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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.

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Market share in France Carrefour group's banners fell again between March 19 and April 15, reported Friday the magazine's website specializing in the distribution LSA citing data compiled by Kantar .

According lsa.fr, the market share of the distributor was down 1.7 percentage points, to 21%, against 22.7% during the same period last year .

"The two main signs of the Carrefour group are affected by this plunge: hypermarkets in mind, which fell 1.2 points to 11.4% market share while Carrefour Market supermarkets them lose 0.6 points to 7.9%, "the site that it is adding Leclerc, Système U and Intermarché who benefit most from the decline of the French leader.

Carrefour declined to comment.

Michel Barnier, European Commissioner for Internal Market, was in turn declared in favor of a pact for growth in Europe in addition to the fiscal pact adopted in late 2011, which austerity measures provoke political unrest throughout the region.

"I support what is working on an initiative for growth in addition to agreements on budgetary discipline," he says in an interview published Monday by the German newspaper Die Welt.

Such an initiative would pass, in the short term, increased by an endowment from the European Investment Bank (EIB), a more efficient use of structural funds of the European Union and bonds dedicated to finance infrastructure projects, says Michel Barnier. 

According to Spanish newspaper El Pais, the European Union is working on a growth plan to inject $ 200 billion of investments in sectors such as infrastructure, clean energy and high technology.

The idea of ​​complementing the "fiscal pact" signed last year by a panel of growth support the political debate in Europe for several weeks, many voices emphasizing the risk of austerity encourage a relapse into recession in countries weakened by the crisis. 

At the end of last week, German Chancellor Angela Merkel also expressed support for capacity building of the European Investment Bank (EIB) and use more flexible infrastructure fund of the European Union to support growth.

President of the European Central Bank Mario Draghi said last week that the eurozone needed a "Growth Pact".

Francois Hollande, the Socialist candidate for the French presidential election, has placed top priority in the renegotiation of the Treaty on European budgetary discipline signed in March by 25 of the 27 EU countries to include a section on "growth", an initiative criticized right. 

The German government said Friday that issues related to growth and employment in Europe would play a central role at a summit of heads of state and government in late June.

According to Michel Barnier, a further liberalization of the internal market of the European Union could support the growth over the medium term.

"In the long run, I would like the establishment of a European industrial policy in strategic areas so that we redevenions a manufacturing center and not mere consumers of Chinese and American."

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.

Spanish conservative government on Friday adopted a plan savings of 10 billion euros per year. Retirees will now pay for their medications and the cost of university tuition will rise by 50%. Student protest in Barcelona against the Spanish government cuts in education nationally, February 29, 2012

The Spanish Conservative government, in a race to deficit reduction, adopted Friday a plan to save the very sensitive areas of health and education, hoping thereby generating 10 billion euros in savings per year. Measurement flagship health reform, which aims to save $ 7 billion and probably promised the greatest unpopularity: retirees will now pay for their medications. An ad against the tide of the election campaign of the government leader Mariano Rajoy, who promised this fall despite the crisis to maintain the purchasing power of retirees. But "this is an effort to seek" the people, "because there is no money to pay utilities," acknowledged Mr. Rajoy Thursday. And "Spain is the second largest consumer of drugs," explained the Minister of Health Ana Mato.

Last year, 3,700 tons of medicines, expired or unused, have been destroyed. Traditionally, Spaniards do not pay to go to the doctor and pay out a portion of the cost of drugs, except for retirees who do not pay them anything. Now the latter, which represent three quarters of the national pharmaceutical spending (11 billion euros, 1.1% of GDP), will pay 10% of the invoice in pharmacies, to a maximum of 8 to 18 euro months depending on their income. Assets, which previously paid 40% of drugs, settle up to 60%, depending on their financial situation.

Unpopular reforms

In education, the government hopes to recover 3 billion euros: it will allow regions to drive up the cost of university tuition by 50%, increasing from 1000 to 1500 euros on average, and increase 20% the number of students per class. The 17 Spanish autonomous communities are in fact the first concerned by this savings plan: they engulf 50% of public spending in Spain. Three-quarters of their budgets spent on health, education and aid to dependent persons. In recent months, many of them have struggled to pay their suppliers, causing discontent among pharmacists and cuts heating and electricity in schools and colleges.  

But in touching on sensitive sectors, the government has come under fire, including the Socialist Party, which has expressed its "rejection front" of this new austerity plan. In health this represents "a paradigm shift in the national system, to gradually deteriorate and seek to dismantle the public health system," said Trinidad Jimenez, responsible for health PSOE. "The government sets the stage for a healthy wealthy and another for the poor," added the consumer association Facua. As for measures for education, "no country has ever overcome an economic crisis by reducing the equal opportunities of his youth" in this area, responded the secretary general of the PSOE, Alfredo Perez Rubalcaba.

Both reforms are intended to enable regions to save 10 billion euros per year from 2013. According to a government source, "it also helps to share costs between the state and political areas." For the latter, which have already launched austerity measures in recent months, have all faced large popular demonstrations. Scrutinized by the government, they must submit by May remediation plans to reduce their budget deficit of 2.94% of GDP in 2011 to 1.5% in 2012. Those who do not comply will have their path set budget handled by the central state. The country as a whole twelve months to reduce by more than three points the deficit of 8.51% to 5.3% of GDP, and has already announced a budget, the most austere in its history, to recover 27.3 billion.

China posted a trade surplus of $ 5.3 billion in March. Its trade with the United States, Russia and Southeast Asia accelerated. A factory in China flat panel displays.

Difficult to see clearly in the statistics of China's foreign trade. After recording a record trade deficit in February, the Middle Kingdom has a surplus of 5.3 billion in March.

Even if Chinese firms continue to suffer from the debt crisis in Europe and a hesitant recovery in the U.S., exports of the second world economy grew by 8.9% yoy. Not so bad. In March, sales abroad of China totaled 165.66 billion dollars. For their part, imports reached 160.31 billion dollars, up 5.3% year on year.  

"The surplus in March is quite low so that the deterioration occurred in foreign markets since last year has continued to affect Chinese exports," he told AFP Liao Qun, China economist for Citi Bank International. This return to a surplus as a surprise to fifteen analysts polled by Dow Jones agency, who on average expected a deficit of $ 3.2 billion. Indeed, the latter provided stronger imports. But they have slowed in March, mechanically inflating the trade balance.

"Domestic demand continues to slow," said Qu Hongbin, chief China economist for HSBC. However, outside of this effect that disrupts the development of the trade balance, China remains competitive. In 2012, the projected growth in foreign trade of the world's leading exporter is about 10%. This remains higher than expected growth in world trade (6%).

While trade with the EU skate, China has many other growth. In the first quarter, its trade with the United States and Southeast Asia grew by 9.3%. Bilateral trade with Russia, meanwhile, has jumped 33% year on year.

Finally, the slower growth of foreign trade does not affect all regions of China in the same way, while some inland provinces are beginning to catch up on the coastal provinces, which until now focused exporting companies . While exports of Guangdong (south), which ranks first provinces to trade with abroad, rose only 5.4% in the first quarter, those of Chongqing (Southwest) and Henan (center) have respectively increased by 150% and 140%, according to Customs.

The strength of exports is vital for China must maintain a solid growth to contain unemployment and social discontent. Friday the country should publish the number of growth for the first quarter. Analysts polled by the business daily Diyi Caijing Ribao (China Business News), GDP growth should be limited to 8.4%, against 8.9% for the fourth quarter 2011 and 9.2% for all last year.

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%.

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.

The rating agency has again lowered the credit rating of Greece, "C", which corresponds to an almost certain risk of default. Moody's in New York.

The U.S. rating agency Moody's said Friday night that lowered the credit rating of Greece to "Ca" to "C" to reflect the launch of the restructuring of public debt in Athens. This operation "entails expected losses of more than 70% for investors" who will participate, Moody's wrote in a statement.

Moody's assigns a "C", the lowest possible rating on its classification as it deems to borrowers on the edge of default, while a rating of "Ca" she attributed so far to the Greek public debt corresponds to the speculative issuers in which the failure seems likely. The agency says that in his view, the swap of debt proposed by the Greek government to its private sector creditors, whose success is imperative to allow "the provision [of Athens] a additional financial assistance of the euro area "will return, if completed, a" default "on" Greek government ". The agency was then referred to the new European rescue plan providing 130 billion euros of aid set in motion Thursday.

Its rival Standard & Poor's lowered the credit rating Monday of Greece to "SD", a level corresponding to "selective default", to reflect the debt erase operation launched three days earlier. S & P said it planned to raise the rating to CCC of the country, which she attributed to poor quality of issuers with a real risk of default, where such operation would have been fully completed, probably in mid- in March.

This is not the case of Moody's, which does not assign "perspective" to the Greek note, sign it refuses to speculate on what could be its evolution after the debt swap consumed. "Regarding the future, the program of the European Union and the proposed debt exchange will reduce the debt burden for Greece, but the risk of default of the country will remain high even after this exchange has been completed, "the agency wrote.  

"Moody's believes that Greece still faces challenges in the medium term solvency: the ratio of public debt to GDP is well above 100% for several years," the statement added.

Restructuring launched Feb. 24 to allow Greece to obtain a cancellation of debt of 107 billion euros. Athens proposes to give private creditors participating in the operation of securities worth less than 53.5% of those they currently hold. A quarter of those titles that creditors will receive bonds from the European Stability (EFSF), presumably with a maximum maturity of two years. The rest will consist of new Greek bonds with maturities ranging from 11 to 30 years, a period much greater than those they replace. Because interest rates that will yield these securities loss to creditors should be around 73%.