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Banks and insurance companies French are able to cope with a possible exit of Greece in the euro area, said Monday the Prudential Control Authority (ACP).

While the markets are worried that the Hellenic Republic is forced to leave the eurozone because of the political impasse in which it is located since the legislative elections, Christian Noyer, the pre President of the ACP group explained that no French financial difficulties would set if this scenario were to occur.

Asked whether French banks and insurers could resist such a scenario, Christian Noyer, who is also governor of the Banque de France and member of the Board of Governors of the European Central Bank ( ECB), said: "My answer is yes."

" I know of no group that would be put in difficulties by an extreme scenario of Greece, "he said at a press conference to present the 2011 CPA report

. He also recalled that French banks, which are among the foreign banks most exposed to Greece, had provisioned the Greek sovereign debt they hold in their account up 75%

. The European Commission said Monday hoped that Greece remains within the euro area, while requesting new exhibitions ; ties to honor its commitments

. Everywhere on the planet, however, banks are preparing to work with a new currency in greece. 

In France, Credit Agricole, is particularly vulnerable to Greece because of its local subsidiary Emporiki, has also said on Friday prepared for all eventualities.

"The risk is virtually no longer supported by the private sector which has already funded a large part of Greek debt," said Franklin Pichard, director of Barclays Exchange. "The Greek debt is essentially supported by the European states."

"Meaningless"

The CPA also pointed at his press conference that French had since the crisis strengthened their financial strength and they now showed capital ratios "hard "(so-called 'core tier one') above 9%, above the requirements of the European Banking Authority (EBA).

Asked about the risks of contagion from the debt crisis in the euro area and on the budgetary situation of Spain, Christian Noyer said that no other European country was in "a situation comparable to Greece."

"Assimilating Spain to Greece is meaningless," he insisted. 

The ACP also said that the government sought a "permanent solution" to the Credit Immobilier de France (CIF) including the ability to refinance on the markets would be put to the e ; evidence in case of deterioration of its rating by Moody's.

Finding that the mortgage specialist had a solvency situation "very satisfactory", Christian Noyer has nevertheless recognized that the model of organization and activities of the CIF-oriented refinancing markets, had become "difficult to manage" because of the financial crisis in the euro area. 

According to Les Echos, the British bank HSBC was mandated to find a buyer at the ITC which several bond saw their listing be suspended early last week.

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.

Holcim has suggested Wednesday that he would again increase its prices, a severe winter in Europe charged on net profit in the first quarter.

Sales of cement, concrete and asphalt decreased by double digit percentages in Europe and the net profit after minority interests stood at 10 million Swiss francs (8.32 million euros), far from the 41.2 million expected by analysts polled by Reuters.

Revenues increased 2.2% to 4.76 billion Swiss francs, compared with 4.718 billion consensus giving.

"The harsh winter has resulted in numerous decisions of sites in Western and Eastern Europe in February," said the second world cement in a statement. 

Cement producers, firms in a particularly energy intensive, face higher costs of fuel and electricity.

Holcim said it could offset the rising costs by raising prices, but Africa and the Middle East. As Lafarge, he observed that the costs of energy and transport seemed to stabilize.

European competitors Holcim, Lafarge and whose German HeidelbergCement, have warned that they would fall under their prices to offset rising energy costs. Holcim said it reverberate cost increases caused by inflation.

The Swiss group, which generates more than half of its turnover in emerging markets, expects increased demand for building materials in Asia, Latin America, Russia and Azerbaijan this year. It also provides an increase in demand in North America.

Spanish industrial production fell by 7.5% yoy in March, down significantly stronger than expected, according to data released Monday by the National Institute of Statistics (INE).

Economists had expected a decline of 5.4% after falling 5.3% in February (revised).

The economic difficulties of Spain, the fourth largest economy in the euro area, recent weeks have given the debt crisis on the front of the stage.

Worn among others by the strength of its sales outside Europe, Volkswagen announced Thursday an unexpected rise in profits in the first quarter, a result that contrasts with the cons-performance of several other manufacturers Europé ; ens and has surprised analysts and investors.

Demand for models such as the large sedan Audi A6 or 4×4 Volkswagen Tiguan in countries like the U.S. or Russia has offset weak sales in Western Europe and the cost of major plan committed investment to increase capacity of the German group.

Its operating profit rose by 10% in the first quarter to 3.21 billion euros, while analysts on average expected a decline of almost 9% to 2 , 7 billion. 

The turnover, however, has jumped more than 25% to EUR 47.3 billion, reflects the integration of truck maker MAN, Volkswagen capital which is mounted near 74% a few days ago after taking control in November.

At the Frankfurt Stock Exchange, the action Volkswagen gained 6.81% to 134.80 euros by 2:20 p.m., showing by far the largest increase of the DAX index, which then yielded 0.31%, while the European sector index of the automobile progressed from 1.58%.

No. 1 worldwide in 2016?

Manufacturers depend heavily on the European market currently suffering from declining margins as a result of the price war initiated in an attempt to stem the decline in sales against a backdrop of economic slump , fiscal austerity and wage restraint. 

PSA Peugeot Citroen, Europe's number two industry, and Renault, and have reported this week from a drop in sales of 7% and 8.6% respectively, which reflect you exposure to markets in southern Europe.

Volkswagen, he enjoys a geographical diversification committed earlier: counting on the continued development of its activities in Asia, the United States, Latin America and Russia, he hopes to beat this year's record sales recorded last year with 8.3 million vehicles.

"The results are extraordinary," said Franz Schwope, analyst at NordLB in Hanover. "It's time to revise upwards their long-term goals."

The group reiterated its forecast for 2012 operating earnings for the same level as in 2011, 11.3 billion euros, an increase of its turnover Business, emerged last year to 159.3 billion.

Group sales rose 9.6% in the first quarter to 2.16 million vehicles, a figure unprecedented in three months.

Volkswagen wants to become by 2018 the global industry, with a target of 10 million vehicles, while becoming more profitable. For Franz Schwope, this dual objective could be achieved by 2016.

The chief executive of VW, Martin Winterkorn, said in the earnings release that the group plans to launch this year over 40 new models or new versions of existing models .

The group also intends to invest about 15 billion euros by 2016 to modernize its plants.

On April 4th, we received Jean Peyrelevade, Chairman of the Board of Leonardo & Co. and Dussillol Gerard, president of the Public Finance Committee, Thomas More Institute. Club Expansion with L'Express, Paris April 4, 2012 – Christophe Barbier, Jean Peyrelevade, Philip Gerard Way and Dussillol (from right to left).  

The next sessions will be held Wednesday, May 9, Wednesday, June 6 and Wednesday, July 4, 2012.

To participate, contact us: – Benayoun Murielle> 01 75 55 50 63 – Franck METAY> 01 75 55 10 58 – E-mail>

club@lexpansion.com

In 2012, the Club de L'Expansion gets a makeover with The Express: Christophe Barbier, Managing Editor of L'Express and L'Expansion, and Philip Way, columnist, have designed this new format enliven the debate and after economic point of Beatrice Mathieu.

About the Club de L'Expansion

Each month, the Club de L'Expansion gives you an appointment with a prominent political figure and a renowned economic expert. Far diagnoses agreed and postures that abound in the media, members meet to exchange high-level economic and political, without taboo nor a priori.

These meetings in small circle and the value of the information collected can help you develop your thinking and your personal network. They set some benchmarks and also with the members in their decision-making in a world constantly changing.

Many other benefits are reserved for members to join and enjoy your tour, contact us by tel. 01 75 55 50 63 or email club@lexpansion.com

Sony will cut about 10,000 jobs, or about 6% of its global workforce, by the end of the year, the Nikkei newspaper reported, adding that these measures would affect the chemical division of electronics giant Japanese as well as manufacturer of LCD screens small and medium size.

The paper said it is difficult to say at this stage how these job cuts will be divided between Japan and the world.

The new CEO of Sony, Kazuo Hirai, was ordered to put the group on the road to profitability after four fiscal deficit. 

In early February, Sony, distanced during the last decade by more innovative competitors like Apple or the American South Korean Samsung, said he expected for the 2011-2012 year, ended March 31, at an annual loss of 220 billion yen (2.2 billion euros).

Kazuo Hirai, officially took office on April 1, replacing Howard Stringer, must be about the business plan from Sony on Thursday.

Wall Street on Wednesday accused its second consecutive decline, fall within the scope of both oil prices and that metal, evolution has led investors to die ; lester values ​​related to raw materials.

The Dow Jones Industrial 30 yielded 0.54%, or 71.52 points, to 13,126.21. The S & P-500, wider, lost 6.98 points, or 0.49%, to 1405.54. The Nasdaq Composite fell on its side of 15.39 points (-0.49%) to 3,104.96.

The lower growth than expected durable goods orders in the U.S. in February (2.2% against 3.0% expected) has renewed concerns surrounding the recovery in the U.S. .

In addition, analysts said, the traditional quarter-end purchases seem to subside, which removes a source of support on Wall Street.

The S & P 500, and undergoes its worst session in three weeks, however, shows an increase of 11.4% since the beginning of the year, the benchmark fund managers are well on track to sign its best quarterly performance since the third quarter of 2009.

Cleaning portfolios to "the end of the quarter had probably carried the stock market these days. This factor plays up because if you buy less value today, it will not be settled before Monday so it will not appear in the first quarter figures, "noted Robbert Van Batenburg, head of equity research at Louis Capital

. The S & P grouping the values ​​linked to commodities fell ; of 1.52% and the energy sector has yielded 1.23%

. action number a global mining equipment Caterpillar fell 3.52% to 104.26 dollars, thus showing the biggest drop in the Dow Jones

….. The heavy oil …. ExxonMobil and Chevron also weighed, with declines of respectively 0.88% to 85.86 dollars and 1.07% to 105.89 dollars ..

……. Despite the decline of day, that the S & P 500 is not dropped below the 1.400 points suggests that the fundamental cycle bull bringing Wall Street six months ago are still in place, said Jim Paulsen, Investment Officer at Wells Capital Management.

Oil prices were down nearly 2%, under the double blow of surging crude inventories in the U.S. and the prospect of more countries use their re reservations policy to curb the sharp rise in gasoline prices.

Gold and copper also fell after data on durable goods orders, that interrupt a series of statistics considered positive for the U.S. economy.

During the meeting, Apple has hit a new record of 621.45 dollars. The action ended at 617.62 (0.51%)

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.