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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.
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.
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.
Large centralized operation for Societe Generale. According to the words of a spokesman for the bank in the Daily Tribune, the establishment has decided to bring all its toxic assets to Paris while some are now scattered in New York, London or Sydney. These illiquid assets, that is to say, for which there is no market, have a book value of 35 billion euros, excluding derivatives. Goal by this spokesperson: "reduce our operational risk. In exchange, the new investor enthusiasm. The Societe Generale is under 1.31% to 51.98 euros, 30 minutes after the opening of the meeting.
The operation should be done in two phases. Firstly, the activities of the subsidiary Inter European Council (IEC) will be transferred to another structure, Génébanque, by the end of March. Then, IEC will get all the toxic assets and manage their entire management.The operation could extend until late July or late October. The aim is also tax since the maneuver will allow Societe Generale to reduce its taxable profits the losses associated with these toxic assets in France.
This process of centralization must still be submitted to central works January 14 next.
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Sequences "emotion" and "crop" this Friday at the close of the 49th congress of the CGT in Nantes. Bernard Thibault, exhausted by a week of sometimes heated debates and visibly excited to have been renewed for the fourth time at the head of the CGT, first paid tribute to "six comrades" who leave the executive confederal "after rendered such services. " Among them, two leading figures of this decade: Maryse Dumas, his right arm on employment issues, and Jean-Christophe Le Duigou, the "Mr. Economy and Pensions" of the plant.
Bernard Thibault, who had gathered yesterday on behalf of 88.4% of the votes for the election of the Executive Committee, then cropped activists who have criticized his lack of involvement on the ground and its rapprochement with the CFDT. Particularly highlighting the vote by 77.5% of the delegates of the progress report of the past three years."It's a very honorable to score a direction supposedly cut off from its base," he joked, saying in passing that Nicolas Sarkozy would like to receive the same level of approval of French policy that led to the Elysee.
And the secretary general of the CGT then push the nail against those who disrupted the debate sometimes during the week and gave a divided image of the plant. "It can not be the CGT opposition and majority, he hammered the applause of the audience. There is no line of management, because management implements the guidelines validated by the Congress. "And this is not the great majority of the 1 000 delegates of the 49th Congress which contradict the resolutions of the document guidance for the next three years that received between 73 and 86% of the votes.The CGT knows where it goes, he still drummed, while specifying that the central union will not "attractive if it gives the image that his first battle is internal.
"The Internationale" raised fist
Wishing a CGT "closer, more united and effective," Bernard Thibault has drawn the roadmap for the coming months. "Our priority is the transformation of society," he said. Its power plant will therefore go on retreats launched by Nicolas Sarkozy. "The future of pensions will be the marker for the determination of employee resistance", he warned the head of state. The CGT also ensure that employers does not set wages and employment."The increase in salaries is the key to ending the crisis," he said.
The leader of the CGT has finally made an appointment to his "comrades" for two mobilizations to come: a euromanifestation March 24 to get a boost in employment at European level and a national campaign to defend public services in stride. And said, for those who doubt that the CGT would not wait the end of March "for organiserd'autres appointments and inter-national".
The message is clear: the CGT has not changed, it is always with those who struggle.And the Internationale, sung to finish his fist raised by the Secretary General and the thousands of delegates – admittedly preceded La Marseillaise but sung with more gusto – aimed to demonstrate.
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The phone market "obile continues to suffer. The decline continued in the third quarter, according to preliminary figures from Strategy Analytics. Worldwide sales have declined 4% to 289.5 million units in the third quarter.