TheChek News Flow

{http://www.spiegel.de/wirtschaft/soziales/griechenland-will-sich-nicht-an-iwf-zahlungsfrist-halten-a-1026697.html}

It would be a clear violation of the IMF's Articles of Association, according to which an installment payment can not be deferred. A breach of this rule has not yet occurred in the history of the IMF.

Already on 15 March, the Greek Prime Minister had Alexis Tsipras Chancellor Angela Merkel warned by letter, that there might be defaults, if his country did not get short-term grants. "We did not get any more euro since August, there is no other country in the world to settle his debts only from its own resources, without taking loans," the Greek Interior Minister Nikos Voutzis said now SPIEGEL.

"If no money is flowing to 9 April, we will first determine the salaries, pensions pay here in Greece and then ask our partners abroad to achieve consensus and understanding that we will pay 450 million euros to the IMF not on time," Voutzis said. The shift should "happen in agreement, so no default occurs."

"The money last until mid-April," said the SYRIZA -Politiker. The first tranche of just over seven billion euros, which are still enshrined in the current extended pilot program, but could not earlier than the end of May Flow Rates Voutzis - if the reforms of the creditors accepted and were launched in Athens. Therefore, the government is trying currently to get money from other pots.

"We want to continue the 1.2 billion euros from the European rescue fund EFSF back, we have inadvertently transferred," Voutzis told SPIEGEL. "We want the 1.9 billion euros from the bank rescue fund to be held back for months." The money comes from the profits of the bond purchase program SMP the European Central Bank (ECB). "And then Greece would have liked at least a minimum participation of the funds from the QE program of Mario Draghi . "

The threat to defer the payment to the IMF in doubt, comes almost simultaneously with the Greek orientation to the east . In the coming week Tsipras will travel to Moscow at the beginning of this week, the Environmental and Energy Minister Panagiotis Lafazanis there. In the past week traveled Foreign Minister Nikos Kotzias and Vice-Premier Giannis Dragasakis on a visit to China.

Short-term money problems will not solve the Russians or the Chinese, said Interior Minister Voutzis with reference to the 9th of April. Collaboration at the economic level but will interest if it could go to the negotiations of a third bailout package with the creditors in the summer.

As of June or July, Russia and China are "complementary to an agreement with the European partners" fixed part of a new Greek "Plan A are" as Voutzis calls him. This plan close "with a debt reduction, the end of the austerity measures and a new agreement with a growth clause".

"We want Russia is helping us rebuild the Greek economy. Both trade agreements as well as through the purchase of government bonds in the primary bond market. " The fact that Russia buys government bonds directly from the Greek State to the country's creditworthiness rise, credit spreads and spreads will automatically fall. Specifically, it should also go state-wide Russian investment projects, especially in the field of energy and transport.

In summary: On April 9, Greece must repay the IMF credit tranche of 450 million euros. The Greek Minister of the Interior is now threatening to postpone the transfer, if no money is flowing from the rescue program to Athens. This should be done "in agreement" because the shift would otherwise be regarded as a state bankruptcy.

- Reiterates Europe to be profitable in FY16, North America op margin of 10%

Le gérant vedette d'Amundi arrive chez Ofi avec 4 de ses proches collaborateurs. Ofi AM veut faire le forcing sur les actions et les convertibles européennes. 

La nouvelle va faire grand bruit dans le monde de la gestion collective : Ofi AM vient de débaucher une grosse équipe d’Amundi, et surtout Eric Turjeman, grand nom de la gestion actions. Déjà en pleine phase de restructuration depuis plusieurs mois, en vue de simplifier un organigramme compliqué, Ofi AM passe aujourd’hui à une nouvelle étape : celle de la montée en puissance de son pôle actions et convertibles européennes. Déjà à la tête de 60 milliards d’euros sous gestion, l’entité adossée à la Macif et la Matmut vient ainsi de muscler son organisation en vue de profiter de la reprise des marchés actions. Concrètement, elle a décidé de mettre en place une direction des gestions actions et convertibles sous la responsabilité d’Eric Turjeman qui rejoint donc Ofi AM accompagné de quatre gérants actions, tous venus aussi d’Amundi : Olivier Baduel, Corinne Martin, Béryl Bouvier Di Nota et Jean­Charles Naudin. Autre décision d’Ofi AM : la création d’un pôle gestion dynamique du risque et Ingénierie Financière sous la direction de Michaël Fay et le projet de regroupement des compétences en matière de dettes privées au sein de Zencap Asset Management. Eric Turjeman arrive donc chez Ofi avec son équipe rapprochée dans les actions, Olivier Baduel ayant la responsabilité des large cap et Béryl Bouvier Di Nota, celle des small et mid. Eric Turjeman, 51 ans, a débuté sa carrière en 1988 chez Société Générale Asset Management en tant que Gérant actions françaises puis Directeur des Gestions actions. Avant de rejoindre OFI Asset Management, il était Directeur mondial Adjoint des Gestions actions chez Amundi depuis 2010. Il est diplômé d’un DESS Finance et d’une Maîtrise de Gestion de l’Université Paris­Dauphine. Olivier Baduel, 46 ans, a débuté sa carrière en 1995 chez Amundi en tant que Gérant actions françaises puis européennes. Avant de rejoindre OFI Asset Management, il y était Responsable de l’équipe stock­picking actions Europe depuis 2005. Il est diplômé de l’Institut Supérieur de Commerce de Paris et de la SFAF. Beryl Bouvier Di Nota, 49 ans, a débuté sa carrière à la Banque Indosuez au département Consolidation. En 1994, elle rejoint Baring AM à la Direction Marketing. De 1996 à 2010, elle a exercé plusieurs fonctions au sein de Société Générale Asset Management au Marketing Institutionnel puis Responsable des gestions « Smid Cap » Europe. Avant de rejoindre OFI Asset Management, elle était Responsable des gestions « Smid Cap » Europe chez Amundi depuis 2010. Elle est titulaire d’un DEA de Sciences Economiques de l’Université Paris X et diplômée de la SFAF. Ces arrivées confirment la volonté d’Ofi AM de faire le forcing sur les actions européennes, mais aussi sur la gestion et l’optimisation du profil rendement/risque de l’allocation stratégique de la clientèle. Et c’est là où Michaël Fay, précédemment Directeur Général d’Ofi Investment Solutions, prendra la direction de ce pôle. Clément Iseli, précédemment gérant puis analyste quantitatif au sein du pôle Innovation, Méthode et Process chez Ofi Asset Management, le rejoindra en tant que gérant allocataire.

Orange Urged to Seek European Partner for Dailymotion

The French government’s comments made in light of a possible deal with a Chinese investor

The warning issued by the office of French Economy Minister Emmanuel Macron comes weeks after the management of Orange, according to people familiar with the matter, told its board it intended to enter into exclusive talks with Hong Kong-based PCCW Ltd. over a deal to sell a 49% interest in Dailymotion.

“There can’t be exclusive talks,” Mr. Macron’s spokeswoman Barbara Frugier said. “Orange must look at all options and take into consideration what’s at stake for Europe’s digital sovereignty.”

Orange said Wednesday it continued to talk with potential investors in a quest to find a partner for Dailymotion.

“We haven’t signed any exclusivity deal, all options are open,” said a spokesman.

Dailymotion is widely seen as an example of a successful French startup. The company, founded in 2005, has managed to attract funding and expand globally, but Orange has argued for years that to catch up with Google Inc.’s YouTube, it needs to find partners.

Wednesday’s move by Mr. Macron’s office is the second time the French government has directly stepped into Orange’s plans for Dailymotion.

In 2013, then-Industry Minister Arnaud Montebourg prevented Orange from selling a majority stake in the site to U.S. Web giant Yahoo Inc. After the deal fell apart, Mr. Montebourg said the U.S. tech firm might have “devoured” a French jewel.

After Mr. Montebourg left the cabinet last year, the French government signaled it was more open to the idea of a foreigner joining with Orange in Dailymotion. France’s deputy minister for digital affairs, Axelle Lemaire, has said a new “Dailymotion affair” should be avoided by all means.

Mr. Macron’s spokeswoman said the French government wasn’t intent on banning a deal with PCCW but wished to remind Orange it should take into account efforts to create a stronger digital economy in Europe to counter the dominance of U.S. web giants.

“There is no veto,” Ms. Frugier said. “This doesn’t mean that the Chinese offer is ruled out.”