La hausse des prix du pétrole menace d'aggraver leurs déficits courants et emporte leurs monnaies

Le gouverneur de la banque centrale britannique, Mark Carney, espère libérer ainsi 90 milliards de livres en faveur de l'économie réelle

Les économistes déplorent un manque d'ambition et attendent d'en savoir plus sur l'évolution du coût du travail

Le ministre des Transports, Frédéric Cuvillier, a fait part de ses réserves sur la mise en place de la taxe poids lourds initialement prévue le 1er octobre, indique le journal qui croit savoir que celle-ci sera repoussée au mois de janvier prochain, afin de laisser aux professionnels du transport le temps de s’enregistrer et de s’équiper de boîtiers de géolocalisation.

La hausse des impôts sera plus faible que prévu l’an prochain, déclare le ministre du Budget dans un entretien accordé au quotidien. Le gouvernement prévoyait jusqu’ici un effort de 20 milliards d’euros pour réduire le déficit, dont 14 milliards d'économies et 6 milliards de hausse des prélèvements. Cet effort reposait «aux deux tiers sur les économies et pour un tiers sur des recettes, soit une augmentation de 0,3 point de PIB en 2014. Nous ferons moins que prévu», affirme Bernard Cazeneuve. La réindexation du barème de l’impôt sur le revenu sur l’inflation sera également mise en œuvre, ce qui constituera «une restitution directe et substantielle de pouvoir d’achat».

Selon le quotidien britannique qui cite Edmund Koh, responsable des activités de gestion de fortune d’UBS pour le sud-est asiatique, le secteur va devoir se concentrer en raison d’une arrivée massive des banques étrangères et d’une inflation des coûts provoquée par une pénurie d’experts locaux.

Le Süddeutsche Zeitung, qui cite Jörg Asmussen, membre du directoire de la BCE, indique que l’institution a décidé de doubler d’ici à 2019 la proportion des femmes dirigeantes en son sein à 28%, la part des femmes appartenant au segment des cadres moyens passant à 35% à la même échéance, contre 17% actuellement.

L’Office d’investissement du Régime de pensions du Canada (RPC) souhaite multiplier par sept son exposition à l’Asie dans les toutes prochaines années, rapporte le magazine dans sa lettre électronique. Disposant actuellement de 9 professionnels de l’investissement à Hong Kong, il envisage déjà d’accroître ses effectifs d’au moins 30% d’ici à fin 2013.

L’actionnaire majoritaire d’OGX Petróleo e Gas Participações propose à certains des porteurs obligataires du groupe énergétique d’échanger leurs créances contre des actions, a rapporté le journal Folha de S. Paulo. Si cette restructuration aboutit, elle laissera Batista avec une participation minoritaire dans OGX.

Le gouvernement italien se réunit pour tenter de trouver un compromis provisoire sur l’abolition d’une taxe immobilière qui divise la fragile coalition gauche-droite, déjà ébranlée par la condamnation de Silvio Berlusconi au début du mois pour fraude fiscale. Cette réunion ne devrait porter que sur les modalités de l’impôt pour l’année en cours.

Le Fonds européen de stabilité financière a placé 3 milliards d’euros d’obligations arrivant à maturité en 2034. Le spread ressort à mid swap plus 37 points de base, ce qui donne pour les investisseurs un rendement de 3,04%. Barclays, Deutsche Bank et RBS ont piloté l’opération. Le FESF n’a réalisé que deux émissions impliquant une maturité égale ou supérieure à 20 ans depuis janvier 2011.

Les promesses de vente immobilières ont diminué de 1,3% en juillet, leur deuxième baisse consécutive, la remontée des taux des crédits immobiliers pesant sur la reprise du marché, selon les chiffres de l’Association nationale des agents immobiliers (NAR). L’indice des promesses de vente calculé par la NAR s’est établi à 109,5 en juillet, contre 110,9 pour le mois de mai.

Les huit principales banques britanniques sont autorisées à réduire leurs réserves de liquidités de 90 milliards de livres (105 milliards d’euros), ce qui permettra de favoriser la croissance économique, a déclaré Mark Carney, le nouveau gouverneur de la Banque d’Angleterre (BoE). Dans un communiqué séparé, l’Autorité de régulation prudentielle, qui supervise le secteur bancaire au Royaume-Uni, a précisé que les banques pouvaient réduire leurs réserves de liquidités à condition d’afficher un ratio de fonds propres durs de 7%.

La Chine prévoit de taxer davantage de produits de luxe et pourrait étendre une taxe sur l’immobilier actuellement expérimentée à Shanghai et Chongqing, a déclaré mercredi le ministre des Finances Lou Jiwei, cité par l’agence Chine nouvelle. Il a ajouté que Pékin taxerait aussi les biens à l’origine de pollutions environnementales ou de surexploitation de ressources.

Goldman Sachs Asset Management is planning to increase the proportion of its fiduciary assets to 10% of total assets under managemetn in the United States and the United Kingdom in the next three to five years, Financial Times Fund Management reports. Katie Koch, head of the international global portfolio solutions team at GSAM, which has USD20bn in assets under management, says that the United Kingdom is a particularly important region for the US asset management firm.

Artemis Investment Management has hired Alan Gadd as head of product & distribution development.Reporting to the head of asset gathering, Dick Turpin, Alan Gadd will be responsible for identifying and developing how Artemis should respond to the Retail Distribution Review; and how to extend what Artemis offers to clients. He will also review opportunities overseas.Alan Gadd has worked for Henderson Global Investors, HSBC Asset Management, Aviva Investors & Allfunds Bank in similar roles.

The US authorities are demanding JPMorgan Chase pay over USD6bn (EUR4.5bn) to settle allegations it mis-sold securities to government-backed mortgage companies, according to sources familiar with the matter cited by the Financial Times. The bank is resisting the payment, which it claims is excessive.

The Global State Street Investor Confidence Index (ICI) fell to 105.1 in August, down 2.6 points from July’s revised reading of 107.7. Although all regions saw a decrease in confidence, the fall was driven mainly by European and Asian investors. European confidence fell by 8.2 points to 97.1 while Asian confidence fell by 7.6 points to 93.0. North American investors also became somewhat more conservative, reporting a decline of 1.5 points to 112.5 from July’s revised reading of 114.0.

Half of European citizens aged 50 to 70 year old are uncertain if they can maintain their current standard of living in retirement, according to pan-European research conducted by Allianz in close co-operation with Allianz Global Investors. The younger respondents tended to have an altogether more pessimistic outlook. This group were particularly concerned about maintaining their standard of living due to the consequences of pension reforms and the impact of the financial crisis on their financial and pension wealth. Only 40% of 50-to-54-year-olds think they will have the same standard of living in retirement. In contrast, 53% of those aged 60-70 are optimistic or already enjoy a relatively comfortable standard of living.The study looked at retirement finance of 1,402 respondents, aged 50-70 years, living across seven European countries: Austria, France, Germany, Italy, Netherlands, Switzerland and the United Kingdom (UK). Inflation is cited as the biggest financial risk in retirement in all countries. In Germany and UK this is particularly apparent with 60% of Germans and 65% of Britain’s citing inflation as the greatest financial concern to potentially impact their pension. However, when tested on their understanding of the effects of inflation, respondents in the UK and the Netherlands tended to overestimate its impact. French, German and Swiss respondents were most realistic about the effects of inflation.Nearly two thirds of the respondents said they are satisfied with their retirement planning, only 8% said to be dissatisfied, Swiss respondents are the most satisfied at 81%, with only 2% “dissatisfied”). The overall level of satisfaction with retirement planning is significantly lower in France (46% “satisfied” and 11% “dissatisfied”) and Italy (54% “satisfied” and 14% “dissatisfied”).Half of Swiss respondents prefer life-long monthly or annual payments compared to only one quarter to one third in the other countries. Austrian and German prefer by far one-off lump sums (40% and 37% of the respective respondents) other the 50+ generation in other countries.Finally, UK respondents stand out when it comes to investment decision making. Nearly half of the respondents from the UK said that they make their own investment decisions without the assistance of an investment professional or advisor, Only Dutch respondents with 42% are nearly as self-directed in their decision making. In Switzerland the share of respondents not seeking external advice is lowest with 23%.

The Liechtenstein banking group VP Bank has posted a net outflow in first half of CHF439m, according to a statement released on 27 August. This development is due to clients who are withdrawing assets to normalise their tax situation. However, due to a positive market effect of CHF0.8bn, assets under management have risen 1.1% compared with the end of 2012, to a total of CHF28.8bn. Profits at the group are down 17.4% to CHF28.3m in first half, but VP Bank adds in a statement that results in the first month of 2012 benefited from a one-time inflow of CHF22.8m. VP Bank also states that it is seeking new acquisitions, particularly in Luxembourg and Switzerland.

The Swiss Valartis group has posted net inflows in first half of CHF125m, compared with CHF491m in first half 2012, according to a statement released on 27 August. After taking into account a negative market effect of CHF26m, assets under management totalled CHF7.9bn as of 30 June 2013, up 1.3% compared with the end of 2012. The private client segment represented 86% of assets as of the end of June, compared with 14% for institutional clients. The group emphasizes in a statement that it is disappointed with the development of wealth management activities at Valartis Bank, which has one fifth of all client assets under management, and which is responsible for 30% of costs. Despite a reshuffle initiated in first half, the bank does not appear to be in a position to achieve the critical size required within an acceptable time frame. As a result, the group is considering a sale or merger with another Swiss financial establishment within the next few months.

The arbitrage fund led by activist investor Daniel Loeb has bought a stake of 5.7% in the capital of the US auction house Sotheby’s, according to a document submitted to the Securities and Exchange Commission. This makes Third Point one of the largest shareholders in Sotheby’s along with Trian Partners (3%) and Marcato Capital (6.6%).

The asset management firm Golden Tree Asset Mangement has recruited a former Barclays employee, Brian Marshall, as managing director responsible for devlopment, particularly for structured products, the news agency Bloomberg reports. CLO issues have increased sharply his year, to USD61bn, a level not seen since 2007. As of the end of December 2012, Golden Tree had ranked in 13th place among CLO management firms, with a total of USD5.5bn under management, according to statistics from Standard & Poor’s. Assets under management at Golden Tree total about USD18bn.

The French asset management firm Seven Capital Management on Tuesday, 27 August announced that on 2 August it had been issued an AIMF license by the college of the French financial market regulator (AMF), and that on 13 August, the first European “management passport” will allow it to directly manage a Luxembourg-registered special investment fund (SIF) from France. In terms of sales, the license allows sales in France and throughout Europe of alternative investment funds (AIF) to retail and qualified investors. To that end, the asset management firm is planning to intensify its development in Europe and internationally, and will soon be launching new alternative investment products. In terms of management, the passport also allows Seven CM to “manage a range of international investment funds, including Luxembourg-registered funds, directly from France, without additional operating costs or risks for investors,” a statement says.

John O’Connor, who had been head of sales in North America at Morgan Stanley Investment Management, has joined DDJ Capital Management as senior vice president, responsible for development and customer service. DDJ Capital is a US asset management firm based in Massachusetts, which is specialised in high yield, bank loans and special situations. It has USD6bn in assets under management O’Connor has also been responsible for institutional sales at Pioneer Investments. He has also serves in positions of responsibility at MFS Investment Management.

Lyxor is recruiting for its sales and marketing team for all of its activities, after a series of departures led to rumours of a sale of the Société Générale affiliate, Financial Times Fund Management reports, relaying a story in Ignites Europe. The firm is planning to recruit a total of 16 people this year, one third of whom will be for ETFs. Lyxor has already recruited eight sales professionals this year in France, the United Kingdom, Germany, Japan and the United States, all at high levels, and will recruit 8 more. The firm has ambitious growth objectives in the United Kingdom, Scandinavia and the Netherlands.

Andrew Abramsky, chief operating officer of the Eaton Vance subsidiary Parametric, will retire from the company as of August 31. Christine C. Smith, who joined Parametric on May 31, 2013 as chief administrative officer, will assume all of his responsibilities.Andrew Abramsky will remain at Parametric in a part time capacity for six months to continue to support this management transition.

The US asset management firm Columbus Circle Investors (CCI) has launched an equity strategy concentrated on Europe, which will be managed by Matt Goldsmith, who had previously worked at Weiss Multi-Strategy Advisers as a portfolio manager, Hedge Fund Intelligence reports. Goldsmith returns to a firm he knows well, having worked there previously between 1996 and 2002 as a senior analyst and portfolio manager. As of the end of June 2013, assets under management at CCI, whose clients are largely institutional, totalled nearly USD15bn.

Pioneer Investments would like to grow its Asian activities, Sam Wardwell, strategist and senior vice president, has told Asian Investor. “We consider Asia to be perhaps the most important region in the future, geographically speaking. When we have a strong presence in Asia, we will no longer be a company that is stronger on the Atlantic than the Pacific,” Wardwell said during a trip to Asia. Only 3% of assets at Pioneer, which total USD6.6bn, come from Asian clients.