If it is a voice that carried Washington to moderate the heat-regulating the political class, it is that Jamie Dimon. Basking in the solid background of his bank during the 2008-2009 financial crisis, the CEO of JP Morgan had indeed become the "king" of risk control. And for four years, it is he who plays the role of informal spokesman of the profession when it comes to denounce the excesses or inconsistencies of new financial regulations.

This means that the trading loss of JP Morgan will cause shock waves far beyond the U.S. bank itself. Because the event takes place at the heart of a highly topical debate in the U.S. and Europe: that the application of the Volcker rule. This rule, named after former Federal Reserve Chairman Paul Volcker, seeks to prohibit banks that collect deposits from households to perform speculative operations. It was incorporated into the enormous legislative package – the Dodd-Frank – pass Congress in 2010 and any revision of financial regulation.

Activity called "cover"

Prevent commercial banks from becoming casino, the idea is consensual. But the implementation creates endless debates. The Volcker rule bans the proprietary trading – made with the bank's own funds and not on behalf of clients – and the management of hedge funds low fee payday loans. The definition of proprietary trading is difficult, however, and all the lobbying power of Wall Street is deployed to make it as restrictive as possible.

In the coming days, no doubt the arguments will carry less! Because JP Morgan has accused its massive loss on an activity called "coverage" – supposed therefore limit the risks taken by the bank, the kind of jobs that financial institutions want to continue in the future and they refuse to qualify speculative activities

.

What happened to JP Morgan will undoubtedly also affect Europe. The Old Continent is currently considering adopting its own "Volcker rule". A group of experts work on the matter at the request of the European Commission. Francois Hollande and included in its program a law of separation of banking activities. Jamie Dimon is in spite of himself to bring water to his mill.

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The figures published on Wednesday trade deficits German and French offers a shortcut striking about the strengths and weaknesses of the two economies. German exports hit a record in March. They rose 0.9% on month and rise to 98.9 billion euros, thanks to the success of products across the Rhine outside the euro zone. Its trade surplus amounted to 17.4 billion euros, up 16.8%. "A further sign of a healthy German economy despite the crisis in the euro area", decrypts Wirschke Constantine, an economist at Natixis.

If, at the same time, France has reduced its trade deficit of almost 500 million euros to 5.7 billion euros, it hides a global slowdown in trade. Clearly, exports fell twice as fast as imports. The first fell to 558 million euros, to 36.491 billion, when the second fell by 1.1 billion euros to 42.212 billion on March.

"The decline is more pronounced for imports after the substantial purchases energy (oil, gas) caused by the February cold snap, so the trade deficit is reduced, 'the Customs. Apart from lower petroleum products, purchases of industrial products decreased, which could reflect a slowdown in France, as the perceived leading economic index for April.

For their part, "exports of manufacturing industries are marking time, after their sharp increase earlier this year," are Customs. Computer sectors, including automotive and aerospace have been less successful in other countries.  

The good health of the German economy, however, allowed the industry to limit the hexagonal case. In March, Germany has indeed set a record for imports as well (78.1 billion euros over the month, up 1.2%) whose French exports have benefited. Particularly in the industrial machinery sector.

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They are the world 4000. These are created corporate universities, including training for all employees into thinking strategy, relationships with customers and suppliers. In France, they are still relatively under-exploited compared to a country like the U.S. (they exist only in 42% of companies surveyed by Ipsos for the Panorama HR BearingPoint).

Accor has pioneered in France, with the launch of the first university (called Academy) in 1985 in Evry (Essonne). Since then, the network giant's hospitality has grown and now has 17 academies around the world, attended each year by 135,000 students (for an average of 3 days).

37 000 employees trained in Saffron

According to BearingPoint, corporate universities should be less a place of production of content for reflection on trades or animation of the sectors. The University of BNP Paribas, installed twenty years at Louveciennes near Paris, recalls in this context that 75% of training efforts are devoted to technical aspects and 25% are cross-curricular competencies.

Physical sites or campuses in schools that organize their behalf training sessions? Forms of corporate universities are diverse. The engine manufacturer Safran devotes 13 acres near Paris to house its campus, the Safran Corporate University, plus the locations in Beijing and Dallas, to train 37,000 employees each year. Same strategy for Veolia, which has 21 campuses worldwide, including 6 in France, or EDF, which has consolidated its business academy in Les Mureaux, near Paris.

Other companies prefer partnerships with academia. Like the Mazars University, founded in 2006 by the specialist in auditing and consulting. As for PSA, he plans to sign this year no less than twenty-three partnerships with colleges and universities. The manufacturer intends to target the most prestigious colleges in each region. A strategy that resulted in France by the creation of chairs at the Polytechnic or Mines.

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It is not yet the big night for the property market but the trend reversal is confirmed. After the Chamber of Notaries of Paris-Ile de France is now the turn of the network of estate agents Century 21 noted a decline in house prices in Paris, as in the rest of France in 2011. Late last year, the former property prices had already declined in the Paris region but not yet in the capital.

But prices fell relatively little, yet after record highs in recent years. Thus, between the second half of 2011 and first quarter 2012, the average price per square meter of goods sold by Century 21 declined only 2.1% in 2578 euros/m2 average in France. The movement is even more tenuous in Paris, with a fall in prices of only 0.1%. A figure in line with the finding of the Chamber of Notaries of Paris-Ile de France which reported a decline in late March from 0.36% in house prices in Paris three months 8340 euros per meter square on average between November and January.

However, the number of home transactions performed by the network of estate agents Century 21 in France fell by 11.4% between the first quarters 2011 and 2012. This drop is even higher in Ile-de-France (-15.5%) and Paris (-17.4%). And for all of 2012, the president of Century 21 Laurent Vimont expects a decline over one year from 15% to 20% for the entire market of home transactions.

The expert, however, expected a price maintenance the same as in 2011. "You leave the frenzy and we return to reason. But the decline is not sustainable because demand is strong, "says this actor's real estate market.

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Living under the bankruptcy system, the famous Chapter 11, is not easy for a company. In a document filed with the court last week, the company found, in fact "a marked rise in employee departures in the first quarter." Departures deemed "particularly damaging" to the management level.

That's why Kodak offers to pay $ 8.5 million in an initial group of 119 frames, which still represents more than 71,400 dollars per person, to retain them. Another group of just over 200 employees, has been identified and should receive $ 5 million, or about $ 25,000 per employee.

Out of Chapter 11 is a real possibility in the United States. The most striking recent example of a successful exit is to make the assets of General Motors. This scheme allows the company to restructure while being protected from its creditors, a situation similar to the existing backup procedure in France. To achieve this, we must however keep its senior most "critical activity and the restructuring process," according to Kodak.

The company explains that "among the 7,600 employees of the group, there are many who have unique skills and value, but the weakness of available funds requires the group to make a strict selection of the beneficiaries" of this plan.

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The Brazilian soccer prodigy Neymar refusing to go play in Europe because of polar climate: the scene portrayed in a TV spot for a soda, ready to smile. Reference is however not trivial, the young striker of 20 years who recently refused the advances of the most prestigious clubs in Europe (Barcelona, ​​Madrid, Chelsea …) to extend his contract with the club FC Santos. With a monthly salary of 650,000 euros, the star player is the same salary level as many European stars. With an annual growth rate averaging 4.9% through 2015, according to PwC, Latin America has indeed a market for structured sport and motor globally.

Sign of the rise of emerging countries (the so-called Brics), Rio de Janeiro will host the 2014 Soccer World Cup and the Summer Olympics in 2016. A doubled as successful as the Russian city of Sochi (2014 Winter Olympics and football World Cup in 2018). "All countries do not organize these international shows for the same reasons, explains Matthieu Aubusson PwC. Many, like Qatar or China, do so for reasons of image, not in order to establish a sustainable economy of sport at national level. Besides, there are local markets in its infancy, with the gradual structuring is a major focus of development for the sports business world. "Like India, who bet on the cricket. And Brazil, which created a strong market for football within its borders, capable of retaining its stars and attract brands.

But this virtuous circle is still fragile. "Failure of broadcasting rights and the increased risk of" ambush marketing "(a combination undue brand to an event, Ed) can slow market growth in these areas, said Fabrice Lorvo, specialist sports marketing for FTPA. By directly touching the sponsors, they are fleeing the market. "No problem for major events such as the World Cup or the Olympics. But the regional championships or events will continue their efforts to retain players in the sector, "which invest in proportion to the broadcast media," says Fabrice Lorvo. African Cup of Nations (CAN), with 3 to 4 billion cumulative viewers and 35 million euros of revenues earned in 2012 by the organizing committee (COCAN), looks set to meet this challenge.

In France too, the sector is doing well

12.8%: the growth in the French sports business estimated by PwC who will publish these figures on Thursday morning at Sporsora foundation. "The yo-yo effect of this industry is very strong, warns Mathieu Aubusson, because even years are marked by the organization of major sporting events which boost sponsorship contracts, rights TVs and ticket sales . "Despite this distortion, the average annual growth sector in the Hexagon will reach 3.7% to $ 5.5 billion in 2015, reflecting the appetite of brands for sponsorship (5, 2%). Proceeds from ticket should then take over from 2016, while France will host the Euro 2016 football stadia refurbished.

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The protest of sanitation workers in Greater Lyon hardens. They decided on Saturday to extend their strike until Monday, which has lasted nearly a week. This decision was taken at a general meeting of the Inter-CGT-FO, CFDT, CFTC, UNSA-FAFPT this morning. Refuse collectors protest against "privatization" of garbage collection. Today, public ownership and private companies share the task in 58 municipalities of Greater Lyon. However, the urban community has redefined the geographical starting in October 2012. Therefore, the Lyon and Villeurbanne centers will be entrusted to the private sector. Conversely, the control will get the garbage collection in the towns of the west and south of Lyon and Villeurbanne the periphery.

For unions, this redistribution could lead to further privatization in the next round of bidding in 2017. "There is no question of moving towards a full privatization, but to have a balanced 50/50 public-private", reiterated Thierry Philip, Vice President of Grand Lyon in charge of cleanliness on Friday at the Following a meeting with unions. An encounter that turned into a dialogue of the deaf. "I do not see a crisis," lamented the representative of the urban community. The strike rate had risen to 40.7% from Friday's 400 garbage collectors.

Besides the fear of a "grazing" by the private sector, unions are now demanding "every Saturday off." They have actually hardened Wednesday their original claim of a weekend on two of rest. In response, Thierry Philip, Vice President of Grand Lyon in charge of cleanliness, ruled Thursday that requirement "impracticable", arguing that granting of rest every Saturday would force the city to "make use of temporary agency or the private market, which would cost 2 payday loan no faxing.5 million a year. " He recalled that the strikers had obtained, as of November 2, a weekend on two of rest.

"We do not want to politicize the debate"

While negotiations are deadlocked, the Greater Lyon has sued several union officials for obstructing labor law. The strikers are convened in chambers Monday at 18 pm at Lyon Administrative Court. Shocked, the Inter, who denies having blocked deposits, in a statement requires "respect the right to strike and stopping pressures" through "the use of private trucks and temporary" to ensure the tours of the strikers . It also threatens "to expand the movement beyond the collection", with the possible filing of a notice of strike action "for all agents and all services for the Greater Lyon respect the right to strike, the improving working conditions and the protection of our public service. "

They hope to go en masse to the Tribunal to support their colleagues Monday, strikers, however, assured that they would organize any event this Saturday on the sidelines of the visit of Nicolas Sarkozy in Lyon, a city whose streets are certain already littered with trash cans full. "We do not want to politicize the debate," said Mohamed Messai, vice-chairman of the CFTC Fnact. "The RG called me this morning, I'm reassured."

(With agencies)

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The joint complaint of the United States, Europe and Japan against China is not surprising. The World Trade Organization (WTO) has already ruled illegal last summer, Beijing's restrictions on exports of commodities in general. And China's argument that its quota of "rare earths" are intended to "protect the environment and achieving sustainable development" is not fooling anyone.

China, which recorded a trade deficit in February to $ 31.5 billion, supports its industry through subsidies and by keeping its currency, the yuan, at a deliberately undervalued. But at a time when the "Buy European Act", like the "Buy American Act", is invited in the French election campaign, there are concerns of a revival of protectionism in the world.

If one believes the Swiss NGO Global Trade Alert, trade tensions are "at their highest level since the Lehman crisis in 2009" and, since July 2011, "protectionist measures exceeded those due to liberalization three for ". In its latest report on trade barriers, Brussels estimates that European companies "have suffered from a revival of protectionism, especially in emerging countries."

This revival is not just Asia. In Brazil, where growth fell from 7.5% in 2010 to 2.7% last year, the Minister of Finance decided a 30% increase taxes on imported vehicles whose parts are not at 65 % at least "made in Mercosur" (Argentina, Brazil, Paraguay, Uruguay, Venezuela) payday loans. The National Confederation of Industry of this country calls for new support measures.

Asia and Latin America in mind

Pretext not to disrupt the balance of payments, while its access to capital markets remains limited, Argentina imposed a series of restrictions "informal" imports: Porsche had to commit to buying wine and oil Argentine olive to bring a hundred cars, and BlackBerry has opened a plant in Tierra del Fuego to continue to sell its mobile phones. More generally, the Mercosur countries have agreed to increase their taxes, up to 35% on all products imported from outside of their block.

At the last WTO ministerial conference in December, its director general, Pascal Lamy, noted that the number of protectionist measures worldwide had increased from 220 in 2010 to 340 in 2011. China has two logical write two MEPs in a recent report: "the temptation of protectionism that conditioning access to its domestic industry to put its head in all new waves of technology (…) and that of the universalist ambitions of foreign market access. "

Certainly, calculates the WTO anti-dumping investigations declined from 213 in 2008 to 153 in 2011. But any return to protectionism today would cost $ 800 billion into the global economy, she warns.

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We can no longer say that sports fans are more addicted to TV land … In 2011 only, the Internet has indeed surpassed for the first time on television as their main source of sports information for young people. This is the main lesson of the annual study that Havas unveiled Wednesday as part of the Global Sports Forum (GSF) of Barcelona, ​​which runs until March 9. Entitled "Globalization and new media in sport", it looks in seven countries on the media behavior of sports fans over 18 years, that is to say, those who inform on the subject at least once a month.

Among them, the fans 18 and 35 years are 36.1% to learn about their sport or favorite team on the web, against 32.1% on the small screen. "Consumption" live "is increasingly complemented by a consumer" share "around the sporting event, explains Lucien Boyer, CEO of Havas Sports & Entertainment, which organizes the GSF. With a plebiscite for the video, since 48% of fans prefer this type of content written contributions. "It must be said that these images are often not available on other media.

Among younger (18-27 years), social networks Facebook and Twitter, growth drivers, topped platforms used, whereas 28-35 years have more trust in traditional media sites. All ages, television is still the media king to watch sports, because 94.3% of fans use it at least once a day for information. "The consumption of sports on the Internet is added to that on the small screen, it does not cannibalize, based Lucien Boyer. People tweet while watching Madonna at halftime of the Super Bowl final: there is a diversity of topics, shared across multiple screens. "

More international meetings

Second great lesson of the study: internationalizing the content, the Web supports the demand of international meetings of the fans. A third of them (35.8%) prefer "largely" local meetings. Apart from the English fans, all would also see more games from foreign leagues on their screens (60 to 80% by country). Globalization of content that plays on the reputation of the championships, especially in football. The prize is awarded to the English Premier League, which manages the feat to bring more fans abroad (58.9%) than at home. Like Barca Catalan (60%). Instead, the French league, still sealed by the fiasco of the World 2010, suffers from a strong lack of image, with only 5% of fans outside the hexagonal borders.

Originality, this year, the panel studied include Poland, within weeks of the start of the Euro 2012 football championship held in the country and Ukraine. A market that stands out from any influence of social networks, for reasons of Internet penetration. His teams also benefit from a more strongly associated with purely sporting values ​​(win games, offering a beautiful game …). This is not the case teams in Western Europe, associated with values ​​of "sports business". Chief among the objectives cited by respondents for these clubs seeking sponsorship, ticket sales and merchandising.