InfoMoney:

O segmento de varejo brasileiro chama a atenção dos analistas, beneficiado pelo cenário atual. As perspectivas são favoráveis, uma vez que o mercado interno apresenta sinais de melhoras após a crise de crédito global.

De acordo com analistas do Deutsche Bank, o consumo interno “deve ser um dos maiores propulsores do PIB (Produto Interno Bruto) brasileiro”, apoiado na expansão do crédito, no aumento da renda e no mercado de trabalho saudável.

Essa tendência positiva, combinada com a melhora na confiança do consumidor, deve beneficiar empresas do segmento, apontam os analistas. Os destaques, segundo eles, são a B2W e a Lojas Renner.

Recomendações
Dessa forma, o Deutsche Bank eleva a recomendação às ações da B2W (BTOW3) de manutenção para compra e classifica a empresa como sua top-pick no setor. O potencial de valorização dos papéis é de 47%, dado o preço-alvo de R$ 70,00 por ação, visando o final de 2010. Os papéis da Lojas Renner (LREN3) também tiveram a recomendação elevada para compra, enquanto as sugestões relativas à Lojas Americanas continuam de manutenção.

O UBS, por sua vez, iniciou a cobertura do setor, apresentando como top-pick ações da Dufry (DUFB11), às quais recomenda compra. A sugestão de compra abrange também os papéis de Lojas Renner e Lojas Americanas (LAME4), enquanto os ativos do Pão de Açúcar (PCAR5) e da B2W têm recomendação neutra.

Riscos de mercado
“Após um 2008 difícil, quando essas ações (exceto Pão de Açúcar) tiveram performance inferior à do Ibovespa em mais de 20%, as varejistas estão entre os melhores desempenhos em 2009″, comentam analistas do UBS.

Em um cenário, onde os riscos no curto prazo podem ocorrer devido a um aperto monetário no próximo, à retirada dos recentes incentivos fiscais ou um enfraquecimento do real frente ao dólar, a B2W e Pão de Açúcar poderiam ser as empresas mais afetadas.

Nesse sentido, os analistas do Deutsche Bank ressaltam outros riscos específicos, como mudanças inesperadas na economia doméstica e deterioração da perspectiva brasileira, além de alterações que afetem o consumo doméstico e prejudiquem a confiança dos consumidores.

Many, or most, major banks do not have enough capital to comfortably maintain their current ratings.  Standard & Poor’s has a report out saying that the banks are underfunded despite capital raised and despite the recovery we have seen.  Standard & Poor’s introduced a new tracking for capital adequacy and even questions how useful standard market and regulatory measures are.  Citigroup Inc. (NYSE: C) and UBS AG (NYSE: UBS) are two of the trouble spots outlined herein.

In the larger international banks, S&P noted that the average risk-adjusted capital ratios in those banks it reviews was 6.7%.  That is over 3% under average tier one ratios.  S&P believes that the current capital “remains a neutral to negative rating factor for the majority of banks” it covers. S&P now believes that banks need to have a risk-adjusted capital ratio of at least 8%.  S&P has issues over tier one and leverage ratios, because they do not adjust for risks and are not consistent.

Mizuho Financial Group Inc. (NYSE: MFG) was listed as the most vulnerable at an approximate 2% ratio; and UBS AG (NYSE: UBS) and Citigroup Inc. (NYSE: C) remained among the weaker banks.

HSBC Holdings PLC (NYSE: HBC) was the strongest with a 9.2% ratio; and ING Bank NV (NYSE: ING) and Goldman Sachs Group Inc. (NYSE: GS) were also listed in the stronger bank category.  24/7 Watt St. still argues that Goldman Sachs is a bank that is truly no bank.

When you see reports like this it is not always a signal of an imminent downgrade.  But the tone sure sounds more like downgrades are coming if more capital is not raised or if things do not just start to improve on their own.

JON C. OGG

 By Dylan Griffiths and Klaus Wille Nov. 17 (Bloomberg) –

Switzerland said it will turn over details of UBS AG accounts held by U.S. residents who had more than 1 million Swiss francs ($985,000) in undeclared assets to the Internal Revenue Service, as the government released a list of criteria used to screen bank clients for tax fraud. Other benchmarks include U.S. citizens who were beneficiaries of “offshore company accounts,” according to a statement distributed by the Swiss Justice Ministry in Bern today. In both cases, the review period is between 2001 and 2008 and there has to be a suspicion of “tax fraud and the like.” Switzerland agreed in August to hand over data on about 4,450 UBS accounts to the U.S. to settle a lawsuit related to suspected tax evasion. Swiss authorities withheld details of how the accounts were selected for 90 days so the information didn’t interfere with the IRS’s voluntary disclosure program. The criteria will be used as a template by the U.S. to pursue banks and tax evaders in other financial centers, lawyers say. “This is a mega-trend, and the IRS is going global,” William Sharp, a lawyer at Sharp Kemm, PA in Tampa, Florida, said before the criteria were released. “The days of bank secrecy are over.” The IRS plans to hire 800 people in the next year and increase staff in eight overseas offices, including Hong Kong, Commissioner Douglas Shulman said Oct. 14. The agency will also open offices in Beijing, Sydney and Panama City. ‘Tax Fraud’ U.S. prosecutors are already trying to determine what role financial professionals in Hong Kong play in tax evasion, people familiar with the matter said last week. UBS will give account information to a Swiss government task force, which will decide what it can relay to the IRS without violating Swiss law. The entire process is expected to take about a year. UBS used a list of criteria released today to determine whether account holders committed “tax fraud and the like.” Those criteria included the submission of documents to conceal assets and income that wasn’t fully declared, according to the Swiss government. In cases where tax fraud or the like is proven, details of accounts with at least 250,000 francs can be disclosed to the U.S. authorities. The IRS may hope the publication of the Swiss criteria will persuade more people to disclose their accounts as the U.S. is joined in its search for undeclared money by authorities in the U.K., France and Italy, said Stephanie Jarrett, a partner at Baker & McKenzie in Geneva. ‘Harder and Harder’ “There are still a lot of people out there who want to sort things out,” Jarrett said before the criteria were released. “It’s going to get harder and harder for people who are undeclared.” Under the IRS’s voluntary disclosure program, taxpayers must pay any tax owed, plus interest and a 20 percent penalty on the highest balance during the preceding six years. In return, they avoid possible criminal prosecution that could result in as much as 10 years in prison and $500,000 in penalties. About 7,500 Americans with undeclared assets overseas disclosed those holdings to the IRS by the Oct. 15 deadline, according to the U.S. Justice Department. The U.S. sued UBS on Feb. 19 to force disclosure of additional client details. That came a day after the bank agreed to provide the names of 250 account holders and pay $780 million to avoid prosecution for helping wealthy Americans evade taxes. Since the February settlement, prosecutors have won guilty pleas from six UBS clients who described a web of bankers, lawyers and advisers who helped conceal income and assets. All six hid money in shell companies outside Switzerland. The revenue services of the U.K., Australia and other countries have also asked for information on UBS’s cross-border wealth management businesses, the bank said in its third-quarter earnings report on Nov. 3. Zurich-based UBS said it’s cooperating with these requests “within the limits of financial privacy obligations under Swiss law.” To contact the reporter on this story: Dylan Griffiths in Geneva at dgriffiths1@bloomberg.net; Klaus Wille in Zurich at kwille@bloomberg

UBS alza i target sull’S&P500In positivo la borsa americana dopo le prime fasi di contrattazione.

Il Nasdaq sale dello 0,95% a 2.171 punti, mentre il Dow Jones avanza dello 0,7% a quota 10.319.Nel frattempo la banca elvetica UBS ha migliorato i suoi target sulla redditività dell’indice S&P500 per il 2009 e il 2010.

L’utile per azione stimato dei primi 500 titoli americani sarà di 63,5 dollari (da 61,5) per il 2009, 81 dollari (da 74) per il 2010.

Ci sono analogie tra i lanciatori di monete e gli investitori’

Fonte:
http://www.soldionline.it/notizie/mercati-esteri/wall-street-si-sale-ancora-ubs-alza-i-target-sull-s-p500

The fallout from the recent tax evasion settlement with UBS is reverberating throughout the G-20 community.  As we reported back in October,  the French Governments action directing banks to close branches and subsidiaries in non-OEDC compliant jurisdictions will pressure all G-20 participants to adopt a more uniform tax code and enforcement practice.  The drive to strengthen the respect of tax treaties and the closure of havens to custody assets beyond the reach of national tax authorities signals a new era in multinational cooperation and the eclipse of radical free market tax practices.

The principal drivers for this unprecedented level of cooperation and standardization is the dire need for national tax authorities to recognize and tax revenue streams to help address the burgeoning budget deficits the global economic crisis has has wrought.

Clearly the crackdown on tax evasion is gaining momentum since the global financial crisis has devastated national treasuries.  Enormous expenditures on stimulus programs and dramatically falling tax receipts has created a perfect storm and has created an enormous threat to the fiscal soundness of national treasuries.

Forbes reports that Singapore has become the latest in a flurry of jurisdictions complying with Office of Economic Cooperation and Development standards on transparency and exchange of information for tax purposes.  Fifteen jurisdictions have come into compliance since April 2009.  In addition to Singapore and the sea change occurring in the Suisse banking industry; other  governments that have lost revenue to tax havens are individually taking tough action:

–The U.K. government has informed the Isle of Man that it will reduce revenue transfers of value-added tax receipts to the island by 50 million pounds next year, 9% of the island’s revenue.

–French banks are starting to close down their operations in tax havens.

–In Germany, the hiding of funds in Liechtenstein bank accounts has prompted a backlash against tax havens.

–In the United States, White House advisor Paul Volcker in December is due to report on ways of eliminating revenue losses to tax havens.

This heightened regulation and standardization amongst  G-20 tax authorities is quickly closing any regulatory tax arbitrage opportunities for global investors.  The closure of preferential tax domiciles will heighten the power and reach of national tax agencies enforcement capabilities and the scope of their examination reach.  The IRS is stepping up its enforcement and institutional assets to assure that private equity and hedge fund industries comply with all the anti-money laundering laws and stringent tax codes.

Sum2’s IARP helps investment managers assess and manage the growing threat of audit and tax enforcement risk.  Sum2’s CARP helps large and mid-size corporations assess compliance and manage  IFI audit risk.

Risk: audit, enforcement, regulatory, tax, reputational, litigation

Reuters:   The Ohio Attorney General is suing a number of Wall St. firms.

Reuters:   GM will start to repay part of its debt to the US.

Reuters:   Citigroup (NYSE:C) will sell Bellsystem to Bain.

Reuters:   Japan’s GDP numbers were leaked.

Reuters:   Japan’s growth is still modest and the government may have a second stimulus.

Reuters:   Fed’s Hoenig sees great weakness in the economy.

Reuters:   The IMF called for a rise in the yuan.

Reuters:   Hitachi will raise $4.6 billion.

Reuters:   BlackRock (NYSE:BLK) says central banks will be net buyers of gold.

Reuters:   Champion will put its US operations into Chapter 11.

WSJ:   GE (NYSE:GE) is trying to get a huge part of government stimulus spending.

WSJ:   The rate of bankruptcies is slowing.

WSJ:   US earnings are strong but corporate revenue is not.

WSJ:   Bristol-Myers (NYSE:BMY) will spin-off its Mead division.

WSJ:   Google’s (NASDAQ:GOOG) settlement with book publishers is unlikely to end the matter.

WSJ:   The Comcast (NASDAQ:CMCSA) deal with GE (NYSE:GE) to control NBCU will face regulatory review.

WSJ:   Auto makers are still cutting capacity and costs.

WSJ:   Companies are raising debt even when they do not need that cash.

WSJ:   India will increase funding for solar power.

WSJ:   The bond market is likely to suffer a long, slow sell-off.

WSJ:   S&P is starting to take a more negative view of banks which have federal help.

WSJ:   A Comcast deal for NBCU could speed development of “addressable” advertising and interactive TV.

WSJ:   The Las Vegas Sands (NYSE:LVS) is focusing on its Macau business.

NYT:   Drug makers are trying to raise prices before government regulations take effect.

NYT:   Palm (NASDAQ:PALM) faces the prospects that it will never be a success.

NYT:   Newsweek, a part of The Washington Post (NYSE:WPO) is starting to show financial improvement.

NYT:   About half of US online readers would pay for content.

NYT:   Data shows that electic patient record have not improved care or cut costs.

FT:   As the dollar dropped, gold hit a record.

FT:   The UN’s Food and Agriculture Organisation said food prices could spike with the end of the recession.

Bloomberg:   UBS (NYSE:UBS) debt trading operations are the key to its profitability.

Douglas A. McIntyre

Da Il Riformista del 12 novembre 2009

C’è un fronte di forze che sta lavorando per una ricomposizione della crisi diplomatico-tributaria tra Italia e Svizzera. Con la lista nera che MF ha dichiarato di aver ricevuto in offerta si riapre la questione. Da Basilea l’Associazione svizzera dei banchieri (Asb) fa sapere che «non c’è nulla di reale». Tuttavia, fonti interne spiegano che «nel caso fosse vera la lista potrebbe creare numerosi imbarazzi nell’establishment italiano». La presenza di un dischetto ricorda l’episodio tra Liechtenstein e Germania nel 2008. Migliaia di nomi di clienti di Liechtenstein Global Trust (Lgt) finirono nelle mani della polizia tributaria internazionale su mandato del governo tedesco, che comprarono le liste telematiche da un ex dipendente di Lgt per 4,2 milioni di euro.
I possibili mediatori non istituzionali fra Svizzera e Italia sono molti. Il motivo lo spiega al Riformista Claudio Mésoniat, direttore del quotidiano ticinese Giornale del Popolo: «Nel Nord Italia non c’è nessuno che non abbia un conto in Svizzera e sono tanti gli interessi in gioco». Gli interessi svizzeri possono contare su un sistema di rapporti cospicuo. Dopo il blitz di Guardia di finanza e Agenzia delle entrate nelle filiali italiane delle banche svizzere, il presidente della Confederazione Hans-Rudolf Merz ha deciso di nominare un consulente particolare per trattare con lo Stato italiano. Si tratta di Renzo Respini, avvocato ticinese con un passato nella Banca svizzera italiana (Bsi), istituto di credito appartenente alla galassia Generali. Del partito trasversale in grado di mediare per evitare lo scontro frontale fanno parte molti banchieri, finanzieri e industriali che hanno rapporti intensi con la Svizzera. La posizione più nota è quella di Sergio Marchionne, amministratore delegato di Fiat e membro del board di Ubs fino al 2010. Tutto il sistema Fiat-Agnelli ha solidi rapporti nella Confederazione. Exor è azionista di riferimento di Sgs, e Gianluigi Gabetti è un uomo dalle solide relazioni ginevrine. Buoni rapporti con l’establishment svizzero, anche Corrado Passera, numero uno di Intesa Sanpaolo, e Roger Abravanel, per 35 anni capo di McKinsey in Italia. Giovanni Perissinotto e Antoine Bernheim, amministratore delegato e presidente di Generali, seggono nel consiglio di Bsi, partecipata da Generali. E la banca elvetica è il quinto istituto presenti nel territorio della Confederazione. Altro uomo di peso è Alfredo Piacentini, membro di Banque-Syz, come anche Rodolfo De Benedetti, che fra il 1985 e il 1986 ha lavorato in Lombard Odier Darier Hentsch & Cie (Lodh), una delle maggiori realtà del private banking elvetico. Ma Rodolfo non è il solo della famiglia ad avere un’eccellente visibilità nei Cantoni, dato che anche suo padre Carlo collabora da anni con la Svizzera e ne è anche diventando cittadino. Sul fronte delle società, come ricordano dall’Associazione svizzera dei banchieri (Asb), «le relazioni fra le nazioni sono così intense che a volte è difficile perfino capire dove sono allocati i soldi italiani e viceversa». Fonti interne all’Asb fanno saper che, se fosse reale, la lista nera di cui parla MF «potrebbe spaventare molti cittadini italiani, dato che non sempre c’è stata trasparenza nelle transazioni».
Sotto il profilo politico i principali interlocutori sono due, entrambi della Lega Nord, Umberto Bossi e Roberto Maroni. Non è un caso che all’indomani dei controlli nelle banche svizzere italiane siano stati proprio loro a parlare cercando di calmierare gli animi. Il bacino di voti della Lega coincide infatti con quello delle aree più soggette ai trasferimenti di denaro in Svizzera. Un ruolo importante lo sta giocando anche il ministro dello Sviluppo economico, Claudio Scajola. Pochi giorni fa è stato lui ad aprire al dialogo con il ministro dell’Economia elvetico, Doris Leuthard. Proprio per ripristinare i rapporti è stato ratificato l’affidamento «dell’organizzazione nelle principali città del Canton Ticino di eventi per valorizzare le opportunità di cooperazione nel settore delle infrastrutture in vista dell’Expo 2015 di Milano» all’Istituto per il commercio estero. Sul versante delle relazioni internazionali esiste l’Associazione svizzera per i rapporti culturali ed economici con l’Italia (Asri). Guidata dall’avvocato Paolo Solari-Bozzo, si occupa di intrattenere relazioni fra le due nazioni, anche commercialmente. Inoltre, molto attivo nel gioco degli intrecci binazionali è l’Istituto svizzero di Roma, nato nel 1947 e diretto da Christoph Riedweg, che sta avendo un ruolo di mediatore «non convenzionale», secondo Basilea.
Secondo il Dipartimento federale degli Affari esteri della Svizzera l’Italia è «il secondo partner commerciale della Confederazione ed è chiaro che ci siano forti interessi da una parte e dall’altra a far sì che la polemica sullo scudo torni a livelli civili». Lo spauracchio di un nuovo caso Lgt spaventa e preoccupa. Dall’Asb lasciano intendere che è possibile vengano fuori posizioni di evasione. «È fisiologico che questo accada quando le tentazioni sono forti e dalla propria sia ha la padronanza nell’interpretazione della legge», dicono da Basilea.

Strategy: To replace oil based plastics with bio-degradable replacements for global packaging needs by development and licensing of innovative products for packaging companies. Lessening dependence upon oil and capitalizing on consumer and government preferences for clean, organic packaging.

Product: At pricing that is 20-25% higher than comparable oil based products; Cereplast designs and manufactures proprietary bio-based, sustainable plastics used in all major converting processes – such as injection molding, thermoforming, blow molding and extrusions.

Market- On November 11, the company said it expects the U.S. bio-plastics market to reach $10 billion in sales by 2020.  The U.S. market accounted for approximately $1 billion in sales in 2007, with some estimates pointing to bio-plastics capturing 30% of the total plastics market by 2019. Cereplast has some products that are food based, with a focus on algae based products as well. Cereplast is an investment in their technology and the market.

Competition: Metabolix, Archer Daniels Midland, Alcoa, Synthetic Genomics, Martek

Funding: A private investor group led by a Swedish Bank has contributed funding in 2009, Cereplast has the right to sell $20MM of common stock to Cumorah Capital, and most significantly in 2007 the company announced it received $14.5 million in new capital through a private placement of common stock from a group of leading “green” institutional funds, including UBS Global Innovator Fund, Swisscanto Green Invest Fund, Fortis L Fund Equity Environmental Sustainability World, and Credit Suisse Future Energy Fund.

Stock Symbol (OTCBB:CERP)

In a related note, Exxon has invested $600 million in Synthetic Genomics and BP has a $10 million investment in Martek Biosciences that compete with Cereplast.

Management: Frederic Scheer, Founder, Chairman and CEO of Cereplast

Comment: This company is an investment in a growing sector, but is their technology superior to larger and better funded competitors? Will their food based products overcome the hurdles that corn based ethanol faced?

Sources:

http://www.cereplast.com/pressrealeasedetail_ir.php?newsid=118
http://cleantech.com/news/4597/cereplast-unveils-bio-based-compost
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20091111005157&newsLang=en
http://www.tradingmarkets.com/.site/news/Stock%20News/2592242/
http://www.europeanplasticsnews.com/subscriber/headlines2.html?cat=1&id=1256200526

Le Département fédéral des finances a désigné deux experts afin d’enquêter sur la façon dont la FINMA a joué son rôle dans la surveillance d’UBS en relation avec les pertes subies par celle-ci dans les marchés financiers, et qui ont nécessité une aide de la Confédération et de la BNS. Le mandat a été confié au professeur Hans Geiger, du Swiss Banking Institute, et à David Green, ancien cadre de la Banque d’Angleterre et de la FSA. Il est prévu que leurs travaux s’achèveront au cours du premier trimestre 2010. Cette enquête consistera pour commencer à analyser de façon critique le rapport élaboré par la FINMA elle-même sur la surveillance d’UBS avant et pendant la crise financière.

Source : Communiqué de presse DFF, 10 novembre 2009

As some of you know I’m currently in the USA. Since I’ve been here I’ve attended AdTech NY ‘09 and am now in San Francisco visiting Efficient Frontier, our tech partner.

Trip has been great so far & plan to post a few new articles coming out of AdTech covering:

- WPP’s view on the state of the industry, trends and emerging markets.
- The rise of the Second Channel digital ad market as the growth driver of the market.
- The state of the digital economy from a US perspective, with views from UBS & Pubmatic.com
- The outlook for Search Marketing, Local Search, Video Search etc.

Look out for new posts over the next few days.

A loyal reader sent this in.  Thought it would would be interesting and useful to readers of this blog.

Darlings!

En regardant mes mails, j’ai des questions qui reviennent sans cesse par rapport à Durham et par rapport aux facultés anglaises en général. Vous êtes nombreuses à me demander mon avis sur les différences entre les universités anglaises et françaises. Du coup, j’aimerais bien essayer de faire un petit point sur les deux systèmes. Cet article va être très long mais j’espère qu’il pourra vous être utile!

Vous le savez peut-être déjà, mais je suis titulaire d’une licence et d’un M1, tous les deux obtenus en France, dans des universités différentes. Bientôt, avec un peu de chance, j’aurais également un LLM, un Master anglais. Je pense avoir assez d’expérience pour bien connaître les deux systèmes universitaires, ce qui va me permettre de faire un tri dans les avantages et inconvénients de chaque système.

Je précise que j’ai fait des études juridiques et que toutes mes appréciations sont basées sur mes expériences personnelles.

Durham

Le système universitaire français:

Les avantages:

• J’aime beaucoup, en théorie, l’égalité qui règne en France. Il n’y a pas de classement draconien des facultés et la réputation de chaque fac importe peu. Il n’y a pas de sélection, ni même un entretien qui permet de faire un tri entre les élèves. Du moment qu’on a son Bac, peu importe la filière, on peut aller à la fac, et à n’importe quelle fac. Chaque élève a sa chance.

• J’aime également le fait que tout soit en principe gratuit en France. L’année dernière j’ai du payer 400€ de frais d’inscription pour le Master1. Je trouve également le système des bourses assez avantageux en principe, même si moi-même je n’ai pas pu en bénéficier. L’idée de calculer l’allocation de la bourse sur le revenu des parents semble être raisonnable même si en pratique le système a énormément de failles.

• On apprend à travailler. On étudie beaucoup de matières, on peux choisir énormément d’options. En licence, chaque année j’avais huit matières, dont deux ou trois à TD. On apprend à être rigoureux dans son travail.

Les inconvénients:

• Je n’aime pas du tout la façon d’enseigner en France. Vous n’avez pas besoin de moi pour vous dire comment la fac marche en France, mais juste pour le fun, voilà un récapitulatif: En licence, pendant trois années horribles, j’ai enchaîné de 8heures jusqu’à 20heures des cours en amphi, des TD, des partiels blancs tous les deux mois, sans oublier les vrais partiels chaque semestre. Un enfer où on oblige les étudiants à recopier mot pour mot le cours du professeur, où l’on recrache le point du vue du prof à grand coups de commentaires d’arrêts et de dissertations hebdomadaires. En droit, on n’encourage pas le sens critique, on commente des arrêts sans donner d’avis personnel, on sort le cours, la jurisprudence et à la limite une petite anecdote ou ouverture à la fin. Facile. C’est comme ça que j’ai eu ma licence avec mention.

• Enfin, je viens de dire ‘facile’, mais bon. Pas tant que ça peut être. Pour chaque matière j’avais un cours d’une centaine de pages écrites à la main. Pour les partiels ils fallait tout connaître, tout comprendre. A la limite, on nous faisait apprendre les Codes par cœur avec la jurisprudence qui va avec, alors que c’est parfaitement inutile. Aujourd’hui je ne me souviens pas de tout ce que j’ai appris par cœur. J’ai l’impression d’avoir perdu mon temps. Et pas qu’à moitié.

• Les professeurs ne s’intéressant pas aux élèves. En première année les amphis étaient bondés. On devait être 350 en première année de droit. En deuxième année, on n’était plus que 60. Bonjour la “sélection naturelle” comme ils disent. En France, les professeurs font tout pour décourager les élèves, surtout en première année. On n’hésite pas à mettre des 5/20 sans même donner  une explication raisonnable. Aucun encouragement ni soutien. La plupart de mes professeurs et chargés de TD ont été parfaitement détestables. Pourtant j’étais bonne élève.

• En France, on pense Licence, M1, M2, Doctorat. On n’encourage pas les étudiants à avoir un projet professionnel. A vrai dire, on encourage les étudiants à faire de longues études alors qu’en réalité, c’est parfaitement inutile. On m’a déjà dit à plusieurs reprises que la licence ce n’est rien, que le M1 ne sert à rien et qu’il fallait absolument un M2 pour se démarquer. Je me souviens de l’hystérie générale lorsque on a su, en licence, que si on n’avait pas son M1 avec mention, qu’on n’avait aucune chance d’être accepté en M2 et qu’on allait forcément se retrouver au chômage. C’est à ce moment là que j’ai décidé de faire mon M2 à l’étranger.

• Les facultés françaises sont impersonnelles, froides et hostiles. Pour la plupart, les bâtiments n’ont pas de charme, il n’y a aucun prestige, pas de traditions et on ne retrouve pas du tout cette fierté d’appartenir à une faculté. C’est l’inconvénient d’un système qui se veut égalitaire. Je caricature, mais j’ai l’impression qu’étudier en France, c’est un peu comme aller à l’usine, tout est identique, monotone, ennuyeux.

La Sorbonne

Je n’avais aucune photo pour illustrer cette première partie du billet. Je n’ai jamais pris de photos de mes facs en France. J’étais à Vannes puis à Rennes 1. Il faut dire que les bâtiments étaient moches et sans âme. En France, j’avais 30 heures de cours par semaine et des dissertations à rédiger. Et c’est tout. Quasiment pas de vie sociale et même pas vraiment le temps de pratiquer une activité sportive régulière par exemple.

Le système universitaire anglais:

Les avantages:

• J’aime tout le prestige qui est associé aux facultés anglaises. Ici, il y a un classement officiel des universités, et donc pour avoir un diplôme qui sera reconnu par les employeurs, il vaut mieux viser les dix meilleurs universités. Il faut consulter The Good University Guide du Times, ou alors The University League Table de The Independant par exemple. Il y a un classement général puis un classement par matière. Voilà les meilleures facs, dans l’ordre:

1. Oxford
2. Cambridge
3. Imperial College
4. London School of Economis
5. Durham
6. Warwick
7. St Andrews
8. University College London

Si on n’arrive pas à entrer dans une de ces facultés, le diplôme aura une valeur moindre. Il y a 113 universités dans le classement du Independant.

Oxford University

Cambridge University

• J’aime la façon d’enseigner en Angleterre. A Durham les cours se déroulent dans des seminars, et c’est également le cas à Oxford. Il n’y a jamais plus de 10 ou 15 personnes par groupe, et les cours sont construits sur les échanges d’idées. Les cours sont peu nombreux, on a parfois une dizaine d’heures de cours par semaine, le reste est uniquement basé sur un travail personnel. Avant de venir en cours, on nous donne le sujet, le thème du seminar et une liste de documents à lire. Donc on fait le cours nous-même, en lisant. On lit, on cherche des articles, on fait des recherches sur internet, on comprend. Puis on pose les questions et on en discute. Pendant les cours, on écrit que très peu. Les professeurs nous connaissent, on nous appelle par notre prénom, on peut aller leur demander des conseils ou les voir dans leur bureau sans gène. Pendant la licence, chaque élève a un tuteur sur qui on peut compter. On nous encourage, on nous dit qu’on va réussir. Les professeurs nous traitent avec respect et attention.

Durham University

• Étudier en Angleterre c’est également s’ouvrir à une culture générale. A Durham il existe des centaines de clubs et de societies: il y a par exemple un society pour faire du théâtre, de la musique, de l’art, du sport… Mais il en existe vraiment des centaines! Il y a un society ou club pour chaque sport, pour chaque type de musique, il y a des clubs qui se concentrent sur les activités bénévoles, sur les débats, les voyages… On peut vraiment s’ouvrir à tout et n’importe quoi! Ici les étudiants prennent le temps de s’amuser et de penser à autre chose que les cours. On se fait des amis, on rencontre beaucoup de nouvelles personnes, tout est plus ouvert, plus ludique. Voilà un échantillon des societies de Durham. Vous pouvez voir qu’il y a même un “Tea and Biscuit” society!

“The pipe smoking Society” (une photo récente qui a été modifié)

Le représentation de ‘Guys and Dolls’ que je suis allée voir il y a quelques mois

Student theatre

La chorale de University College

• Avec le prestige des facultés vient les traditions et la fierté d’appartenir à une institution de qualité. C’est ainsi qu’on voit à Durham, au moins la moitié des élèves portent un vêtement avec le logo de Durham University ou de son College. On a le sentiment d’appartenir à une institution, tous les élèves défendent leur fac et sont heureux d’être ici. Il y a des événement sportifs qui sont organisés entre les meilleures facs, par exemple Durham vs Oxford. Il y a une rivalité saine entre étudiants, entre colleges et entre les facultés. Tout le système est basé sur ce sentiment d’appartenance à une entité, et c’est vraiment étrange à décrire, car ça n’existe pas du tout en France, ou alors peut être pour les grandes écoles?

C’est le logo d’un des mes pulls universitaires… Oui je le porte lorsque je suis chez moi!

Les inconvénients:

• Le coût: Etudier en Angleterre coûte cher. Pour une licence il faut payer environ £3,000 par an, donc £9,000 en tout. Pour le Master j’ai payé £5,400. Pour un doctorat il faut également compter £3,000 par an. Ainsi, la plupart des étudiants font des emprunts pour pouvoir tout payer. Il me semble que chaque étudiant a en moyenne un emprunt de £25,000 pour sa licence. (Je viens de regarder combien £25,000 ça fait en euros: Il faut compter 27 902€ pour sa licence. Ça comporte les frais d’inscription pendant les trois années + le logement + les sorties. Mais il faut dire que certains étudiants dépensant beaucoup plus. La plupart ont également un petit boulot) Mais en Angleterre, les étudiants quittent la fac après la licence, et pour la plupart, ils peuvent obtenir un travail assez rapidement, et les salaires sont en théorie relativement élevés. Plus élevés qu’en France en tout cas.

• La sélection: C’est vraiment très compétitif. Tous les étudiants se bousculent pour entrer dans une fac de qualité car ils sont bien conscients du poids de la réputation de chaque établissement. Il faut obtenir de très bons résultats aux A-Levels (équivalent du Bac) sinon c’est fini . Il y a toujours un entretien avant d’être accepté dans une fac. J’ai de la chance d’avoir été accepté à Durham, énormément de la chance. Qui sait si j’aurais été accepté si j’avais fait mes A-Levels en Angleterre au lieu de passer le Bac français? Tous les jours lorsque je fais mes visites au Château j’ai des questions de la part des étudiants qui me demandent des tuyaux, dans le but de venir un jour à Durham. Je pense que beaucoup doivent être vraiment déçus s’ils n’arrivent pas à entrer dans la faculté de leur choix, et ça doit être assez difficile à supporter. Mais une fois qu’ils arrivent à y rentrer, l’université met tout en œuvre pour qu’ils réussissent.

• On peut peut être désigner un manque de sérieux, car avec toutes les soirées, les societies, les bars étudiants… On ne travaille pas autant qu’en France à mon avis. Après les examens, les étudiants passent le mois de juin à faire la fête et à sortir… Et à travailler sur le mémoire si on est en Master. Voilà des photos de ‘Castle Day’, où mon College était en fête!

Castle Day 2009

Castle Day 2009

Juste une dernière remarque, ce n’est ni un avantage, ni un inconvénient, mais il faut dire que… C’est assez pompeux ici à Durham. Et ça se voit. Les étudiants sortent beaucoup et dépensent beaucoup. Et à Oxford et Cambridge, c’est pire. Il y a d’ailleurs une très très grande ‘rivalité’ entre les étudiants et les habitants de Durham. Les ambiances sont assez tendues, car le Nord de l’Angleterre est une région relativement pauvre, alors que tous les étudiants de Durham sont plutôt fortunés. Donc il y a énormément de conflits, mais c’est un autre débat.

…Donc j’espère avoir donné ici un petit aperçu des deux systèmes universitaires. Chaque système a des avantages, mais en tout cas, venir à Durham m’a permis d’ouvrir les yeux sur le système français.

J’ai l’impression d’avoir perdu mon temps en France car je n’ai pas appris grand chose de valable.

Je vous encourage vivement à quitter le système universitaire français même si ce n’est que pour un semestre. Vraiment il faut venir voir comment les choses se passent outre-manche. Les universités anglaises sont tellement riches en découvertes culturelles, j’ai appris énormément de choses cette année, notamment que l’éducation ne passe absolument pas par le nombre d’heures de cours que l’on peut avoir.

Je suis tellement heureuse d’avoir eu le courage de venir à Durham car je ne savais pas du tout à quoi m’attendre. Et si j’avais su, j’aurais tout mis en œuvre pour faire ma licence en Angleterre.

Durham

La semaine prochaine je vais vous parler de la “Graduation”, une de mes traditions préférées!

***

Votre avis m’intéresse! Qu’en pensez-vous du système universitaire français? Et du modèle anglo-saxon? Avez-vous été satisfait de votre éducation en France, ou avez-vous songé à partir à l’étranger en Erasmus ou autre?

Reuters:   The Wall St. insider trading probe lead to another 14 arrests.

Reuters:   Fannie Mae (NYSE:FNM) lost $19 billion and asked Treasury for money.

Reuters:   GM is readying its plans for Opel as some of its workers went on strike.

Reuters:   The pay czar says the jury is still out on reforms.

Reuters:   Stock exchanges are under pressure to defend business against new electronic competition.

Reuters:   CBS (NYSE:CBS) beat earnings.

Reuters:   The head of the SEC said the agency should be self-funding.

Reuters:   Starbucks (NYSE:SBUX) raised its outlook.

WSJ:   Money moving into commodities has slowed and the markets may drop.

WSJ:   A federal cap on interest rates paid by weak banks could accelerate closings.

WSJ:   Wal-Mart (NYSE:WMT), Amazon (NASDAQ:AMZN), and Target (NYSE:TGT) are  starting to cut prices on DVDs.

WSJ:   British Air will make 3,000 more job cuts.

WSJ:   Sirius XM (NASDAQ:SIRI) showed financial improvement in the last quarter.

WSJ:   The FTC is investigating CVS Caremark (NYSE:CVS).

WSJ:   Microsoft (NASDAQ:MSFT) Windows 7 sales are off to a strong start.

WSJ:   JDA Software (NASDAQ:JDSA) is buying i2 Technologies (NASDAQ:ITWO).

WSJ:   Productivity moved up in Q3.

WSJ:   Hyatt (NYSE:H) and Ancestry (NASDAQ:ACOM) moved up after their IPOs.

WSJ:   Exxon (NYSE:XOM) and Shell won rights to drill at large oil field in Iraq.

WSJ:   IMS will be bought by private equity interests.

WSJ:   Borders (NYSE:BGP) will close 200 stores.

WSJ:   US retail spending rose in October.

NYT:   BioCryst Pharmaceuticals has developed a new H1N1 treatment.

NYT:   Some in Congress are concerned that a Texas wind farm that would get stimulus could create more jobs in China than the US.

NYT:   One of the methods for bank bailouts have allowed large financial firms to save $25 billion in borrowing costs.

NYT:  EU trade barriers are rising with the recession.

NYT:   A judge ruled against tobacco companies trying to dodge FDA regulations.

NYT:   The US imposed duties on steel pipes from China.

NYT:   Lenovo’s quarterly profits rose sharply.

FT:   Citigroup (NYSE:C) will relaunch its troubled hedge fund unit.

FT:   USB (NYSE:UBS) staff speculated with client accounts.

FT:   Google (NASDAQ:GOOG) unveiled a privacy tool.

Bloomberg:   Schumer urged Obama to block stimulus funds for a China- backed wind farm.

Douglas A. McIntyre

Reuters:   Toyota (NYSE:TM) returned to a profit.

Reuters:   The Fed will keep rates near zero for an extended period.

Reuters:   Cisco (NASDAQ:CSCO) beat forecasts.

Reuters:   Gold is near $1,100.

Reuters:   The Senate approved new jobless benefits and housing aid.

Reuters:   Chrysler offered its new turnaround plan.

Reuters:   Cable and film operations helped profits at Time Warner (NYSE:TWX) and News Corp (NYSE:NWS).

Reuters:   Google will seek revenue from online retailers.

Reuters:   Former Countrywide CEO Mozilo will face fraud charges.

WSJ:   A battle is shaping in the Senate over Dodd’s plan to have only one bank regulator.

WSJ:   The Senate may raise the taxes of multinationals but help the tax burden of big companies hurt by recession.

WSJ:   Wall St. incentive pay will be up 40%.

WSJ:   Private equity owned firms had their worst default rates in a decade.

WSJ:   Qualcomm’s (NASDAQ:QCOM) profits were hit by charges.

WSJ:   Verizon’s (NYSE:VZ) Droid phone could hurt RIM (NASDAQ:RIMM) Blackberry sales.

WSJ:   Microsoft (NASDAQ:MSFT) cut another 800 jobs.

WSJ:   Politicians are urging the government to go easy on small community banks which could cause trouble later.

WSJ:   The credit rally should help AIG’s (NYSE:AIG) rights.

WSJ:   NYS hit Intel (NASDAQ:INTC) will antitrust charges.

WSJ:   Merck (NYSE:MRK) is looking at buying biotech companies.

NYT:  Medical device companies may not see heavy regulation under new healthcare legislation.

NYT:   Chrysler’s cash balance is up since June.

NYT:   Germany is angry over GM’s decision to keep Opel.

NYT:   Moody’s says four of the ten largest private equity deals have defaulted.

NYT:   Google (NASDAQ:GOOG) and other companies are challenging an EU settlement with Microsoft (NASDAQ:MSFT) on its web browser.

NYT:   A quarter of all businesses are run by women.

NYT:   The World Bank raised its forecast for China’s economy.

FT:   Goldman Sachs (NYSE:GS) had only one daily trading loss in the third quarter.

FT:   Impulse buying has given way to frugality in the US.

FT:   News Corp (NYSE:NWS) said its $900 million deal with Google to supply ads for MySpace is at risk.

Bloomberg:   UBS (NASDAQ:UBS) gets poor ratings from analysts.

Douglas A. McIntyre

Die Krise ist ja angeblich vorbei – nur scheint das noch nicht bei allen angekommen zu sein…

Gefunden bei rp-online.de:

Schweizer Großbank

UBS schreibt weiter rote Zahlen

zuletzt aktualisiert: 03.11.2009 – 12:26

Zürich (RPO). Die Schweizer UBS ist im dritten Quartal 2009 trotz operativer Fortschritte in den roten Zahlen geblieben. Anders als viele Konkurrenten musste die Großbank am Dienstag einen unerwartet deutlichen Quartalsverlust von 564 Millionen Franken (730 Millionen Euro) ausweisen. Der Ausblick fiel vorsichtig aus.

Im Vorquartal hatte die Bank einen Verlust von 1,402 Milliarden Franken verzeichnet, vor einem Jahr war es noch ein Gewinn von 283 Millionen Franken. Der erneute UBS-Verlust war von den Analysten erwartet worden, aber nicht in diesem Ausmaß.

UBS-Finanzchef John Cryan führte das Minus auf Sonderfaktoren zurück, die mit insgesamt 2,150 Milliarden Franken zu Buche schlugen. Dabei stammten allein 1,436 Milliarden Franken aus Wertberichtigungen auf eigenen Schuldtiteln.

Positives Ergebnis ohne Sondereffekte

Ohne Sondereffekte erzielte die UBS zum zweiten Mal in Folge ein positives Vorsteuerergebnis, wie Cryan sagte. Es betrug 1,557 Milliarden Franken, verglichen mit 971 Millionen Franken im zweiten Quartal. Die Finanzlage der Bank sei stabilisiert, betonte Cryan. Nun gehe es um die Wiederherstellung der operativen Ertragskraft, besonders 2010.

Die mit Reputationsproblemen kämpfende Bank musste im Berichtsquartal einen weiteren Kundengeldabfluss hinnehmen. Er betrug netto 36,6 Milliarden Franken, nach 39,4 Milliarden im Vorquartal. Die von der UBS verwalteten Vermögen summierten sich Ende September auf 2,258 Billionen Franken, verglichen mit 2,250 Billionen Franken Mitte Jahr.

Cryan betonte, die UBS habe Bilanz und Risikopositionen weiter verringert. Die Bilanzsumme sank um acht Prozent auf 1,476 Billionen Franken, die Risikopositionen verringerten sich um 15 Prozent auf 211 Milliarden Franken. Die Kernkapitalquote stieg von 13,2 Prozent Mitte Jahr auf 15,0 Prozent per Ende September.

Das Kostensenkungsprogramm verläuft gemäß Cryan planmäßig. Die Beschäftigtenzahl sank um weitere 2.783 auf 69.023. Im Ausblick rechnet die UBS mit weiteren Fortschritten, aber nicht mit einer unmittelbaren Erholung der Nettoneugeldentwicklung. Die Kostensenkungen sollten Anfang 2010 voll wirksam werden.

Quelle: AP/csr

As European banks report their latest quarterly results, many have benefited from robust investment banking business and inflows at wealth management units. UBS isn’t one of them.

The Swiss bank reported disappointing results today [subscription required], especially at its wealth management division. The traditional profit driver at the bank has seen a steady outflow of client funds after a damaging investigation into tax evasion by the American authorities tarnished the group’s reputation. Having settled with the authorities in August, the bank is now on the “long haul of restoring our reputation,” finance chief John Cryan said. The path will be “wobbly”, he added.

Private banking is currently one of the liveliest sectors in financial services [sub req], with banks scrambling for the wealth-management units put up for sale by the likes of ING and RBS. The accelerating outflows at UBS are in sharp contrast to swelling coffers at key competitors. Once one of the most venerable names in wealth management, UBS is the latest example of the management mantra about corporate reputations: hard to get, easy to lose.

Reuters:   The value of the yuan could cause a trade war between the US and China.

Reuters:   Executive pensions rose despite drops in stock prices.

Reuters:   Lloyds will make a large stock offering.

Reuters:   Stanley Works (NYSE:SWK) bought Black & Decker (NYSE:BDK) for $3.46 billion.

Reuters:   CIT’s (NYSE:CIT) exit from bankruptcy is not clear.

Reuters:   UBS (NYSE:UBS) posted a loss and wealth management clients continued to leave.

Reuters:   Ford (NYSE:F) posted a surprise profit.

Reuters:   Manufacturing and pending home sales both rose.

Reuters:   Volker said the economy could not rely on consumer spending.

Reuters:   The commercial real estate business is still in deep trouble.

WSJ:   Toyota (NYSE:TM) expects a monthly sales decline.

WSJ:   IllyCaffè SpA will work with local coffee shops to compete with Starbucks (NASDAQ:SBUX).

WSJ:   The head of the IMF says financial firms are going back to old practices.

WSJ:   Blu-ray makers are becoming more involved with web video.

WSJ:   Research-in-Motion (NASDAQ:RIMM) is the focus of a number of bearish comments.

WSJ:   Schwab (NASDAQ:SCHW) is making a push into ETFs.

WSJ:   GM’s board will revisit the Opel sale.

WSJ:   Microsoft (NASDAQ:MSFT) Office faces inexpensive versions of similar software.

WSJ:   Sears (NASDAQ:SHLD) may need to get cash from its Canadian operation which presents challenges.

WSJ:   Problems are beginning to appear in the financials of Chinese banks.

WSJ:   Business bankruptcies rose 7% in October.

NYT:   The US will allow GM to use federal money to put into Delphi.

NYT:   The Supreme Court is looking at fees advisors charge mutual funds.

NYT:   The Senate is pushing insurance companies on the amount of premiums they actually spend on care.

NYT:   Goldman Sachs (NYSE:GS) may buy tax credits from Fannie Mae (NYSE:FNM)

FT:   The Fed has asked banks to adopt it new pay rules early to cover 2009 compensation.

FT:   Ebay’s (NASDAQ:EBAY) PayPal has opened doors to outside developers.

Bloomberg:   The next head of Bank of America (NYSE:BAC) may be based in NYC.

Douglas A. McIntyre

ZURICH (AFP) –

Swiss banking giant UBS plunged into further losses of 564 million francs (373 million euros, 552 million dollars) for the third quarter, but said it expected the situation to improve in coming months.

“Having stabilized the bank?s financial condition and resized the business, UBS expects to see further progress in restoring the underlying profitability of the business in future quarters, particularly in 2010,” said the bank in its quarterly earnings statement.

Copyright © 2009 AFP All Rights Reserved

See the full post at UBS posts 564 mln francs loss for third quarter

I am looking for an interlinear NT.

I would like one that contains some manner of  justification for the reading chosen.

At this point I have two based on the TR, but would like one based on the TR with variants noted with a justification for their inclusion.  I would also like one based upon the latest UBS of Nestle that would also have the same.

Any suggestions?

Dal Riformista del 30 ottobre 2009

Piccolo giallo finanziario. Chi è il primo azionista del Corriere della Sera? Ieri Cesare Geronzi ha detto non è Mediobanca, ma Giuseppe Rotelli, l’uomo alle testa di un importante gruppo sanitario del nord Italia, con il 15 per cento. Ma Rotelli ha fatto sapere, no, ho solo l’11. Vediamo com’è nato questo caso. Mercoledì scorso, in occasione dell’assemblea di Mediobanca, Renato Pagliaro, direttore generale della banca d’affari, ha definito «innaturale» che una banca sia la principale azionista di Rcs, salvo poi prudentemente precisare che la cosa «non dipende solo da me, ma dagli organi collegiali di Mediobanca». Poi il manager – che tra le altre cariche è anche vicepresidente del consiglio di amministrazione di Rcs – ha ricordato che Mediobanca è diventata principale azionista di Rcs «incidentalmente», molti anni fa, per consentire il parziale smobilizzo della quota da parte di Fiat alle prese con una delle sue cicliche fasi di crisi.
Così, ieri, a margine della Giornata mondiale del risparmio, interrogato sul caso, Cesare Geronzi, presidente di Piazzetta Cuccia, ha risposto a sorpresa. Ha detto, appunto, che il primo azionista di Rcs, non è Mediobanca con il 14 per cento, ma Giuseppe Rotelli con il 15 per cento: «Non siamo il primo azionista. Accertatevi – ha detto ai giornalisti – il dottor Rotelli ha il 15 per cento, accertate».
E il quotidiano arancione ha provato ad accertarsi. Rotelli, proprietario di moltissime cliniche nel Nord Italia, è anche il titolare della finanziaria Pandette Srl: società che – secondo i dati depositati in Consob – ha in pancia il 7,54 per cento di Rcs. Ma in realtà Rotelli non ha solo il 7,54 per cento. Infatti, nel febbraio scorso il Banco Popolare e Pandette hanno sottoscritto un accordo sui contratti di opzione di vendita e di acquisto di azioni ordinarie Rcs stipulati il 29 novembre 2006 e il 19 aprile 2007. Con questo accordo è stato stabilito che il contratto di opzione relativo a 25,3 milioni di azioni ordinarie Rcs con scadenza lo scorso 3 marzo verrà prorogato di 5 anni, fermo restando che il diritto di voto continuerà a essere esercitato da Pandette. In sintesi, significa che tutte le azioni Rcs in possesso di Banco Popolare è come se di fatto fossero state trasferite a Giuseppe Rotelli e alla sua Pandette. Oggi il Banco Popolare ha in Rcs il 3,63 per cento: se questa quota la sommassimo a quella della Pandette, Rotelli arriverebbe all’11,17 per cento di Rcs.
Come si arriva al 15? Ci sono due scuole di pensiero. La prima è quella della Consob. L’istituto fa sapere che le comunicazioni all’Autorità avvengono solo quando le quote azionarie superano percentuali prestabilite: la prima soglia è il 2 per cento, la seconda il 5, poi il 10 per cento, segue il 15 per cento, e così via con i multipli di 5. In pratica Rotelli potrebbe comprare azioni Rcs con la Pandette e passare dal 7,54 attuale al 9,99 senza dover comunicare nulla all’istituto di sorveglianza. E dal 3,6 al 4,99 della quota Banco Popolare. La seconda ipotesi, la suggerisce proprio il Banco Popolare. Fonti dell’istituto di credito dicono al Riformista che le quote in loro possesso sono state ereditate dalla Banca Popolare di Lodi, che a sua volta aveva ricevuto le azioni Rcs – circa il 15 per cento – da Stefano Ricucci, o meglio, dalla finanziaria lussemburghese Magiste dell’immobiliarista romano che tentò la scalata al Corriere. E sulle azioni Rcs del Banco Popolare avrebbe diritto di voto proprio Rotelli. Ed ecco che ritorna il 15 per cento di cui ha detto Geronzi.
Resta un punto da chiarire. Dagli estratti Consob abbiamo visto che Popolare più Pandette fa circa l’11 per cento di Rcs. Rotelli però ha nella manica un asso: cioè un’opzione per acquistare da Banco Popolare ancora un 3,52 per cento circa di Rcs, quota al momento intestata per conto terzi a Ubs fiduciaria e su cui Rotelli ha diritto di voto. Quindi: Pandette (7,52 per cento), più Banco Popolare (3,62), più Ubs (3,52) darebbe come risultato il 14,66 per cento: quota che per eccesso corrisponde al 15 per cento. E se i calcoli venissero confermati, Mediobanca – che oggi ha il 14,2 del gruppo editoriale – non sarebbe più il primo azionista Rcs.
Comunque indipendentemente dalla quota del 7, 11 o 15 per cento, molti osservatori si stanno chiedendo quale sia l’obiettivo di Rotelli. Il re delle cliniche del Nord non ha mai posseduto giornali, ma è un appassionato di editoria. Dal Gruppo Rotelli fanno sapere che il desiderio del patron della Pandette è sempre stato quello di diventare un rinomato e importante editore. In una fase di eventuale riassetto del sistema Rcs, Rotelli potrebbe trovare spazio.
Intanto arrivano news sulla quota Rcs di Fiat (il gruppo torinese ha circa il 10,5 per cento). Ci sono state le dichiarazioni di Luca di Montezemolo («Per noi la presenza in Rcs è una scelta strategica e lo confermiamo») che nei giorni scorsi ha escluso la voce di una cessione della quota Fiat. A Torino si dice che Gianluigi Gabetti presidente d’onore Exor – finanziaria della famiglia Agnelli – avrebbe consigliato a John Elkann di esercitare maggior potere con la quota nell’editoriale del Corriere, altrimenti sarebbe meglio uscirne. Da Exor, azionista di riferimento di Fiat, smentiscono l’indiscrezione. Mentre in casa Fiat dopo un primo «no comment», lasciano intendere che sulla quota in Rcs c’è una linea di Montezemolo, che crede nell’idea del presidio culturale di Fiat in Rcs. E secondo alcuni non gli dispiacerebbe rafforzare le sponde naturali per il suo think tank Italia Futura. Un’altra ipotesi sarebbe quella di un rafforzamento della sua influenza sulla Stampa.