Deutsche Bourse et Nyse Euronext discutent la possibilité d'une fusion

Deutsche Bourse entame des discussions sérieuses en vue de racheter Nyse Euronext, une opération qui donnerait naissance au premier opérateur boursier mondial.
Ce projet de rapprochement pourrait être le point de départ d'un nouveau mouvement de concentration dans le secteur, avec l'intention de London Stock Exchange de racheter l'opérateur de la Bourse de Toronto, ou encore l'offre lancée par la Bourse de Singapour sur son homologue australienne.
Les autorités de régulation et responsables politiques français se disent vigilants face au risque de marginalisation de la place de Paris.

MAP

Hausse du déficit commercial américain en décembre

Le déficit commercial des Etats-Unis a augmenté en décembre, passant à 40,6 milliards de dollars, selon des chiffres du département US du Commerce, publiés vendredi.
Au cours des mois de novembre et d'octobre, le déficit a atteint 38,3 milliards, pour avancer de 2,4 milliards en décembre, indique la même source.
Les exportations ont enregistré une hausse de 1,8% pour le deuxième mois consécutif, pour atteindre 163,0 milliards, alors que les importations ont augmenté de 2,6%, se chiffrant ainsi à 203,5 milliards.
Selon les derniers chiffres officiels, le déficit commercial a atteint 497,8 milliards de dollars en 2010, contre 374,9 milliards l'année précédente.
Le déficit commercial américain augmente, en raison notamment d'un déficit record avec la Chine, principal partenaire commercial des Etats-Unis.
Pour remédier à cette situation, Washington exige que Pékin change sa politique financière et dévalue sa monnaie.
MAP

Bruxelles abrite le Sommet extraordinaire des dirigeants de la zone euro le 11 mars

Les chefs d'état et de gouvernement des pays de la zone euro se réuniront, le 11 mars à Bruxelles, pour un sommet extraordinaire destiné à renforcer la coordination des politiques économiques et budgétaires afin de mieux faire face aux crises de la dette à l'avenir.
Le principe de ce sommet avait été décidé lors d'une réunion le 4 février des dirigeants des 27 pays de l'Union européenne, sans en fixer la date.
Le président du Conseil européen, Herman Van Rompuy a ensuite adressé une invitation aux dirigeants des dix-sept pays de la zone euro pour "un sommet à Bruxelles le 11 mars au soir".
Ce sommet extraordinaire va aborder la question d'un plan d'action contre les éventuelles crises de la dette. Les dirigeants de la zone euro doivent se mettre d'accord sur des mesures concrètes afin de renforcer la convergence entre leurs économies et améliorer la gouvernance économique.
Cette réunion sera suivie d'un sommet des chefs d'état et de gouvernement de l'ensemble des pays de l'UE les 24 et 25 mars.

MAP

Morroco : Bank charges What has really changed since May 2010

Last May, the Central Bank imposed for 16 free banking to individuals. The posting of tariffs in the agencies is respected, but the grids are not always updated

In October 2006, the Professional Association of Banks in Morocco (GPBM) was adopted on the recommendation of Bank Al-Maghrib (BAM), new rules for the establishment of bank charges and commissions by all commercial banks and instead the terms of their communication to customers, aiming to reduce the monthly bill of customers of small banks and better information on the costs it bears. In May 2010, the central bank went further by requiring banks to offer their customers free banking 16. 

We are currently in 2011, what has really changed, in practice, at the pricing of banking? Based on a survey Eco Life has conducted several agencies of the place, it is clear that commercial banks apply the overall direction of BAM on the 16 free banking (see box on next page). 

That said, if banks offered free some of these operations well before the entry into force of Directive BAM, as is the case for cash payments or sending monthly account statement, some institution continue to collect fees for a service that figure yet on the list of free transactions secured by the Central Bank. This is indeed the issue of transfers between accounts, between individuals within the same bank, Attijariwafa bank, BMCI, CIH and Crédit Agricole continue to be billed. 

Take the example of Green Bank. It has updated its fee schedule in June 2010, a month after the entry into force of Directive BAM, to reflect the new measures it imposes. However, this grid states that transfers are always charged 10 HR, even if the recipient is in the same agency, and are charged 15 DH if he is in another agency. Is this an oversight or a misinterpretation of the Directive? 

In three other banks, it must be said that their fee schedules posted at the agency level, have been updated before the entry into force of Directive BAM, and no newer version is not listed in agencies with been the subject of our investigation. But it is not just a gap between what is displayed and what is practiced, as for example in the CIH, the statement of a client indicates that this operation continues to be charged (recipient other than the issuer of the transfer but holding an account in the same bank). 

Regarding the posting of tariffs within the agencies, we must recognize that all counters have been the subject of our investigation have signs detailing all costs and fees applied, and, contrary to what was noted during our previous investigations. However, few agencies have updated price.

Agencies display prices dating back to 2006! 

Indeed, some agencies continue to view pricing that goes back many years. One of them, belonging to BMCE and located in residential neighborhood in Casablanca, has a panel that dates back to 2006, knowing that an update performed in 2009 is available in other branches of bank. In the credit of Morocco, the most recent fee schedule that we managed to find dates from 2008. And generally, few agencies, regardless of the bank, which make available to their customers pricing that incorporates the new provisions of the Directive BAM. 

Fees and commissions charged did not appear at the websites of all banks in the market. Apart Attijariwafa bank, Banque Populaire and Societe Generale, whose portals provide access to their pricing, other institutions have provided no documentation downloadable or searchable on their sites. And even if the fees and commissions Attijariwafa bank are accessible via the Internet, the version included is from 2008. 

Turning now to operations whose costs are set freely by the banks, their overall cost has not changed in comparison with what is practiced there are two or three years. For example, the account keeping fees are always charged 45 dirhams per quarter in Attijariwafa Bank and Societe Generale, and the bank statement in agency still costs 10 DH in all banks. Informed, however, certain costs have been revised downwards, while others are indeed rising. Indeed, the costs of record keeping that were, in 2008, from 15 to 25 DH Banque Populaire (by number of transactions in the quarter), are now 20 to 30 DH. These costs were also identified in BMCE (45 DH per quarter instead of 30 DH), the CIH (40 instead of 30 DH DH) and BMCI (44 instead of 42 DH DH). 

10 DH for cashing a check at BMCE, 0 HR at Societe Generale 

For withdrawal with a check counter, customers BMCE, BMCI and Societe Generale will be no charge in 2007 and 2008. Today, this operation costs 10 DH from these three banks. The cost of transfers to another bank has also been noted in some institutions. Attijariwafa bank the bill currently has 10 HR, while only 5 DH levied in 2008. Crédit of Morocco, this service costs 20 DH while the bank was charging 15 DH in 2007. And what is the return of unpaid checks, he is currently charged 25 DH 20 DH BMCI cons in 2007, 20 DH 10 DH cons CIH three years earlier, and 30 DH Credit cons of Morocco in 20 DH 2007. 

Other operations have, however, experienced a rate reduction. For example, cashing a check out of place was reduced from 8 to 5 DH Attijariwafa bank. A BMCI, cash withdrawals from another agency that the account holder has risen from 25 HR to 10 HR, and transfer to another bank from 15 to 10 DH. 

In any case, they have been revised upwards, downwards or remain unchanged, the cost of the main banking operations continue to show wide disparities between a bank and another. The withdrawal by check to stop for customers who hold a checkbook, for example, is free of Morocco in the Credit and Credit Agricole, while it may cost up to 50 dirham Popular Bank (0.5% the amount withdrawn, with a minimum of 10 DH and a maximum of 50 DH). The rebate check for payment is charged out to 10 DH and BMCE BMCI, then it is free at Societe Generale. These differences result from the combination of several factors, including the degree of automation of the transaction which affects its cost, value added service for customers, and trade policy of each bank can ensure that a service is offered free of charge even if it has a relatively high cost. 

Whatever the reason that drives a bank to charge a service more expensive than others, know that all fees are negotiable. Indeed, the fee schedules posted in agencies that are standard conditions that banks apply to ordinary customers. A large individual applicant may be offered full banking services for free if he or requests to play competition. Indeed, with several agencies, explains that the search for deposits in these times of tight liquidity, pushing a lot of flexibility.

www.lavieco.com

MOROCCO / Grain: good returns expected if spring rains are waiting for you

For most farmers, the current season began auspiciously. Despite a period without rain, crops well and the fields are generally satisfactory in a vegetative state. In addition, recent rains have given new life to the most sensitive fields (low retention) and confirmed the areas in heavy soils. Accordingly, the work season in full swing and farmers end up operations have not yet completed. Unlike places like Gharb where the establishment of cultures was pooled, the seedlings were spread over time in other regions as Chaouia and Rhamna. Thus, the earliest sown before the rains began in late November and are currently in bolting. The later, for their part, were made until mid-December and are at tillering. Several reasons have contributed to sprawl, including the late preparation of the soil and lack of seeds. Indeed, in many regions, particularly Settat, farmers are used to not begin work until after the first rainfall due to ground too hard and low mechanization. Chemical weed control, operation neglected Another reason for the delay is partly the lack of seed. Indeed, following several years of subsidies encouraging demand this year has exceeded expectations and the available 1 million quintals was unable to meet farmers in many regions, which led the National League for marketing seeds (Sonacos) to source good to plant in the grain. In areas accustomed to weeding cereal, work has already been done in the early planting, and are nearing completion in late sowings. Elsewhere, in the largest share of the 5 million hectares planted, this operation is not performed in spite of the damage that can seriously reduce yield. Knowing that the wheat (hard and soft) represent almost two thirds of the area planted annually, it should be noted that only 20% of them (the barley are not weeded) are treated annually against broadleaf weeds and 2.5% cons grasses. The brakes are essentially a lack of structure likely to convince farmers of the value of this transaction, as well as sub-material processing equipment, the low use of improved seeds and the use of 75 to 80% common areas for the seeds containing weed seeds (weeds). The price of ammonium nitrate increased 15% in some regions Small farmers do not have the necessary resources may resort to renting, but most often the work does not meet standards, the operation requiring highly technical and quality being sacrificed for speed. As for fertilization of coverage, it is complete for regions and earliest plots is underway for others. Generally, it is recommended to perform before weeding to prevent weed competition. It should be noted that cereal production requires two types of inputs to ensure proper performance. This is a substantive part fertilizers made before or with the semi and calculated according to expected returns in the absence of soil analysis. On the other hand, there are nitrogen fertilizers coverage directly proportional to precipitation and performance expectations. Most farmers in favorable areas bour are accustomed to these inputs and rush to ammonium nitrate (33.5% nitrogen) in the early winter rainfall. Strong demand and grouped causes a price spike that occurs annually during the same period. Thus, the price per quintal has risen from 300 to 320 then to 350 DH by region, without any justification. Farmers are sometimes forced to reduce by half the quantities supplied, which is reflected in the performance by a decrease of 5 to 10 quintals per hectare, a net loss of 1 300 to 2 600 DH / ha. This under-utilization of fertilizers negatively impact the national grain yield and grain protein content (important for millers and manufacture of bread or pasta). Still, one can say that the campaign is going positively and it promises good returns.

www.lavieeco.com

Rencontre à Casablanca sur le capital humain au Maroc

"Quel développement du Capital Humain pour un Maroc compétitif ? Entre Offres de L'Etat et besoins des PME", est le thème d'une plénière qui sera organisée le 10 février, à Casablanca, par le Centre des jeunes dirigeants d'entreprise (CJD).
Cette manifestation, qui connaîtra la participation du ministre de l'Emploi et de la formation professionnelle, M. Jamal Rhmani, s'inscrit dans la continuité d'un cycle de trois plénières initiées sous les thèmes "Capital Humain: levier de la performance globale de l'entreprise", "Dirigeant, Développer son Capital Humain: Concepts et Réalité" et "De la Gestion des Ressources Humaines au Développement du Capital Humain: Comment conduire le changement ?", indique un communiqué du CJD.
Le Centre des jeunes dirigeants, en tant que lieu de réflexion collective et prospective, a créé une commission dédiée au développement du capital humain pour la compétitivité de la PME, ajoute la source, précisant que cette commission a mobilisé ses énergies depuis mai 2010 pour poser les bonnes questions et apporter les réponses adéquates et nécessaires aux dirigeants pour mettre en place un vrai développement du capital humain au sein de leurs entreprises.
Le document souligne également que l'importance de la compétitivité de la PME est connue et reconnue par l'ensemble des acteurs du tissu socio-économique au Maroc, cependant, le capital humain n'est pas toujours considéré comme un levier indispensable au développement de cette compétitivité.
Rehaussée par la participation d'un nombre de décideurs dans le secteur public et de dirigeants dans le secteur privé, cette plénière sera une opportunité de rencontre et un carrefour d'échanges riches et directs entre les pouvoirs publics et la PME, conclut le document.

MAP