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Lefigaro.fr – Can we say that Kweku Adoboli is "the new Kerviel"?
Frederic Boulier – It is true that there are many similarities with the Kerviel affair. The amounts are lost in the same order of magnitude. Jerome Kerviel lost 4.9 billion euros at Societe Generale, but before the "unwinding" of his positions, the loss amounted to 1.5 billion euros. In addition, two young traders of thirty years who do not leave the harem and who have a priori not studied mathematics attacks.If such solutions were introduced to Jérôme Kerviel, the fraud was detected nine months in advance.
The laxity of financial institutions will he accelerate the reform of British banking system?
I do not see because the British government stand by to this new fraud. Today, a single trader can place a financial institution to its knees if there is not an effective risk control upstream. It should probably expect the introduction of special measures to strengthen the role of authorities to monitor the control of financial institutions.Since the Kerviel affair and the "subprime" mistrust vis-à-vis banks is clearly went crescendo.
Why banks have not they learned from the Kerviel affair?
It is difficult to generalize and say that the lessons of the Kerviel affair were not included. This is not the financial system is to question, even if it is true that there are likely other fraud of this magnitude. Moreover, according to statistics, there are all two or three years. We can not avoid all financial frauds. However, one can detect some with software solutions that I advanced earlier and limit losses to a few million or tens of millions of euros.
Is it the fabulous bonuses which encourage traders to take risks as important?
It is true that greed can push market participants to take some unnecessary risks. But in 99% of cases of fraud, be aware there is no direct personal gain. Traders are sometimes victims of runaway losses due to the desire to "chasing" in the jargon of traders.
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»IN PICTURES – The largest financial fraud
The question of the succession of Yves Carcelle, who turns 65 next year, Louis Vuitton, LVMH's flagship brand is a question that torments long time analysts. It's finally out that Bernard Arnault, chairman of luxury group and parent company of Louis Vuitton, has found a rare bird. The lucky winner is a 47-year Spanish, Jordi Constans, the current head of Danone's fresh dairy products. He worked in the group since 1990. He joined Louis Vuitton to discover the group during the year 2012 and succeeding Carcelle early 2013 at the head of the first luxury brand in the world.
Yves Carcelle take over the presidency of the "Louis Vuitton Foundation" which will open in early 2013 to the completion of the project designed by Frank Gehry. He will remain executive committee member of the LVMH group and be responsible for strategic missions to the President of the Group.
Bernard Arnault acknowledges the work of Yves Carcelle which, since 1990, "hosted the extraordinary journey of Louis Vuitton.".
Site managers have the smile of memory. While attendance at places recalling the two world wars is rising, the events will be even more gratifying. In 2014 will indeed be celebrating the centenary of the beginning of the First World War. A great event that is expected to attract many visitors, French and foreign.
A study Trump France on the economic weight of this sector, 56% of managers has provided for very short-term investments to enlarge the reception area, improve the scenery of the place, upgrading showrooms or implement new services such as mobile applications.At the Douaumont ossuary, in Lorraine, where a cemetery pays tribute to fallen victims of the Battle of Verdun, the projects are already defined: "We expect the complete renovation of the monument which will be subsidized by the state, region and department. New exhibits will also be installed, "said one official.
The Museum of the Great War in Peronne, efforts will focus on the renovation media: "we will launch the iPhone and Android affecting up to visitors. They will be more useful in 2014 when more people will be equipped smartphones, "said Karine Loison, Cultural Attaché of the museum. "These are important tools to enhance exhibitions, highlighting items that we keep in reserve, which allows video recording, interactive courses for children," she adds.Other changes to the program, including signage and the replacement of audio-guides "a little tired," will be detailed to the public on the museum site in September. "We must prepare for this year 2014 will be very important," said Karine Loison.
"Hang the young"
More massive investments will even give rise to new infrastructure. Among the flagship projects include the opening and in the country of Meaux (Seine-et-Marne) Museum of the Great War of 7000 square meters, which will use the latest technology no teletrek payday advance. It was inaugurated on 11 November. "It's both a museum of history and society, to help understand the contemporary world," said the mayor of Meaux, Jean-Francois Cope, at the First Assembly of remembrance tourism held in Senate in May
"It should also be noted that France has the remains important in its territory that must develop, enhance," says Joseph Zimet, deputy director of the memory of the heritage and archives of the Ministry of Defence, which states that scarcity of witnesses is also one of the reasons why managers to invest to preserve the memory of these places. The longer term objective is clear: "hang the younger generation" a duty to remember. "The 100th anniversary will take place in the heart of the miracle of peace in Europe, to be put forward," said Daniel Percheron, President of the Regional Council of Nord / Pas-de-Calais, which emphasizes "the universal dimension" of the event.
Meanwhile, the management of memory and heritage archives of the Ministry of Defence hopes to establish a tourism observatory memory and perpetuate the appointment of foundation organized around its players. The next will be held in Lille in 2013.
SEE:
"The site interdepartmental www.cheminsdememoire.gouv.fr, which lists all the important memorial sites in France.
"The video presentation produced by the Ministry of Defence and projected opening of the Assembly of Tourism Memory:
On the paths of Memory: MEMORY FOUNDATIONS OF TOURISM davbon99 from on Vimeo.
Low growth, but at all levels. The Bouygues group announced Wednesday an increase in sales of 4% in first half (1% at constant exchange rates) to 15.2 billion euros and a net profit of 391 million euros, withdrawal of 27% over the same period the previous year. The net result appears, in turn to an increase of 6% to 752 million euros, the group said in a statement. The debt ratio of the group remains unchanged from the end of June 2010 from 43% to 42%.
As for the 2011 second quarter results, they are also an improvement over the second quarter of 2010. Revenues rose 4%, with an increase in trading profit of 11% and net income of 2%. For its first quarter 2011, Bouygues had reported a turnover of 6.686 billion euros (up 4%), and net income of 34 million euros.
The positive interim results allow Bouygues to revise upwards the target of revenue, it is revised upward to 32 billion euros.
Good activity for all occupations, despite Alstom
All trades of the Bouygues group showed a good business in the first half. Construction Bougues renewed growth and recorded a turnover of 4.7 billion euros, up 4% (+5% in France, 2% internationally), with net income which amounted to 94 million euros (+6%). The order book of the subsidiary recorded a record 15.5 billion euros, up 12% compared to June 30, 2010 and includes the project Balard, up to 1 billion euros.
TF1 realizes a turnover almost stable at 1 no teletrack payday loans.278 billion euros, confirming its ability to control costs and adapt its business model.The group's net profit stood at 119 million euros (61%).
As the group announced, following a first quarter strongly affected by non-recurring expenses, the financial contribution to Alstom was down sharply, with net income of 94 million euros in the first half of 2011 ( 216 million euros in the first half of 2010). However, in line with the second half of 2010/2011, Alstom has experienced strong growth in orders in the first quarter 2011/2012 and confirmed its operating margin target of between 7% and 8% for the year 2011/2012.
Issuer bid of 1.25 billion euro
To address the recent decline in its stock price (-27% since June 1), Bouygues said on Wednesday a draft tender offer in its own shares for total of 1.25 billion euros.This offer is for a maximum of 11.7% stake in the company at a price of 30 euros per share, representing a 30% premium on the closing price on August 30 and a premium of 29% on average months. The repurchased shares will be canceled, the company said in a statement released Wednesday.
The transaction will be submitted for approval at the extraordinary general meeting to be convened on October 10. For information, the offer would be open from 11 to 31 October 2011.
This morning, the rating agency Moody's affirmed the A3 rating of the group, with a stable outlook.
Shortly before the opening on Tuesday on Wall Street index futures Standard & Poor's 500 and Nasdaq 100, respectively, yielded 0.74% to 1199.20 points and 2207.50 points to 0.56%. The Dow Jones was waiting for his part, down 0.59% at 11,449 points.
After the flight of the day, the New York Stock Exchange and could catch his breath at the opening on Tuesday. Profit taking, mixed with caution always appreciated by investors, seem to encourage U.S. stock markets to begin the session backwards. Even if the words, held last Friday by the Federal Reserve Chairman Ben Bernanke reassured, prompting indexes rebounded strongly yesterday, investors remain worried.As recalled in a note Tuesday that Jean-Michel Six, chief Europe economist for Standard & Poor's, a "recession" double-dip "is preventable, but the risk increases."
Real Estate and Consumer Menu
Investors monitor more than ever the various macroeconomic indicators of the week free credit report and score. Both are on the agenda for this Tuesday: the Case-Shiller real estate index of house prices for June, from 15.00. Then will come at 16:00, the numbers of consumer confidence for August.
The minutes of the Federal Reserve (Fed) minutes of the last meeting of 9 August, the Monetary Policy Committee (FOMC) of the U.S. central bank will also be observed under the microscope, after market close, at 20:00 Paris time .
On the corporate side, no major publication on Tuesday.Bank of America on Monday launched a new large-scale operation to strengthen its capital by selling about half its stake in China Construction Bank, which allows him to approach the future requirements of rules known as "Basel III". The bank will retain 5% stake in the establishment of China (BCC) after this transaction, which must be completed by the end of September. The sale includes 13.1 million shares of the CCB to a group of investors.
After a smooth start Monday, the prestigious yearling sales at Deauville * Tuesday saw the excitement of great days with a filly born to the purple.
When she was presented the "ring" of the Establishment Elie de Brignac, located opposite the racecourse The Touques, tension immediately rose several notches in the gallery hosting the auction buyers and quickly flamed .
For this filly, by the stud of Perelle, is a daughter of Galileo, the best stallion in the world (it's riding the famous Coolmore Stud in Ireland and its projection amounts to tens of thousands of euros).As for his mother, Sanjida, after the breeding of His Highness the Aga Khan is a close relative of Sarafina champion, winner in 2010 of three groups I, including the Prix de Diane, Qatar and the last third Prix de l'Arc de Triomphe.
Quickly, the auction turned into a duel between two Australian businessmen, Paul Fudge and Paul Makin, both thoroughbred breeders and owners of racehorses. Finally, the first had the last word with a bid of 1.7 million, the auctioneer lowered his gavel and say the traditional "awarded" for Lot 138.
The 2002 record still stands
This amount is probably the "top price" sales in 2011 in Deauville, which will end Thursday make quick cash. But the record set in 2002 still stands.At the time, Sheikh Mohammed Al Maktoum, Ruler of Dubai and owner of the Godolphin stables, one of the largest in the world, did not hesitate to pay 2 million euros to buy the filly Vimy Ridge. This year, like last year, Sheikh Mohammed and Sheikh Hamdan's brother, are not present on the Normandy coast because of Ramadan.
In addition to the price achieved by the daughter of Galileo, fifteen yearlings yesterday exceeded the threshold of 200,000 euros, which allowed a rebound. "On the combination of the first two days, there was a 20% increase in sales compared to 2010, said in Galop Day, Eric Hoyeau, the president of Arqana, organizer of sales. The percentage of sales increased by 68% to 71.3%. The average price 145,500 euros against 150,000 – it is substantially equivalent to that of 2010. "
After the first two days, its objective, namely a slight increase over 2010, a year marked by a fall (-28%) of sales of sales of Deauville, becomes more and more feasible .
* Thoroughbred of 18 months
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The mining industry in developed countries is not quite dead. Yet the crisis of 2008 had seemed to him a fatal blow, after years of attrition caused by the scarcity and soaring costs of extraction. But today, the United States, the United Kingdom, Canada … mines reopened thanks to soaring commodity prices.
Chibougamau camp, north of Montreal, had not survived the collapse of prices and had to close in 2008 after fifty years of activity. But the soaring price of copper (+47% in one year), gold (+40% in one year) and money (113% in one year) has to hope René Galipeau, CEO of Nuinsco: "Hundreds of children left when the production was closed after years of operational and financial problems.But work on only two mines could lead to the reopening of the Chibougamau camp … and the return of minors to accelerate the revival of the region. "
Nuinsco group is not the only one who had this idea. Many investors would like to reopen the largest gold mine Bontddu UK (Wales). It must be said that the price of gold rose from $ 250 per ounce in 1999 to 1850 dollars lately!
Local authorities are sometimes hostile
"When we closed the mine, it had become too expensive to operate but with the rising price of gold, we are considering reopening the Clogau mine," Wales said Ken Jones, manager of marketing Clogau Gold jewelry company which owned the rights to the mine.
Other metals are benefiting from soaring prices.Thus, the largest silver mine in the United States will also open in Texas as well as the Chino Mine (copper) in New Mexico. In Britain, the last tin mine, South Crofty Mine, closed in 1998, remember to return to activity. The metal price has increased fivefold over the period (+51% over the year).
Nevertheless, we are still far from the great return of the mining industry. Two challenges are needed to interested investors: the financing of such a project (Nuinsco believes that it would require 40 to 50 million dollars to revive the Chibougamau camp) and agreement with local authorities, sometimes hostile projects. This is the case in South Crofty in England, where the community wants to build a recreation center on the site.
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In Berlin
Leading economic powers of the continent, Germany continues to print a rapid pace in the consolidation of public accounts. The Federal Ministry of Finance has fixed Monday downward its forecast deficit for fiscal 2011, reducing it to 1.5% of GDP, against 2.5% so far.
With seven consecutive months of increases, tax revenues fueled by favorable economic conditions help to clear the accounts. Despite the crisis of the euro and the slowdown brutal (0.1%) of growth in the second quarter, Germany displays unique performance in Europe. It is even "a balanced budget in 2014," according to the monthly report of the Ministry of Finance.
As good news never comes alone, the Bundesbank has maintained its growth forecast for the year, around 3%, despite the uncertainties on the global economy.Uncertainties also swept by the Finance Minister, Wolfgang Schäuble, who sees "no signs of recession on the horizon" and "no cause for concern," despite the decline in exports and domestic consumption, traditional 'heel Achilles of the economy across the Rhine. With these results, which provide water to his mill, Germany does not want to break the pattern that ensures its development. With even greater risk of stuck behind its partners in the crisis and strengthen the idea of a Euro at two speeds. The Eurobonds are still seen in Berlin as a bad idea. Such obligations could put a strain on public accounts and stopping growth. Estimates vary, but the most pessimistic estimate that the pooling of risk could cost 25 billion per year budget.Half the projected deficit for this year.
Meet Baroin
In its traditional large back-up interview on public television, Chancellor Merkel called Eurobonds "wrong answer to the crisis." And showed its determination in the battle with speculators, "The markets want to force us to do things that we do not want to. Policies can not and should not run behind the markets. "The only Conservative leader weight to leave the door open to this option is Wolfgang Schäuble. However, it is satisfied that it is necessary first to establish a common budgetary and fiscal policy. He will discuss this and a tax on financial transactions at the meeting scheduled for Tuesday morning in Paris with his French counterpart, Francois Baroin.The two men were responsible for making joint Franco-German proposals on these two subjects in the fall.
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Japan is recovering slowly from the disaster of 11 March. On Monday, the government announced a slowdown of 0.3% of GDP in the second quarter. Of course, Japan remains rooted in the recession, but the decline of 1.3% annualized, is less than the forecast of analysts who had forecast a contraction of 0.7%. It also shows a marked improvement over the 0.9% decline the previous quarter cashed.
Between April and June, exports fell sharply by 4.9% and is the main factor in the decline. During this period, deliveries of goods have been hampered by the destruction of factories and infrastructure in the devastated areas of north-east of the archipelago. Breaks in the supply chain were found in the key sectors of the automobile and electronics exports pillars.Industrial activity has also been slowed by the nuclear accident in Fukushima that led to the arrest of a significant portion of the reactor pool and therefore a fall in electricity production.
The downward trend was further accentuated by a decline of 1.9% of private real estate investment and a 0.1% decline in consumption. The trauma of the disaster, which killed more than 20,000 dead or missing, has indeed led the Japanese citizens to exercise restraint for several weeks, slowing private consumption, which is usually an engine of growth. This slowdown was partly offset by the increase of 3% of public investment.
"We will rebuild Japan"
To observers, this leaves the second quarter, however, consider a rapid improvement in the Japanese economy."If the economy is improving as it takes shape in some respects, it is possible that growth back at the period from July to September", commented Takeshi Minami, an economist at the Institute Norinchukin whose opinion joined the Minister of Finance, Yoshihiko Noda.
For his part, Prime Minister Naoto Kan, who survived in June in a vote of no confidence by promising to resign by the end of August, took advantage of the sixty-sixth anniversary of the surrender of Japan to discuss improved conditions. "Our country has emerged from the ruins of war through the efforts of every citizen and overcame many difficulties to date. With these experiences, we will rebuild with determination and force the devastated areas and Japan. "
These remarks have convinced the Asian markets on Monday morning.At the Tokyo Stock Exchange, the Nikkei has closed the day on a sharp increase from 1.37% to 9086.41 points.
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In the wake of Wall Street, the indices showed last green. The U.S. indices were offered a breath of oxygen, the ones who had suffered a Monday night session black. But did not count on the intervention of the Fed, which ended the great rebound: the Central Bank of the United States (Fed) announced Tuesday it would keep its key interest rate near zero " at least until mid-2013 "and that it was considering new stimulus package to help the economy. These ads have been justified by growth 'considerably slower' than expected and risks "have increased".
What investors consolidate their fear that the U.S. economy slow down seriously. Around 20:30, the Dow Jones clawing over 0.04% to 10,814 points, still below 11,000 points, after crossing the water line briefly.The Standard & Poor's 500 and 100 Nadsad, highly volatile, yet amounted respectively to 1.21% and 1.98%, whereas increases were much more frank queqlues minutes before the Fed speaks. The Fed should seek a delicate compromise between indications that reassure investors around the world, and a formulation that is acceptable to the enemies of inflation.
Also very anxious before the meeting with the Fed, the European and Asian stock market finally closed in the red after a session yoyo. In Paris the CAC 40 fell below 3,000 points for the first time since July 2009. But the trend seems to have subsided, the indices being pressed into the green in the afternoon.
Plummeting after the deteriorating U.S. debt rating last Friday, the Dow ended Monday down 5.55%, falling to 10,809.80 and the lowest level in 10 months. It dropped below the 11,000 points for the first time since October. The Nasdaq, dominated by technology, more copiously unscrewed further, down 6.90%. The speech of President Barack Obama yesterday at the meeting, has little reassured the markets, which have severely plummeted, from both sides of the Atlantic. Furthermore, degradation, on Monday, Standard & Poor's, unsecured notes of Fanny Mae and Freddie Mac, organizations refinancing home loans, a, yesterday, still darkened the picture.These organisms probably were punished because of their dependence on the U.S. federal government.
Global oil demand to decrease
The Organization of Petroleum Exporting Countries Tuesday lowered its forecast for growth in global demand for crude in 2011, citing deteriorating macroeconomic outlook in most advanced economies. In its monthly report, OPEC reduced its forecast of 150,000 barrels per day (bpd) now and plans for this year growth in global demand of 1.21 million bpd of crude.In financial markets, oil prices were up Tuesday at the opening in New York (13 cents to 81.54 dollars), offering an impressive rebound Oil prices were up Tuesday at the opening New York, offering an impressive rebound after falling to levels seen since September.
Earlier this afternoon, investors are aware of a new better than expected, but still not glorifying to the future of U.S. growth. Productivity, which measures hourly output per worker, fell at an annual rate of 0.3% over the period April to June after falling 0.6% the previous quarter (revised from 1.8%). The market expected it folds down from 0.8% in the second quarter.
Face communication at high risk of the Fed tonight, "it is clear that the average productivity of U.S. companies in the second quarter is very far from the concerns of the market and will go unnoticed" analysts suggest Aurel BGC. Especially since the figure is clearly negative, the victim of an increasingly weakened growth.
The market capitalization of U.S. computer maker Apple has briefly exceeded that of the oil giant ExxonMobbil Tuesday, becoming the most expensive company in the world, said a specialist told AFP. The market capitalization of both groups were around 340 billion dollars in the afternoon in New York, told AFP Volokhine Gregory, head of markets for the company portfolio management Meeschaert New York. That of Apple rose temporarily above that of ExxonMobil to 7:20 p.m..
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