The new governor of Bank of Tunisia launched in Davos, a call to the international investor confidence. Echoing one of the slogans of the protesters that led to regime change, "democracy is good for investment," Mustapha Kamel Nabli said that "the payment system works, as banks and foreign payments and there is no pressure on the exchange rate. "
He did acknowledge that some sectors such as tourism he said, are being "disorganized" because of political changes. Nevertheless he believes that the economic situation is "under control. We do not need any outside help. Our foreign exchange reserves are strong. "Deliberately adopting a technical language, this former academic who went through the World Bank, explained that "the fundamentals (economy) is good, the workforce is educated."
Asked about the country's gold reserves, he said a physical inventory has been made by a team of two internal auditors and two external auditors to the Bank. It appeared that the gold reserves held in the coffers of the institution in Tunis s raised to 5.7 tonnes, combined 1 payday loan lenders.4 that was tabled at the Bank of England. Total reserves are consistent with the actual IMF figures (nearly 6.8 tons).Contrary to rumors that the wife of former President Ben Ali would have won 1.5 tons belonging to the Central Bank, the reserves of the latter are intact.
A former executive of Ernst & Young
Mustapha Kamel Nabli identified himself as an academic, who joined the government after Ben Ali in 1990, broke away in 1995 to emigrate. He is accompanied in Davos two new ministers who have just been appointed. On the one hand, Yassine Brahim who support the Ministry of Infrastructures and Transport and other Sami Zaoui. This was until very recently a part of the auditing firm Ernst & Young in Paris, where it was established 23 years.He is now head of the Department of Computer Technologies and Information.
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January 2001. All eyes on the United States, where already more than 100 such funds were traded, Lyxor, a subsidiary of Societe Generale, launched the first ETF in France. A fund that offers the same performance as the CAC 40, which is listed, and bought and sold on the stock exchange so as an action in minutes. A revolution for investors accustomed to having to wait at least a day to invest or withdraw from a conventional mutual funds. And quickly realized that the other advantage of this product: its price. The costs of managing an investment fund shares often exceed 1.5% per year. Those of a tracker on the CAC 40 are 0.25%.
Ten years later, this ETF (Exchange Traded Fund, the name International ETFs) is one of the 40 stocks most traded on the Paris Stock Exchange (the 36th in 2010). This is one of the largest equity fund French (over three billion euros in assets). And it has many competitors.Over 480 ETFs are now traded on the Paris, more than 1,000 in Europe. Investors have at their disposal to build on the ETF shares Russian, Chinese, Brazilian, but also on government bonds, corporate bonds … All indications are almost covered by one or more ETFs.
The most important (more than 6 billion euros), also managed by Lyxor, replicates the performance of the Euro Stoxx 50. In total, the outstanding European ETFs grazes 200 billion euros. Twice more than in 2008. The financial crisis has strengthened investor interest in these liquid products, so convenient when you have to invest very fast payday loans… or cut an urgent position.
A coveted market
Management companies are scrambling for a toehold so this growing market dominated by three heavyweights: BlackRock (branded iShare), Lyxor and Deutsche Bank.Credit Suisse, for example, has launched its first 45 ETFs on the Paris Bourse.
In Europe, the stock of these products is still low compared to those pension funds and mutual funds (2%). But across the Atlantic, it represents 10% of assets under management in funds. "If Europe reached the same level, ETFs could reach 525 billion there," said Nizam Hamid, head of Lyxor ETF in Europe.
And investors continue to subscribe. "Worldwide, the conventional mutual funds suffered net withdrawals of nearly $ 140 billion over the first ten months of 2010. ETFs, they have raised over $ 140 billion, "says Deborah Fuhr, global director of ETF research at BlackRock.
In the U.S., ETFs owe much of their success to investors."Over 50% of assets from individual investors," says Dan Draper, head of the ETF business at Credit Suisse. In Europe, however, are the institutional who made them successful. Individuals represent only 10% to 20% market share. But proponents of ETFs still cherish the hope of seducing them.
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Congress cools the financial markets. After opening slightly higher, breaking the 12,000 points mark, the U.S. stock markets operate in an uncoordinated manner. The Dow Jones lost 0.05% to 11,971.40 points, while the S & P 500 ahead 0.27% and the Nasdaq rose 0.55% to 2734.07 points. Tuesday, after changing course several times in the morning, the NYSE closing slightly lower.
The side indicators, investors will monitor including U.S. weekly oil stocks as well as new home sales for the month of December. After the close of Wall Street they will also review the press release of the Monetary Policy Committee of the Central Bank of the United States (Fed).
The Fed should decide no surprise to keep its arsenal of state support for the resumption of the U.S. economy.The leaders of the institution should certainly take stock repurchase program of additional U.S. Treasury bonds that the FOMC was launched in November. Considering the recent statements of several of them, the Committee should confirm that the Fed expects to have repurchased $ 600 billion of these bonds at the end of June. Considering the recent statements of several of them, the Committee should confirm that the Fed expects to have repurchased $ 600 billion of these bonds at the end of June.
Tuesday evening, held on policy speech said his State of the Union of Barack Obama. In his speech, Bush asked Congress to exercise fiscal innovation without abandoning efforts to reduce the deficit.
New burst results
On the foreign exchange market, the euro was changing the balance on Wednesday afternoon. By mid-afternoon in Paris, the euro bought 1.3681 dollars against 1.3682 dollars late Tuesday, after the dollar rose to 1.3722 in the morning, a new high since November 22 free online credit report.
The side of values, Wall Street investors expect another round of results. United Technologies, Xerox, Boeing, ConocoPhillips must indeed publish their results for the fourth quarter.Also note, the Macworld San Francisco grand annual gathering of fans of the U.S. computer group Apple to open its doors today and will run until January 29.
Yahoo!: -3.25% to $ 15.50
Always on the side of values, the U.S. internet group Yahoo! posted Tuesday a net profit doubled for both the year and for the fourth quarter, but with a turnover of patina, displayed down 2% for 2010 and still looks disappointing the first quarter. The annual net profit appears to 1.231 billion, while quarterly earnings totaled $ 312 million.The turnover 2010 was, however, slipped 2% to 6.324 billion dollars, with a particularly sharp fall in late: -12% to 1.525 billion dollars.
Boeing: -3.02% to 70.06 dollars
For its part, Airbus said Tuesday that the final report of the World Trade Organization (WTO) on U.S. aid to Boeing will demonstrate that its competitor has received substantial aid illegal and said that Europe could claiming $ 45 billion in compensation.
Juniper Networks: 7.02% to 37.27 dollars
The telecom equipment maker Juniper Networks has announced a profit of $ 190.2 million, slightly below expectations. The group's turnover is 1.19 billion dollars against 1.13 billion dollars expected by consensus.The operating margin was 24.5% against 24.1% in the third quarter.
Wal-Mart: 0.68% to 57.65 dollars
China has sentenced several distribution groups, including Wal-Mart fined for having lied about the price of their papers, said Wednesday the instance of economic planning.
Following the media intervention of Carlos Ghosn, CEO of Renault, the tension was far from settled. Monday in the offices of his lawyer, Christian Charriere-Bournazel, Bertrand Rochette, one of three executives fired for "industrial espionage", insisted he would not be the scapegoat in this affair. " The gaunt, emaciated but feisty, he told her "feeling of being trapped in a machine, a system in which there are very important interests."
In charge of the investigation, more than ever in the Central Directorate of Internal Intelligence (DCRI) is the responsibility of delivering the necessary clarification of this spy case. However, investigations begin with difficulty.According to our information, the cons-espionage, acting as part of a preliminary inquiry on January 14 by the Paris prosecutor, had still not on Monday obtained a copy of the private investigation involving three senior before Christmas and sent to the leaders of the group. The police are still only a mere reconstruction of verbal conclusions reached by this mysterious pharmacy.
Last Friday, Marc and Dominique Tixador Gevrey, two security officials the manufacturer, were heard as witnesses to verify certain aspects of the case. They had been entrusted to conduct discrete research after receiving an anonymous letter accusing the end of August, namely two frames.A source familiar with the matter said Monday Figaro they called a "foreign intermediary, based out of Europe" that was then "outsourced the job" for small hands to get a series of "information "in four months. Namely the discovery, for the modest sum of 50,000 euros, an alleged secret payments system of bribes bribes from big Chinese companies, through intermediaries in Shanghai, Hong Kong or the Isle of Malta, on accounts in Switzerland or Liechtenstein.
"About nuanced"
Under what conditions this "mechanical" rather sophisticated Was up? The hypothesis of a "Tricoche," that is to say, getting "tips" in dubious circumstances by public officials or employees unscrupulous rounding their monthly on behalf of pharmacies, do not appear rejected payday loans with no fax."The DCRI will take time and go to the end of this investigation," an official confided Monday, revealing that "everything that was done before the entrance ramp of cons-espionage has no legal value" . Clearly, only the police investigations will finally provide valid evidence and admissible in the proceedings.
For its part, the manufacturer maintains that, in this case, the information that led to the dismissal of three executives "were combined in a legal manner." Nuancing the words of Carlos Ghosn, who spoke on TF1 evidence of "multiple," a spokesman said the group had never claimed to "have evidence" but that "he had sent a number of elements to justice. " Relying on the findings thereof, the manufacturer does not implicitly have been a victim of manipulation.
For Pierre-Olivier Sur, the lawyer Michel Balthazar, statements by the CEO of Renault in the media on Sunday, show that his client "is de facto exonerated," as it was, by his position as director of " upstream projects and benefits "," keeper of secrets, or the complaint does not address these issues, "but the business model for electric cars.
According to sources familiar with the matter, defenders Michel Balthazard could seek the counsel for Renault he is with them in the complaint "for false report" filed by their client. This complaint was not, in fact, Renault, but the author of the anonymous letter that started it all.
The result is final. According to a poll by Ifop for the Sunday newspaper Ouest France, eight in ten French (80%) believe that in recent months, the quality of services offered by the SNCF was "somewhat worse". Only 15% of respondents believe the contrary, that it was "somewhat improved". Three percent of respondents believe the situation has "not changed" in this area and 2% were undecided.
More telling, three out of four respondents (76%) say the times were "less respected" in recent months. They are only 18% say that they are "more respected". Three percent noted no change and 3% were undecided.
Malaise
The survey, conducted on 20 and January 21 with a sample of 968 people, seems to confirm the ras-le-bol general users of the station cash advance america.After the subscribers of the TGV, which just received a compensation package, it's time for users of regional express trains (TER) to show their displeasure by engaging in a strike submission of tickets from Monday.
Eager to appease the discontent of its customers, the station provides a plan for improving its twelve lines called "sick". Efforts should focus on the Paris lines, RER A and D in mind.
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For the first time since the abortive attempt of redeeming Ingenico, in December, Philippe Lazare, the CEO of the French group, gives his analysis of this case unusual in French capitalism.
After the publication of a statement of Ingenico, Dec. 17, citing "a proposal for possible submission of a tender offer on its entire capital," the file is reassembled at the highest peak of the State. The government has highlighted the "strategic" nature of the business.Saffron, 30% controlled by the state holds a blocking minority in Ingenico, then decided not to contribute its shares in U.S. group Danaher, who seemed interested in acquiring Ingenico for 1.4 billion euros or 28 euros per share, roughly the current price of the company.
During the weekend of December 18, CEO of Safran had received a phone call from Eric Besson, Minister of Industry, asking not to participate in the operation. Then, on December 21, Ingenico said that "no discussion on the capital of the company n (was) in progress."
Competitors have changed hands
Recently, the industry minister recalled in an interview with Le Monde that he was "not opposed in principle to any equity investment by a foreign company pay day loans.I asked a number of questions on research and development, technology transfers and jobs. "In our interview (see below), Philippe Lazare pledged his side not to have had contact with government . The potential buyer has never commented on this aspect.
Ingenico's CEO wonders clearly on the strategic nature of the company he heads. Especially as other French competitors have changed hands in recent years without causing problems. Payment terminals from Thales were bought by American Hypercom, and more recently those of Gemalto VeriFone, a company also American. "I find that these assignments have not been a problem from a strategic standpoint," said Philippe Lazare.
True, but it is also conceivable that governments have sought to prevent the last major undertaking in this sector partners to turn the United States.
Philippe Lazare, "We are the world leader in our field." Photo credits: Richard VIALERON / LE FIGARO / RICHARD VIALERON / LE FIGARO
Click on the thumbnail to enlarge the graphic.
Huawei is the Chinese telecommunications industry who files the most patents in the world. Indian conglomerate Tata has done for $ 17 billion of acquisitions over the past decade. Brazil's Votorantim has become the number one global paper and entered the top five global zinc and in the top ten cement … Despite crisis, firms in emerging markets continue to climb.
According to the consulting firm that publishes BCG Tuesday its new survey on "New Global Challengers", the hundred champions from sixteen countries show strong growth in much better performance than those of European and American groups. They achieved a total turnover of 1300 billion in 2009, an average of 13 billion company.The Chinese continue to carve the lion's share with 32 companies. They play leading roles in construction, civil engineering, energy, telecommunications. The first three groups in the world are Chinese construction industry. The Indians come in second place with 20 companies. Brazilians in third place with 13 companies. Russia also ranks in fifth place with 6 firms behind Mexico, which has seven
The 'cat' in Africa
"Groups in Africa, South America and Asia, we baptize cats, needed among the hundred" global challengers. " Their rise will continue as the population and wealth of their countries are equivalent to those of Brazil, India and Russia combined.They represent 20% of world population and 16% of global wealth, "says Olivier Scalabre, associate director in charge of globalization in the Paris office of BCG.
The five best performing giants are able to compete with the more powerful Western multinationals. Vale of Brazil, Indonesian Wilmar International, the Mexican Cemex, the South African SABMiller and Anglo American are present worldwide no fax payday loans. They perform internationally 75% of their turnover has reached at least $ 20 billion. They are present in the top five worldwide in their business.
The new champions of the South will continue their conquest of the planet. Chinese home appliance manufacturer Haier has established research centers in Europe. The Mexican Grupo Bimbo has bought American brands of Weston Foods and Sara Lee.But their priority is the new middle classes in developing countries. "The emerging market companies prefer to make major efforts on growth markets rather than dealing with European and American markets that are growing soft. The European and American companies will also want to be very active in these new markets, "Oliver Scalabre analysis. Everyone should make great efforts to adapt to the needs of hundreds of millions of men and women. "The battle will be tough to conquer this new class of consumers who represent 30% in ten years of world population and the first contract to the U.S.," says Olivier Scalabre.
More efficient than the Europeans
The 100 champions have achieved an annual growth of 18% between 2000 and 2009.It is three times higher than their European and American counterparts. "Their rate of return over the same period is also 18%. 60% better than the groups of developed countries, "Olivier Scalabre analysis. They performed in 2010 57 mergers and acquisitions for approximately $ 37 billion. "They pay dividends to their shareholders while investing heavily in the future. Volumes and margins, growth and low debt levels, investment and dividends: they manage to reconcile opposites. What the American and European groups have a hard time, "says Olivier Scalabre.
Inflexible on inflation, reassuring on economic growth and prudent public debt crisis. Sunday dinner guest of the Grand Jury RTL-Le Figaro-LCI ", Jean-Claude Trichet, ECB president, gave a positive assessment of the euro. Since 1 January 1999 the euro area has created 14.2 million jobs, when the United States, whose population is of the same order of magnitude, created only 7.8 million.
Addressing skeptics, he recalled that the last opinion poll Ifop made in France, reported a 72% majority of French opposed to an output of the euro. There were no "difference between the sensibilities of right and left," he said. The Economics of Monetary Union "shows an ability to bounce higher than what was anticipated, and that since the third quarter of 2009," he said."The situation remains difficult but it is quite comforting," while acknowledging that "the crisis of sovereign risk (states) remains" in Europe, but also in all advanced countries.
Ensure stability of prices
While the rise in consumer prices was 2.2% over the last twelve months in the entire euro zone, Jean-Claude Trichet has held that interest rates were "appropriate to their level … We will always necessary decisions to ensure price stability, "he said us fast cash. He sees no contradiction between a possible increase in rates by the ECB and growth. "We're in a market economy. Rates for two, five, ten and fifty years include inflation expectations for the future. If we ensure price stability and if it is credible, we guarantee the interest rate (market) the lowest. "He also admitted that the last digit increases in consumer prices "have almost exclusive explanation for the price of energy."
Regarding the prospects for growth in the medium term he again expressed regret that the States have not committed programs of structural reforms agreed at Lisbon in 2000, which led the European Council to commit to such reform in 2020: "France has not done enough of structural reforms and have growth potential than it is today (if she had business)." As for 35 hours, he considers "that greater flexibility is needed."
On the euro, he believes "there is no currency crisis as such, but difficulties more or less important for states to finance it.The European Financial Stability Fund, established last spring, "must be improved in quantity and quality to be as flexible as possible," he observed.
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The controversy has increased the ceiling on Friday on unemployment benefits managers, an idea launched Thursday by Pierre Mehaignerie, the UMP president of the Social Affairs Committee of the National Assembly, in an interview published on lefigaro.fr. The most virulent reaction came from the CFE-CGC. "There is no question of wasting our time with false good idea to limit who imagine in time, restrict or limit unemployment compensation on the grounds that it would promote more rapid reintegration into employment," said its chairman Bernard Van Craeynest. For the owner of the plant managers, unemployment compensation is "an insurance mechanism in which everyone contributes according to his salary and compensation is based on the injury he suffered" and that it is unimaginable to cap the reimbursement claims.As "for auto insurance," he says.
The idea of capping executive benefits is not new, since France is one country that offer the best conditions for compensation to the unemployed who were receiving a very high income. A framework for under 50, who has contributed for two years in its 28 months of activity and who had a monthly salary higher than 11,540 euros gross, so is certain to receive an allowance of 6,764 euros gross per month for two years. Or, after social security deductions, a check of nearly 6,000 euros every month! And if over 50 years – which is often the case at this level of compensation – the compensation period is extended to three years. By comparison, an unemployed German may touch 2215 euros per month for two years or, worse, 1073 euros for one year if he is Italian.Nothing to do so.
A ceiling of 3000 euros
The suggestion of the 4th vice-president of the UMP will have at least had the merit to highlight this feature of the French regime. "Pierre Mehaignerie raises a real problem that could encourage the social partners to be more imaginative" in the renegotiation of the agreement unemployment insurance that starts Jan. 24, admits it in the entourage of the head of the state. "The idea to release additional resources for youth employment is not so preposterous," abounds near Xavier Bertrand, Minister of Labour."Let us negotiate the social partners are aware of their responsibilities," they replied Lawrence Berger, the leader of the delegation CFDT, which he considers "Pierre Mehaignerie legitimate to speak", asks the policies do not encroaching on their field of negotiations.
Some unionists, however, agree on condition of anonymity that the plane frames allowances may be an idea to dig. "Why not, if it creates new rights for the other job," judge and a negotiator. A plant would even asked Unedic quantify the resources released if the ceiling was lowered to 3000 and 4000 euros … The reason? Few unemployed would suffer.Better, more "symbolic" – Unedic refuses to communicate – in view of the average amount of unemployment compensation (1111 euros gross per month), their average length of membership (10 months) and also the average wage French (1580 euros per month).
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