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Cemented over the Internet and social networks, legends are built today at full speed. Especially in the "global village" of finance. Demonstrated experience in recent days by crossing Iksil Bruno, senior trader but anonymous until last Friday the bank JP Morgan in London.

The man remains discreet, understandably. Within days, he became the "whale of London", or "the Thames", or "white" – we do not know too much – or Voldemort, the terrible witch of the Harry Potter … The number of nicknames given to it becomes suspect. The story is told that then took a dramatic turn when it was revealed that the banker in question was French, a fact which would be enough to make a "trader crazy," Kerviel in a power nap.

This trader is part of the Chief Investment Office of JP Morgan in London. Mission: to cover the global credit risk of the bank. A bank, remember, which is one of the first in the world with some 2.3 trillion dollars in assets, including nearly 1 trillion of bank loans or bond companies.

Cover such a balance, that is to say smooth risk, entails putting a lot of money in the balance. And that's what the CIO of JP Morgan in London: its positions would reach $ 350 billion, according to the Wall Street Journal. A figure which should not be misunderstood. Within this volume, the positions that bet on the rise of a particular index are largely offset by positions that bet on a decline, leaving the final few tens of millions of dollars, still in danger Loss … or possibility of gain.

An aberration of market

Why the activity of this team of JP Morgan is she suddenly appeared in full light? Bruno Iksil would take very large positions on a particular index, a derivative that replicates the behavior of CDS (credit default swaps) of some 121 companies short term personal loans. Such large positions that its movements can only move the value of this product, regardless of the price of 121 CDSs that compose it. A market aberration which obviously was not without consequences on some hedge funds, put in losses by the orders of the influential CIO JP Morgan. It is in this context it seems that some seem to have wanted to settle accounts in the press intermediary.

Behind "the matter of the whale in London," we therefore call one of those pretty poker games including financial traders have the secret. JP Morgan, who has not the reputation of being a bank-casino chooses to treat it with discretion. She is content to know that the activities of its London office are intended to cover its loan portfolio, and that the positions taken are knowingly.

The story may therefore be short-lived. Even if it raises real questions about the functioning of finance today. The first key of course the lack of market transparency of derivatives products, and in particular credit derivatives, whose gross volume reached tens of billions of dollars worldwide. The second, current, examines the nature of transactions. When these volumes are involved, is it still just hedging strategy or can we not think that JP Morgan also plays some of his capital? Soon, this question is no longer just theoretical: under Volcker rule that will apply to U.S. banks that collect deposits, such as JP Morgan, will no longer have the right to make the proprietary trading .

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Late fees; car payments, an unexpected hospital visit. Those are legitimate reasons to secure a fast cash personal loan.

 

To guard against the resurgence of robberies and burglaries, petty traders are increasingly likely to opt for these cases of a new genus. Invented some twenty years in Sweden, one in 3000 has settled in France. Since banks and hypermarkets are equipped with powerful anti-theft devices to protect themselves, offenders are folded over the shops, where people pay in cash.

According to the Confederation of tobacconists, which represents 28,000 professionals in France, 1,176 tobacconists have been leveled at their institution at least once in 2011. With 95% of payments made in cash and hundreds of transactions per day, bakeries are also at the forefront.

This benefits two leading suppliers of anti-steering boxes, Swedish and German CashGuard Wincor Nixdorf, which both claim the leading position in France. CashGuard has already installed 687 systems in France, with 170 orders for the first half of 2012, according to Laurent Jamin, director of the French subsidiary of the company while Wincor Nixdorf, associated with the French Gervais WTO celebrated in Paris in mid-December the hundredth bakery equipped its devices.

More efficient, hygienic

These boxes which have the appearance of a large piggy bank are placed on the counter or directly integrated into the cash desk. And calculates the machine makes the currency in a time close to the second. The principle is simple: once the price announced by the merchant, the customer slips his coins in a slot or a note inserted in a swallower that detects and filters out spurious, all landing in a sealed box quick payday loan.

In addition to safety, this system has the advantage of eliminating any errors in cash and allow an immediate calculation of the recipe. The currency board is closed, no employee has access to cash which prevents internal theft faced by all traders. They generally find an increase in their sales after the installation of these machines. These boxes are also hygienic: the sellers no longer have to handle cash and food. If these smart boxes and inviolable may discourage some robbers, they have a cost. With the purchase, depending on the model and the management software you choose, it takes between 20,000 and 25,000 euros while in rent, the daily cost between 20 and 30 euros.

For Carole Poulain, who owns a bakery in the 15th arrondissement of Paris, this device has made an improvement in the management of his business every day. But the customers they meet there? "If initial attempts are a little hesitant, customers get used to it and take the hand" recognizes the owner. This new automated payment system does not, however, unanimously, some recalcitrant regretting the loss of human exchange in favor of technology.

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The worst of the debt crisis past, the "peripheral countries" do not enjoy all of the lull. Italy borrows almost three times cheaper than Portugal, the country most at risk in the euro zone, after Greece, according to the markets.

Began in December by the massive injection of liquidity by the ECB, relaxing on the yields of government bonds has increased with the green light to the second bailout of Greece. But it did not erase the differences. The gaps widen, reflected changes in interest rates. Italy clearly winning out with a cost of borrowing to ten years, which is strongly relaxed since early January, falling below 5% – 4.83 yesterday – against 7.5% last November. For the first time in months, Italy borrows cheaper than Spain.

Emissions Italian week confirm this relaxation. Wednesday, the Italian Treasury has borrowed 6 billion euros, the maximum, at rates much lower: 2.76% over three years, against 3.41% in mid-February, and 4.30% over seven years, against 5.81% last October. "The decline in yields is in itself a source of very substantial improvement in the situation of the country, which suffers mainly a problem of debt burden (1900000000000)," said Patrick Jacq, rate analyst BNP Paribas. This is the effect Mario Monti. Thanks to the reforms announced, the curves were reversed ten years between Italy and Spain.

New help

Despite the massive purchases of Spanish debt on the ECB funds at year end, Spain just to reassure markets. The upward revision of the deficits from 2011 to 8.5% of GDP and the trade snatched from the Ecofin on Tuesday on a new deficit target for 2012, 5.3% instead of 4.4% worried investors. The Government Leader Mariano Rajoy, who campaigned for 5.8%, ruled yesterday the new EU objective "reasonably accessible" even if it involves an effort further 5 billion euros.

The dunce cap comes in Portugal, whose rates exceed 13% ten years, despite the level of EU support, the IMF and debt purchases by the ECB. The cost of borrowing is too high for Portuguese expect a return on the market in 2013. So, the rumors about a second bailout or restructuring of debt is increasing. The European Commissioner for Economic and Financial Affairs, Olli Rehn, was expected Wednesday night in Lisbon to take stock of the nation's finances with the Prime Minister and Minister of Finance.

Berlin: 22 billion for the European fund

The German government approved Wednesday by the Cabinet, the on-call rescue the euro area. The European Stability Mechanism (SPM) has a $ 500 billion of lending capacity and 80 billion euros of capital. He will take office on July 1. Germany is the largest contributor of TSS.

Berlin will provide 21.7 billion euros in capital and more than 150 billion euros in the form of loan guarantees. Germany must pay 8.7 billion euros this year. Which will require a supplementary budget. The MES will be submitted to the Bundestag and the Bundesrat, which represents the regional states.

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France could seek to accelerate its transition energy. In fact, the country's fuel bill has reached a new record in 2011, up from 32% to 61.4 billion euros, according to figures from the Commissioner General for Sustainable Development announced by Les Echos. The energy bill of France and represented 3.1% of GDP, last year against 2.5% in 2010.

This increase was driven by soaring oil prices. The average price per barrel of oil a year has indeed established last year to $ 111, not seen since the nineteenth century. The price of unleaded gasoline and have reached new heights last week, to 1.6211 euro on average for a liter of unleaded 95 and 1.6610 for that of 98 unleaded, according to data released yesterday by Ministry of Sustainable Development. This price is still below the record high of 1.4541 euro per liter recorded in May 2008.

Since late 2011, gasoline prices beat record after record in France, propelled by the combination of geopolitical factors that keep crude oil prices at very high levels, and weakening of the euro against the dollar , which amplifies the cost of black gold once its converted value in the single currency.

Nuclear energy has however enabled France to reduce its energy dependence as the country has a net electricity exports by 2.6 billion euros. The development of renewable energy has also enabled France to reduce the weight of its energy dependence. Video BFM. Sorry, this video is not available on your device.

 

Nicolas Sarkozy's promise to the workers and employees is clear: lowering of 4 billion euros labor costs at the minimum wage, will increase their take home pay. To finance the measure without worsening deficits, it intends to eliminate the employment bonus (PPE) and increase the taxation of dividends. A device that is the electorate.

 

Saturday accused by Marine Le Pen to slaughter according to halal "all meat" distributed in the Ile-de-France, industrialists defend themselves. President of the National Association of interprofessional Livestock and Meat (Interbev), interviewed by France Info, the judge charged the president of the National Front "absolutely false".

"In the Ile-de-France, a vast majority of meat is not slaughtered according to halal or kosher," which involves killing animals without stunning, ensures Dominique Langlois. "It may be that parts or pieces of meat from carcasses are slaughtered according to these rites, but that does not change the quality of meat and it does not change at all the qualities of the product," adds Will it.

For professionals in the meat, the charge of Marine Le Pen "is meant strictly political and did not match the reality of things." "It's a debate that can only be detrimental to both the meat industry to French and French production that does not need it," warned the president of Interbev.

The animal rights groups mobilized

This debate is not new. Last year, six associations have denounced the increasing proportion of animals slaughtered according to Jewish or Muslim rites. According to the Foundation Brigitte Bardot, who had made an investigation in slaughterhouses, more than 60% of sheep and goats, 28% of adult cattle and 43% of calves were then killed without stunning, but that consumers are warned.

In France, however, requires the slaughter, since a decree of 1964, the stunning of animals before killing, thereby mitigating their suffering. But European legislation provides an exemption, "when stunning is not compatible with the ritual prescriptions under the free exercise of religion."

Approval before waive stunning

Two bills were filed in late 2010, the Senate to the Assembly, without success, to obtain a specific labeling of meat slaughtered without stunning. "The consumer has the right to know what he eats. He has the right not to eat meat slaughtered in a ritual which does not believe him, "argued the UMP deputy Nicolas Dhuicq. A new amendment, introduced in September 2011, was also rejected.

On 29 December, a decree was published in the Official Journal, however, requiring slaughterhouses to obtain, on or after 1 July 2012, before an official authorization from the rule of stunning. "It does [may] be granted only to slaughterhouses in favor [...] of a registration system to verify that it is used to slaughter without stunning as a result of justifying the commercial orders, "said the Ministry of Culture.

Marine Le Pen wants to complain

The animal rights groups have expressed quite satisfied with this text. "Being able to justify a ritual slaughter is a specific order is important because, currently, most of the meat of this kind of slaughter is found in conventional circuits without any indication to consumers," recalled Christophe Marie, spokeswoman Brigitte Bardot Foundation.

Marine Le Pen was not in favor waiting for the entry into force of the decree. On the sidelines of the convention of his party, being held this weekend in Lille, it announced its intention to attack "a few major retail supermarkets in Ile-de-France for misrepresentation of the product." She said wanting to file a complaint with a civil order for a judge to be seized, which could lead to an investigation of several months.

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MPs began Monday consideration of amending budget establishing social VAT … a missed. The Finance Committee rejecting the measure: the left there was a majority, in the absence of several UMP members. This should not prevent the adoption of VAT social session. But Jean-Marc Ayrault was easy to see in the episode "indicative of a malaise." The boss of Deputies PS UMP derides his colleagues: "I understand that it does not raise the enthusiasm on their part!"

The Executive is sparing no effort yet to defend the measure. Monday, Francois Fillon has found it necessary to "realign our costs compared to our competitors in the euro area." Last week, Bercy was assured that inflation does not fly away, that 100,000 jobs would be created and that the industry would be the first beneficiary of reduced charges that it contradicts the UMP rapporteur of the text.

The government is now trying to lay to rest the idea that the VAT increase will affect more modest. A note by the Ministry of Economy established that on average only 42.7% of household consumption supports the standard rate of VAT, which will be raised from 19.6% to 21.2%. The rest does not suffer any VAT (financial or medical services, rent) or a reduced rate (print, drugs, food, transportation, food, work …). Note that this is part of expenses affected by the VAT increase is "slightly progressive with income": it represents 43.5% of consumption of 10% richest households, against "only" 41.4% of consumption of 10% of low-income households. "It is incorrect to say that the VAT increase weighs most on the most modest," says Bercy. Forgetting that these households consume a significant portion of their income and save less.

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In the third five-day strike of cabin crew of Air France, the company hopes to provide 85% of the flights scheduled that day, she warned this morning, while a strike notice was filed until Wednesday, November 2 included. Sunday night, Air France said it had secured 88% of its flights of the day, and sent 120,000 passengers.

Remember, the movement is to protest against the proposed reduction in the number of cabin crew in some aircraft, as well as against a reform of the evaluation of these same individuals. The conflict has generated over the weekend a battle of numbers between unions and management. According to the latter, there would be 30% of strikers. The UNSA has instead assessed the proportion of strikers to 65% Sunday, after 50% Saturday payday loan.

"Management is currently parades, but it can not hold the road in five days," said Gaëlle Sibril, steward of Southern Air. "That's why we filed a notice of strike for five days because we know they can be organized over two days but no more," she added. Didier Foussat union FO-SNPNC, "the strike will ramp up because all the volunteers PNC reserves are currently using." For him, "we arrive at a peak" from Monday. "From experience, the third day, ie Monday, which will be very complicated," Judge Philippe Sports Meanwhile, the UNSA.

Player Figaro BFM

Almost non-existent on the high end, Renault plans to return in the race with his partner allemandMercedes, one of the kings of that class. So far, we knew that French was working with his ally on a Nissan platform technique to manufacture both its future high-end, but the Megane compact, and vehicles of similar size in Japanese. But this platform – which targeted 1.5 million cars a year, will be extended to Daimler, the maker of Mercedes. "There will be a common platform between the three: Renault-Nissan and Daimler," said Thursday Carlos Ghosn, the CEO of Renault-Nissan, during a dinner with journalists.

Result, "you move from one platform from 100,000 to 200,000 cars a year" for the high-end Renault, "a platform of 2 million cars.It is no longer the same challenges: cost, quality and performance are not the same, "says the owner of the manufacturer. On this platform, Renault will build the replacement of Space and the Koleos 4 × 4, but also a "range" is replacing both the Laguna and Vel Satis. Laguna does not know the fourth generation: the new vehicle still under wraps, will be greater. These cars are mainly produced in the factory in Douai, France, but also outside Europe, possibly in Korea. They emerge from late 2014 and 2016.

Meanwhile, Renault plans to launch "a vehicle developed with Daimler," on a platform of German, said Carlos Ghosn."I do not think it would be very realistic to say that Renault, which has the ambition to develop a more expanded upper range, will not consider one way or another with some potential collaborations Mercedes for at least one model so ", he had already slipped to Frankfurt Motor Show in September savings account payday advance. Renault-Nissan and Daimler already designing future joint small Twingo and Smart (set in 2014) and a commercial vehicle for Mercedes. The construction of a compact Infiniti, Nissan's premium brand, based on an architecture provided by the group to the star, is also seriously considered.

Amortization of costs

With Mercedes, Renault hopes to succeed where he failed himself. The launch of a vehicle requires high-end development costs very high, particularly disappointing that the volume of Renault failed to dampen.After stopping production in 2009 of the Vel Satis, the diamond was sold last year that 53,000 Laguna, Koleos 39,000 and 17,000 area.

While the three champions of the category-BMW, ​​Audi and Mercedes-emit spectacular margins, the high-end Renault "is the weakest part of our operation, which is not normal," says Carlos Ghosn, who believes that in this area, the French "can hardly do less."

Carlos Ghosn, the partnership between Renault-Nissan and Daimler-each holds 3.1% of the other-is an "opportunity" not to let go upmarket. Daimler, "very smart", is contributing "to the maximum" French in the development of Smart, as the engineers' know we will do better than them. " Conversely, "do not say is that we can do it all on the high end. You must use the skills of Mercedes, "he says.

Wall Street has been won by the pessimism Monday. The Dow Jones ended down sharply from 2.13% to 11.397 points, after rising 4.9% last week. Nasdaq in turn yields 1.98% to 2614.92 points and the S & P 500, wider, lost 1.94% to 1200.86 points.

The New York indexes, which were due up, opened in the red, sealed by the doubts that have entered the European markets at mid-session. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.

This weekend, the European central bankers have expressed their determination to end the debt crisis at the G20 Finance in Paris. The Europeans have promised to respond "comprehensive and lasting peace" to the debt crisis."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed the finance ministers in their statement. Specifically, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. Attempted to reassure the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extra vigilant" with regard to public finances.

In the same tone, Christine Lagarde, has also shown confidence in the capabilities International Monetary Fund (IMF) to come and play firefighters, as appropriate, to countries in difficulty.In Europe a microphone, the director of the institution determined that its resources were "appropriate" and "in line", sweeping the wish of several European countries to strengthen its capacity in anticipation of a bankruptcy of Athens.

Barack Obama and his savings plan

Across the Atlantic, investors also await details of the savings plan of Barack Obama. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. Knowing that in absolute terms, the fiscal gap widened slightly to 0.4% from fiscal 2010 to rise above 1.299 trillion dollars, making it the second largest deficit the country's history.

In terms of indicators, the United States, industrial activity in the region of New York came out down $ 8 no fax pay day loan.48 in October.A contraction is stronger than expected. Industrial production has in turn increased by 0.2%, as expected.

On the currency side, the euro lost ground against the dollar on Monday after briefly climbed above $ 1.39 for the first time in a month. To 22 hours (French time), the European currency is worth 1.3744 dollars against 1.3881 dollars on Friday night.

For their part, oil prices are down. In New York, a barrel of light crude lost 42 cents to 86.38 dollars.

Values ​​of the day

A salvo of results announcements in the banking and technology is expected this week.

On Monday, banking stocks are tested: JPMorgan Chase 2.67% to 31.04 loose dollars, Bank of America 2.42% to 6.04 dollars. Wells Fargo fall of 8.44% to 24.42 dollars after reporting a decrease of 4% of its turnover. Morgan Stanley 0.26% to nibble 15.26 dollars.

Citigroup lost 1.65% to 27.93 dollars despite the publication of a net profit up 74% in the third quarter, above expectations.

As for technology stocks, Apple lost 0.48% to 419.99 dollars. The company announced the Apple selling 4 million copies of its iPhone 4S. The Canadian Research in Motion, maker of the Blackberry, falling 6.55% to 22.40 dollars.

Kinder Morgan (4.83% to 28.19 dollars): The U.S. company to transport energy products announced Sunday it would buy its rival El Paso (24.81 to 24.45 dollars) to $ 21 billion , about 38 billion with debt, and thus form the largest pipeline network in the United States.Based in Houston, Texas (south), the new company will have an enterprise value of $ 94 billion, Kinder Morgan said in a statement.

Statoil (1.73% to 24.64 dollars): The Norwegian oil company announced Monday the acquisition of the American Brigham Exploration Company (21.05% to 36.75 dollars) to $ 4.7 billion ( 3.4 billion euros), which will allow it to grow stronger in non-conventional hydrocarbons in the United States. This acquisition gives Statoil access to deposits of oil shale Bakken and Three Forks in the Williston Basin in the states of North Dakota and Montana.

British Petroleum (0.73% to 40.17 dollars) Columbiaa The oil company said Monday that he would receive a payment of $ 4 billion in cash from the U.S. Anadarko as co-payments related to the disaster of the Gulf of Mexico.