austrian Belgian with the same maturity.
Meanwhile Sunday, the spread between the yield of the French loan to 10 years and its German equivalent has deviated 29 basis points (bps) since April 12, at 140 bps. The rate of the French loan to 10 years was him, stretched by 21 bps to 3.10%.
On the market very illiquid sovereign CDS, a sort of insurance policy against a default, the spread of the 5-year CDS of France rose from 177 to 210 points from 12 in April.
On the stock market, strategists advise to stay away from French values facing their domestic market but to buy the CAC 40 index.
"The CAC 40 is not France," wrote Credit Suisse those that say that 66% of the turnover of the 40 companies in the benchmark index of the Paris Bourse are outside France, and 36% outside the euro area.
The bill to nationalize the oil company YPF, the Spanish subsidiary of Repsol was adopted Wednesday in the Argentine Senate committee, which should allow the vote in plenary sitting of the text ; re next week.
Argentine President Cristina Fernandez announced Monday his intention to nationalize 51% of YPF, the first oil company in the country, drawing criticism from the international community.
Wednesday, the government decided to include the company YPF Gas, another company controlled by Repsol, which distributes propane and butane, in the Bill of nationalization of YPF.
The action YPF, which had already fallen in anticipation of the announcement of the nationalization, has still dropped 28% Wednesday.
Tuesday night, Argentina announced that it had no intention of paying the $ 9.3 billion (7 billion) claimed by Repsol YPF to 51%.
"Everyone knew that the risk of nationalization was high," said an Argentine economist familiar with the matter YPF. "But now we have more information on the price that Argentina wants to pay for a controlling stake in YPF."
The United States said Wednesday that the proposed nationalization was a "negative development" and said they were very concerned.
Spain for its part should ask the EU to avail of the World Trade Organization (WTO) to ensure the open proceedings against Argentina.
A meeting of European foreign ministers is scheduled for Monday to decide how to resolve the dispute between the two countries.
The CEO of Qatar Airways has expressed interest in studying the case of aircraft developed by countries such as China, given frequent delays at Airbus and Boeing.
Akbar Al Baker, who regularly criticizes two giants of the aerospace industry not to take their time, said Monday that delays of up to three years had thwarted growth plans of carriers in the Gulf region, which now constitute much of the Western demand for appliances.
Qatar Airways has ordered the Boeing 787 Dreamliner, the Airbus A380 superjumbo and the A350, three devices that did not meet delivery dates announced.
The airline has also ordered smaller devices to 150 seats, as the A320neo. She ordered 50 during Dubai Airshow in November.
Asked if he would consider buying Chinese equipment, Akbar Al Baker said: "Why not? If it is safe, effective, advanced and that it meets the requirements."
The Chinese Comac develops a 150-seat aircraft.
Industry leaders argue, however, it will take at least ten years before China can compete with Boeing and Airbus on larger aircraft.
Sony's new boss Thursday drew the outlines of a recovery strategy includes 10,000 job cuts and a focus on mobile electronics and medical equipment, in hopes of re reconcile the group to profitability despite its difficulties in televisions.
Kazuo Hirai, who succeeded last month in Howard Stringer to the general direction of Sony, has doubled the forecast annual loss of the group to a record 4.9 billion euros and is faced with the daunting task of rehabilitating the brand, trailing Apple's U.S. and South Korea's Samsung Electronics.
"We heard the many voices calling for change of investors," said Kazuo Hirai before a crowd of journalists gathered at Sony headquarters in Tokyo, not far from the first plant group, opened 65 years ago.
"Sony will change," he promised.
Sony, like its Japanese rivals Sharp and Panasonic, has suffered in recent years a decline in demand for televisions, fierce competition and competitiveness weighed down by the strong yen.
To bounce back, the Japanese manufacturer of consumer electronics said he wanted to strengthen its business in mobile phones, digital cameras and games, while seeking strategic investments in mate ; riel medical and batteries for electric vehicles.
The group also confirmed press reports that he would eliminate about 10,000 jobs, or 6% of its global workforce, and provisionnerait a restructuring charge of approximately 75 billion yen (705 million) on the current fiscal year, ending March 31, 2013.
Sony also intends to reduce its costs by 60% and 30% fixed operating costs in televisions in 2013-2014.
"We can not shy away from tough choices," said Kazuo Hirai.
BET ON ENDOSCOPES … AND PORTABLE
By focusing particularly on medical equipment, which is booming, Sony aims for 2014-2015 a total turnover of 8,500 billion yen (80 billion) and operating margin of more than 5%.
The inventor of the Walkman and the PlayStation was one of the frontrunners to an alliance with the Olympus medical equipment manufacturer, which owns 70% of the global market for diagnostic endoscopes but whose finances have suffered from a large accounting fraud discovered last fall.
Sony sees endoscopes, it could enrich its imaging technologies, a growing market. He also said he was looking for partners to make batteries for electric vehicles.
"Expanding its presence in the medical field and electric vehicles is a good thing because these activities have better margins and these are areas where Japan has been proven," said Michael One (Beyond Asset Management).
But Sony has also promised to put smartphones in the heart of its turnaround strategy to triple its sales in mobile telephony to 1,800 billion yen over the next three fiscal years. Some analysts see an inconsistency.
"We do not understand exactly how they will adjust their activity in the electronics, nor how they will again create value," said Tetsuro Ii, president of Commons Asset Management.
Sony Ericsson has already bought full control of their mobile phone joint venture Sony Ericsson to strengthen its position in a market dominated by Apple and Samsung. He has since launched its first smartphone, the Xperia range, under the Sony brand.
Prior to these announcements, Sony has the action ended Thursday up 0.86% to 1,528 yen in Tokyo Stock Exchange.
The Group's market capitalization has shrunk by almost 20% over the last month. Samsung is now ten times and Apple – that some Sony executives were considering buying in the early 90 – thirty times.
Takeda Pharmaceutical announced Wednesday the purchase for $ 800 million (609 million) of URL Pharma, a U.S. laboratory specializing in the treatment of gout.
The first Japanese pharmaceutical company will provide further value based on future performance from 2015.
Japanese pharmacists are engaged in a flurry of overseas acquisitions, Takeda announced in the May 2011 takeover of Swiss laboratory Nycomed for € 9.6 billion.
URL Pharma achieved a turnover of about $ 600 million in 2011. Its main product is Colcrys, a drug for the treatment and prevention of gout.
Net sales Colcrys exceeded $ 430 million in 2011.
Values to follow Tuesday at the Paris Bourse.
* GDF SUEZ announced he would propose to its shareholders to receive shares in a portion of the dividends for 2011 and 2012 to complete the refinancing of its tender offer to minority shareholders of Britain's International Power.
* PSA Peugeot Citroën has signed with a subsidiary of Ivanhoe Cambridge real estate arm of the Caisse de depot et placement du Quebec, a sales agreement for the sale of its headquarters Avenue de la Grande Armee in Paris.
* BOLLORÉ. The mutual insurer Groupama said Monday it has sold all its shares, or 3.10% stake in the diversified group.
* AIR FRANCE has placed its short and medium haul business in the center of its turnaround plan and said that the maintenance of this activity depend on a "radical restructuring" and reduced "drastically costs ".
The countries pledged to reduce its public deficit to three points of GDP by 2012. To achieve this, the government announced tax increases and lower spending. The Spanish head of government right, Mariano Rajoy.
Brussels had requested an additional effort of 20 billion euros. Spain is best. The Spanish government on Friday approved its draft budget for 2012, which provides "over 27 billion euros' savings and new revenues, including through the wage freeze for civil servants and lower departmental budgets by 16.9% on average.
"We are facing an extreme situation," admitted the government spokesman Soraya Saenz de Santamaria after the Council of Ministers, and "our first obligation is to return to public accounts cleaned up", while the Spain pledged to cut the end of 2012 the government deficit, from 8.51% to 5.3% of GDP.
Spain is the country with the least restated its fiscal 2011, the experts calculated at Credit Suisse. Its structural deficit (independent conditions) was reduced by 1 percentage point of GDP. A figure that is stain when compared to the effort in neighboring countries: more than 3 points in Portugal and almost 6 percentage points in Greece. To compensate for the delay in 2011, Spain had to work twice as hard. It's done. At least in part.
Most analysts expected the need for Spain to find about 50 billion euros between savings and new revenues, taking into account the recession, which should reduce the Spanish GDP by 1.7% this year. The rest of the effort must come from particular regions and municipalities, the fragile financial health since the bursting of the housing bubble in 2008.
Madrid, in any case, does not completely stifle the economy by embarking on a program of excessive rigor.
The return to a lower deficit will be "not achieved at any price," warned Soraya Saenz, stressing the need to "support those who need it most and does not block growth and job creation "In a country with record unemployment (22.85%). Thus, "we decided to keep the revaluation of pensions, freeze the salaries of civil servants rather than decrease, maintain unemployment benefits and social spending, including grants," she said. Similarly, "we will not raise VAT to not harm the consumer and the economic recovery, but we will increase the corporation tax for large companies."
Roche said Thursday it raised the price of its unsolicited offer on American society Illumina to $ 51 per share, against 44.5 dollars previously.
The new price values the American specialist of gene sequencing to more than $ 6 billion (4.5 billion euros), Roche hoping to make a difference before the general meeting of the group from San Diego to be held next month.
"Based on our discussions with shareholders of Illumina, we collected the interest of accelerating the acquisition process. Accordingly, we are increasing our price to $ 51 per share, "said the Swiss pharmaceutical group Roche said in a statement
. has pre ; fied that the other terms of its offer remained the same and he still favored the opening of negotiations
. Monday, the group Basel had indicated that it was extending its offer again, without changing the price and making it run until April 20
. Roche softens its position, while its CEO Severin Schwan repeated that he did not raise its offer. But nothing says that this gesture will be enough to persuade shareholders, analysts suggesting a price of $ 60 per share, better able to convince the recalcitrant.
Illumina was adopted in late January the principle of a "poison pill" by distributing as a dividend right to purchase preferred share per share outstanding at February 6, exercisable if a shareholder reach or exceed the threshold of 15% stake.
Arnaud Lagardère, General Partner of Lagardère, has made further sales of shares of media group for a little over 1.7 million, after have recently sold for eight million shares.
According to advice published by the Financial Markets Authority (AMF), new assignments were made on 19 and 20 March for a total of 74,247 titles.
Arnaud Lagardère had already sold 346,653 shares between March 16 and 12, or 0.26% of the capital.
The group had indicated that these transactions were within the framework of the "unwinding of a financing package set up by BNP Paribas in 2004 to mark the settlement of the estate of his father and under the relevant contract. "