He had won 62 year last but began to lose steam

If Wall Street banks have been the first victims of the crisis, they will not only dinosaurs of finance that the explosion of the "subprime" meteorite will disappear. Other hybrid animals, such as the bancassureurs, seem to also to a slower but almost also some agony. The complicated rescue of Fortis by the Netherlands and the Belgium, including the outcome always Random House, and the sale of Dresdner Bank by Allianz had already put lead in the wing to the model. But when his standard-bearer for eighteen years, Dutch ING, reverse any as soon as the first salvo of 10 billion euros of writedowns just the quarter performance of the European champion in the matter, UBS , the epilogue is probably close. While yesterday announcing assignment for 10 to 15 activities, which he hopes to withdraw from 6 to 8 billion euros, and the operational separation of insurance and the Bank, nevertheless kept under the same umbrella, the old orange lion played the sphinx, remaining mysterious about his final intentions. Yet, the meeting of the two branches allowed the group to save about 6 billion of capital, according to Raymond James Euro Equities, when the new strategic plan should identify that 4 billion. Look for the error...

Shadow Theatre

The most successful lies, said Sacha Guitry, is to believe in someone who lies to you as we think. The soaring stock market yesterday, American banking values after the announcement by the fourth of them, Wells Fargo, a quarterly earnings more than twice greater than forecast, is a perfect illustration. Reaction of Wall Street is to the credit that investors would grant relief to banks also undergoes as miraculous, and many in the denouement to the haste of the positions of speculators to decline who hoped still contemplate the infinite ocean of impairment losses in the first quarter. But, basically, nothing has changed. Banks have maintained too long blur on their actual situation at the beginning of the crisis market them give a cheque in white in the first swallow came. If Wells Fargo recorded nearly two times less than exceptional loads in a quarter, Morgan Stanley will probably see its bond portfolio fluctuate from green to red over the same period. And the 1.300 billion in write-downs published to date are far from 2,200 billion expected by the IMF. Shadow theatre is still beautiful days before him.

To the happiness of the ladies

Despite the recession, the Japanese have not closed their obi, this well known kimono belt of the cruciverbistes. Despite the fall of retail sales in February, the most violent for seven years, Fast Retailing, Uniqlo owner, counter of cotton or Princess TamTam continued to advance at a rate as fast as its name indicates. The results of the first half of his offbeat exercise began in early September have exactly coincide with the start and the extension of the crisis, sales of the T-shirts in tubes, its yellow parkas and its pink pants climbed 13, making leap its operating profit of 29. This success proves once again that a well carved offer in General is his public, as also shown by the underperformance of Seven & I Holdings. With an annual profit fell by 29, the first Japanese distributor has failed to stem the leak of the customers of its stores. Only were able to retain its "Seven Eleven" with their own brand products and their opening 24 hours a day. What explain the loss of a quarter of its value since the beginning of the year and Fast retailing Comet route up 23 a year. He had won 62 year last but began to lose steam. A course of 23 times its profits, its share price is less competitive than clothes.