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Prudence and tensions are on the agenda of this meeting Thursday at the Paris Bourse. As in Asia this morning, investors should remain focused on the weakness of the recovery in the U.S. while the CAC 40 plunges inexorably. The Beige Book from the U.S. central bank (Fed), published during the session on Wall Street has reinforced the comments made by chilling the day before Ben Bernanke: "Economic activity continued to grow in general, but a small number of regions have expressed some slowing. " This verdict has resulted in lead Wall Street to its sixth straight decline. The highest since February 2009.

The situation is especially worrying that the U.S. government can not reach agreement on a possible increase in the debt ceiling from the federal government, which must yet be approved before August 2.After S & P and Moody's, Fitch has in turn launched an alert on U.S. debt, menançant the triple A of the country.

Responsible macroeconomic news

In this context, the publication of a new set of indicators in the United States will be closely watched. The program first, the weekly jobless claims. Then follow the figures in the trade balance and inventories of wholesalers. European news will be as important to the ECB decision on interest rates.

In France, payroll employment has increased its recovery in the first quarter and the balance of agency has eased, according to Insee. The sectors mainly merchants have created a total of 58,200 jobs after 48,300 over the last three months of 2010, an increase of 0.4% against 0.3% on the previous quarter.

The euro and oil up

On the currency side, the difficulties U.S. leads the euro to rise against the greenback. The single currency is trading against 1.4628 dollars in morning trading.

Side oil prices are trending upward, failing agreement within OPEC to increase production of crude, analysts said. In morning trading, a barrel of light sweet crude for July delivery took 49 cents and $ 101.23 that of Brent North Sea crude for delivery gained 27 cents identical to 118.12 dollars.

Values ​​to follow

Club Med

The group announced on Thursday a profit of 10 million euros in the first half, against 3 million in the first half of 2010.The indicator of profitability of the villages of the French group jumped 67% to 47 million euros.

Remy Cointreau

The group reported a net profit 2011en 2010-down more than 18%, to 107.5 million euros, 109 million lower than expected by the market.

Air France-KLM

The airline announced Wednesday an increase in passenger traffic in May, albeit at a slower pace than in April, which had benefited from favorable comparison bases.

EDF

EDF could be tested by the weather this summer. RTE, the French electricity network operator, today the government's scenario for the summer. Dry weather and heat wave could cause the system to its limits.

Aeroports de Paris

ADP announced Wednesday it had entered into exclusive negotiations with the operator of airport services 3S Group to cede a majority stake in its ground handling activities.

Sopra

The shareholders gave the green light Wednesday to the proposed demerger and listing of Axway Software, the software division of group counseling and services.

Saint Gobain, Bolloré and Ruby hold their general meeting today.

A symbolic handover and structuring. The U.S. site video rental Netflix, which distributes DVDs and subscription movies online, now generates its own 30% of U.S. Internet traffic during peak periods. Netflix is ​​the most voracious consumer of capacity on the fixed Internet, according to a study published by Sandvine, a specialist in the management of online traffic. On a full day, its share of traffic reached 22.2%. Netflix is ​​ahead and the sharing site BitTorrent files, a mecca for illegal downloading, which loses its position as the online service more greedy with 21.6% of traffic.

"Netflix is ​​now the undisputed king of bandwidth in North America," the study notes. For its authors, this rocker confirms that "we are now in the age of Internet video.""Customers have clearly adopted the online video service Netflix, fundamentally changing the Internet landscape," said Sandvine. And the change will be sustainable, development of mobile devices such as digital decoders and iPad like Roku and Boxee to make further use of Netflix in the U.S..

23.6 million subscribers

The break came quickly. During the previous wave of the study, published in autumn 2010, Netflix is ​​still picking up "only" 20.61% of Internet traffic during peak hours. Netflix, which has 23.6 million subscribers to its video service, has recruited 6.7 million over the past seven months.

The service, founded in 1997 by Marc Randolph and Reed Hastings, started in mail delivery of DVDs ordered online. Then he revolutionized the market in October 2010, introducing an Internet subscription only $ 7.99 per month.For this sum, the subscriber can consume an unlimited number of movies and TV shows to a PC or a TV connected to the Internet. In parallel, the department has stepped up agreements with U.S. television networks like HBO and AMC to access more content. Finally, Netflix is ​​a service automatically offered in the Apple TV set-top boxes.

Above all, the company has managed to win the TV show via video game consoles connected to the Internet. Thus, the PlayStation 3 and Xbox 360 are the first two modes of access to Netflix, used respectively by 31% and 25% of subscribers. The Nintendo Wii accounts for 11% of subscribers. In total, these three consoles represent 67% of subscriptions. They precede the PC, chosen by 19.55% of users.

Capped plans

Netflix subscribers who access the service through game consoles connected to "consume twice as much data" than other customers, also notes Sandvine. Similarly, the study estimates that a third of Xbox 360 connected to the United States are used to distribute movies rented from American society.

Faced with this abuse of traffic, Netflix has started making arrangements. Thus, it seeks to reduce by two thirds the bandwidth consumption in Canada, noting that much of its subscribers have Internet packages capped. Its share of Canadian traffic has increased from 13.5% to 5.7%, says Sandvine.

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Small volumes of trade and wait. This could be the profile of the session on Wall Street Monday. After closing up on last Thursday (Friday was a holiday), the NYSE was heading toward an opening in the green Monday. Upstream of the opening, the futures contracts reflected an increase of 28 points on the Dow Jones at 12,462 points, 4.4 points on the S & P 500 at 1335.4 points, 6 points and the Nasdaq , at 2381.5 points.

Investors should remain cautious earlier this week, pending statements from Fed Chairman Ben Bernanke on Wednesday. Forecasts of inflation and economic outlook: new publications the U.S. central bank should be explained at the first press conference after the meeting of the Governing Council.On the other hand, the first official estimate of GDP for the first quarter will be published Thursday.

Side companies, Ameriprise Financial, Johnson Controls, Kimberly-Clark and Radioshack should publish their results before-hours trading. The distributor of electronic products RADIOSHACK posted a quarterly profit of $ 0.33, $ 0.35 cons expected by the consensus. The turnover stood at 1.06 billion dollars as the anticipated 1.07 billion consensus.

On the other hand, NIKE could see its stock price reached a new high over the next 18 months if the OEM is able to raise prices without adversely affecting sales, according to investors cited by the magazine Barron's. After the record high reached last year to 92.49 dollars, as Nike declined to $ 80, due to the rising cost of oil, cotton and labor.On the other hand, the bank Wells Fargo has raised its rating on the pharmaceutical company Johnson & Johnson "market performance" to "outperform."

Finally, the title of the Chinese search engine Baidu might be heckled. The Chinese government will punish the search engine and 13 other sites for allowing illegal music downloads, reports the official Xinhua News Agency. No details on the nature of the sanctions has been published. According to Xinhua, the sites in question have left online illegal content despite several warnings from the authorities.

The course from Advanced Micro Devices (AMD) could also be active on Monday. The computer chip manufacturer announced Thursday after-hours trading that its net income had doubled in the first quarter quasimment.SanDisk also announced on Thursday its results for the first three months of the year, slightly down from last year. PG & E for its part, announced the sudden departure of its CEO Peter Darbee.

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Shortly before the opening of Wall Street index futures Standard & Poor's 500 and Nasdaq 100 retreated 0.51% respectively to 1302 and 0.67% points to 2293 points, suggesting an early session in the red. The Dow Jones was due in part to its decline from 0.41% to 12,149 points.

The day before, the U.S. stock market had entered into an indecisive session slightly higher. The results of the first quarter of JPMorgan, though strong, were certainly enthused the stock markets, by and of the Atlantic. But they also left Wall Street more lukewarm. The title JPMorgan also yielded 0.83% at closing."The outstanding consumer loans, down from 8.50% in the quarter were disappointing in this publication," suggested Christian Parisot at Aurel BGC.

Obama's speech and the Beige Book Fed's call for caution

Prudence markets, fueled by retail sales figures mixed, could also be explained by the expectation on Wednesday, after closing a speech of Barack Obama since the George Washington University, the preferred solutions for fight against debt and deficit. The U.S. president has proposed including more taxing wealthy households.Objective: to reduce the U.S. deficit of 4000 billion over 12 years.

The Beige Book Fed unveiled, also on Wednesday evening, has not reassured the markets: according to this highly anticipated release, "the Japanese disaster of 11 March will have a greater impact than expected on the U.S. economy , "because of disruptions in sales and production (especially on the East Coast and central United States)," says Franklin Pichard, Director Barclays Exchange payday loans guaranteed no fax.

If the activity has continued to improve in the United States, this improvement has been uneven from one region to another. Soaring commodity prices began to threaten corporate margins and consumer spending.According to the Fed, the housing market remains depressed, even if the labor market, however, is stronger than in February.

Producer prices and jobless claims

Side indicators, foreclosures in the United States are divided on the rise in March, said this Thursday, the specialist firm RealtyTrac, which are expected to grow further in the coming months. In total, 73,174 homes were seized by creditors in March, up 13% from February, according to figures from RealtyTrac.

On the agenda of the day, the producer prices for March will be announced at 14:30, at the same time that the registered unemployed.This Thursday and Friday, also held the ministerial meeting of the G20 in Washington.

Google and Hasbro unveil quarterly leursrésultats

On the corporate side, after Alcoa and JPMorgan, it is this Thursday, Googleet Hasbro unveil their accounts in the first quarter.

Zipcar, a U.S. car rental self-service, also announced Wednesday it fixed at $ 18 the price of the 9.7 million shares it plans to market Thursday, which would an IPO at some $ 164 million. This price action, revealed in a document released Wednesday by market authorities, beyond the range of 14 to 16 dollars advanced last week.

The negotiations have accelerated over the past week between Jean-Bernard Levy, CEO of Vivendi, and its counterpart Vittorio Colao, CEO Vodafone. The two sides finally reached an agreement Sunday to 7.75 billion euros plus the payment of a dividend of 200 million euros in the first half, Vivendi puts his hand on the 44% stake in SFR it does not already own. The transaction is expected to close in late June 2011. This sum values ​​SFR to 17.6 billion euros, or 6.2 times its EBITDA. A valuation standards-compliant transactions in the telecom sector.

With this transaction, Vivendi finally control the entire second French telecom operator who weighs 12.5 billion euros in sales and has 21 million mobile customers and 5,000,000 fixed customers."For the first time since the creation of SFR in 1987 by Generale des Eaux (Vivendi ancestor) that the second French operator has a single shareholder," said Jean-Bernard Levy, CEO of Vivendi. However, SFR and Vodafone will retain preferential trade agreements for three years. These agreements relate to roaming subscribers of SFR in France and beyond those of Vodafone when they travel to France. The agreement also covers joint management of major international clients. "Now more SFR may be present outside of France and develop new services for its customers," said Jean-Bernard Levy. However, Vodafone will not be the operator of Vivendi's holdings abroad as Morocco Telecom and GVT in Brazil. For these operations, "Vivendi will retain management," said Jean-Bernard Lévy

SFR occupies an important place in the Vivendi group.During the years of crisis in 2002 when the group collapsed under 32 billion euros of debt, he found his salvation by acquiring a majority stake in SFR from British Telecom for 4 billion euros. Thus, Vivendi could access the cash flow of its telephone subsidiary, which enabled him to honor the payment of its debt. SFR, Morocco Telecom and GVT, Vivendi telephony is clearly becoming a telecoms group. Its media activities: Canal +, Universal Music and Activision Blizzard are now a minority. However, the group intends to use the cash from SFR to strengthen it.

"Last but not negligible for Vivendi shareholders, this transaction will increase our annual profits, which allow us to increase the dividend for 2012," promises Jean-Bernard Levy. The current dividend is 1.40 euro.

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The festival will she wasted Friday, scheduled for the Commercialization of the iPad 2 in 25 countries, including France? It is likely that the shelf is available in limited quantities. "We do not comment on rumors or speculation," says the firm at the apple, which states that the sale of its Internet Tablet in Japan will be delayed. Research firm iSuppli IHS is more worried: "The consequence of the earthquake in Japan may pose logistical problems and disruptions in the supply chain of the iPad 2."

Since its launch on March 11, success is such that the iPad two runs out. 0.5 to 1 million units were purchased, according to experts. Sales that underpin the world leader in this market to Apple, after the sale of 14.79 million in the first iPad 2010.Now, the Cupertino company will face "a lack of components produced in the devastated region, which includes the" electronic compass AKM Semiconductor, very difficult to replace the battery and, probably, advanced technology glass screen produced by Asahi, "says IHS iSuppli. Memory chips, supplied by Toshiba, can be replaced by those from South Korea's Samsung and Micron Technology of the U savings account payday advance.S.. However, despite the label "Made in China" battery, IHS iSuppli notes that its components are made by Apple in Japan, which buys Archipelago, due to the special shape of the battery polymer lithium-ion batteries.

Zero stock

Even if the iPad 2 is assembled in the land of factories, in Shenzhen, the Taiwanese Foxconn group, Apple claimed at its suppliers 'best practices' which include a "lean production with zero inventory", invented by Toyota.These difficulties are likely to affect the iPhone. Sony Ericsson mobile world number six, said that its smartphones could be in short supply. The handheld gaming Nintendo 3DS relief could also be lacking. "Japan will have an impact for all groups of consumer electronics," said Friday Crohas, CEO of Archos.

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Red, always red and even red. That should expect the CAC 40 on Wednesday for the third straight session. On both days, the Paris index has lost 2.59%, equivalent to just over 100 points. The figure of 4,000 points is dangerously close. The CAC 40 index opened down 0.14% to 4044.53 points.

The London Stock Exchange is changing down from 0.29% to 5979.65 points and the DAX index of the Frankfurt Stock Exchange lost 0.32% to 7295.12 points.

Closed Monday because of "President's Day, Wall Street has followed the general trend Tuesday dropping 1.44% to 12,213 points. On Wednesday morning, Asian stock markets mostly recorded a third consecutive decline, losing about 2.5% since the beginning of the week.The reason? Libya and its political crisis, which is growing, and whose power is crumbling oil markets worried about the world.

On the macroeconomic front, consumer prices fell 0.2% in January, monthly changes, but still up 1.8% year on year, INSEE said on Wednesday.

At 12 hours, will be published index prices in the supermarket in January.

For the euro area are expected new orders in industry in December 2010 (11:00).

Finally the United States, are scheduled home resales in January (16 hours) and the intervention of the President of the Philadelphia Fed Charles Plosser, on the economic outlook (19:30).

The euro starts again from the front

On the currency markets, the euro found colors against the dollar, gaining 0.23% to 1.3686 dollar.

In morning trading, a barrel of light sweet crude for April delivery gained 4 cents to 95.46 dollars.That of Brent North Sea crude for April delivery has appreciated by 22 cents to $ 106.

Total, which announced Monday that it repatriated the majority of its expatriate employees in Libya, said Tuesday that its production there was suspended in part because of the violence in the country.

The letter rogatory to Switzerland on the existence of bank accounts belonging to the three Renault executives suspected of espionage has not worked for one of them, according to Le Canard chains.

The Food and Drug Administration (FDA) has issued a double warning to Sanofi-Aventis for a contamination problem on a German site and for gaps in reporting of side effects in the United States.

A U.S. federal court issued Tuesday a decision in favor of Vivendi in greatly reducing the number of complainants and accused him of having misled shareholders about the state of its finances.

Natixis finished with losses

Natixis: 6.13% to 4.38 euros – greater in the SBF 120

Natixis bank has returned to profitability in 2010, generating a net profit of 1.732 billion euros against a loss of 1.388 billion a year earlier, thanks to lower the cost of its illiquid assets at a lower cost and risk with tight control of expenses.

Maiso his mother, BPCE, will finalize contributions to reimburse the state, the balance reached $ 2.2 billion by the end of the first quarter, said Wednesday Chief Executive Perol during a conference call in conjunction with the presentation of results.

Accor: -1.08% to 34.82 euros

The hotel group Accor said on Wednesday 2010 net profit of 3.6 billion euros, primarily due to the non-cash impact of the demerger of the group, against a loss of 282 million in 2009, and declared will accelerate its divestiture program for 2011-2012.

Rhodia: -2.66% to 21.37 euros – the largest drop SBF 120

Rhodia announced Wednesday that it doubled its dividend to 0.50 euros for 2010, achieved a net profit in 2010 "record" of 259 million euros, against a net loss of 132 million the previous year.Turnover rose 29.6% to 5.23 billion euros.

CNP Assurances: -0.06% to 15.81 euros

The CNP Assurances has grown by 4.6% in net income in 2010 to 1.050 billion euros, offsetting a slight decline in turnover by 0.8% to 32.3 billion euros.

Technicolor: 3.13% to 5.28 euros

Technicolor (formerly Thomson), specialist equipment and services for media and telecommunications, has won the tender launched by France Telecom for its next generation of boxes in France, according to Le Figaro.

Nexity: 4.44% to 33.40 euros

The developer Nexity said target for 2011 an operating margin (OMC) more than 8%, excluding charges related to his project Nexity Tomorrow, after a year 2010 marked a decline from its weaker than expected sales and a return to profitability.An earnings conference is scheduled Wednesday at 8:45.

Imerys: +0.25% to 49.98 euros

The Anglo-Australian mining group Rio Tinto said Wednesday it received a firm offer of Imerys, a group of industrial minerals for its production subsidiary Luzenac talc, set at $ 340 million, or about 250 million euros.

APRR: +0.04% at 52.02 euros

APRR is a continued growth in its turnover in 2011 under the double impact of rising prices and increased traffic, heavy head.

Transgene: -12.84% to 12.90 euros

Transgene announced that the Swiss laboratory Roche had terminated the license agreement that bound him to the French company to co-develop the TG4001, a therapeutic vaccine against cervical cancer.

Spir Communication: 3.27% to 41.32 euros

Spir Communication is planning an EBIT profit in 2011, after regaining the year 2010, as predicted, a quasi-equilibrium.

After market, it was the turn of Ipsos, Dexia, Vallourec, and OL Toupargel of Group E to submit its annual results, interim results and Vilmorin.

Also note that the bid for Axel Springer Seloger.com ends on Wednesday.

The partnership between Nokia and Microsoft sounds like the choice of last resort. Both groups have accumulated failures in mobile telephony in the past twenty-four months.

"By adopting a clear strategy, we will give teams the Nokia want to fight," said Stephen Elop on Friday, Canada, formerly of Microsoft, called the head of the group six months ago to save the sinking . This is the first time in its history that Nokia has a non-Finnish president. Without clear direction, Nokia was going to drift. The group is cornered. Its global market share is steadily declining. Its range of a hundred phones covers almost all market segments, but has lost its coherence.

Worse still, Nokia has completely missed the turn of smartphones, the high value segment."The first iPhone was released in 2007 and we still have no product whose experience comes close," said Stephen Elop in a memo sent to his troops. Symbian, the operating system house, enjoy a nice installed base of 200 million users, it is not up to its competitors. Sony Ericsson has also waived late 2010 in favor of Android. Meanwhile, the group has dangled for almost two years the arrival on the market for a new operating system, Meego, who will probably never happen, despite spending. Finnish remained strongly committed to the idea that it was the manner of an Apple or RIM to both control the production of equipment and software design.A page now touring with the choice of the Microsoft alliance.

Battle of applications

Small consolation prize for the world leader in telephony, beautiful business performance achieved in countries with strong growth in entry level easy payday loans. Position weakened by the emergence of new actors. "Some Chinese brands hitherto completely unknown compete with Nokia in emerging markets," said Carolina Milanesi.

However, the battle is far from won. The picture is much brighter at Microsoft.The software company launched last year its operating system Windows phone with a lot of advertising and marketing expenses for an inconclusive result, only 1.4 million phones sold in three months.

The two giants have another problem in common: the number of applications on their platform does not allow them to deal with Apple or Google. "We have 8,000 applications, has again reminded Steve Ballmer on Friday. The Nokia Ovi Store has thousands, "according to the brand that is careful not to disclose a figure. Apple is approaching 300,000 and Google applications exceed 100,000. However, the number of applications available is a selection criteria of consumers. In alliance, Microsoft and Nokia hope to catch up in attracting developers advantage. For this, they should offer them a more attractive form of compensation than their main competitors.

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The French industry was surprised by its strength at year end. Output rose 0.3% in December, after rising 2.3% in November, according to the latest statistics published by INSEE on Thursday. Economists polled by Reuters had forecast a decline of 0.4% over the last month of the year.

"It was difficult to expect the same rate as in November which was marked by a sharp catch up after a difficult month of October," said Alexander Law, chief economist at Xerfi. Excluding the energy sector, manufacturing output has remained stable at -0.1%.

Energy and construction at half mast

These figures conclude a positive fourth quarter for the industry, which has seen production increase by 0.4% from the previous quarter. Compared to the last three months of 2009, the rebound was significant (+5.8%).An increase fueled by all but two sectors: construction (-4.5%) and energy (-15.2%).

In December, the index has not been fired, as in previous months, for automobile production, which remains stable at 0.1%. These are indeed "other transport equipment 'that supported the production, up 6 free business cards.2%. "The production of capital goods went well in December with a 1% increase compared to November," says Alexander Law also.

With rare exceptions such as energy (1%), all other industries appears down to the image of electrical and electronic equipment (-1.1%) or other industries (textiles, chemicals , etc..), to -0.3%.

Conflicting forces

"We believe that industrial production will slow significantly in 2011," said Victoire Dumaine-Martin, an economist at Natixis.The activity should be subject to contradictory forces. It should be drawn on one side by the dynamism of Germany largest trading partner, but restrained from each other by depressed domestic demand in coming quarters.

Other figures published on Thursday, orders to industry in Japan have rebounded 1.7% in December, the first time in four months. Over the same period, German industrial production fell 1.5% due to catastrophic weather. A hiccup that does not undermine the strength of the industry in Germany.

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U.S. equity markets remain subdued on Tuesday. After gaining 0.57% on Monday, the Dow Jones evolves close to equilibrium, losing 0.04% to 12,157 points. The Nasdaq was down 0.25% to 2777 points and the S & P 500 0.16% cowardly to 1317 points. Monday, reassured Egypt U.S. markets ended in green.

Announcements of mergers and acquisitions have also supported the U.S. markets. The internet portal AOL (-3.11% to 20.53 dollars), has announced the resumption of the most famous American newspapers online news, the Huffington Post, with $ 315 million in cash.

For its part, the diversified industrial group Danaher (2.37% to 50.19 dollars) has announced a friendly takeover bid of 6.8 billion dollars on the company specializing in medical diagnostics Beckman Coulter (+0.05% to U.S. $ 82.69), while Ensco drilling specialist proposes to acquire Pride International for 7.3 billion dollars.

On the foreign exchange market, the euro remained slightly higher against the greenback on Tuesday, remaining just above the threshold of $ 1.36 after its decline yesterday, the traders regaining confidence in the hope German industrial production rebound. To 16 hours in Paris, the euro bought 1.3623 dollars against 1.3581 dollars late Monday.

On the macroeconomic front, there is no any major indicator on the agenda of U.S. investors on Monday.Investors await a new salvo of results on Wall Street with figures including Walt Disney for the first quarter.

Earnings down for NYSE Euronext

The side of values, on Tuesday, the transatlantic exchange group NYSE Euronext (-1.21% to 33.35 dollars) posted net earnings down 21% in the fourth quarter, to $ 135 million, affected by a particular adverse currency effects. Operating income, excluding merger expenses and exit costs, amounted to 188 million, down 10% year on year short term personal loan.For its part, the turnover has fallen from 4.21% to 613 million, due to unfavorable exchange rate, which weighed up to $ 19 million, the group said in a statement.

Always on the side of values, a former scientist has been convicted by a federal jury of stealing U.S. secrets to the Dow Chemical (0.74% to 37.90 dollars) for sale to Chinese firms said here Monday with prosecutors. Chyu Liu Wen, also known as David Liu, a former Dow employee aged 74, was found guilty of having gone to China to sell confidential information relating to synthetic materials manufactured by the giant chemistry and biotechnology used in the automotive and construction.A federal jury in Baton Rouge, was found guilty of conspiracy to steal trade secrets and perjury. Arrived in the United States from China as a student, he then worked for Dow Chemical from 1965 to 1992.

Microsoft (+0.29% to 28.28 dollars) would prepare a big bang. According to Bloomberg, CEO Steve Ballmer group will announce a major reorganization of its management team in February.Steve Ballmer wants to promote profiles with high technological expertise.

Sanofi-Aventis (0.87% to 34.90 dollars) on Wednesday expected to show profits in 2010 similar to those of 2009, despite competition from generics, but the presentation of group results Wednesday is likely to be overshadowed by the finalization expected imminently, the purchase of Genzyme (-0.12% to 73.93 dollars).

Also note, the U.S. authorities on Monday presented their proposal to regulate bankers' bonuses and suggested they would do if some institutions attempt to circumvent the reforms. According to the proposal of the Federal Deposit Insurance Corp. (FDIC), half the premiums of leaders of major U.S. banks would be subject to a deferred for at least three years.