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10/07/2012

La chute du PIB grec pourrait approcher 7% en 2012

La contraction de l'économie grecque pourrait atteindre 6,9% cette année au lieu des 5% prévus jusqu'à présent. Cette prévision de la Fondation pour la recherche économique et industrielle (IOBE) pourrait donner de nouveaux arguments au gouvernement grec pour tenter d’obtenir un assouplissement du programme d’ajustement.
10/07/2012

La Fed envisage un rapport trimestriel

De manière à apporter une meilleure clarté sur ses prévisions économiques et la trajectoire probable de sa politique, le président de la Fed de Philadelphie a évoqué la possibilité de publier un rapport trimestriel de politique monétaire. Charles Plosser siège dans un comité spécial créé par Ben Bernanke pour réfléchir aux moyens d’améliorer la communication de la Fed.
10/07/2012

La France se finance à taux négatifs

C’est une grande première. La France a émis hier 7,7 milliards d’euros de dette à court terme à des taux historiquement bas, les taux à trois mois et six mois étant ressortis négatifs, le taux à un an quasiment nul. Un résultat rendu possible par une modification du système d’adjudications au sein de l’Agence France Trésor (AFT). Lors de son adjudication hebdomadaire, l’AFT a ainsi placé 3,917 milliards de bons du Trésor à 13 semaines (trois mois) au taux moyen pondéré de -0,005% (contre +0,04% la semaine dernière), 1,993 milliard de bons à 24 semaines (six mois) au taux moyen de -0,006% (contre 0,096%) et 1,793 milliard bons à 50 semaines (un an) au taux moyen de 0,013% (contre 0,163% lundi dernier). Le montant total émis se situe dans le haut de la fourchette annoncée (6,6 à 7,8 milliards) et le ratio de couverture s’est établi à 2,65, la demande ayant dépassé les 20 milliards d’euros.
10/07/2012

Les fonds américain de capital risque grossissent

Selon les données compilées par la National Venture Capital Association (NVCA) et Thomson Reuters, 38 fonds américains de capital risque ont levé 5,91 milliards de dollars au deuxième trimestre, contre 49 fonds pour un total de 5,26 milliards au premier trimestre. Un phénomène qui souligne la concentration de liquidités entre les mains des principaux fonds du secteur. New Enterprise Associates a notamment constitué un fonds de 2,08 milliards de dollars.
10/07/2012

Mario Draghi laisse la porte ouverte à d’autres baisses des taux

Devant les parlementaires européens, le président de la Banque centrale européenne a indiqué que l’institut d’émission pourrait continuer à faire pression sur les taux après la décision prise la semaine dernière de les abaisser à 0,75%. «Nous devons examiner la situation, étudier les données et les derniers développements et ensuite, nous déciderons lors du Conseil des gouverneurs des prochaines mesures à prendre», a-t-il expliqué.
10/07/2012

Le FESF organise sa prochaine émission

Le Fonds européen de stabilité financière (FESF) a mandaté Crédit Agricole CIB, Morgan Stanley et UniCredit en tant que co-chefs de file pour son émission obligataire à cinq ans qui devrait être lancée dans un futur proche, en fonction des conditions de marché. Les trois établissements ont été sélectionnés parmi ceux qui composent le «EFSF Market Group».
10/07/2012

Rebond du commerce extérieur chinois

Au mois de juin, les importations chinoises ont progressé de 6,3%, soit moitié moins que les 12,7% prévus par le consensus, traduisant le ralentissement de la demande intérieure. Dans le meme temps, les exportations ont augmenté de 11,3%, entrainant une hausse de l’excédent commercial à 31,7 milliards de dollars, après 18,7 milliards en mai.
10/07/2012

Le Chili réduit ses prévisions de croissance

Le pays, premier producteur mondial de cuivre, a révisé hier en baisse de 0,3 point à 4,7% sa prévision de croissance économique pour 2012. Le gouvernement table désormais sur un prix moyen du cuivre de 3,55 dollars, contre 3,70 dollars précédemment.
10/07/2012

Pékin vise un nouvel assouplissement monétaire

La Banque Populaire de Chine pourrait poursuivre sa politique d’injection de liquidités ou pourrait même baisser le ratio des réserves obligatoires des banques dans les deux prochaines semaines, selon le Shanghai Securities News qui cite des propos de Zhang Lan, analyste taux et change chez Guotai Junan Securities. 300 milliards de yuans de dette bancaire arrivent à maturité la semaine prochaine.
10/07/2012

Oslo met fin à la grève

Le ministère norvégien du Travail a annoncé ce matin la fin de la grève des employés du pétrole, la menace d’un «lock-out» des sites de production ayant poussé le gouvernement à intervenir à la dernière minute pour trouver une issue au conflit qui portaient sur le régime des retraites, lequel sera déterminé par arbitrage obligatoire.
10/07/2012

TPG grandit dans l’emballage en Chine

La société américaine de private equity aurait fait l’acquisition pour 600 millions de dollars environ de la société chinoise d’emballage HCP Holdings. La cible, fondée à Taïwan en 1961 mais principalement active en Chine continentale, est spécialisée dans le segment du luxe, avec pour clients notamment L’Oréal ou Shiseido.
10/07/2012

RothsInvest Asset Management embroiled in a financial scandal

Finews.ch reports that three employees at RothsInvest Asset Management have been arrested in Italy. They had convinced about 500 people to invest in an investment abroad, promising them returns of 10%. EUR250m are reported to have been channelled into the investment, according to Finews, which calls the case an “Italian Madoff.”The former head of the Swiss financial firm RothsInvest Asset Management, Robert Da Ponte, is also under investigation in Italy for severe infractions (money laundering, fraud, etc.). He is reported to have had some of the money being channelled to the investment scheme in his possession at the time of his arrest. He fled investigators in the month of May. The scandal also includes another element, this time political. Manuel Brandenberg, who is listed as the vice president of RothsInvest, is a member of the Swiss cantonal council, and is a politician of some standing in the Swiss SVP party.
10/07/2012

Natixis GAM launches a US equity fund managed by Vaughan Nelson

The value equities team at Vaughan Nelson Investment Management have been selected by Natixis Global Asset Management to actively manage a concentrated fund of 20-40 positions on undervalued US equities of all cap sizes, aimed at long-term equity investors seeking to diversify a portfolio of tracker funds. The new product, launched on 29 June, is managed by Scott J. Weber, with the assistance of Chris Wallis, chairman and CEO of Vaughan Nelson, and Dennis Alff.CharacteristicsName: Vaughan Nelson Select FundAcronym: VNSAX (A share class)Front-end fee: 5.75%Management commission: 1.50%
10/07/2012

Cheyne Capital offers two new funds

Cheyne Capital is releasing two Irish-registered funds, a long/short credit fund and a real estate bond product.The first of these, Cheyne Global Credit Fund UCITS, deploys a long/short strategy for investment grade or crossover bonds in Europe and North America via direct investment in assets and derivatives. Leverage will be used to provide returns which are expected to exceed the Libor by 500 to 700 basis points.The second fund, Cheyne European Real Estate Bond Fund UCITS, will focus on senior real estate backed bonds. It is aiming for returns of 600-800 basis points, without the use of leverage.CharacteristicsName: Cheyne Global Credit Fund UCITS ISIN code: IE00B76XH336Management commission: 1%Performance commission: 10% with high watermarkName: Cheyne European Real Estate Bond Fund UCITSISIN code: IE00B4MBZ034Management commission: 1.25%Performance commission: 10% of performance exceeding the Libor (hurdle rate)
10/07/2012

Managers increasingly convinced by equities

Aversion to risk is tending to fall for international fund managers. The most recent HSBC survey of outlooks by these profesionals has found that a considerably higher number of them are planning to invest in equities in third quarter 2012, compared with the previous quarter.The 14 fund managers participating in the study were AllianceBernstein, Allianz Global Investors, Baring Asset Management, BlackRock, Eastspring Investments, Fidelity Investment Management, Franklin Templeton Investments, HSBC Global Asset Management, Invesco Asset Management, Investec Asset Management, J.P. Morgan Asset Management, PIMCO, Schroders Investment Management and Société Générale.It is true that the notion that some bonds are not reaching overvalued levels is now stronger among managers. As a result, 30% of them have adopted a position which undervalues these assets, which none of them had done the previous quarter, and only 10% of managers surveyed continue to have a positive outlook on bonds. The number of managers who have neutral outlooks on money markets for third quarter 2012 has also increased (56%), reflecting a relatively positive de facto market outlook.Lastly, for bonds, although investors are continuing to seek returns in an environment of low interest rates, high yield bonds remain more favourable, with 80% of fund managers overweight on these assets.
10/07/2012

More losses for UCITS alternatives in June

According to the Swiss firm Alix Capital, the UCITS Alternative index in June shows losses of 0.23%, following losses of 1.36% in May, meaning that for first half as a whole, the sector shows losses of 0.33%. The UCITS funds of hedge funds index, for its part, has lost 0.77%, following losses of 1.25% in May, resulting in losses of 2.39% since the beginning of the year.All strategies showed losses in June (including CTA, which lost 1.69%), except bonds, which earned 0.30%, and have gained 2% in first half as a whole.
10/07/2012

Finance jobs: Recruitment opportunities in Shanghai

The morose economy is affecting recruitment in the finance sector. According to the most recent statistics from eFinancialCareers, the number of job offers for finance professionals has fallen 225 year on year as of 1 June 2012 in all areas where the website is present (19 markets in Europe, the United States, the Middle East, and Asia-Pacific). In such an environment, some job candidates will be willing to consider living abroad, particularly if moving to higher-growth countries, such as China.Despite appearances, jobs in finance on the Chinese markets are not being spared the job cuts decided on by head offices of the major foreign banks present in the country. But the Chinese government has declared its desire to make the country a top-calibre financial power. The objective is to make Shanghai a global financial centre by 2020, eFinancialCareers notes. To achieve that ambitious goal. Beijing in late 2011 announced a recruitment drive for the city of Shanghai, to hire 90,000 new personnel in five years for the finance sector. “Demand is proving particularly strong, particularly for commercial banks,” the recruitment site notes.In general, either in larger or smaller cities, “the best opportunities primarily concern the professions of risk management (market risk, credit risk or operational risk) and representatives to small and mid-sized businesses,” eFinancialCareers notes.
10/07/2012

SAC Capital enters reinsurance market

The hedge fund management firm SAC Capital, which is owned by Steve Cohen, has launched SAC Re Ltd in Bermuda. The assets of the reinsurance company will be managed by SAC Capital, the Wall Street Journal reports. The new company began its activities on Monday, after raising USD500m in capital from Cohen, the private equity investor Capital Z Partners, and other investors, including high net worth private individuals. Fundraising was opened in late 2011 and closed last weekend.
10/07/2012

BNY Mellon settles Sigma case

A class-action lawsuit brought against Composource Oklahoma before a US Federal court in Oklahoma has been settled out of court, as BNY Mellon has agreed to pay USD280m to bring an end to the procedure.The cause of the action is that several investors had accused the bank of investing imprudently, in the form of securities lending of collateral in Sigma Finance Corp, an investment fund with USD27bn in assets created by the London-based firm Gordian Knot. The special investment vehicle (SIV) went bankrupt in October 2008.
10/07/2012

Forex: AMF and ACP update list of unauthorised businesses

The French regulatory authorities, the Autorité des marchés financiers (AMF) and the Autorité de contrôle prudentiel (ACP), have issued warnings to the public against the activities of several websites and entities which offer investors investments in forex. The two regulators have published a new, updated list of sites and entities recently identified as offering such products in France without a license. However, websites and entities which have complied with French law since the most recent list, published on 22 May this yer, have been removed.The updated list is as follows: www.4xp.com/fr / Forex Place Limited- www.astonforex.com / Marketrade Ltd- www.bforex.com / BFOREX Limited- www.finanzasforex.com / Evolution Market Group Inc- www.flameltrade.fr / Bull Trading Limited- www.forextrada.com / Forextrada- www.fxcast.com / Surplus Finance SA- www.gcitrading.com / GCI Financial Limited- www.ihforex.com / Investment House International- www.ikkotrader.com / Ikko Investments.Ltd- www.instaforex.com / InstaForex Companies Group- www.sunbirdfx.com / Sunbirdfx- www.trader369.com / IP International Service
10/07/2012

SGSS selected by Titanium Finance

Société Générale Securities Services (SGSS) in Luxembourg on Monday, 9 July announced that it has been selected by Titanium Finance to serve as depository, transfer agent and bookkeeper for its first asset management firm to be launched in Luxembourg.Titanium Finance is a Swiss capital management firm founded in 1998, whose assets under management total CHF220m.

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