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.
ALSO READ:
At Davos, Sarkozy denounces the excesses of capitalism
"Obama prohibits banks market activities
Dec
10
This Thursday that the Paris City Hall launched the tender for Autolib ', inspired by the Vélib'. This is to provide potential subscribers 3 000 vehicles in over 1 000 stations in the capital and suburbs where twenty municipalities are involved. One candidate has already emerged: the quartet comprising Notices, RATP, SNCF and Vinci Park. The tender to be deposited on Thursday will be discussed in spring 2010 and the choice of provider is expected within a year. Autolib 'is a campaign promise from the mayor of Paris, Bertrand Delanoë. The Greens are reserved for the chosen system. New Center advocates for small electric taxis. The UMP calls for a postponement of one year for a thorough debate takes place on a project at 35 million euros.
"Autolib ': a project difficult to achieve
Oct
27
The good news of the day there doing nothing. The Paris market was unable to maintain the upward course of the opening. He finished in the red, sealed by the misdirection of Wall Street in early trade. Between the quarterly expectations of higher U.S. giants Microsoft and Amazon, and up 9.4% of resales of existing homes across the Atlantic to its highest since July 2007, there were nevertheless subject to rejoice. But after the recent record annual markets need to blow and the arrival of the weekend favors profit taking. In addition, uncertainties remain about the timetable for recovery.
Paul Volcker, former head of the Federal Reserve, said that "recovery is rather slow, too slow to reduce unemployment quickly."He said more manufacturing production and exports would be the best medicine to prescribe, rather than increased consumption for overcoming the crisis.
Moody's Investors Service said that if the U.S. failed to control its public finances, they could lose their Aaa sovereign rating by three or four years. The budget deficit reached 1.417 billion dollars (944 billion euros), representing 10% of GDP for the period ended September 30 and the current administration anticipates deficits of more than 1,000 billion dollars the next two years.
Automobile and banking Featured
Bank stocks were the first places trust the document acknowledging the success of increased capiral BNP (2.09%).The group said said its capital increase of 4.3 billion euro, launched in late September to reimburse the aid of the French state, has been oversubscribed to the tune of 2.5 times. The demand was about 10.9 billion euros. Societe Generale jumped 1.6%. Credit Agricole gained 0.45%.
motor values were also well oriented after trimestriesls exceed the expectations of the Swedish Volvo. Renault took 1.65% and 1.4% Peugeot.
The turnover of Saint-Gobain (+1.51%) in the third quarter amounted to 9.720 billion euros, down from 13.9% at actual exchange rates. In nine months, he stood at 28.435 billion euros (-15% at actual exchange rates).
Danone (-0.84%) reported a turnover of 3.78 billion euros in Q3, up 4.1% in comparable data.The group expects growth in sales on a comparable close to 4% in the second half.
Prime Minister of Belgium Herman Van Rompuy, announced in Parliament that a Memorandum of Understanding was signed between the Belgian State and GDF Suez (-1.44%) on an annual contribution from 2010 to 2014, to be located between 215 million and 245 million euros in return for extending the operation of nuclear plants.
The cost of voluntary separation scheme, proposed by Air France-KLM (+0.04%) and on 1684 people, would rise between 150 million and 160 million euros, La Tribune reported Thursday on its website.
Jean-Marie Messier, the former boss of Vivendi Universal will meet before the Correctional Court of price manipulation and abuse of social goods.The title Vivendu lost 0.71%.
Home chilly for the results of Havas and Icade
Havas fell by 6.97%, signing the biggest decline on the DRS. The group posted revenue of 326 million euros in the third quarter. The band recorded 1.131 billion euros in net gains on budgets nine months, including 328 million for the third quarter.
Icade lost 0.22%. The real estate group achieved a turnover of 1.089 billion euros at September 30, down 5.5%.
In the first nine months of 2009, Areva (unchanged) shows sales of 9.7 billion euros, up 4% on a comparable basis.
Ingenico (-0.39%) now provides an annual turnover of between 6% to 8% compared to pro forma revenues of 780 million euros in 2008.It previously expected a decline of between 4% and 8%.
Inter Parfums has announced a turnover for the third quarter 2009 unchanged at 72.8 million euros.