JPMorgan announced after the close of U.S. markets heavy losses of over 2 billion following the massive purchase of products that were derived originally from the 2008 financial crisis. The CEO, Jamie Dimon, reported the losses of "litigation of approximately $ 200 million" and "pre-tax losses the brokerage of over $ 2 billion" during a conference call surprise. The boss of the first U.S. bank by assets added that these losses could still grow up to an additional billion dollars. The asset portfolio has complained yet "a lot of volatility," said the leader. "We will manage up", but "it could cost us up to a billion dollars or more" and "the risk will remain for several quarters," added the CEO.

Photo credits: LUCAS JACKSON / REUTERS

The average levy of taxes and social contributions on labor income has increased in most OECD countries in 2011, with the notable exception of the United States, according to the latest survey on the taxation of wages published by the organization of the Château de la Muette.

For single workers without children, the heaviest tax systems are in Belgium (55.5% of gross salary from taxes), Germany (49.8%), Hungary and France (49.4%). The tax charge used by the OECD includes taxes on income but also social contributions and employer.

For families with two children on one income, tax systems are the highest in France (42.3%), Belgium (40.3%) and Italy (38.6%), while the Switzerland (8.4%) and Ireland (7.1%) among the lower-taxed countries.

But crisis requires, in 2011 the average tax burden for people earning the average wage increased by 0.3%, notably due to the increase in income tax, the OECD notes. The largest increases were recorded in Ireland (+3.8 points), Hungary (+2.4) and Portugal (+1.4), three European countries highly affected by the crisis. In France, the rise was moderate, from 0.2% to 0.3% year on year, according to the fireplaces.

The United States formed the exception. The total tax wedge is indeed decreased by 0.9 point in 2011, due to a reduction in employee social security contributions which more than offset an increase in income taxes resulting from the expiration of the tax credit recoverable for temporary make work pay.

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The space devoted to luxury brands, to leather goods, watches and jewelry and shoes, already expanded several years ago, will be further expanded. As the ground floor, first floor will be devoted to accessories. The "shop in shop 'Vuitton, Cartier and Chanel spend even on two floors, each with a private staircase. Rays ready-to-wear, over five levels will be, themselves, brought three floors, the ray discs just closed, and placeholders to cosmetics and toys will be reduced. "However, we will dedicate the entire fifth floor apparel child," says Michel Roulleau, executive vice president of Galeries Lafayette.

Accommodate more tourists

Even men approach the store (customers expected to grow), whose ground floor will also be devoted to luxury. "We are also studying a possible transfer project space at Lafayette Gourmet store house, where we consider a new concept," says Paul Delaoutre, the Director General. The space freed up could be turned into shoe department.

"Most of our revenue is realized by the clothes, insists Paul Delaoutre. Our sales are increasing, while the market goes down. Last year, we became the leading seller of clothing in value, in France, in front of Carrefour. "

However, most of the chain growth comes from the upmarket tourists. Operators completed last year 60% of store sales of Haussmann. Ongoing work will double the surface to receive tourists, with no less than three dedicated areas: one Japanese and Americans in the basement, another to the Chinese on the ground floor, and the last to others, especially the Brazilians, called to become a growth driver.

"Improving the profitability of the brand allows us to increase our 50% annual allocation of investment," said Paul Delaoutre. The latter has earmarked 800 million euros by 2017. The bulk will be devoted to work in 58 provinces of Galeries Lafayette (whose sales increased by 2% annually on average since 2006). "The concept of Haussmann is declinable everywhere in varying degrees, says Michel Roulleau. Prada, Gucci, Balenciaga and Saint Laurent will arrive in Strasbourg. The objective is to deploy anywhere Zadig & Voltaire, Kooples and Sandro, already present in thirty of our stores. "

The carbon tax decided by the Europeans could threaten 20% of the production of large aircraft – the A 330 and A 380 – Airbus alert Louis Welsh, CEO of EADS, the parent company of Airbus.

There are already industrial consequences that amount to retaliation. The Chinese government has frozen any decision acquisitions of large carriers in Europe, specifically 35 and 10 A 330 A 380 that wish to order Chinese companies.  

So, the increase in production rates of A 330 (7 to 11 per month by the second quarter 2014) "depends on the maintenance or not of Chinese companies and Chinese government approval."

"This European tax distortions created"

Louis Welsh argues for a global solution and not just European, "this European tax is inappropriate, it created distortions and puts Europe's aerospace industry and in opposition to the world," said the president of EADS payday loans in one hour.

Louis said that the Welsh Group and its subsidiaries spend 80% of its investments in programs to reduce fuel consumption and therefore emissions, and noise. 

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The oil company BP has reached an agreement Friday night with lawyers from individuals and businesses that have suffered the sinking of its Deepwater Horizon oil rig in the Gulf of Mexico in 2010. Tens of thousands of victims of the worst oil spill in history and will share $ 7.8 billion.

This decision rejects the trial, to be held Monday to determine the liability of BP in the disaster. The judge handling the case, Carl Barber, decided again to postpone the hearing indefinitely to allow such parties to "review their respective positions." Fishermen, businesses, individuals … according to the Anglo-Saxon media, approximately 116,000 people will share the $ 7.8 billion under the control of American justice. This process can take years, some experts argue. The complainants had an interest in finding an agreement, says lawyer David Uhlmann in the New York Times, "they would have to face years of litigation, with the key compensation may be lower than they were obtained by negotiation. "

No impact on cash

For its part, BP said in a statement that the agreement will have no impact on its cash and will not increase the reserves already provided to meet the bill for the disaster. The compensation will be tapped to fund a $ 20 billion already recorded in expenses. Counting the payments already made to victims as well as various expenses, there remains $ 5.5 billion into the coffers of the group dedicated to the file Deepwater Horizon. $ 13.8 billion have been spent cleaning up the spill.

The agreement did however sign for BP or end spending, nor procedures. Hundreds of complainants were not represented at the negotiations, the paper recalls the New Orleans Times-Picayune. They could decide to continue to pursue the tanker. The group acknowledges, "it is impossible today to say whether the $ 20 billion fund will be sufficient to satisfy all claimants." Especially, "the proposed agreement does not include complaints filed against BP by the U.S. Department of Justice, or by other federal agencies, or by states or local governments," says BP. The authorities say they are open to discussions. The oil is desirable: it would save him the embarrassment of seeing his mistakes and shortcomings exposed at the helm for weeks.  

Reduce costs

In parallel, the U.S. Federal Justice is conducting a criminal investigation. If it has yet led to anything concrete, the Minister of Justice Eric Holder should report progress soon, reports the Times-Picayune. The challenge: identify the responsibilities of different groups who worked on the Deepwater Horizon. BP, Transocean, Halliburton and the cement manufacturer wells Cameron International have jointly sued. Several reports have been published to try to separate the responsibilities. The first, led by a presidential commission concluded that the most serious accident in the history of oil was caused by the will of the groups involved to reduce costs at the expense of safety. A second, directed by the Coastguard, says the fault lies ultimately in BP.  

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What managers should expect in terms of recruitment for 2012? The Apec, which surveyed 11,000 companies on their hiring intentions for this year, said Wednesday that "all frames will not be accommodated in the same boat." It emerges quite clearly in fact a two-tier market: on one hand, firms in sectors with high added value should continue to be dynamic in terms of hiring managers. The other, the companies positioned in sectors more exposed to economic conditions, may have to reduce "strongly" the pace of hiring.

This table lackluster and full of questions led APEC to develop two scenarios for hiring managers: "They are between 164,000 and 195,000 executives say that companies want to hire in 2012, a possible evolution between -10 % and 8% from 2011, "explains Pierre Lamblin, Director of the Research department. In 2011, the market for executives has resulted in 181,000 hires, or 17,000 more than in 2010.

For Marie-Francoise Leflon, president of APEC, "the labor market framework is certainly on the edge, but thanks to some sectors driving, fear of a sudden stall recruitment of cadres, as in 2009 (Note, the fall reached 28%), is not appropriate. " Still, the "victims" of this designated market stress management, may well be young graduates in search of the famous "first job", synonymous with employability.

The premium experienced managers

In times of crisis, companies are playing the card of the experience and rely on profiles having between five and ten years experience. According to statistics of APEC, the graduates are currently 30% looking for work eight months after graduation, with significant variations depending on the chosen course (academics having more difficulty than the class of large schools). In total, the recruitment of young graduates could range from 31,000 and 37,000 this year, down from 2 to 18%, depending on changing circumstances.

What are the sectors that will benefit the recruitment of executives this year? Services should hire between 110,000 and 135,000 executives. In this vast industry, IT and telecoms should remain at the forefront of recruiters, with a forecast of 31,000 executives hired, (more than in 2011), while engineering and R & D could generate 26,000 recruitment and management consulting firms, 11,000.

The good would come as surprise to the industry, often criticized for its closures, relocations and his social plans. "The industry has 17% more of recruitments in 2011 and represents 17% of total recruitment of executives. The sector should remain strong this year because of the rail, aerospace and electrical engineering and electronics, "said Pierre Lamblin. Forecasts of recruitment in this sector in 2012 are between 27,000 and 31,000 executives, against 30,000 in 2011. What about the car? This activity represented 2000 recruitment of executives in 2011, but should not exceed 1500 this year.

Side "carry trades", the tradition is followed with two "engines" of the market that will continue to drain the volume of hires: the commercial and the computer. Together, these functions represent as Apec, between 60,000 and 74,000 recruits this year.

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Appeared in France in 2004, the McCafe accelerate their development. With 18 million euros in turnover in 2010, the McCafe will now represent only 1% of sales for McDonald's in France. This year, 50 new cafes have opened, bringing the total to 134. The chain is pleased to have already welcomed nearly 10 million customers since January, as much as the whole of 2010.

With the launch of these sandwiches, the McCafe wants to expand its sales morning.While McDonald's realize most of their revenues with meals, sales of McCafe are indeed distributed at different times of day: 40% are performed in the afternoon, 25% in the morning and the rest in addition to the meal at McDonald's.

"Rely on the uses of land"

For this, the American chain ensures adapt to local habits, developing a range that "locks onto the customs of the country," says Annabelle Jacquier, Business Unit Director of McCafe and Salad Bars. Croissants are filled and the menu of Italian McCafe and toasted bread filled with cheese is available in Portugal.

In France, the McCafe initiated the sale of badges and sell pastries baked on site.With sandwiches, McDonald's wants to get into habits, "the pastries were already very French, but they are pleasures to be agreement from time to time, not necessarily every day. Instead, the sandwiches are part of our daily lives, "said Annabelle Jacquier.

With this new offering morning, the channel hopes to "increase the frequency of visits and bring in new customers." "The goal is to sell as many breakfasts of pastries that we sell today," said Annabelle Jacquier. The offer of Mc Cafes continue to "French" with the launch in late October, pastries Regional: kouign-Amann, fluted Bordeaux and Paris-Brest will rub and muffins and brownies already proposed.As for McDonald's restaurants, they offer sandwiches to stick next year.

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Lionel Heurtin – I do not know if it's a good thing but I see that the composition of the CAC 40 reflects the French industry side. Total is the largest market capitalization (71.9 billion euros at September 23), Sanofi, the second (62.5 billion) and LVMH (53.3 billion) in the third. There is a little less than a year, BNP Paribas was one of three French companies the most important stock exchange. Today it was down in sixth place and is the only bank to be among the ten largest companies by market capitalization French.The summer market slump prompted investors to retreat to defensive stocks.

After Natixis, can we consider the output of another bank in the CAC 40?

Although they have declined sharply during the crisis, banking stocks are among the largest market capitalizations French. Depending on the current caps of different values, it would be more companies like Accor, Cap Gemini, STMicroelectronics and Veolia Environnement, which would be threatened to leave the Cac 40. More than a bank exit of the Paris stock, rather a good idea to expand the ACC and raise it to 100 values. To cover their risks, some investors sold financial products built on evidence without looking at the fundamentals of companies. What weighs particularly on large caps, so Total and Sanofi.It is surprising that the market has completely reversed in 10 years. In 2000, small caps were the cheapest. Today it is the large caps.

Mistrust vis-à-vis the banking stocks is justified?

I think the attacks against banking stocks are exaggerated. The markets are scared. The exposure of French banks to Greece is not so high, the Italian term change of government, and will implement austerity measures more easily and Spain, the big banks are sound, even if uncertainties remain on the property. To reassure investors would require the state, as in 2009, requires a preferential action on banks to retain a veto, rather than nationalize – which would dilute the shareholding and could worry investors.Now I do not think that French banks may need to be recapitalized.

Is this the right time to buy bank stocks?

It is still perhaps a little early, but there are many sellers in the market and very few buyers. I sold a lot of banks in 2007, I come back gradually: I particularly strengthened BBVA in Spain. In France, there must be only 20% of equity managers who banks at the level of evidence and beyond in their portfolio. The decision to return to this sector should create value. Three years ago, banking stocks were worth 3 times their equity. Today they are worth between 0.3 and 0.4 times their capital. I feel more comfortable with banking stocks today than in 2007, while capital increases should step in and dilute the potential revaluation.

This good performance is due to the pricing bottom of the sign. That the budget would shrink consumer this year, Leclerc done since a few months more to offer the Nutella jars, bottles of Coca President and cheese at the best price. The group has "invested nearly 25% of the margin," explained Michel-Edouard Leclerc mid-July, commenting on the figures of the first half.

The strategy paid because Leclerc is gaining ground: its market share was 17.4% in early August, up to a point in a year.These are mainly customers who now prefer to Carrefour to shop at Leclerc. Carrefour has lost almost one million customers a year, says the firm Kantar. Consumers have felt that the company has passed the rate increases negotiated with suppliers in the spring. This summer, the group also backed down, becoming aggressive pricing.

400 terminals withdrawal in 2015

Newer phenomenon also explains the slowing of Carrefour and Leclerc force: the drives low rates payday advance. "A significant part of the decline in Carrefour," which has only a few points of withdrawal of courses ordered online, "is already benefiting from E. Leclerc and Auchan, note Kantar. With Auchandrive and Chronodrive, Auchan is the pioneer of these terminals, located next to the supermarket or along a busy road.Noting that the French want to spend less time to shop and do not want to pay more, as with delivery services or Houra Telemarket, Leclerc decided in 2007 to max out the Yankee brand. In late June, 101 E. Leclercdrives were already spread over the territory. They will number 150 at the end of the year and 400 in 2015. In this horizon, Leclerc expects to achieve with this method of distribution sales of 1.5 billion euros, almost five times more than the 350 million expected this year. "One third of our growth comes from the drive. This format is already 1.4% of our turnover, more than double a year ago, "according to Michel-Edouard Leclerc.

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The TGV Duplex can carry 545 passengers in a train in 1090 and a single double. (Photo credits: SNCF Media / Ludovic Gra)