Yi Tang – Rather than "slow", I prefer to use the term "consolidation". China has still a yoy growth of 10.3% in the second quarter. The Chinese economy has certainly been a highest of 11.9% in the first quarter of this year and two of the three engines of China's economic growth in infrastructure investment and consumption have in fact seen their share in gross domestic product ( GDP) decline, while exports increased. But this consolidation is a natural and even necessary to avoid overheating. Note that the consolidation levels are higher than last year at the same time.Now, the year 2009 was so exceptional for the Chinese economy as a result of comparison with this year will necessarily be less favorable. We expect GDP% between 9 and 10% in 2010 to China.

What impact is there on the Chinese stock markets?

Paradoxically, since the confirmation of the consolidation of the Chinese economy, Asian stock markets' performance rather positive. However, fears of overheating and "double dip" (recession followed by recovery and then a new relapse) had plagued the financial markets and new opportunities for the long-term investors on the Shanghai and Scholarships Hong Kong. We encourage individuals to return to Chinese equities from one or two months and are positive for twelve or eighteen months.We also note that investors have a vision of increasing long-term actions, while so far the Chinese were accustomed to behave as short-term approach and more sheepish than international investors. He must be aware of that being a portfolio manager is very young in this country: the first asset management companies in China were introduced in 1998.

The change of status of China, which moves from an economy driven by exports to an economy supported by domestic consumption, he will offer new opportunities for investors?

Absolutely. This change is very positive for China and especially since it is now confirmed. The country has long said he would change the economic model without it being proved by the figures. Quite the contrary. The share of domestic consumption in GDP fell between 2001 and 2007.But since 2008, the government has clearly realized its desire to boost domestic demand by increasing spending on health and grants for education or for poorer totally free credit score.

This change will he impact your portfolio allocation?

We will clearly strengthen us in the consumer values. Our specialists will visit various areas of the region and identify trends. We are generally positive on the cyclical sectors in which the valuations are relatively attractive.

We will also strengthen the real estate industry. Three months ago, the government has taken a series of measures in this field. While the sector has seen massive sales, we have to position ourselves.Since April, we recorded an increase of 20% for a pocket which represents only 6% of our portfolio. Finally, we are strengthening in the commodities sector, because we thought that economic activity remains strong in China, and that the sector is oversold.

Conversely, we will reduce the share of defensive stocks such as pharmaceuticals (6.5% to 2%) and telecommunications (15% to 12/13%), for which we won respectively 40% and 50% and between 11% and 20%. We believe, unlike other managers forced to remain invested through management benchmarked, that valuations are too high now. For the first time we have seen in China as heads of companies bought back shares with their own money. This confirms our fundamental belief that companies are good and that the Chinese economy remains in good health.Rather than trying to replicate the performance of an index, we prefer to focus on the fundamentals of companies and their level of recovery.

Agricultural Bank of China could become the biggest IPO. Have you positioned in this title?

We have not invested in Agricultural Bank of China because we believe that the action is too expensive. Moreover, we do not, in general, the market capitalization as a criterion for management. We are lacking in banking stocks for nearly two years, but gradually reinvest in this sector. If the fundamentals of the Chinese economy evolve only very rarely, the value of its businesses varies, it very quickly. We will focus again to the Agricultural Bank of China, where the valuations of financial stocks will be more attractive.

The global study was conducted among 136,000 people in 132 countries between 2005 and 2006. His basic premise: there are two definitions of happiness. On the one hand, happiness linked to a sense of well-being. On the other, that which is derived from specific moments of joy.If the first definition depends largely on personal income and wealth of the state in which one lives, the second responds rather to how psychological and social needs of all are met, the researchers said Gallup.

Yet with the highest GDP per capita in the world (46,400 dollars per capita, according to the CIA), the U.S. can only 16th in the ranking prepared by Gallup in regard to the general welfare, and only in 26th position out of 132 in terms of moments of satisfaction. The Americans were upstaged by the Danes, who are happiest with a general point of view, and by New Zealanders, who are champions of the moments of joy. Far from the United States, Denmark is the 31st worldwide in terms of GDP per capita ($ 36,000 in 2009) and New Zealand 51st (to 27,300 dollars), according to CIA data.

The importance of social relationships

"While enriched with a sense of general satisfaction on his life, it is perhaps not as big an impact than we imagine how we appreciate each moment," says Ed Diener, a researcher at the University of Illinois and in Gallup. The researcher stresses the importance of "quality of social relations" in the lives of everyone. He cites, for example, Costa Rica, despite income levels below those of South Korea, would have a population happier.

One issue that has also gained ground in France. To determine the limits of GDP as an indicator of social progress, President Nicolas Sarkozy in 2008 mandated a committee chaired by Professor Joseph Stiglitz, the Nobel Prize in economics.Its report, delivered in late 2009, believes that there is often "a gap between declared, first, the usual measures of major socio-economic variables such as growth, inflation, unemployment, etc.., And, Moreover, widespread perceptions of these realities. " The Committee also questioned "the relevance of these data as a tool to measure societal well-being."

The adage has limits

For example, northern Europe and Anglo-Saxon beautiful lie on top of the global economic scale, these areas have nothing to envy of Latin America, which is relatively well positioned in the rankings of Gallup . This reasoning, however, limits. "Many if not most people want and run after money for most of their days, in fact, admit the authors of the study.Unsurprisingly, the countries of Africa's poorest arrive back of the pack, and this, in the two rankings of happiness!

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The group plans to invest two billion dollars (1.62 billion euros) in the construction of 144 new offshore vessels – 80 and 64 supply ships carrying personal – on which he plans to propose an availability rate of at least 95% with a cost reduction of around 4% at constant rate by 2015.At that time, it should dopnc a fleet of 600 boats.

The CEO, Jacques de Chateauvieux, during a conference call from Shanghai in China, emphasized the perspective view of an average annual growth of 17% of sales from offshore between 2011 and 2015, after aligned with a 28% per year on average between 2002 and 2009 Guaranteed no fax payday loans.

Hiring for

According to forecasts of Bourbon, "the combined effect of generating cash flow (Cash, Ed) by operating activities, transfer of assets in 2010 and the new payment policy of ships, representing 75% of price paid on delivery, is expected to record a ratio of debt to equity of less than 0.5, and to generate a net cash position as of 2013."

In addition, as part of this plan, Bourbon will recruit some 5,000 new staff who will join the 7,000 men and women working there.

The company is also a ratio for 2015 gross operating profit (EBITDA) on revenues of 45% for the offshore and EBITDA ratio on capital employed of 20%.

A note to shareholders: the dividend distribution policy of Bourbon will be about 40% of consolidated net income.

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On Tuesday, it comes from the days when he officiated at Societe Generale. As usual, two competing theories. That the defendant, who ensures that his positions were stratospheric in plain sight at all times by his superiors and the various supervisory bodies, both in terms of unrealized losses (less than 5 billion euros in July 2007) in terms gains (1.4 billion in December of that year).And his defense to the form of 'graph', a comparison of the cash positions of the eight traders of the Delta One desk.

It shows seven lines of different colors follow almost straight trajectories, as brave barges pretending to race in the same channel. And then a red line, Jerome Kerviel, who could have been drawn by a trader during an exercise in crazy bungee jumping. It falls very low, it goes very loud, it falls, and so on. Mr. Metzner triumph, the yoyo manic over the barges is apathetic to him one more proof that the hierarchy "could not ignore" what was going on in the trading room of La Defense.

But it would be too simple. Because the plaintiff out of his sleeve another powerful "graph," which proves exactly the opposite.In this figure apparently scientific but objectively confused lines sawtooth cross in all directions. That of Mr. Kerviel is drowned amidst the other, no more extravagant than the average. "It's like comparing apples and oranges," protested the prisoner. "Not at all, contends Ms. Dumas. This is the other "graph" 'which is misleading because it is a focus on a small activity of Delta One "— the risk-free, which should have been monopolizing the energy of Mr Kerviel.

In short, it turns in circles.

In the afternoon, Moussa Bakir, 34, appeared at the bar. He was a trader at Soc Gen where he hugged Jerome Kerviel. Then he joined the brokerage subsidiary of the bank, Fimat, as broker.In mid 2007, the two men how to work and seems to become friends – witness the picturesque email exchanges, interspersed with "lol" and whatnot lexical far removed from the professional jargon.

Mr Bakir recounts how, at the end of 2007, he executes orders more and more — there will be tens of billions of euros — initiated by his friend: "The volume increases, commissions too. But my work has been monitored, encouraged and welcomed. I saw nothing unusual in my case. " At stake, a bonus of nearly $ 1.5 million for the broker.But the huge volume of financial products that negotiates on behalf of Jerome Kerviel it puts some flea in his ear, and he asks the trader for whom he acts: "He told me it was for a client bank, a fund based in London, through a so-called "Doubt," which he had often done by telephone, he saw some who scolded and whose goal was to win one billion. Jerome has often spoken of Mat.

Jerome Kerviel: "It did not happen like that. He was insistent, so I told him about a client. Yes, it was a hoax.

The President: "But why would he have spoken again later?"

The accused: "I do not remember having done."

The Chairman: "Keep up your statements?"

Witness: "I stand".

Monday, Kerviel felt twice as playing with the controls of the bank constituted a "national sport".The next day, he acknowledges having created a "hoax" to counter the curiosity of a friend. A big hoax, namely: Mr. Kerviel, which multiplied the fictitious positions to hide his positions, he also invented a client of flesh and bone to justify its investments unreasonable. He was named "Mat". How long he thought he would play only this game of chess?

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"SPECIAL – Case Kerviel, the trial of a system

My Veil, Reinhart and Martineau do not in place. Sometimes they twirl and shake, like swallows on a wire, while nearly two representatives of the Crown. The result is a mass effect on the side of the charge, which accentuates the loneliness of the accused, sitting in a chair – which is probably not displease her advice. Sometimes, in turn, lawyers for the plaintiff are powerful whisper the word to reporters, as if they have trumpeted the court might be misunderstood.

Here are just a witness who has everything to please them: SN is a trader at Societe Generale. Tall, slim, short hair, gray suit (a standard, obviously), this old friend of Mr.Kerviel stands slightly hunched, embarrassed of the man whose belly gargoyle society. "I do not necessarily asked to be there," he slips to the President. But since there is, he sings the lament of an honest financial embittered: "We all have limits to respect. Jerome Kerviel took positions stratospheric, endangering the bank and its employees. We are fighting every day to earn a little money in the bank. I am disappointed and disgusted. "

Mr. Metzner asticote this model employee: "If you say the lesser evil of the Company generally, you would find your chair tomorrow?"

The witness, categorically: "Yes."

The lawyer, humbug "Try …"

Martineau and yelping My Veil: "MSunder oath! We want him to give false testimony: "The prosecutor Jean-Michel Aldebert, while caveat:" Do not terrorize witnesses, Master! "

Mr. Metzner and his partner, Nicolas Huc-Morel, now produce a picture that at first sight, shows that the theoretical limit imposed on the traders would have been "disabled" – understood: it was not expressly prohibited Kerviel to invest billions. Claire Dumas, part of SocGen, refutes the argument. The three councils of the bank seriously nod of the head, Mr. Metzner is gloating.As Mr Kerviel, but it should be noted that his ostensible irony and his disposition to take up anyone questioned irritate the president, who often questioned.

Societe Generale, it comes out of his sleeve a graphic frightening: If it had not "unwound" Kerviel aberrant positions from January 2008, she had said she lost, not 4.9, but 29 billion. This time, his trio swagger, while Mr. Metzner, red as a peony, storm: "These pieces have not been disclosed to the defense!"

The performance resumed Friday morning.

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Valued around 130 million euros for 100% of capital, the subsidiary of interest to major European insurers. The Tribune cites the names of CNP Assurances, AXA, Aviva, Allianz, The World, Generali, Covea, Groupama or Swiss Life.

CNP Assurances and AXA favorites

According to La Tribune, Barclays Bank would seek a partner insurer in line with the target affluent customers that the bank prefers.What exlurait Groupama Covea, which would be considered too public.

Citing "several sources familiar with the matter," the paper argues that CNP Assurances and AXA would therefore Favorites payday loans. CNP Assurances was signed in June 2009 a 25 year contract with Barclays to expand its life insurance and retirement in Spain, Portugal and Italy. As for Axa, it is the provider of Barclays Bank two insurance products: Guaranteed life accidents and Master Life. The daily added that the group may also be based on proven experience in the field of bancassurance agreement, notably in Italy with the bank Monte dei Paschi di Siena.

Tough competition

But according to La Tribune, Axa has an advantage over CNP Assurances: the insurer owns a network specializing in life consists of general agents.What the British bank would be significant since it would consider "establishing a partnership Cros distribute its products in the distribution of the insurer," says The Tribune. But groups like Aviva, Allianz and Swiss Life have not yet said their last word. The competition looks tough.

"In the coming years, the group intends to maintain its level of investment in order to optimize its Norwegian oil and gas reserves," he said in a statement released Tuesday morning.

Note that Norway is the largest contributor to the production, with nearly 330,000 barrels of oil equivalent per day (boe / d) produced in 2009.This production, which represents about 15% of the total group, from 35 fields on the Norwegian continental shelf in which Total holds a no fax pay day loans.

Began production in 1982, the Valhall oil field production has reached an average share for the group of approximately 8,000 boe / d in 2009. The Hod, in production since 1990, produced in 2009 an average of approximately 1,000 boe / d in proportion to the group.

Total currently holds interests in 77 licenses in Norway, including 15 as an operator.

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At the heart of this sudden clenching of association, wages and employment.The Inter held insufficient a proposal from the Executive Airbus to raise, from 1.5% to 1.9% its offer to general wage increase in 2010. According to the unions, this offer is too far from the 3.5% achieved in 2009. "We advocate the preservation of purchasing power and reward the efforts made to maintain delivery targets record (498 units by 2009) this year and the challenges associated with the A380, the A350 and the A 400M. Engineering the companion, through the course, everyone is under pressure, "said Jean-Francois Knepper, delegate of FP, the majority union."Employees are however not responsible for the strategic mistakes of the managers on programs A380 and A400M," said Pierre-Henri Coat CFDT delegate Central in Nantes, also affected by blockages targeted.

Inventories buffers "

The unions also want to obtain an interest in more "generous": "At Airbus, the participation will be EUR 0 and the incentive of 557 euros, while Astrium participation will be 2700 euro and the incentive of 1000 euro , "argues Jean-Francois Knepper. Another claim, get the hiring of 700-800 people, as in Germany.

Regarding the direction, it said that his proposal is within the upper range of that offer members of the Aerospace Industries Group, Gifas (between 1.5 and 2%)."Between 2005 and 2009, wages increased by 17.9%," said a spokesman for Airbus.

Spoiled the employees of Airbus? While many employees are subject to discipline – not to mention social plans. "Few companies have a backlog of five or six years, making Airbus a comfortable market situation, 'explains Pierre-Henri Coat. On Monday, Airbus is serene wanted: "For now, the final production is not affected. We have buffer stocks which can work normally. "The showdown has begun.

So far, the IMF had not been involved in developing the plan of the European Union. This is not a member of the board of the fund. The proposals could therefore engage the IMF, said it does in Washington.It is expected to "several weeks" of negotiations no teletrack payday loans. The amount of the full plan could exceed the record $ 58 billion set by Korea in 1997 with the conditions negotiated by the IMF.

The multilateral institution also assumed that the share of aid to Greece will represent one third of the package agreed by the other countries of the euro area. But this figure could possibly change after the verdict of the negotiators of the fund. The absence of a margin for adjustment by devaluation, however, seriously complicates the terms that the IMF should negotiate with the Greek authorities.This is not entirely without precedent: for example, Latvia has received 1.7 billion euros from the IMF in 2008, as part of an international package of 7.5 billion, while keeping its currency indexed euro.

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"SPECIAL – Greece, a challenge for Europe

"Until now, the Sixteen had taken decisions in principle, we now show that there is money behind," said Jean-Claude Juncker after a video conference involving Ministers Euro zone finance. "All the tools are in place and operational immediately," said Olli Rehn, European Commissioner for Economic and Monetary Affairs.

Athens has not yet decided to use this financial plan. But it was time to measure reliability.Greece, seriously diminished his credit, is to resume tomorrow's Calvary borrower, raising 1.2 billion of Treasury bills at six and twelve months. Repeatedly announced but never detailed the mechanism difficult to convince the markets for two months. The litmus test is committed immediately. By late May, Athens faces more than 10 billion euros maturity on a debt estimated at 300 billion. It must still find 32 billion before the end of the year. The figures broken down on Sunday in Brussels, more generous than expected, seem a priori to the scale of the challenge.

For 30 billion that could unlock the Sixteen would be added the joint contribution of the IMF. If we follow the rule laid down by 2/3-1/3 the last EU summit, Greece could therefore be based if necessary on a cushion of more than 40 billion euros in loans this year.No estimate has yet been advanced for years.

Mechanism triple expansion

With an interest of around 5% on loans for three years, the Sixteen still follow the principles laid March 25. As a last resort, Greece could be financed at a lower price than it does now on the market (more than 7%), easy payday loans. But she would not receive any subsidy-provided imperiously posed by Germany, nor any advantage over other heavily indebted countries like Portugal, Ireland, Spain or Italy. If the ETF would be implemented, "Greece would be encouraged to return quickly to the market" to finance themselves forward Jean-Claude Juncker.A hypothesis that will be realized when Athens will be able to raise money at rates lower than the European plan.

Faced with deadlines looming, the Greek prime minister, George Papandreou, had struck these days on all doors so that Europe finally joins the action to the word. To impress the financial, "we must put a loaded revolver on the table," he said Sunday at the Greek newspaper "To Vima". "The question, he added, is whether the device will persuade the markets (…) Otherwise, it could well be used …"

At the announcement of decisions taken by the Sixteen, the Greek Minister of Finance was confident.George Papaconstantinou welcomed an agreement "very important", confirming that he had not requested the activation of the mechanism: "We believe we can continue to borrow freely on the markets."

It was at Athens that he would take the initiative, confirmed Sunday the Commissioner Rehn. But the mechanism is at least triple expansion. The European Commission, the ECB and the IMF all have their say or their conditions to ask. Finally, the loans would only be released only by unanimous consent of the Sixteen, which gives a veto to Germany. George Papandreou today has a net credible.But it has not finished with the tightrope.

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