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.

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.

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.

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

.

"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."

The Spanish Treasury has now covered half of its funding program for the year, benefiting from the liquidity pumped into the financial system by the European Central Bank (ECB) at its two refinancing long-term ("LTRO") in December and February. 

The Spanish Treasury has auctioned 1.12 billion euros of debt in two years and 1.42 billion euros of debt in ten years to increase coverage ratios, respectively, 3.3 and 2.4 against 2.0 and 2.2 at previous auctions of this type.

Performance of paper came out two years down to 3.463% against 3.495% at an auction in October, and that of ten years up to 5.743% against 5.403% in January.

European stock markets as the single currency have reduced their earnings a few minutes after the results of the auction, investors holding these mixed before returning color to the result of French a debt issue in line with expectations. 

"The coverage ratios for both the two years since the decade are quite good, but yields are clearly higher," explains Nick Stamenkovic, bond strategist for Ria Capital Markets.

"The real problem of Spain remains a serious budget situation and growth. Until there are signs that the government is currently implementing its program of consolidation medium-term budget, and signs of life in the Spanish economy, investors will worry the path of the debt to GDP (gross domestic product) in the medium term ", says he.

BREATHLESSNESS

Secondary market, the Spanish bond yields climbed to ten years around 5.88% against 5.79% before the auction. It was back above 6% Monday, as investors worried the country's budget problems.

The International Monetary Fund (IMF) said Wednesday to expect that Spain lacks its deficit targets set under the supervision of the European Union in 2012 and 2013. Impaired loans of Spanish banks have also reached in February to their highest level since October 1994, illustrating the fragility of the country's financial sector.

Spanish banks, in fact excluded from the primary bond market because of their toxic real estate assets, used a large share of loans from the ECB to buy sovereign debt issued by Madrid.

Meanwhile, foreign investors increasingly shun the Spanish debt: investors residing outside the country have reduced their holdings of Spanish sovereign debt to 42% in February, against 50 % two months earlier. 

With half of its funding program in 2012 already covered the Spanish Treasury can now afford to issue debt at a slower pace if its costs borrowing remain high.

"The Treasury can afford to slow down (…) but Spain remains battered and locked in a negative feedback loop," said Jo Tomkins, strategist for 4Cast .

"The domestic banks have undoubtedly played a key role in the success of today's program, but we found increasing signs of slowing post-LTRO, and c is something that should be monitored carefully in the weeks and months ahead. "

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.

Price rises, tax revenues, reform of the status of tobacconists, banning smoking on beaches … UMP deputy Yves Bur presented Thursday at the Health Minister Xavier Bertrand is a report that smoking and the tobacco industry in all directions. "We start with an observation rather terrible" and "only a comprehensive approach can address," explains Yves Bur. Its proposals aim to halve the number of smokers, for less than 15% of the population smoked in 2025 against 30% today. "At that time, a motion will be hired and may be considered an output of tobacco," said the member, invested long in the fight against smoking.

The first report recommends the establishment of "an inter-ministerial structure specific to the fight against tobacco," "a single contact", appointed by the Prime Minister, along the lines of what has been done for road safety . The High Council of Public Health has made the same proposal last week. Having seen that "the tobacco industry is the only one not to pay for the damage it generates," Yves Bur proposes to introduce a tax on sales by manufacturers. The tobacco tax revenues are about 11 billion euros a year, he said, while the cost of tobacco-related diseases reached 18 billion, a co-pay 7 billion euros, " the equivalent of social security deficit for 2012 ".  

Regarding tobacconists, MP recommends reviewing their status to "not to tie their compensation to the volume of tobacco sales."

Tobacconists angry

The report explores Bur all fields can influence tobacco consumption downward. He recommends "fiscal policy review of tobacco products" and "set targets for increases effective price", a lever often cited by organizations that fight against tobacco. It calls for manufacturers to impose a "neutral standard package", unattractive, and introduce the "sale under the counter", that is to say not to display cigarette packets in newsagents. MP wants to strengthen the means to enforce existing prohibitions, including banning sales to minors, with operations "testing" and penalties "dissuasive" up to and including license revocation. "Banning smoking in front of children has become a rule," said MP: drive to the beach … To help smokers quit, the report recommends a free pick for people in ALD (long-term illness), pregnant women and CMU beneficiaries. Yves Bur also called for "banning links of interest" between the tobacco industry and state officials.

As we approach the presidential election, the member pointed out that the program he proposes "is part of the two five-year period". "It would really be in the spotlight of the presidential candidates to make clear that it will make the fight against tobacco presidential site in terms of health," he said.

"Very angry," the president of the National Confederation of tobacconists, Pascal Montredon, blasted "proposals cloth", seeing the opposite of "work more to earn more". For their part, cigarette makers have described the proposals Bur of "extreme measures", but not really new. They "are an excessive and unrealistic approach," ruled Imperial Tobacco.

And you?

Do you think the measures recommended by Yves Bur are justified? Are they sufficient or excessive?

How far should we go to roll back the number of smokers?

The Institute of Frankfurt bought about 38 billion euros of Greek debt under the program says SMP (Securities Market Programme) and these securities are now worth about 50 billion euros. Forego these profits would reduce Greece's debt.

Some resignations later … The Greek government has finally approved, this Friday night, a bill involving the country in the reforms demanded by the EU and the International Monetary Fund for the implementation of a second bailout of 130 billion euros, according to government officials.

The bill should be voted by parliament Sunday, which would make Greece a financial solution so that Athens must pay 14.5 billion euros of bonds maturing next month. The country will not honor these debts without further aid.

The European Union urges the Greek government to provide details of further cuts in public spending of $ 325 million.

It also requires a clear commitment of party leaders of the coalition government to implement reforms.

"We can not let Greece go bankrupt. Our priority is to take steps to adopt the new economic program and the new loan agreement. It goes without saying that those who disagree and do not vote for the new program can not remain in government ", said Prime Minister Lucas Papademos to the Cabinet

…. Friday ….., the Greeks began a 48-hour general strike to protest the new austerity measures demanded by international creditors and which Athens could not be the economy, according to Finance Minister Evangelos Venizelos, at least of leaving the euro

. Clashes between protesters and police erupted Constitution Square (Syntagma), but to Parliament protests , followed by relatively few, have generally been peaceful

. The first police union, which accused the International Monetary Fund (IMF) and the European Commission undermine democracy and national sovereignty, expressed his wish not to act against their "brothers". A local newspaper also publishes a photo montage showing German Chancellor Angela Merkel in a Nazi uniform.

The four government members from the LAOS, far-right party that belongs to the governing coalition, submitted their resignations in protest against the demands of international creditors, reports news agency ANA. George Karatzaferis, leader of the movement, had previously ruled to endorse the new austerity plan.

The device provides for a 22% decrease in the minimum wage, the elimination of 150,000 jobs in the public and reduced pensions.

For many Greeks, impoverished by five years of recession, in a country where unemployment affects one in five working where shops are closing one after the other, these new measures are unacceptable.