The meeting of finance ministers of the G7 in Iqaluit, in Canada's far north, was the occasion for the great silversmiths to see the convergence of their views against banks."We agreed to work together to ensure that financial institutions bear the cost of their contribution to the crisis", stated the host of the meeting, Canada's Jim Flaherty.
Since the end of 2009, projects of exceptional taxation of banks have flourished, in various forms and with different objectives: punitive tax here, contributing to the effort there, insurance premium paid in exchange for the implied warranty given by the States financial institutions or other taxation of bonuses to limit the activities deemed most dangerous … In Britain and France, is a tax on the bonus above 27 500 euros, which was established. In the United States, Barack Obama wants to apply to larger banks a fee to bring 90 billion dollars in ten years.Now, the bond G7 will legitimize future draft taxation.
Meanwhile, the seven finance ministers, according to American Tim Geithner, reaffirmed their commitment to finding "by the end of this year a consensus on new prudential standards that apply to banking. The Ministers again stressed their higher requirements for capital.
Nearly 500 000 per person
Faced with this increased range of governments, banks are beginning for some, to put water in their wine payday loans no teletrack .This determination in policies comes at a time when financial institutions close their accounts in 2009 – boosted by the profits on contracts for some, undermined by the loss of their portfolios of assets and doubtful debts for other . Also in that time that banks put the last comma on the bonus amounts distributed.
Although it became the symbol of a financial world that have returned to practices before the crisis, Goldman Sachs has chosen to keep a low profile. The bank is number one on Wall Street, announced this weekend that its CEO Lloyd Blankfein would affect "only" $ 9 million for 2009, entirely in shares. This bonus is not only less than half that received by his counterpart at JPMorgan, Jamie Dimon, for example.It is particularly small in comparison with wild rumors that had circulated a week ago: there was talk then of 100 million dollars!
In 2009, Goldman has made a net profit of 12.2 billion dollars, the same as that earned in 2007 a record year for finance. Employees at large will share more than 16 billion dollars in bonuses in various forms, about 500 000 dollars per person. But thirty frames the higher will be paid in shares, they can not sell before five years.
In the aftermath of its worst session in 7 months, Wall Street is recovering. The U.S. stock market opened higher on very shy, taking the Dow Jones 0.05% to 10,024 points and the Nasdaq +0.37% to 2137 points. The markets reacted rather well to the employment figures published Friday. The U.S. economy still has destroyed jobs in January, 22,000 jobs, but significantly less than in December and the unemployment rate in the United States fell by 0.3 point to 9.7% during the first month of 'year, according to official figures published Friday in Washington.
For the Department, the report reflects on the business of the employment situation "almost unchanged", a sign that the U.S. economy would soon return to the net job creation, as was the case in November.
However, the disappointment is still to go, analysts hoping that the economy would have created at least 5,000 jobs over the month.These figures therefore mixed sows doubts on the speed of economic recovery overseas.
The confusion is also due to the strong upward revision in the number of job losses in all of 2009. Last year, the economy has lost a total of 4.823 million posts. This represents a fall in employment of 3.6%, the most since 1945!
The day before, the Dow Jones made his worst performance since early July, and lost more than 2.6% at 10,002 points, after a passage in the final session, under the 10 guaranteed payday loan .000 Points.
In Europe, the main squares are continuing their sharp fall, including leaded by fears concerning Greece, Spain and Portugal.
Moreover, the dollar continued its rise Friday. The European currency rose to 1.3648 dollars on Friday morning, under $ 1.37 per euro.but after the employment figures, the euro rose back above that threshold.
At the same time, commodity prices fell, oil Thursday evening closing down 5% to 73.14 dollar per barrel. This Friday, oil prices continued their fall, while an epidemic of risk aversion continued to hit commodities, the euro and equity markets, and anxiety remained high in a few hours of report U.S. employment.
Airgas to follow
Toyota should be on the radar screens of investors as the group has apologized publicly.The Japanese auto giant Toyota, which suffered a barrage of criticism and lawsuits after recalling millions of cars affected by technical faults, was Friday denied concealing these issues publicly and said that its cars are "safe".
Kraft Foods has confirmed that regulators had approved its bid for Cadbury.
Airgas has increased by over 42% yesterday on the Stock Exchange after Air Products has offered 5.1 billion dollars to buy its rival.
Red or green? Wall Street has chosen Wednesday. After an opening in the red and a brief stint in the green, the financial markets remain more consistently in negative territory. Wall Street resumes its breath after two good sessions of rising early in the week. Since Monday, the U.S. financial markets seemed to want to permanently turn the page of a January that saw the stock market lost 3.5% in a month. But on Wednesday, the question is back. After returning the balance to 16 hours (0.05%), the Dow Jones loses in mid-session 0.12% at 10,289 points. For its part, the Nasdaq lost 0.03% to 2190 points and the S & P 500 down 0.42% at 1099 points.
The profit taking and caution that accompanies dominate before the publication Friday of the long-awaited report by the U.S. administration on the job in January.For the first time in years, the market expects to see new posts.
Until Friday …
On Wednesday, an hour before the opening, a positive signal was sent in this direction of investigation ADP (Automatic Data Processing). The latter has released its report on employment overseas for the month of January: while economists were expecting the destruction of 30,000 jobs, the survey listing the elimination of 22,000 positions (against 84,000 for the month of December ).
After the ADP survey, investors were awaiting the ISM index on the services sector. It appears to 50.5 in January after he settled at 49.8 in December.This is slightly below the consensus was counting on 51 points but it's still the highest index level since May 2008.
Side currencies, the dollar resumed ground against the euro Wednesday after the European Commission approved the new austerity plan Greek. In mid-session, the single European currency lost 0.42% to 1.3915 dollar.
U.S. crude oil, is stabilizing at 77.51 (+0.31%). The U.S. Agency for Energy Information (EIA) announced Wednesday that gasoline inventories last week fell by 1.3 million barrels and stocks of distillates also fell 1 million barrels free credit score online .In contrast, crude oil inventories jumped 2.3 million barrels.
Pfizer leaden atmosphere
Pfizer reported a 34% increase in sales to 16.54 billion dollars, half a billion dollars more than the consensus in the fourth quarter. However, net income disappoints. The latter has tripled to 767 million, or 10 cents per share, or 49 cents excluding items against a consensus of 50 cents. In exchange, the title derives indices down: -2.26% to 18.63 dollars.
Time Warner (-1.61% to 28.05 dollars) achieved results above expectations in the fourth quarter thanks to strong performance from its film division and cable channels. The media group has made a net profit of 627 million, or 53 cents per share, compared with a loss of 16 billion dollars, 13.41 dollars, a year earlier.
Comcast (-1.47% to 16.05 dollars) has released results above expectations in the fourth quarter thanks to the development of its Internet operations. Net income for the cable operator amounted to 955 million, or 33 cents per share, compared with $ 412 million, or 14 cents per share, a year earlier.
News Corp. unveiled Tuesday a net profit of 254 million, or 10 cents per share, compared with a net loss of $ 6.4 billion, or $ 2.45 per share, a year earlier. The news is very welcome Stock Exchange: title rises from 7.65% to 13.66 dollars.
Bank of America (+0.26% to 15.64 dollars) would have endorsed the granting of over $ 4 billion to pay its bankers and traders under the year 2009, according to sources in the Wall Street Journal. They receive on average between 300 and 500 000 dollars bonus.These fees represent 19% of 23 billion dollars of revenue that the U.S. bank has reached its activities in investment banking and trading, the newspaper said.
Ex-Thomson, Technicolor now, trying to straighten up and definitely wants to turn the page.After the creditors and shareholders have approved the restructuring plan to reduce debt by 2.8 billion euros to 1.55 billion euros, Technicolor announced Tuesday in a statement he signed a partnership with 'American Warner Bros., to duplicate and distribute DVDs and Blu-Ray.
The French group said that this contract will generate significant revenues from the third quarter of 2010.
"Associating their expertise in creating entertainment and key technologies associated with the unique experience of Technicolor innovation technology offers many opportunities for both parties," said the president of Technicolor, Frederick Rose.
Weakened by serious financial difficulties, Technicolor has decided to relaunch by signing a strategic partnership with the world leader in terms of volumes of physical media (DVD and Blu-ray combined).
The official figures will be at noon. But information BFM suggest the outlines of this publication. Namely a difficult 2010, despite a January under good auspices. In fact, "we can expect good numbers in the coming weeks before a turnaround due to falling orders," anticipates does one on the radio station.
The first weeks of this years new register and the continuity of orders made last fall, boosted by the fact scrap bonus. But the whole year is expected to decline by 20% in terms of global vehicle sales. With forecasts of a little less pessimistic (-10%) for the German Volkswagen's new Polo and easy payday loans
Nicolas Sarkozy has raised the question of how we can more directly Wednesday in his opening speech at the Davos Forum: what is "the role to be played by banks in the economy?" He should get an initial response today ' hui. The bosses of big banks, mainly American and European, will meet with key leaders of the global financial regulation to settle their quarrels.
"The first challenge is to define what should be the basic name of a bank, has publicly acknowledged on Friday Peter Sands, group CEO of Standard Chartered Bank UK, who also co-chairing the Forum 2010, alongside a colleague European Josef Ackermann, head of Deutsche Bank. The meeting will be informal: to probe the kidneys and hearts of some central bankers and regulators in Davos.Including Jean-Claude Trichet, the ECB president, Mario Draghi, Chairman Financial Stability (a creation of the G20), Jaime Caruana, director general of the Bank for International Settlements, Dominique Strauss-Kahn, director IMF, but also representatives of emerging countries, as Zhu Min, vice governor of the People's Bank of China.
In this case it is private financiers who are the plaintiffs. "A new regulation of financial institutions is inevitable, but a regulatory motivated populist policies would be ineffective and harmful," warns a professional who will participate in face-to-face fast payday loans . This fear is taken very seriously since Barack Obama presented his proposals to ban the operations of market equity for commercial banks.With also the possibility of dismantling settlements whose bankruptcy would present a systemic risk.
The Obama plan goes to school
However, these recommendations appear to be in school politics. David Cameron, leader of British Conservative Party, arrived Friday in Davos, it is stored too. In turn, the technical authorities do nothing to minimize the issue of reforms to come. As Jean-Claude Trichet, at a panel on public policy interventions: "On both sides of the Atlantic, governments have had to receive 25% of GDP in the form of guarantees, recapitalizations and buyouts of securities to prevent the collapse of the sector.It would not forgive us if the system does not become more resilient in the future. "
The delegation of bankers in which American Brian Moynihan (Bank of America) and the European Josef Ackermann appeared to play a leading role, is far from presenting a seamless front. Everyone agrees to request a "harmonization of national regulations" (a level playing field in the jargon), but without going to unify the laws of each place.
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At Davos, Sarkozy denounces the excesses of capitalism
"Obama prohibits banks market activities
We have experienced "a crisis of globalization". Inaugurating the 40th World Economic Forum in Davos on Wednesday, Nicolas Sarkozy has led the charge against "financial capitalism" that caused the crisis that shook the world for over a year. Then it was the first time a French president opened the show, Nicolas Sarkozy has criticized the "distortion of capitalism, calling for a establishing a" common morality "to avoid relapse.
He also returned on the role of banks, lending its support to the banking reform and Barack Obama reminding bankers their jobs. "What is the job of the banker?" He asked. "This is not to speculate, but to analyze the risk of credit to finance the development of the economy."If the crisis occurred, "because bankers did more than their job," he said.
In terms of currency, he reiterated the commitment to reform the international monetary system, criticizing the "currency manipulation" personal business card . Citing unnamed Chinese yuan, the French President has condemned these currencies undervalued to prevent any fair world trade. In 2011, when it will chair the G7 and G20, "the France include on the agenda the reform of the monetary system", he again hammered.
Welcoming the decisions of the G20 regulations on bonuses, tax havens, Nicolas Sarkozy announced that France will lead by example and apply the new rules, including Prudential, decided at international level.
On a more general "indecent behavior will not be accepted by public opinion and that no country in the world," he said, castigating the salaries unrelated to the merits. "When you win every time, this is not a market economy." However, he added, "that creates jobs, wealth, many wins, I do not think it's shocking" .
The Paris Bourse started the week in the green, having closed sharply lower Friday. The Cac 40 was opened on Monday, up 0.42% to 3971.17 points.
This morning the Asian seat ended in a steep downward trend. The Nikkei lost 1.16%. The disappointing results from JP Morgan affect the morale of investors who doubt the health of the banking sector. Friday, Wall Street had already set the tone by closing on a negative note. On Monday, the U.S. places are closed due to holiday.
No macroeconomic statistics that could reverse the trend is expected.
Renault under the microscope
As for values to follow, Renault is expected to turn.Group CEO, Carlos Ghosn, announced Saturday that the new Clio 4 will be made to Flins (Yvelines) and Turkey, without giving further details on the distribution of production at both sites. The reaction of Peugeot will also be expected.
According to the British press, GDF SUEZ is considering a reconciliation with Britain's International Power. The transaction details are not mentioned.
Louis Welsh, CEO of EADS Sunday welcomed signs sent by the client countries of the military transport aircraft Airbus A400M.The France had announced it planned to discuss the cost overruns of the project therefore would not be abandoned.
Air France KLM would react Exchange after publication in the Japanese press of a rapprochement between Japan Airlines (JAL) and Delta Air Lines, which should lead JAL to join the SkyTeam alliance, which includes Air France-KLM.
According to the Tribune, Axa interested in a stake in the giant Russian Aluminum Rusal, which is listed on the Stock Exchange of Hong Kong and Paris (Euronext) next week. Rusal hopes to raise 2.6 billion dollars (1.8 billion) through its entry into the market.
Accor CEO Gilles Pelisson said in an interview with Journal du Dimanche that the group should not be separated from its brands Sofitel and Motel 6.He said the resumption of the hotel market will slow in the first quarter of 2010.
The luxury goods group Compagnie Financiere Richemont announced Monday before market turnover exceeds expectations in the third quarter of 2009/2010. The latter rose 2% to 1.585 billion euros, while analysts expected a decline. For the current year, Richemont gave no forecast
Aeroports de Paris (ADP) after market must publish its traffic for the month of December.
Casino has been in trouble in Venezuela. Venezuelan President Hugo Chavez on Sunday ordered into effect the expropriation of the hypermarket chain Exito, a subsidiary of Casino, accusing him of having increased its prices so speculative.
At 18h, Casino and Mercialys publish their figures for the fourth quarter while Soitec unveil his own in the third quarter.
The world of microprocessors confirmed Thursday after-hours trade, in a statement, the resumption of its activities, with net income nearly tenfold in the fourth quarter, which allowed him to limit to 17% decline in annual net profit , to 4.369 billion dollars.
The results of the last quarter of the year have exceeded expectations: the group of Santa Clara (California, western United States) posted a net profit of 2.282 billion dollars during the three months ended December 26.
Based on the number of shares and excluding special items (ie without taking into account the $ 1.25 billion paid to settle the prosecution of rival AMD), the benefit amounts to 55 cents, where analysts' s until 30.
Earnings per share annually, to $ 1.17, also exceeded expectations (67 cents expected), as the turnover quarterly and annual: respectively 10.569 billion dollars (+28%, 10.17 billion dollars were expected) and 35.127 billion dollars (-7%, against 34.73 billion expected).
Finally, forecasting sales of the current quarter, between 9.3 and 10.1 billion dollars, should be higher than predicted by analysts (9.35 billion dollars).
The way Intel has won, Thursday, 2.34% at the close of the New York Stock Exchange, after rising nearly 2% Wednesday ..
Although there is no major publication of Monday, the growth of imports and Chinese exports significantly exceeded expectations in December, boosts the confidence of investors on Wall Street where the Dow is up 0.19% to 10,638.30 dollars and the Nasdaq 0.34% in 2323, $ 85.
Oil opened sharply higher in New York also boosted by the good figures of China and its growing interest in the black gold that has even reached a new high since October 2008, 83.95 dollars. The barrel of "light sweet crude was trading at 83.52 dollars against 82.75 cents Friday.
The euro continued to rise against the dollar Monday, settling beyond $ 1.45.Vers 15h, the euro bought 1.4528 dollars against 1.4404 dollars on Friday.
Friday, despite the bad figures of unemployment and consumer credit in the U.S., the Dow Jones gained 0.10% and 0.75% on Nasdaq.
Alcoa (2.47% to 17.02 dollars): the group must publish its fourth quarter results after the close, signaling the start of the earnings season.
Delta Airlines (-1.20% to 12.32%): A source close to the case reported Sunday that any decision on a possible partnership of Japan Airlines, with one of two U.S. airlines could be taken that after the inauguration of a new management team.
Citigroup (0.97% to $ 3.63) Prince Alwaleed bin Talal, owner of Kingdom Holding and shareholder of the U.S. institution said Monday he expected a "stabilization and profitability" for the bank in 2010.
American Express (-1.20% to 41.43 dollars) the shareholders of financial services group should halve their position on the title after the sharp increase since March, believes the stock market weekly Barron's in its latest edition.