Today Hot News

Suit and tie, dark glasses, briefcase and severe look. The "Men in Black", as are known as experts from the International Monetary Fund and the European institutions are back in Athens for two weeks. Their mission: to scrutinize the country's overburdened public accounts and the first assessment of the official plan of 110 billion euros for Greece in early May. If they judge that the government of George Papandreou meets its commitments, a second payment of 9 billion euros, will be completed in September.

The Greek Finance Minister George Papaconstantinou, is not afraid of men in black. "The second tranche of the plan will be paid if we have achieved the targets" by the international community, he said this weekend in an interview to a Greek newspaper. "These conditions were replies and we've even gone ahead with the vote of the pension reform.Greece adopted in June a postponement of the age of retirement at age 65.

"Progress"

The International Monetary Fund had also considered a report published in mid-July, the Greek authorities' making strides to redress public finances. " Athens was required to reduce the deficit by 39% in the first half. He did much better than that, reducing it by 46%.

"They were the hardest, reducing public spending more severely than expected," Judge Jean-Francois Robin, rate and currency strategist at Natixis AM. "In terms of fiscal consolidation, they are on track to be the best European students in the class and should succeed in reducing their deficit to about 9%." Good student in 2009, Ireland is in contrast to the penalty this year and could be weighted with a deficit of 12% in late 2010.

Uncertainties on Revenue

In Greece, if the goal seems far exceeded expenditure side, the revenue side "is more uncertain because revenues depend heavily on economic growth and tax base," Philip Sabuco shade, an economist at BNP Paribas., Philip Sabuco shade, economist at BNP Paribas. The government has managed to find only 7% of additional revenue to date, well below the target of 13, 7%.

Greece will not be judged solely on controlling the budget deficit. The IMF will look very closely the progress of privatization of public enterprises, the state (disastrous) finance social security, the release of occupations "protected" (trucker, notaries, architects, etc..). Records of which Athens is late.

See also:

"SPECIAL CASE – Greece, a challenge for Europe

The U.S. president, Barack Obama wrote to the Heads of State and Government of the G20 countries, who will meet on 26 and 27 June in Toronto, Canada, to inform them of three concerns: the "significant weaknesses "the private sector demand in some economies of the G20 and their dependence on exports, the state of public finances and reform of the financial system.

"I also want to stress that exchange rate determined by the market are essential to global economic vitality," wrote as Barack Obama, who is of course referring to China, which Washington believes the currency, the yuan, is artificially under -valued, preparing a showdown with his counterpart, Hu Jintao.

ALSO READ

"New wrestling around the yuan

The addicted to gambling who resisted the temptation to bet online, on the grounds that the practice was not authorized in France, will be able to satisfy their passion.

According to the decree published in the OJ, the Regulatory Authority online games (Arjel), a specially created, issued 17 licenses, or "amenities" to 11 operators of online games to start from the Paris Global South Africa (June 11-July 11).

The Arjel had received 25 cases corresponding to approximately 35 applications for approval paris sports, horse or Poker. A figure that has evolved steadily, because there is no deadline for submitting applications. One thing is certain, there will be poor candidates because half of the applications have been reviewed by the Arjel. Moreover, the opening of online poker games has been delayed a month because of an obstruction of Malta.

"The educational services are not idle," says Jean-Francois Vilotte, Chairman of the Authority. A number of candidates will not obtain approval immediately, because they are incomplete, we need additional information or have been filed later. "

The Official Journal that published earlier in the night his decree, the lucky few can enter. Provided, said Jean-Francois Vilotte, that computer systems (including safes) are operational and that the game software have been certified by the Arjel.

Like its competitors, Philippe Germond, CEO of the PMU is in the starting blocks. "I feel like the boss of a shop where the shelves are ready, as sellers, there is more than the curtain open," says he.The first operator in Europe paris horse wants to be present on the fifteen licensed sports, from football to rugby to tennis, judo and rowing. He filed his May 18 request for approval for paris horse, and sports of poker. A pad 7400 pages!

Among the operators concerned by the decree, we find also the PMU, the French or Unibet Games, Beturf, BES SAS.

The competition will be difficult. All applicants expect a rapid concentration of the market. Philippe Germond table 4-5 major groups in Paris and a little more sport in poker. Starting from zero, Barrierepoker is 20-25% market share within five years. Marc Simoncini, 20% shareholder Winamax, a site 100% poker is more ambitious. "We want to stay in the top three poker sites in France, says he.I am convinced that those who succeed are the pure poker players. "

Setback to illegal sites

The success of the liberalization of gambling will depend on the state capacity to fight against the multitude of sites which remain outside the law by not asking for approval to the Arjel. They are 25,000 in the world, including 20% in French. On Thursday, the European justice has inflicted another blow. Two licensed operators in the UK, Ladbrokes and Betfair, invoked the freedom to provide services in the European Union to assert their license with the United Kingdom, they could market their offers in the Netherlands. The Justice has confirmed that it was legitimate for a country to ban them, to combat fraud and protect consumers.

From 1 July 2010 will require some additional documents to send a letter. The price of the stamp of the priority letter weighing less than 20 grams will increase from 0.56 to 0.58 euro, an increase of 3.5%. The economic costs will also increase by two cents to 0.53 euros.

This is the sixth increase in eight years. The price of the stamp for a letter of less than 20 grams had already earned a penny last year. But Post said she "is in the average tariffs in Europe even as the universal service commitments of the post office and geographic constraints are higher in France."

"The rising price of stamps will have a minimal impact on the household budget, or approximately 0.10 ? per month per household," the statement said.In addition, The Post said they considered the economic situation by adjusting charges for companies depending on their situation: there will be no change for major mailers and the increase will be 0.6% Small and medium enterprises.

Philippe Zaouati released last October "Responsible Investing: in search of new values to finance" published by Lines benchmarks.

Lefigaro.fr / jdf.com – What is the impact of the crisis on the demand for socially responsible investment (SRI)? Philippe Zaouati We first asked whether the crisis was not going to put the SRI in the background, because of other challenges faced investors (liquidity, market downturn). But in fact it has strengthened doubts about the liability of investors, and the need for simple products, with maturities of medium or long term. Historically, every crisis in financial markets has strengthened a little more investor interest in SRI: this was particularly the case after financial scandals related to Enron, WorldCom, or Vivendi.And this growth occurs with a ratchet effect: in other words, when we begin to invest responsibly, because we are convinced of the usefulness of these investments, there is no return back. But such products, now recognized by institutional investors remains unknown individuals.

Some believe however that SRI is primarily a marketing argument for management companies. What do you say? Of the managers who are interested in SRI, some are primarily interested in the potential of this market. But there are also many houses management that invest in dedicated teams, recruiting specialists extra-financial analysis, in addition to traditional financial analysts.For example, at Natixis AM, we recruited seven people who analyze only the environmental and social impact of companies and their governance, and this team will be strengthened in 2010 through new recrutements.De such dedicated teams bring their own assessment socially responsible companies, and not confined to incorporate the findings of CRAs extra financial times are updated every year or every two years. It is therefore essential for an asset manager to bring its own expertise in their management choices.Similarly, if a manager is satisfied with the credit ratings established by Moody's and Fitch to make its investment decisions, it is not serious.

How do you explain that Islamic finance is more media that SRI investments, while their positions are close? The investment managers in the Anglo-Saxon are designed as fund exclusion: companies whose products or practices do not respect the moral convictions upheld by the fund are excluded from the portfolio. It's the classic case of defense industries, tobacco, wines and spirits, not to mention companies in pornography and games. The philosophy of these funds is very close to the ethical funds, such funds islamiques.Mais there are other types of SRI investments, including those who advocate an approach of "best student", which are most prevalent in France by example.In these funds, the managers invest in every sector of companies that provide the greatest effort in limiting the impact of their activities on the environment, which seek to make social policy and governance. The general public just yet understand the logic of such funds, which are to encourage good practices, but whose message is not very clear. This probably explains why these funds are less known and less publicized so that thematic funds on the environment or renewable energy, for example.

How do you expect demand investment managers? The demand will undoubtedly increase in coming years.Starting next January, the regulations require each such company to include at least a savings fund solidarity among all funds offered under the company savings plan, it goes in the right direction to develop the SRI and solidarity among the general public. Finally, I am convinced that the share devoted to the institutional SRI, which represents between 5% and 10% today, could double or even triple within three years. Good students in social practices Respecting the environment does not suffice for a company is held responsible. It must also be transparent in its management, and be the guarantor of good social practice. Beginning with the rejection of child labor. But this social criterion also considers the role that the company gives to its employees, through such consultations.Among the good performers in terms of social practices, Natixis currently distinguishes Boiron, Orpea, Sanofi-Aventis, Essilor, Technip, Sodexo, Randstad, Ansaldo, EDF Energy and new GDF Suez.