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.
Francois Hollande took over France in a low growth in Europe depressed, with the main challenges the recovery of public accounts and employment.
The pressure is on the new president, who knows that its room for maneuver is more limited than those of his predecessors.
Having identified the growth as a condition of the reduction of public deficits in Europe, it will negotiate, particularly with Germany, measures to stimulate activity without deteriorating accounts of the States.
In France, he inherits an annual deficit of about € 100 billion, focused on the state and the financial statements.
He promises to bring the end of 2011 from 5.2% to 3% of GDP end 2013 in accordance with the commitment of France, by raising taxes and curbing the rise in die ; think the effort is balanced between the two.
Priority of the French unemployment rises, it, every month for nearly a year and reached a forgotten since the late twentieth century.
To reverse the trend, adapting the social system and revive the industry, the new president plans to use fiscal and budgetary weapons and engage in important negotiations with employers' organizations and union.
FAITH IN THE FUTURE
Like his predecessors, he hopes to be helped by a more dynamic growth than await the IMF, OECD, the European Commission and economists. Additional austerity measures could therefore be required.
GDP would grow by 0.5% according to him this year, 1.7% in 2013, 2% in 2014, and 2% to 2.5% from 2015.
Economists at Credit Agricole CIB-felt before the second round it was a forecast "too optimistic".
"Both programs lack a credible comprehensive strategy to boost competitiveness and growth", they added about the finalists.
Francois Hollande opposed to a sudden slowdown in public spending, want to avoid explaining a recessive effect that dry up the revenue of the state and would increase the deficit instead to reduce it.
Increased spending would be 1.1% per year – against an average of 1.7% from 2007 to 2010 – which would decrease the amount as a percentage of GDP if growth is there.
His relatives said that the rating agencies were watching the growth prospects of the states, not just fiscal ratios.
Degraded by Standard and Poor's earlier this year, the memo from France – ever "triple A" by Moody's and Fitch – is negative outlook for all three agencies, which means other damage are possible.
RECOVERY HISTORY
Francois Hollande promises to balance the public accounts end of 2017, a first since 1974. The effort would be one hundred billion over five years, including about forty by the end of 2013, provided that the annual defense budget.
"Despite the strong commitment of candidates to control deficits, we highlight the historical magnitude of the adjustment would be needed", noted analysts at Barclays.
To lower the debt ratio to GDP, which tends toward 90%, about 80% end of 2017, Francois Hollande provides significant tax increases, where the impact would be in his the less sensitive: the richest households and the largest enterprises.
Thirty billion of new taxes would reduce the deficit, and fifteen more would finance a portion of its 20 billion euros of measures. Some of these measures according to him should support growth and employment, others restore "justice" as the softening of the pension reform.
It is however committed to removing the VAT hike decided for the month of October and that would affect all consumers.
Faced with unemployment at its highest since 1999, Francois Hollande relies on a battery of policy measures – including an increase in recruitment of officials – and on support for small and medium enterprises.
He promises a "generation contract" to integrate young people into the business while retaining older workers, and the creation of 150,000 "jobs of the future", a discount of up to date "youth jobs" of the Jospin government. He announced a refocusing of training on the less educated public and strengthening the capacity of job center.
STRUCTURAL WEAKNESSES
The new president will also reduce structural weaknesses that undermine the French economy since the end of the "thirty glorious years".
The foreign trade surplus that has been ten years since 1950, had a deficit of 70 billion euros last year, a record. The market share of France in world trade deteriorates to 3.3% last year against 5.8% in 1995. Exports and the deficit with the EU, representing 61% of total products sold outside France, widened further.
The imbalance of foreign trade is reflected in the current account deficit, which measures the evolution of the country's debt vis-à-vis the outside, so that almost ; s two-thirds of the stock of marketable debt held by French non-residents.
Francois Hollande surprised during the campaign by his discretion on structural reforms intended to reduce these imbalances.
"The discussions on an agenda of structural reforms (labor, goods and services) are, surprisingly, absent from the campaign of Francois Hollande," analysts at Barclays stressed. "That said, we see reason to believe in the ability of Francois Hollande to reform: the Socialist Party has traditionally good relations with social partners and Francois Hollande is known for build consensus. "
For Gilles Moec, Deutsche Bank, "its goal of zero deficit in 2017 is underpinned by ambitious growth forecasts which we believe are not credible without reforms rapid structural on which the Socialists are now completely silent. "
European shares ended sharply lower Monday, falling to a low of three months while disappointing economic indicators in the eurozone and political uncertainty in France and the Netherlands are threatening to stir the sovereign debt crisis in Europe.
In Paris the CAC 40 finished down 2.83% to 3,098.37 points, its lowest level in four months. The UK FTSE lost 1.85% and 3.36% the German Dax, while the pan-European FTSEurofirst 300 index lost 2.32%.
"The economic dynamics in the euro area is weakening and it will be more difficult for governments to achieve fiscal targets in an environment of low growth," said Emmanuel Cau, strategists ge at JPMorgan AM.
The sector index Stoxx 600 banks in the euro area fell by 4% to its lowest level since last November.
GDF Suez was down 2.68% despite increased performance in the first quarter thanks to Britain's International Power. It also confirmed its annual targets.
STMicroelectronics, largest decline in the CAC 40, fell 13.8% after the announcement of a further restructuring of its joint venture ST-Ericsson.
Dutch Prime Minister Mark Rutte said Monday it has presented his government's resignation to Queen Beatrix, who said she would consider it, paving the way for the e selection of a new parliament.
In France, Socialist Francois Hollande, topped Sunday, and the outgoing president, Nicolas Sarkozy, launched the campaign for the second round on May 6, whose outcome will depend part of the attitude of the voters of Marine Le Pen, the candidate of the National Front.
On the purely economic front, the flash PMI released in the morning came out below the most pessimistic estimates and raised fears a continuing recession in 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.
European shares closed sharply lower Friday, weakened by the tensions of the Spanish sovereign debt and growth of Chinese considered disappointing first quarter.
In Paris the CAC 40 lost 2.47% to 3,189.09 points, regaining its level of more than two months.
For the week, shortened because of Easter Monday, the index lost 3.94%.
The decline was accentuated in the afternoon after an indicator of U.S. consumer sentiment slightly below expectations and statements of Klaas Knot, member of the Board of Governors of the European Central Bank, hoping to avoid having to resort to new purchases of government securities.
"After rising yesterday as investors returned to the real problems of the Spanish debt. Klaas Knot's statements have put water on the fire," said Pierre Barral, portfolio manager at Convictions AM.
Klaas Knot, at a conference in Amsterdam, said:
"The instrument has not been used for a long time but it exists. I'm glad it was not used, I hope we will never to use it. "
"I do not think we are approaching the precipice, I think the markets have overreacted a little" (for Spain).
The London Stock Exchange yielded 1.03%, 2.36% Frankfurt, Milan and Madrid 3.43% 3.58%. Of the European indices, the Euro Stoxx 50 lost 2.58% and 1.63% Eurofirst 300.
Bank stocks and cyclicals suffered the largest declines sector in Europe, with a loss of 3% for the bank and 2.6% for cars.
The euro a little more resistant than shares and lost 0.8% against the greenback around 1.3080 dollar.
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.
EDF Energies Nouvelles and Alstom are the big winners of the first tender for wind turbines off the French coast of the Channel, the second one being planned in the second half to achieve the target set for 2020.
This tender, intended to kick-start the offshore wind sector, should help France catch up it has accumulated in other European countries in terms renewable energy and reduce its dependence on the nuclear-vis.
The Industry Minister, Eric Besson, announced Friday the award of contracts representing a total capacity of 2,000 megawatts, the equivalent of two small nuclear reactors.
These capabilities are less than a third than originally expected, the field Tréport (Seine-Maritime, Somme) has not been allocated for lack of sufficient competition.
The consortium formed by Alstom and EDF with Danish Dong Energy and won three of the five fields involved: Saint-Nazaire (Loire-Atlantique), Fécamp (Seine-Maritime) and Courseulles-sur-Mer (Calvados), or a volume of about 240 wind turbines.
Spain's Iberdrola and the French group Areva will see their side of the field jointly awarded the Saint-Brieuc (Côtes d'Armor), which should bring 100 turbines.
GDF Suez, which had also formed a consortium with Areva, gets nothing at this stage but will compete in the second tender.
"This decision will enable France to continue the development of renewable energy that are, next to nuclear power one of the two pillars of our policy e ; nergétique, "said Eric Besson at a press conference.
"A NEW INDUSTRIAL SECTOR"
He confirmed the target of 6,000 megawatts of capacity by 2020, as set by the Grenelle Environment for offshore wind and marine energy. The latter also include turbines, turbines use the energy of ocean currents, for which a separate tender is planned within two years.
The second tender will involve particular area Tréport and that of Noirmoutier, he said.
The selection of candidates announced Friday an investment of seven billion euros and the creation of 10,000 direct manufacturing jobs, argued Eric Besson.
"The foundations of a new industry and export are asked," welcomed his side in a statement the consortium led by EDF Energies Nouvelles, a subsidiary of EDF.
While Alstom plans to invest 100 million euros and generate up to 7.500 jobs with its partners, the challenge will be for the group to impose its new generation of turbine Haliade, inaugurated on March 19 to book (Loire-Atlantique).
Alstom, which confirmed Friday the establishment of four plants in Cherbourg and Saint-Nazaire for its wind Haliade says that orders, amounting to over two billion euros, will occur by field field from 2014.
Areva has now put forward his experience and that could create 4,000 jobs in France, including 1,000 in its single perimeter, while GDF Suez has raised up 'to 6,000 direct and indirect jobs.
Interviewed by three regional newspapers, Nicolas Sarkozy accused of "permanent CFDT" having "betrayed the trust of employees" in Florange. It was already taken last month at the SGC. President and candidate for reelection Nicolas Sarkozy (here Aytre February 21, 2012)
The bridges are cut between Nicolas Sarkozy and some unions. In an interview with three regional dailies – Eastern Republican, Rep. Lorraine and Vosges Matin, the presidential candidate accused of "permanent CFDT" of having "betrayed the trust of employees Florange", an attack that responds to criticism against the SGC in March, accused of trying to "play a political role". In fact, the CFDT and the CGT do not hide their anti-Sarkozyism.
Read also: Why the unions have lost their neutrality in 2012
When asked by the newspapers to "anger rising in Florange," Mr. Sarkozy responded: "Let's not confuse the workers, and worried that I got for 17 million euros investment and staff of the CGT or CFDT, two million of work done on the liquid phase immediately-this-works started, 7 for coke, 8,000,000 to the manufacturing plant of automotive products. " "This investment is for Florange! It is decided. If this work had not been committed, it was certain that the blast did not return," added the incumbent.
"As for the permanent of the CFDT," he added, "they betray the trust of employees. They came to insult me and try to break my campaign headquarters. Do not confuse the employees of Arcelor-Mittal, which I will not let go, and trade unionists who cheat their members by making policy instead of defending the interests of employees ". Mid-March, about 200 steelworkers steelworks Florange had come to Paris with the intention to go before the campaign headquarters of Nicolas Sarkozy as a large police had been deployed. Brief scuffles had broken out then with law enforcement.
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.
Privatization of tax collection, open to private hospitals, creating a single tax on companies by 15%: the leader of the Conservative party of New Democracy, Antonis Samaras, on Wednesday presented his recipes out of the crisis. The Leader of the Conservative party of New Democracy, Antonis Samaras.
The France of the ancien regime had its tax farmers to collect the tax in place of the state. Greece does go so far if the leader of the Conservative party of New Democracy, Antonis Samaras, came to power after the next election? Among his proposals to end the crisis, because it evokes a form of outsourcing privaisation or tax services.
"We advocate a single tax on companies by 15%, and at the same time we must ensure that there is not a crook in the system (tax, NDR). If necessary, we will use the type of private KPMG (audit firm, ie) to help us collect taxes, "said Mr. Samaras a delegation of journalists Spanish, Portuguese, French and Maltese visit Greece on the initiative of the European Commission. "We will use outsourcing services even if we also try to make public employees more competitive," said Mr. Samaras, whose party is leading the polls for upcoming elections in Greece, planned a priori in May
. Mr. Samaras reiterated that his party was committed to "submit to the policy "contained in" Memorandum "(the RAP of the economy) signed by Greece with its European partners in exchange for loans vital for the country. "We ask only a modification of certain policies to promote growth and stop the cycle of recession," he emphasized, however.
Greece is in recession for the fifth consecutive year. Questioned by the press on the responsibility of his party, in power between 2004 and 2009, in the current crisis in Greece, Mr. Samaras was rather minimized by rejecting most of the blame on the socialist party PASOK, with which He currently shares the power within the coalition government led by Lucas Papademos. "I do not mean that my party has no direct or indirect responsibilities in what took place
. We have not done some things we should have done, but PASOK did things he should not have done, "he said. "We have privatized Olympic Airways (…) but we have not privatized enough," he said, also refusing to recognize a liability for his party in the inflation of the country's public deficit in 2009.
Revision of deficit by the Socialists in 2010 (from 6% to 15% of GDP), which has crossed to Greece access to capital markets by triggering the IMF and the European Union (EU) for Rescue of the country, the subject of an intense political battle between New Democracy and PASOK. "To restore the credibility of Greece in this area, we did the right thing by appointing an independent person at the head of the statistics agency," said Secretary of State for Finance Yannis Mourmouras, this the meeting. "There is more political interference," he said. Moreover, on immigration, Mr. Samaras said he was "determined" that Greece "does not become a magnet for immigration" asking "a common policy in Europe" on the subject.