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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Never a newly elected president will have faced a complex situation on the unemployment front. It goes back no less than thirteen years ago to find indicators also deteriorated. The unemployment rate is nearly 10% again of the workforce, nearly one in four is unemployed, the long-term unemployed (unemployed for more than a year) adjoining 40% of registered employment center and length of unemployment has jumped nearly 20% since the crisis began, to 464 days.

Main reason: while the labor force grows, France does not create enough jobs. In contrast, the number of available positions in the economy has shrunk by 200,000 even in the last five years, a first in the Fifth Republic.

The crisis is obviously much. Nevertheless, not a head of state had signed a mandate with a negative balance. Even François Mitterrand, whose first seven were deadly with the disappearance of entire job in the steel and textiles, the odometer showed 56,300 designs in 1988.

Francois Hollande, who "give a year" to reverse the unemployment curve, in any case will be hard pressed to meet its commitment without a boost – very speculative at this stage – growth. According to the latest available forecasts of Unedic (UI), the number of job seekers expected to grow by 214,000 this year – and so cheerfully exceed the symbolic threshold of 3 million unemployed registered at employment center Class A – and the number of jobs fall by 123,000 merchants payday advance low fees.

"The year 2013, however, should be better on the employment front, predicts the new tenant of the Elysee, by improving the international situation, but also with our first steps." … ….. 100,000 jobs for the future

Among them, is a classic: the "social treatment" of unemployment. In other words, subsidized jobs. The next few weeks, 100,000 "jobs of the future" must be created in neighborhoods (50,000 more will follow on the remainder of the quinquennium). This is a version of "makeover" of jobs for young Martine Aubry: odd jobs for five years in associations or local authorities, publicly funded.

Francois Hollande also intends to create 500,000 contracts generation during his tenure. The idea, intellectually attractive but criticized for its windfall, is to link the hiring of a youth to remain in the employment of a senior until he can retire at full rate, both jobs are exempt from charges.  

The president-elect has also promised to strengthen the means to improve employment center to help the unemployed and plan to launch a green renovation of housing could create tens of thousands of jobs.

Finally, to stop the "stock layoffs," he intends to make it more expensive, give employees new ways to challenge them in court and force the relocation of businesses dedicated to repaying public aid.

]]> http://wtwoodsoncrew.org/a-year-to-reverse-the-unemployment-curve/feed/ 0 http://wtwoodsoncrew.org/gel-fnsea-requires-flexibility-on-aid/ http://wtwoodsoncrew.org/gel-fnsea-requires-flexibility-on-aid/#comments Thu, 26 Apr 2012 02:00:11 +0000 admin http://wtwoodsoncrew.org/gel-fnsea-requires-flexibility-on-aid/  

The specter of drought away with the recent rains. But the winter freeze damage to crops are more than expected as and as spring advances. "That damage is exceptionally large, Xavier Beulin regrets, FNSEA President. In total 600,000 hectares of wheat, canola and barley were destroyed by the cold wave of February. "

In a letter to the Minister of Agriculture, FNSEA asks Bruno Le Maire to trigger the emergency procedure in Europe. It provides "the inclusion of force majeure" as "a serious natural disaster affecting a major agricultural area of ​​operation", so that farmers continue to receive their aid.

The green light from Brussels

Payment of these grants is linked to European compliance by the operator of a number of criteria, including stick to crop type notified in advance. This "rotation" is defined in the declaration CAP (Common Agricultural Policy) that meet the farmers every year in May for the crops they will do next season. These conditions are required to receive direct payments. Other aid, indirect, are related to the implementation of certain agri-environmental standards guaranteed unsecured personal loan. The leaders of the FNSEA have already given the green light from Brussels. They now expect the French transposition.

Activation of this procedure will allow farmers, especially those in the north-eastern France, the winter freeze victims, not to be penalized twice: not only by the lower yield of spring planting, but also by a reduction in aid European sanctioning non-compliance of the crop rotation in their declaration CAP. Finally, the recognition of this act of God must allow an advance on anticipated aid on October 16, instead of early December.

Private insurance side, the amount of compensation that will be paid, should amount to some 70 million euros. But all farmers are far from having signed a contract to hedge. Finally, a new wave of freezing took place last week but it has affected this time departments of the central region, penalizing the orchards and vineyards.

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Francois Hollande said today he hoped the French savings could be more "mobilized" to fund a portion of the debt, provided that the loan terms are more favorable for the country.

"I have an idea that the savings of French, which is very high (17% of our revenues are spared), can be mobilized for industry, housing and also for debt" , he said, asked about this during the "Grand Journal" on Canal +. His speech was recorded earlier in the day, due to the evening meeting in Bordeaux. "So that, the more you borrow from the French, the less you borrow from the markets," he said.

Run government bonds

When asked, "will launch on government bonds to individuals?", He replied: "I think about it. It already exists. What was formerly called T-bills, large bonds. The more we borrow in our own markets with the savings of French, it is less dependent on investment funds credit report. "" You will do it more consistently? "He replied," More systematic, yes. "….. …

Asked about the fact whether he had decided, he said: "Yes, actually. Then you have to see the conditions. It has to be a rate that is not greater than the market. Not worth paying a debt even more expensive if purchased by the French. "

In June 2009, President Nicolas Sarkozy had wanted to launch a new loan with the French. There were abandoned because the cost of a public offering would have been much higher than going market. The initiative of Nicolas Sarkozy was the first such operation in France since the famous "borrowing Balladur" in 1993.

At the end of 2011, 65.4% of negotiable government debt (in the form of securities) were held by non-residents, and 34.6% of French residents, according to data from the Agency France Trésor, which manages the French debt.

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 Brics, locomotive

Puma has taken the bull by the horns. At 33, Franz Koch, boss operational in nine months, is in his sneakers and his goals: "Back on the attack" ("return to the attack"), the five-year stimulus offensive launched in late 2010 after two years of restructuring, is, he assures, "on track, although we have much work." It must propel the feline claw in Bavaria, a subsidiary of PPR since 2007, 4 billion in revenue in 2015. 3 billion have been taken last year, thanks to a 11% increase in sales, driven by emerging countries. For 2012, the Olympics and the European Football Championships, the third sporting goods company remains cautious and expects an increase of 5 to 10% of its revenue and 5% for net income.

Sign that times have changed for Puma, the group revives right now with a strategy that he had put a halt in 2009, amid plummeting results: "We started to open its own stores, net balance, last year, "says Franz Koch. So again the griffeétend its own network of 500 stores, needed to control its image. Sales have increased by 9.5%, to 515 million euros. The 2015 plan should get their share in turnover of 17% to 20%.

In France, where Puma had only five clearance shops and a Parisian concept store, a second will open in May. Tens will follow in the world. But the bulk of its sales are made in multi-brand stores and franchises, especially in China (1000 to 1200 franchise worldwide, and one hundred openings are planned).

To restart the machine, Puma, inventor of the "sport lifestyle", sporty daily, draws another lesson from the past: his offer was not enough "cool." Thanks to a campaign on Facebook and stores, Puma seduces young again: darts and table football in the welcome new concept stores. "Our customers perceived primarily as a Puma shoe brand, which represent over half of our sales, we have therefore given to the center of new stores," said Franz Koch cash advance loan no fax.

Back to the roots

Among the new Re-Sweden tennis a 100% recycled vintage sneakers DJ contrast to children who issue jingles with every step. According to a consultant, next winter, new lines dedicated to fight back 10-18 years to Nike or Adidas Neo new brand for girls.

At a time when the loan-to-wear classic suffers, Franz Koch also wants to give more room for sports performance, "the lure less volatile than fashion." Sales of items for football, motor racing, athletics, sailing and golf will rise from 35% of sales to 40% in 2015. Lifestyle and fashion come down from 65 to 60%.

This return to roots sport is based on an acceleration in the sponsorship and sports marketing. The leading football in Africa has strengthened its contracts with the Italian Football Federation and Dortmund, two gun teams in European football championships. And implementation, the London Olympics, the Jamaican athlete Usain Bolt, who signed an online. Her delegation will wear shirts designed by the daughter of Bob Marley.

Puma will also more technical innovations derived products in its sports mode, for example, doubling a black trench for the city of tissue heat reflector, from sailing. To achieve this, Puma must deploy its innovation and provides only 10% of the range were there is little common to all countries. "Over the cycle of product innovation, broke out between different countries, too many products were abandoned, contributing to eroding margins," says one consultant.

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Loan Union plans to become a beneficiary in excess of 100 million euros in loan production per year payday loans direct lenders.

Since the beginning of the campaign, the Business Institute is screening the proposals of the major candidates. Holland in the program, the single most "budget-" would be the creation of 200,000 contracts "generation" every year. This device is for a company to keep a senior until his full retirement and hire the same time a young person under 25 years, with exemption of social contributions on both jobs for three years. It would weigh between 7.6 and 8.3 billion euros per year, at the end of the quinquennium.

Besides, the cost of 150,000 "jobs of the future" seems almost weightless! It would reach 823 million, including exemptions from employer contributions for – minority – of these jobs in the private sector. More expensive would be the possibility to retire at age 60 and full rate for those who have paid 41 years: $ 4 cheap credit report.5 billion in 2017.

Some measures in the bill forgotten

As for the passage of 75% to 50% by 2025 the nuclear share of electricity generation – which means "to increase the share of non-renewable energy from 15% to 40%" – it would cost 1, 8 billion to the state in 2017, in the form of tax loopholes (and double for the consumer as higher electricity prices).

Finally, the independent think tank the valid order of magnitude announced by the PS 20 billion in additional government spending per year, a lame, totally financed by tax increases. In this detail: some measures have been forgotten in the bill – including all those evaluated today by the Business Institute!

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17 billion euros in investments, 164,000 jobs directly and 97,000 indirectly. Which to house the mammoth project? Madrid against Barcelona: the contenders are the most powerful cities of Spain … and two eternal rivals, in politics as on the football field.

A funny clásico, fanned by a singular trophy: the U.S. company Las Vegas Sands wants to establish in Spain's largest casino complex on the Old Continent. "Eurovegas" must be the European version of the world capital of the game Six casinos, 36,000 hotel rooms, three golf courses, a 15,000-seat auditorium

.

The figures, astronomical, are salivating entrepreneurs and politicians, while the country is mired in negative growth and an unemployment rate near 23%. The real estate engine "miracle" Spanish is down. Regions and municipalities in crisis seek relays create jobs and tax revenue.

In desperation, local politicians are suitable for all investors games. Left to take a project still vague for a real growth driver. Leaves to forget that five years ago, a similar idea had generated the same enthusiasm in Aragon, before developers do not suddenly reverse.

Barcelona or Madrid? Sheldon Adelson, owner of Las Vegas Sands, hesitates. After a year of study and 7.6 million euros spent, however, the decision must fall rapidly before the summer, the billionaire promises.

Rebates and exemptions

His communications director, Ron Reese, said the two cities "are tied." The project, said Reese, who will go to that show the more "flexible". The list of requirements is long Adelson as a letter to Santa. His company is seeking exemptions from social contributions and tax rebates. She wants the standards against money laundering to be relaxed to facilitate, she said, remittances players. Besides other applications wackiest, like creating a MBA in the gaming industry, or the lifting of the ban on smoking in rooms.

These requirements seem exorbitant to upset any politician. In Barcelona, ​​we recall that the project needs to attract 11 million visitors. "Quality tourism" believes the President of Catalonia, Artur Mas.

In Madrid, the figure of 260,000 jobs dizzy: it represents half the number of unemployed in the region. The president of the autonomous government, Esperanza Aguirre, has promised to make "all necessary legal modifications, as they do not violate [its] principles."

Demonstration in Madrid

Thousands of people rallied Sunday in the streets of Madrid to the appeal of unions, against labor reform implemented by the government the right to fight against unemployment, the mobilization test before a general strike scheduled for March 29.

The two main Spanish unions, UGT and CCOO, have called for demonstrations in 60 cities in Spain, to protest a reform they deem "unfair and ineffective" and "defense of public services".

Carrying red flags and placards with the words "no budget cuts", "No to social regression", shouting "we will not pay their debts with health and education", thousands of protesters stormed the center Madrid. 

The Conservative government of Mariano Rajoy adopted on February 11 for further reform of labor market flexibility, including lower redundancy payments and measures to stimulate youth employment.

The FIP and FCPI no longer as successful … These funds were nevertheless supposed to attract the savings of the French and use it to finance long-term SME unlisted. A long-term investment (eight to ten years), illiquid, without capital guarantee but with a … boutique tax: a reduction in ISF or income tax, as desired.

But last year, this core was not enough tax. For the first time since 2006, investment funds and local mutual funds in innovation have collected less than a billion euros, according to preliminary figures compiled by Capital Finance. "Overall, the devices that qualify for a reduction of income tax have seen their collection collapse of 27%. Those that reduce the TFR fared better: subscriptions declined only 12% to 15%, "notes Fabrice Imbault, executive vice president of A Plus Finance.

The climate crisis probably did not last year prompted investors to invest long term, nor to take risks. The radius défiscalisants investments, they also often preferred "investment Scellier, whose death was announced," notes Fabrice Imbault.

The plane of the tax has been

But professionals also designate another fault: the movement of the plane tax, which last year was reduced by 25% to 22% reduction of income tax granted for these products. However, the rate granted in 2012 has shrunk 18% only. Will it be sufficient to compensate in the eyes of policyholders, the investment risks and constraints, there will be sufficient to continue to attract subscriptions? The stakes are high, when many small businesses are afraid to have more difficulty obtaining bank loans and seek more stable funding.

More and more management companies adjust their strategy in any case. They are moving away from FIP and FCIC, whose management constraints (imposed by the state in exchange for tax benefits) they seem to become too heavy. And are more interested in venture capital funds (mutual funds, venture capital). More confidential funds, reserved for wealthy investors who do not seek a tax cut, but want to diversify their assets on SMEs, in the hope of good performances. "Many subscribers are themselves leaders or former leaders of society, and ready to accompany young dynamic SMEs that develop," says Foucault Delannoy, associate Cape Horn Invest.

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