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The first U.S. bank JPMorgan Chase said Thursday it recorded a trading loss of two billion dollars (1.5 billion) following a failed hedging strategy, which has forced its CEO media to apologize.

Since late March, the direction of investments of the bank "has had significant market losses in its credit portfolio synthetic," said the company in a document submitted quarterly to the stock market authority, the SEC.

In the off-market transactions, JPMorgan fell by 5% to 38.67 dollars in its wake other financial stocks. 

The bank said that the gains also up for the loss of trading, which would reduce the "gap" at $ 800 million.

"That could cost up to $ 1 billion or more," said Jamie Dimon, CEO of the group, during a teleconference convened at the tope you where he apologized to analysts.

"ONE OF THE KINGS OF WALL STREET"

The loss of dollars might be less important than the reputation of the bank.

JPMorgan posted a total assets of 2,320 billion at the end of March with $ 190 billion of equity.

JPMorgan was previously considered a risk manager gifted, never having announced losses during the financial crisis. It was the bank strong enough to buy investment bank Bear Stearns and Washington Mutual Bank when they went bankrupt in 2008.

"Jamie has always been presented as one of the kings of Wall Street," said Nancy Bush, bank analyst experience. "I do not know how all this turned out so badly and so quickly given his knowledge and his risk aversion."

Jamie Dimon, called the mistakes "huge". He acknowledged that mistakes were particularly embarrassing in light of his public criticism of so-called "Volcker rule" to ban the proprietary trading at major banks.

He said he still believed in his arguments against the Volcker rule. The problem here at JPMorgan, he argues, for the performance of the hedging strategy.

The hedging strategy that failed was "inefficient, poorly supervised, poorly built and all that," said Jamie Dimon. "This violates our principles," he added.

The direction of investments is a department of the bank used for large transactions to cover this or that particular operation, such as loans to companies whose credit rating is speculative grade.

Bureau Veritas reported Thursday a 12% increase of its turnover in the first quarter thanks to strong organic growth and several acquisitions that enabled it to achieve in three months his external growth objectives for all of the year.

The specialist services for conformity assessment and certification confirmed target for 2012 unless economic downturn, a "strong" growth in its turnover and its operational result ; rationally adjusted.

On January-March, it achieved a turnover of 868.3 million euros, showing organic growth of 8.6%, against 6.5% over the same period the last year. 

Changes in the scope of the group also contributed 1.2 points to growth in sales through acquisitions that represent a number of annual sales accumulated over 110 million euros on the basis of 2011.

"The group is in advanced stage of negotiation on other acquisitions that should be finalized during the year," he says in a statement.

The quarterly sales also includes a positive impact of exchange rate fluctuations of 2.2%, reflecting the appreciation of the U.S. and Australia and the Chinese yuan.

"The outlook for 2012 are well oriented and well, except further deterioration of the economy compared to current projections, the group should experience a strong growth of its turnover (…) And adjusted operating profit, in line with the strategic plan objectives BV2015, "said in a statement the CEO, Didier Michaud-Daniel ….. The plan

…. growth of 9% to 12% on average per year in sales at constant exchange rates, generated e for third through external growth, and improved operating margin of 100 to 150 basis points in 2015 compared to 2011

.. ……. In exchange, the action Bureau Veritas finished Thursday at 68.80 euros, valuing the company at 7.5 billion euros. The stock has risen 21.4% since January 1 after falling 0.74% in 2011

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The acceleration of inflation in March makes the recruitment fee preferred by the French less attractive for the coming months. Explanations. The remuneration of Booklet A from 2 to 2.25% on August 1.

Contrary to the predictions of earlier this year by Christian Noyer, Governor of the Banque de France, inflation does not decline in France. It remains even at a high level. In March, consumer prices rose 0.8% on month (after +0.4% in February), and 2.3% year on year. Normally this would result in a revaluation of rates of pay A booklet of 25 basis points, according to mathematical formula which is based on determining the rate of investment preferred by the French – 93% have.

The law provides that changes in rates of Livret come into force on February 1 and August 1. But large changes in inflation, such as increases currently observed may also result in rate changes on May 1 and November 1. In short: compensation should automatically go from 2.25% currently to 2.50% in a fortnight. There is a good chance they will not happen.

The government can indeed block the automatic adjustment of the booklet A. He has already done in the past, particularly to address the declining rate as in August 2009 – at that time, the rate had dropped 1.75% to 1.25%, while the application of the rule would justify a reduction to 0.25%. But at election time, the opposite is true: the government blocks the upward revaluation. This is what happened last February, while inflation already justified a rate increase to 2.50%.  

Increase the rate by 0.25 A booklet would cost 500 million euros effect (the total amount outstanding of 60 million accounts reached 223 billion euros) to the State, 700 million even if one adds the blue books. While the booklet A is a popular product, but it could still be perceived as a gift to investors. So the Livret A rate is likely to remain at 2.25%, at least until August 1.

"This level of rate barely covers inflation. At The booklet does not generate more over-compensation for savers, analysis Gommard Benedict, CEO of Cortal Consors. It is a product that preserves the purchasing power but which offers no more. " However, this low attractiveness of the booklet A should not lead to a massive outflow, estimated the specialist savings and online brokerage. Indeed, the booklet A "is a reassuring product in an increasingly anxiety-provoking," he concludes.

Carrefour has managed to stabilize its revenue in the first quarter due to sales growth in Latin America, which offset a decline in France and a sharp decline in southern Europe and Asia.

The distributor saw sales totaling 22.5 billion euros over the first three months of the year, slightly below the consensus reached by Reuters (22600000000).

As reported, net sales sign up 1.5% with a positive calendar effect and an increase in gasoline prices. But like basis and excluding gasoline, sales were virtually flat (-0.1%) and without the calendar effect, they were down 2.1%.

The group, which recently welcomed its future CEO, George Plassat – the latter will be appointed to head the company as of June 18 – and battle to regain market share in France and Europe, gives no indication of its expectations for the current year.

In the opinion of analysts, the upturn in Carrefour, which suffers from poor positioning of price, high exposure to southern Europe weighed down by the crisis as well as a format – the hypermarket – in difficulty in France, will take time and investors should be patient. 

According to those of Oddo Securities, "the year 2012 should be another year of sacrifices in terms of results" and the Group's recovery could take three or four years.

Excluding the calendar effect, sales of Carrefour in France fell 3.1% in the first quarter and those of its hypermarkets, large black dot of a number of European distribution, have accentuated their fall at -5.8%, after falling 4.7% in the fourth quarter of 2011.

In Europe, sales fell 3.8% on a comparable basis and excluding petrol, leaded by a plunge in Spain (-6.1%) while they increased by 8.6% Latin America and continued to fall (-4.3%) in Asia.

Barely a quarter of the companies should increase their investments in 2012, according to a study of the credit insurer Euler Hermes. They would increase the total of 0.5%. And because of that growth should be limited to 0.4% over the year.

Business investment was an engine of French growth in late 2011. And it should still contribute positively to GDP growth this year. But not enough to generate a rebound expected by the government. A study of the credit insurer Euler Hermes posted Wednesday, in fact, only a quarter of French companies plan to increase their investments in 2012. And made to depend on two spending growth prospects. And as these are faiblardes, their investment projects are too. This is the snake biting its tail …

Business investment should experience an increase shy of 0.5% annual rate in 2012, according to Euler Hermes. And growth in France would be reduced to 0.4%. Accompanied by a table yet another bad news: the quality of these investments will continue to deteriorate.

To forecast, Euler Hermes interogé 1684 companies from November to January. 25.8% said they plan to increase investment, 20.5% to 53.7% and reduced to maintain unchanged from 2011. "The wishes of investment are investments for renewal, not of development investments," said Ludovic Sénécaut, CEO of Euler Hermes, during a press conference.  

Thus, according to the study, 8.9% of these some 26% of companies ready to increase their spending account to make investments for productivity gains, 0.8% of spending on research and development. As for the increase in production capacity, it accounts for 19.1% of their spending intentions, while the renewal is 26.7%.

Most of the rest are investing in staff, told AFP chief economist of Euler Hermes, Ludovic Subran. Mr. Sénécaut notes that this situation of "low quality spending", already visible in 2011, "continues to deteriorate". Phenomenon "consistent with a French economy still facing enormous internal market and, when she goes to the international, country chooses and thus close to areas where the activity is and will remain weak for some years yet,"- he said.  

"We are very concerned about the effects of a second round of austerity measures in Italy, Spain and the UK," added Mr. Subran. Side outlets in the Hexagon, "there is still not in France of measures to fight against unemployment and unfortunately we can expect that it continues to increase in 2012," he said , holding that it is "worrisome" for consumption.

Euler Hermes also anticipates a rebound in 4% of business failures this year to 63,500, "record numbers", says Subran.

Asked about the presidential election, he felt that the campaign is the tax that could have "an effect on investment spending." "No candidate can become president without calling flat what is going on taxation in France. There is a volatility of taxes that worries companies," he said.

What the President of the U.S. Federal Reserve Ben Bernanke about the need for maintaining an accommodative monetary policy to reduce unemployment continue to support markets Tuesday, allowing an opening up of major European stock markets, despite the announcement of a decline in morale of German households.

In Paris, in early trade, the CAC 40 gained 0.16% to 3,507 points. In Frankfurt, the DAX 30 is 0.4% to 7,104.83 points. In London, the FTSE advance of 0.2%. The pan-European index Stoxx 50.

The Fed chairman once again on Monday expressed concern about the long-term unemployment, but he questioned the idea that this problem is due to ; structural factors outside the scope of monetary policy.

The consumer confidence index calculated by the German research firm GfK is down at the approach of April, to 5.1, ending six months of gains, income expectations households being affected by rising fuel prices.

But the morale of French households is up against him for the month of March, returning confidence index five points. 

The Tokyo Stock Exchange is in turn mounted to its highest level since the earthquake and tsunami of March 2011, the Nikkei ended up 2.4%.

The main European stock markets opened slightly higher on Friday after four sessions of consolidation, while the growth prospects in France were revised upwards.

In Paris, around 9:15, the CAC 40 gained 0.19% to 3,479 points. The DAX 30 is 0.3% and the FTSE ahead 0.20%. The Eurostoxx 50 is 0.22%.

Values, EADS gained 1.75%. The German government is preparing to buy 12% stake in planemaker taking over the holdings of Daimler and several private banks, it was learned Friday from the German government source.

BOLLORÉ gained 2.7% after announcing a 19% increase in operating profit.

BT gained 4.8%. The British telecoms operator plans to pay two billion pounds into its pension fund as part of a new plan more advantageous than nine years.

The French government raised its economic growth forecast for 2012 to 0.7%, against 0.5% previously, and was lowered to 1.75% for 2013, against 2.0%, said Minister of Economy Baroin.

This announcement follows the revision by the National Institute of Statistics and Economic Studies (INSEE), its growth forecast to 0% in the first quarter and 0.2% in the second quarter of 2012.

Moreover, the overall business climate in France has improved significantly in March, to 95 points, an increase of 4 points, according to INSEE. 

In the U.S., the indicator of home sales in the nine will allow investors to refine their expectations of recovery in the industry and the economy in general.

Creations or extensions to sites in France by foreign companies fell 11% in 2011. And the number of jobs created or saved has never been this low since 2003. But the overall picture of the attractiveness of France is far from negative. Changes in the number of foreign investment projects in France since 1993

At first glance, foreign investment has slowed down in France in 2011. 698 with the creation or extension of sites by foreign companies, foreign physical investments in our country have indeed decreased by 11% compared to 2010. And the number of jobs related dropped from 12% to 27,958. But the French Agency for International Investment (IFA) sees nothing to worry about.

These figures indicate it believes that France "did better than resist" in a difficult environment. In many projects, this is indeed the second best performance since ten years. And 17% of total European or second only to Great Britain. The Minister of Economy Baroin has meanwhile stressed that it was comparable to a 2010 "outstanding" and "recovery" after the 2009 crisis.

President of the IFA, David Appia, however, recognizes a small air pocket. "The sovereign debt crisis has affected the last quarter of 2011," causing "some restraint of foreign companies" some of which have postponed their investment decision, he said. But this decline would, however, more noticeable today. In other words, the attractiveness of France would not be threatened.

In fact, the amounts invested in France have increased by 18% to $ 40 billion last year, according to preliminary estimates by UNCTAD. This won him to occupy the 10th place worldwide, behind the United States (211 billion), China and Hong Kong (202 billion) or the UK (77 billion). Countries such as Brazil, Ireland, Russia and Belgium are also ahead. But not Germany (only $ 32 billion). Note that the figures for the Unctad include purely financial transactions such as mergers and acquisitions. The Afii, she focuses on physical investment.

Fewer new jobs

The most negative, finally, for job creation by foreign firms. For less than 28,000, France returns to the average for the period 1993-2011. A decrease is explained by the proliferation of small projects, the increasing share of projects in the software field (sector No. 1 selected by foreigners), relatively less intense in job creation, and by prudence investors in a difficult environment. A caution which reads in the fact that extensions of existing sites have tended to grow last year at the expense of setting creations.

Finally, foreign investment in France last year were the result of SMEs (28%) of intermediate-sized firms (34%) and large companies (39%). And they came, in overwhelming majority of developed countries: 60% from Europe, 25% in North America and 11% Asian. Four countries, Germany, the United States, Italy and Switzerland, were responsible for over half (52%) of these investments.

Particularly positive in the debate on the made in France, they focused on activities with high added value or high-tech and concerned for two-thirds the manufacturing sector (including machinery and mechanical equipment).

According to a poll published in parallel by the IFA, France would be considered attractive by 66% of international business leaders interviewed. A proportion that rises to 87% in China and 94% in India. Paradox as investments from BRIC countries, are among the most active in terms of direct investment abroad, are still a small minority. Only 6% of projects in France in 2011. This is particularly regrettable that apparently, once installed, the foreign bosses are even more convinced of the attractiveness of our country trusted by 82% of them.

Veolia Environment announced Friday departures of three members of its management team the day after proposing not to renew the appointments of two members of its board of directors deemed close former CEO Proglio.

This series of ads comes as more directors of Veolia, which Proglio, currently head of EDF, has, according to sources familiar with the matter, considered asking for the resignation of the current CEO Antoine Frérot at a council held in late February.

In a statement, Veolia announced that Denis Gasquet, Olivier Orsini and Jean-Pierre Frémont leave with immediate effect the group's executive committee and at the same time abandoning their duties within the group. 

Denis Gasquet held the position of Executive Managing Director and COO, Olivier Orsini as managing director and deputy general secretary and Jean-Pierre Frémont e ; was Director General in charge of Public and Community Affairs.

These changes were decided by Antoine Frérot to "accelerate the implementation of the strategic plan approved by the board of directors," it said in the release of the company.

Sylvain Boucher, who was previously secretary of the executive committee, also joined the proceedings which now, in addition to the CEO, seven against nine previously. 

Also Sylvain Boucher, it is composed of Jerome Gallot, Jean-Michel Herrewyn, Franck Lacroix, Jean-Marie Lambert, Jerome Le Conte, Pierre-François Riolacci.

At 15:25, the title jumped 4.28% to 12.66 euros while the index of blue chips rose 0.17% Paris at the same time.

"The acceleration of the strategic plan and tighter around Mr. Frérot teams were well received," said a trader based in Paris.

Another market operator, also based in Paris, points out that these departures had been widely expected by the market, believing that the benefits likely to die as ; knotting of short positions as well as upward revisions of recommendations. 

"The action moves as people cheer the departure of Denis Gasquet: it was at the head of the Environmental Services division during his disastrous performance and more recently he oversaw the restructuring, "he adds.

The strategic plan of Veolia plans to refocus the group on water, waste and energy services and reduce costs of 420 million euros by in 2015.

Veolia also planned to produce five billion euros in sales in 2012-2013 and reduce net debt to below 12 billion at end 2013.

The Tokyo Stock Exchange closed up 1.65% on Friday, supported by the success of the announced debt exchange in Greece and by encouraging statistics from China.

The Nikkei gained 160.78 points to 9,929.74 and the Topix broader, took 12.55 points (1.5%) to 848.71.

The Nikkei hit a session high at 10,007.62. This is the first time in seven months that exceeds the psychological threshold of 10,000.

Values, exporters have taken their game, Honda took 2.8%, Toyota +2.7% and 4.25% Sony.