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 confrontation was not as strong in the government of Angela Merkel since the controversial reform of the Bundeswehr. The center-right coalition headed by Chancellor, is torn for weeks about family policy. The bill providing for the introduction of a bonus for parents raising their children at home instead of placing them in a nursery or kindergarten, the Betreuungsgeld, causing great controversy across the Rhine. His critics believe that this will discourage women seeking to balance motherhood and work, when the German labor market already sorely lacking manpower.

The draft Betreuungsgeld is supported by the Conservative party leadership Merkel (CDU) and its Bavarian ally, the CSU, a stickler for traditional family values. In Bavaria, the tradition of the "three Ks" (Kinder, Küche, Kirche – "children, kitchen, church") continues to weigh heavily on women. The grant, which should be between 100 and 150 euros per child under 3's home, is supposed to be passed before the summer for implementation in January 2013. The Conservatives say they want to do and "evidence of heart." "The premium will be adopted and no concessions," warns Christine Haderthauer, Social Affairs Minister of Bavaria.

"Prime the stove"

But critics of the project are growing within the CDU and liberal allies in Merkel, who threaten to vote against it in the Bundestag. Philipp Rösler, deputy chancellor and patron of the Free Democrats, believes that "the objective of facilitating the reconciliation of family and professional life" is threatened by the grant. Unions and management are, in unison, standing against the wind project called the "premium in the kitchen." Dieter Hundt, president of BDA, the German employers, claiming "the abandonment of this project fundamentally harmful."

They see it as a barrier to women entering the labor market, a crucial issue for Germany. The premium would encourage mothers to stay home for years to keep their children, jeopardizing their chances of finding employment. The birth rate is already reflected in an acute shortage of manpower across the Rhine. Federation of Chambers of Industry and Commerce (DIHK) estimates the loss of 400,000 skilled workers annually. By 2030, the German working population is projected to decline by a quarter, he predicts. Immigration, but also working women are supposed to compensate. Difficulties in reconciling the birth of a child and continue to work stopping the fertility rate across the Rhine, with 1.3 children per woman is one of the lowest in the EU.

Opponents of the project also felt that the premium balance of harms children by delaying their adaptation to life in society, and the chances of the poor, whose awakening would be delayed.

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Relations already chilly between Canal + and the Competition Authority has further strained a little more. Without much surprise, the Sages of the Rue de l'Echelle decided to open a detailed examination phase of the acquisition of two free DTT channels Direct 8 Direct Star by Canal + with the Bolloré Group.

This decision follows a first round of talks between the policeman of the competition and Groupe Canal + on remedies for this operation. The concern of the competition authority is that Canal + uses its dominant position in the acquisition of broadcasting rights for pay-TV rights to negotiate jointly for future free channels. Clearly, the danger is that Canal + is negotiating with the U.S. studios' rights sets for both Canal + and Direct 8. Thus, the group led by Mr. Meheut could oust TF1, M6, or any other chain of the DTT market with the acquisition of rights. For example, the rights for pay-TV Desperate Housewives (produced by ABC) are owned by Canal + when those same rights for free TV are the M6. The competition authority wants to avoid in the future, that same series is broadcast on Canal + and then on Direct 8.

Second concern: the Canal + group has a film studio, Studio Canal +, which sells movies all free channels after a stint on Canal +. The competition watchdog wants to prevent the films from Studio Canal ending up systematically on Direct 8 over other competing channels cheap business cards.

These key points have been part of negotiations open between Canal + and the competition authority since 21 February. Canal + was proposed in late March, a series of commitments. But they were written so that these commitments do not seem to be very restrictive, was then analyzed the competition authority.

It must be said that the competition watchdog has been scalded by the attitude of Canal +. Five years after the acquisition of TPS by Canal + in 2006, The Competition Authority has, uncharacteristically, withdrew the repurchase authorization. the reason? Canal + has not fulfilled a number of the 57 commitments he then took. Including the fact of maintaining the quality of the channel TPS Star, premium channel distributed by all the competing platforms CanalSat.

Remedies imposed

Worse, even as the competition authority has opened new negotiations on the purchase of TPS, Canal + decided to close its chain altogether TPS Star. A decision that was very badly received by the Sages of the Rue de l'Echelle.

In deciding a thorough review of the acquisition of Direct 8 Direct and Star, the competition authority wants to put pressure on Canal +. Either it offers significant remedies or the competition authority to impose under the injunctive unilateral. Both parties have until July to agree.

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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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While the latest statistics show an automotive market at half mast and some European manufacturers are expressing their concerns, the cars bought in France have never reached such high prices. According to The Argus, which published his 2011 portrait of the average car in France, the average price reached 21,181 euros, against 19,767 eurosen 2010. An increase of 1,414 euros (+12%) in one year!

According to The Argus, this trend is explained by the end of the scrappage scheme. And the French did not hesitate to turn to larger cars. The average vehicle in 2011 in France measure 4.19 meters long, 1.76 wide and 1.54 high. It weighs 1266 pounds and consumes 5 liters of fuel per 100km to 126 grams per kilometer of CO2 released.

The luxury SUVs are popular

The Argus notes and a sharp decline in so-called urban cars (-26%). The family (10%), major roads (37%) and minivans (18%) have however taken advantage of this change in consumption pattern. The SUV (Sport Utility Vehicle), including luxury, are also popular. And the price of the latter increased by an average of € 3660! Overall, the share of cars with less than 15,000 euros in sales in 2011 is 19%, from 15,000 to 25,000 euros, 45%, and more than 25,000 euros, 36%. In 2008 these shares were 24%, 46% and 29%.

The study of the Argus corroborates previously published figures by the Committee of French Automobile Manufacturers (CCFA) and published by Challenges. They reported a price increase of 15% compared to 2010. The average price of new vehicles, all brands, has reached 22,800 euros according to the CCFA. A rise in prices seen in all countries where a grant has been established to support the sector.

But if they are willing to spend more to buy a car, the French did not mean abandoning another means of transport, more environmentally friendly. He would have sold more than 3 million bikes in 2011. A figure up 5.5% over the previous year.

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Here the French have six new channels which will be launched next fall on their screens. The Higher Audiovisual Council has indeed make its decision after weeks of suspense: HD1 (TF1), 6TER (M6), L'Equipe TV (Amaury Group), RMC Discovery (NextRadioTV), Cherie HD (NRJ) and diversity come tYou then enrich the current offer of 19 free channels.

The regulator has chosen, through this new offering, to reinforce the historical groups such as TF1 and M6 and strengthen those who made their debut in 2005 in television and are shown in good students, c ' ie groups and NRJ NextRadioTV. This is economic prudence that guided the wise men of the nine Tour Mirabeau in this new spectrum allocation.

But the wireless landscape is also open to new themes and new competition. The Team with HD, the French will be able to access the first sports channel for free. Enough to enable the latter who experienced the greatest difficulties exist in the depths of cable and satellite to survive and not to close shop.

TYou chain diversity is itself the only one not to be owned by a media group. It brings together financiers and businessmen (Xavier Niel, Francois Henri Pinault) seduced by the ideal one to showcase the diversity. The choice of the CSA is easily explained when we know the care that its members and its president Michel Boyon brought about diversity.

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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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While the manufacturing sector remained in growth in the United States in August, while analysts expected a contraction. This index, calculated by the Institute of Supply Management (ISM), falls to 50.6 against 50.9 in July and 48.5 expected.But investors have extra caution while construction spending heavily relapsed in July in the U.S., continuing to suffer from the weak housing market, according to figures released Thursday by the Commerce Department.

In addition, the decline in nonfarm productivity in the United States was larger than initially announced in the second quarter, against a backdrop of weak economic growth, according to revised figures released today by the Department of Labor. And the number of jobless declined in the United States during the week to August 27, at 409,000 against 421,000 the previous week. Economists were anticipating 410,000 registrations.

The blow came from the White House. If it has revised down its forecast budget deficit of the U.S. federal government for 2011 and 2012, it has also revised down its growth forecasts.The Budget Office of the White House (OMB) said in its biannual journal that the deficit should reach 8.8% of GDP for 2011 and 6.1% for 2012. It revised down its economic growth forecast to 2.1% this year and 3.3% for 2012, pushing the unemployment rate to 8.2% in the fourth quarter, up 0.9 point less than in July 2011.

European debt worries yet

In Europe, the issue of debt remains a concern for investors. According to calculations by economists of the IMF if the European banks were asked to write on their balance sheet obligations of States in the euro area market value, their tangible equity would fall to about 200 billion euros in total, from 10 to 12%, reports the Financial Times. In fact, the debt crisis is far from over and the discrepancies between European leaders are continuing.Latest, the EU president, Herman Van Rompuy, downplayed the significance of the "golden rule" budget that Paris and Berlin want to impose the euro area, even as France in extolling the virtues.

Values ​​to follow

The side of values, French Fimalac announced the sale of its Canadian subsidiary Algorithmics, specializing in software for the financial industry, IBM (-0.92% to 170.32 dollars).

Automakers said Thursday strong growth in sales of cars in the year to August in the U.S., 31% for Chrysler, Nissan 19%, 18% for General Motors (-4.16% to 23.03 dollars) and 11% for Ford (-2.52% to 10.84 dollars), despite difficult economic conditions.

The title Ciena surged 20.18%. The manufacturer of equipment for telecommunications shows a profit for the first time in three years, while analysts expected a further loss.

Goldman Sachs has been unscrewed from 3.49%. The U.S. Federal Reserve demanded that the U.S. bank to make the services of an outside consultant to review the mortgages issued by one of its subsidiaries, to identify and compensate borrowers who have been victims of improper seizures .

In addition, a judge overturned the conviction of SAP (-1.04% to 53.85 dollars) to pay to $ 1.3 miliard Oracle (-0.80% to 27.85 dollars).

The distribution group online eBay (-1.43% to 30.43 dollars) is looking for acquisitions in Japan and China, the two largest economies in the Asia, where the group wants to develop, said an official of the eBay Wall Street Journal Thursday.

Also note, after closing the CEO of the U.S. investment bank Bank Of New York Mellon (-0.15% to 20.64 dollars), Robert Kelly, has resigned because of "differences in management approach Company "with the rest of management, said Wednesday the establishment.He was replaced by Gerald Hassell, a member of the board, the bank said in a statement.

For its part, the number two mobile phone in the U.S., AT & T (-0.74% to 28.27 dollars), suffered a blow Wednesday with the opposition of the competition agencies, the proposed takeover its rival T-Mobile for $ 39 billion.

Cameron International (-0.83% to 51.53 dollars) has announced the acquisition activities of LeTourneau drilling products held by Joy Global for about $ 375 million in cash. The same Joy Global said it had experienced for its third quarter ended July 29, orders rose by 49% to $ 1.4 billion and sales up 34% to $ 1.1 billion.Operating profit reached $ 236 million against 172 million last year.

Costco Wholesale (1.20% to 79.48 dollars) issued net sales up 17% year on year to 6.9 billion in August and 27.6 billion dollars in the fourth quarter. In addition, CEO Jim Sinegal announced his departure on 1 January 2012 and its replacement by the Director of Operations Craig Jelinek.

Stryker (-1.23% to 48.24 dollars) will acquire Concentric Medical, specializing in the manufacture of products for the treatment of ischemic stroke, for $ 135 million.

Vizada, which employs over 700 people and has a turnover of 458 million euros, was born from the merger of satellite communications Norwegian Telenor and France Telecom.It has 200,000 users worldwide, among them "ships of the merchant marine, emergency response agencies, government and military units, media companies, providers of telecommunications services and Internet, as well as 'business aviation, military and civilian, "said EADS.

Supplier of the U.S. government in the airline industry, Vizada has received this year a contract with the U.S. General Service Administration to "ensure access to services for mobile satellite communications to government customers and military payday loan." German and French armies are also among its customers.EADS achieves its fourth acquisition since the beginning of the year and its biggest operation since the acquisition, for 2.75 billion euros in September 2006, the 20% of Britain's BAE Systems in the capital of Airbus .

Reduce its dependence on sales of Airbus

In late June, Eurocopter has completed the acquisition of Vector Aerospace Canada for 450 million euros. Last week, Airbus has purchased the American Metron Aviation, a service provider for air traffic control, for an undisclosed sum. He launched a bid in the amount of 348 million euros in the Danish Satair, a specialist in the supply of aircraft spare parts. "These acquisitions reinforce Astrium, Eurocopter and Airbus in services and in the U.S. market," said Boris Zaïtra, corporate vice president and director of mergers and acquisitions at EADS.

"We're not Greece or Portugal. We do not need to do something drastic, "said Barack Obama.The situation of the United States is indeed very different from the peripheral countries of Europe are grappling with the crisis of sovereign debt. Nevertheless: the absence of a congressional vote before August 2, the U.S. Treasury can no longer borrow as it has already reached the limit of its debt. It would be forced to stop paying some of its creditors.

"Golden Rule" Republican

Shortly before the intervention of Barack Obama, John Boehner, chairman of the House of Representatives, promised the adoption by his fellow Republicans of a "robust plan" to raise the debt ceiling to 2.4 trillion dollars. This text does not include any tax increases, cap on federal spending and also provides for the adoption of a constitutional amendment such as "golden rule" to prevent budget deficits. In other words, it is unlikely to generate a consensus in the Senate.Barack Obama has confirmed that he opposed it.

In the Senate, bipartisan negotiations, subtle and inventive, continue. The leaders of both parties hope to combine a reduction of expenditures in the order of at least 1 000 billion over ten years, raising the ceiling to be de facto delegated by Congress to the President.

The aim is to enable elected not to vote explicitly for raising the ceiling or to the tax increase. Increasing the cap would take place in three stages and maximum total amount would be 2 500 billion, just enough to allow the Treasury to pay all his debts until after the 2012 elections.

According to the proposed scheme, only two-thirds majority in both houses can block increases ceiling decided by Barack Obama. It does not say that this effort to succeed.Or that the elected House of Representatives accept the principle or detail. The installation is complicated as it may be associated with a new method of reduction in social health (Medicare) and retirement (Social Security). A bipartisan commission would draw up by the end of a list of savings to be realized.