the latest Mediawatch

mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
1
LUXEMBOURG FINANCIAL CENTRE MONITORING
Franklin Templeton Investments wins five Lipper Fund Awards in the Gulf Region
zawya, 31/03/11
http://www.zawya.com/story.cfm/sidZAWYA20110331101747
Franklin Templeton Investments is delighted to announce that five of its Luxembourg-registered SICAV funds have won Lipper Fund
Awards for delivering consistently strong risk-adjusted performance relative to their peers, at yesterday’s awards ceremony in Dubai.
UCITS IV: the dangers of a two-speed Europe
www.lff.lu, 28/03/11
http://www.lff.lu/finance/news/news-detail/article/ucits-iv-the-dangers-of-a-two-speed-europe/2/
There are three months to go until UCITS IV comes into force. It is an important issue for the EU funds market. Luxembourg was the
first European Member State to transpose this directive into national law. In an interview with LFF, Jean-Michel Loehr, RBC Dexia’s
Head of Industry and Government Relations, speaks about implementation of the Directive in Europe’s main fund centres and the
different attitudes of asset managers. He fears that a two-speed Europe is emerging
Le leader autrichien de la gestion d’actifs démarre son activité au Luxembourg
paperJam.lu, 22/03/11
http://goo.gl/2Y0ov
Le gérant de fonds autrichien Raiffeisen Capital Management étend son périmètre d’activités international au Luxembourg, donnant
ainsi la possibilité aux investisseurs luxembourgeois et internationaux de profiter de sa compétence, reconnue à l’échelon européen,
des marchés émergents.
Avec des encours de plus de 32 milliards d’euros et une part de marché d’environ 20% (mars 2011), Raiffeisen Capital Management
– le gestionnaire d’actifs du groupe bancaire autrichien Raiffeisen – est le numéro 1 du marché autrichien des fonds de placement.
Raiffeisen Capital Management s’est imposé, au-delà de ses frontières nationales, comme un acteur majeur sur le marché des fonds
de placement en Europe centrale et orientale. Près de 13%, soit 4,2 milliards d’euros, du volume global des transactions sont réalisés à
l’international.
Mersch may become ECB contender as former gymnast taps German price angst
Bloomberg, 21/03/11
http://www.bloomberg.com/news/2011-03-21/mersch-may-be-ecb-contender-as-ex-gymnast-taps-german-price-angst.html
Yves Mersch lost out on the European Central Bank’s vice presidency last year. He could still move to Frankfurt: as ECB President.
Luxembourg’s central banker, an art-loving former gymnast with a penchant for colorful glasses, may become a compromise candidate for the top ECB job after the frontrunner, Germany’s Axel Weber, withdrew from the race last month, said economists at ABN
Amro Bank NV and Royal Bank of Scotland Group Plc. The current favorite, Italy’s Mario Draghi, must overcome the stigma of a prime
minister embroiled in a sex scandal and his country’s poor track record of containing inflation.
Finance giants from Luxembourg may fund Turkish firms
Hürriyet, 23/03/11
http://www.hurriyetdailynews.com/n.php?n=finance-giants-from-luxembourg-may-fund-turkish-firms-2011-03-23
Encouraged by the booming economic growth of Turkey and promising market dynamics, financial giants of Europe headquartered
in Luxembourg are eyeing opportunities with Turkish firms by granting funding for joint investments, according to a top executive.
9
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
2 9
LUXEMBOURG FINANCIAL CENTRE MONITORING
Fishermen’s friends
www.lff.lu, 18/03/11
http://www.lff.lu/finance/news/news-detail/article/fishermens-friends/2/
In 2007 up to 15,000 people were killed and seven million lives left devastated in Bangladesh by the cyclone Sidr. The poor quality
of the boats was one of the reasons for the many casualties amongst fishermen. Friendship, an NGO created in Bangladesh wants to
break this fatalism. At a conference in Luxembourg, their founder and director Runa Khan presented the Fishermen‘s Project which
in partnership with Banque de Luxembourg aims at helping the fishermen in Bangladesh. In an interview with LFF, Mrs Kahn speaks
about this ambitious project, about her NGO Friendship and her ties with Luxembourg.
Luxembourg gets ready for European Union hedge fund jurisdiction battle
Hedge Funds Review, 17/03/11
http://goo.gl/4ZYRm
Luxembourg is gearing up to become a leading jurisdiction for the European hedge fund industry in time for implementation of the
EU’s alternative investment fund managers (AIFM) directive.
The Luxembourg fund association, Alfi, is priming Luxembourg to become the product platform and distribution hub for non-European managers by the time the AIFM directive comes into force in July 2011 although the deadline for member states to implement
the law is 2013.
Luxembourg has to do more to attract alternative managers, says PwC
fundweb, 15/03/11
http://www.fundweb.co.uk/luxembourg-has-to-do-more-to-attract-alternative-managers-says-pwc/1027764.article
Luxembourg must step up its efforts to improve regulatory and tax framework if it wants to attract more alternative investment fund
managers, Marc Saluzzi, a partner in the Luxembourg financial services team at PricewaterhouseCoopers (PwC) says.
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
FINANCIAL CENTRE: MEDIA COVERAGE (by number of articles)
3 9
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
4 9
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
5 9
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
FINANCIAL CENTRE: COVERAGE BY COUNTRY (by number of articles)
6 9
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
7 9
FINANCIAL CENTRES MONITORING
Germany:
Banken: Wulff redet Finanzvertretern ins Gewissen
Focus Online, 01/04/11
http://www.focus.de/politik/weitere-meldungen/banken-wulff-redet-finanzvertretern-ins-gewissen_aid_614004.html
Auf dem Bankentag in Berlin haben Bundespräsident Christian Wulff, SPD-Chef Sigmar Gabriel und Bundeskanzlerin Angela Merkel
(CDU) ca. 1000 Finanzvertretern ins Gewissen geredet. Wulff forderte von den Banken mehr Verantwortung für die Gesellschaft und
mehr Engagement zur Verhinderung künftiger Finanzkrisen.
Datenbank eröffnet Geschäftspotenzial in den Emerging Markets
Frankfurt Main Finance, March 2011
http://www.frankfurt-main-finance.de/de/finanzplatz/daten-studien/datenbank/index.php?WSESSIONID=e9ce405ab9cb9d7626ffe56
2c51c8cf9
Alle Unternehmen des Finanzplatzes Frankfurt sind aufgerufen, sich und ihr Know-how in die neue Datenbank „Frankfurt – Partner for
Emerging Financial Centres“ einzutragen und sich so einfach und kostengünstig neues Geschäftspotenzial zu erschließen. Frankfurt
Main Finance sorgt zusammen mit der Stadt Frankfurt, dem Land Hessen und den wichtigen Wirtschaftsförderungsinitiativen in den
aufstrebenden Finanzzentren weltweit für die Vermarktung der Kompetenzen des Finanzplatzes Frankfurt am Main.
Switzerland:
Große Geldabflüsse aus der Schweiz Richtung Asien
Boerse.Express, 29/03/11
http://www.boerse-express.com/pagesfoonds/12469
Nicht zur Freude der Schweiz und noch weniger zur Freude der Finanzminister, die für die Kapitalflucht letztlich verantwortlich sind,
haben Großanleger seit 2009 relativ viel Geld aus der Schweiz und somit weg von Europa verlagert. Die Schweiz gilt aufgrund des
Druckes der USA, Deutschland und anderer EU-Länder nicht mehr als sicherer Hafen, das Vertrauen in das Bankgeheimnis ist insbesondere durch die UBS-Affäre zulasten ihrer US-Kunden geschwunden.
Meinungsforschung 2011: Der Schutz der finanziellen Privatsphäre erfreut sich weiterhin hoher Zustimmung. Im internationalen
Vergleich überzeugt der Finanzplatz Schweiz durch stabile Imagewerte und qualitativen Kundenservice
Swiss Banking, 25/03/11
http://goo.gl/gMtRy
Die Befragten stehen nach wie vor geschlossen hinter dem Schutz der finanziellen Privatsphäre (91%) und sprechen sich deutlich für
die Beibehaltung des Bankkundengeheimnisses aus (73%). Die Imagewerte der Schweizer Bankbranche sind stabil und die Banken –
allen voran das jeweilige Hauptfinanzinstitut – werden als solide, zuverlässig und vertrauenswürdig wahrgenommen. Auch was die
Standortattraktivität des hiesigen Finanzplatzes anbelangt, ist die Mehrheit der Schweizer Bevölkerung positiv gestimmt und räumt
ihm im internationalen Vergleich einen klaren Wettbewerbsvorteil ein.
Switzerland is not a safe haven for stolen funds
The Telegraph, 15/03/11
http://www.telegraph.co.uk/news/worldnews/europe/switzerland/8383275/Switzerland-is-not-a-safe-haven-for-stolen-funds.html
Switzerland was the first country to freeze the assets of Ben Ali, Mubarak and Gaddafi, writes Micheline Calmy-Rey. Few people could
have imagined that the people’s uprising in Tunisia would have such far-reaching consequences. On January 14, the former President
was forced to flee the country. Five days later, on the 19th, the Swiss government froze any assets of the former President, his family
and entourage that might be located in Switzerland.
The Swiss government made a similar decision on the evening of February 11, a mere 30 minutes after the resignation of President
Mubarak in Egypt. And when the Libyan rulers used force against their own population, the Swiss Government decided on the 24th to
freeze any assets of Muammar Gaddafi and his entourage that might be held in Switzerland with immediate effect.
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
8 9
FINANCIAL CENTRES MONITORING
UK:
UK a risk to worldwide financial stability
GFS News, 30/03/11
http://www.gfsnews.com/article/1482/1/UK_is_a_risk_to_worldwide_financial_stability
The UK is a threat to worldwide financial stability due to its hostility to short selling curbs and inaction on tax havens, according to a
new study. A report by the London-based New Economics Foundation claims the government is failing to demonstrate international
leadership and is “pandering” to vested interests. Published on Tuesday, the think tank’s study claims the UK is actively campaigning
against tougher naked short selling rules in Europe and failing to exercise proper influence on offshore crown dependencies and
overseas territories.
Independent Commission on Banking could destroy London’s place as top financial centre
The Telegraph, 30/03/11
http://www.telegraph.co.uk/finance/comment/damianreece/8414671/Independent-Commission-on-Banking-could-destroy-Londons-place-as-top-financial-centre.html
Before extolling the virtues of advanced manufacturing and other desirable enterprises in his Budget speech last week, George Osborne said: “Yes, we want the City of London to remain the world’s leading centre for financial services…”.
Compare that aspiration to the assessment on Tuesday by Douglas Flint, chairman of HSBC: “We worry a lot about where the UK is
going in terms of business model and permitted activities.” The biggest test of the Chancellor’s vision for Britain will come in a fortnight’s time with the publication of the Independent Commission on Banking’s (ICB) interim report. It won’t just be read with interest
by bankers. Their customers will also be poring over it.
Finance jobs on the way back, as London rebounds from slump
http://www.nzherald.co.nz, 28/03/11
http://www.nzherald.co.nz/markets/news/article.cfm?c_id=62&objectid=10714845
Goldman Sachs Group employs almost as many people in London today as it did in 2007, before Lehman Brothers filed for the biggest
bankruptcy in history, sparking a global recession.
Goldman Sachs isn’t alone. Royal Bank of Scotland Group, recipient of the world’s biggest bank bailout, has more workers in its
securities unit than four years ago. Barclays Capital hired 1800 in 2010. Investment banks in Europe’s financial capital are adding jobs,
helping to bolster headcounts at law and accounting firms across London, as the rest of Britain struggles to recover from the worst
economic contraction since the 1930s.
Ireland:
Irische Banken fallen durch Stresstests
Der Tagesspiegel, 31/03/11
http://www.tagesspiegel.de/wirtschaft/irische-banken-fallen-durch-stresstests/4011618.html
Der Bankensektor in Irland bleibt marode. Weitere Milliarden müssen ins System gepumpt werden, ergaben Stresstests bei vier Banken. Der gesamte Finanzsektor soll nun deutlich verkleinert werden.
Ireland’s corporate tax rate said to be ‘average’
Irishtimes.com, 23/03/11
http://www.irishtimes.com/newspaper/finance/2011/0323/1224292848181.html
Ahead of tomorrow’s EU summit in Brussels, an influential German newspaper has described Ireland’s corporate tax rate as “average”
by European standards.
The conservative Frankfurter Allgemeine said that the tax burden for companies in France is much lower than in Ireland in a report
headlined “The Green Isle is No Tax Haven”. Describing Ireland’s 12.5 per cent corporate tax rate as a “holy cow in Ireland’s green
meadows”, the report challenges the standard German view that, after wooing companies with low taxes, Ireland is now seeking EU
assistance with the problems this policy caused.
mediawatch
16 - 31 march 2011
Wednesday, 16 - Thursday 31 March, 2011
9 9
FINANCIAL CENTRES MONITORING
Ireland:
Dublin’s financial reputation takes further beating
Independent.ie, 26/03/11
http://www.independent.ie/business/irish/dublins-financial-reputation-takes-further-beating-2595390.html
The fallout from Ireland’s continuing domestic banking crisis is still damaging the global reputation of the international financial services sector in Dublin, with an influential new report seeing the capital slide four places in rankings that rate major financial centres.
Japan:
Japan sees radical turnaround in tax plans
www.taxationinfonews.com, 29/03/11
http://www.taxationinfonews.com/2011/03/japan-sees-radical-turnaround-in-tax-plans/
In an effort to shore funds for the reconstruction of the disaster struck Japan, the government is considering cancelling the planned
cuts to the national corporate tax rates.
Qatar:
Macht und Moneten
Spiegel Online, 30/03/11
http://www.spiegel.de/wirtschaft/unternehmen/0,1518,751487,00.html#ref=rss
Sie arbeitet im Verborgenen - und ist mächtiger als manche Regierung: die Investitionsbehörde von Katar. Der arabische Megafonds
ist der Stolz des Emirats, mit seinen Milliarden stützt er ganze Volkswirtschaften. Auch in Europa sind die Staatsmanager aktiv, doch
das ganz große Geld fließt andernorts.
Bahrain:
Bahrain battles to save business-friendly face
Reuters, 31/03/11
http://www.reuters.com/article/2011/03/31/uk-bahrain-economy-idUSLNE72U05L20110331
Harsh economic reality has hit Bahrain’s business psyche after martial law was imposed and popular unrest which has left many dead
and many missing in the island kingdom, once known for openness and financial stability.
Dubai:
Middle East ‘needs a Marshall Plan’
The Telegraph, 27/03/11
http://www.telegraph.co.uk/finance/economics/8409871/Middle-East-needs-a-Marshall-Plan-says-Dr-Nasser-Saidi.html
Dr Nasser Saidi, chief economist of the Dubai International Financial Centre (DIFC), the emirate’s business zone, said the fund should
be based on the American-led Marshall Plan that rebuilt Europe after the Second World War.
He told the Jeddah Economic Forum the bank should fund rebuilding works and back efforts to balance inequalities in Bahrain, Egypt,
Tunisia and Libya.