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REVUE DE PRESSE
Déplacement
Hong Kong 16 – 17 Janvier 2017 Asian Financial Forum 2017
January, 15th – 18 th, 2017
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PUBLISHED : Wednesday, 18 January, 2017, 6:49pm
UPDATED : Wednesday, 18 January, 2017, 11:04pm
HSBC’s chief executive reiterates plan
to relocate 1,000 staff to Paris as part
of Brexit shakeup PUBLISHED : Wednesday, 18 January, 2017, 6:49pm
UPDATED : Wednesday, 18 January, 2017, 11:04pm
enoch.yi [email protected]
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Enoch Yiu PrintEmail
HSBC Holdings is likely to transfer about 1,000 jobs from London to Paris
as a result of Brexit, bringing it in line with other international banks such as
Credit Suisse, BNP Paribas and Morgan Stanley, which are also relocating
parts of their operations to European Union jurisdictions, according to
HSBC chief executive Stuart Gulliver.
Gulliver told Bloomberg Television at the World Economic Forum in Davos,
Switzerland on Tuesday that it may move trading operations from London to
Paris as part of preparations for Brexit.
“Activities specifically covered by EU legislation will move, and looking at
our own numbers, that’s about 20 per cent of revenue,” Gulliver said in a
Bloomberg Television interview.
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He reiterated his pre-Brexit estimate that 1,000 jobs at the bank’s offices in
London are involved with products covered by EU legislation, which likely
need to move to France when Britain leaves the single market.
This will pave the way for Paris and Dublin to replace London as a gateway
for Chinese and international investors seeking an offshore yuan hub in
Europe. This comes as British Prime Minister Theresa May said on
Tuesday that Britain would exit the European Union, although she stopped
short of providing a clear timetable for the break up.
Senior officials from Paris and Dublin visited Hong Kong this week to meet
with local officials to outline their respective government’s tax incentives
and other measures intended to promote the attractiveness of their locales
as a base for international financial companies.
International banks BNP Paribas, Credit Suisse and Morgan Stanley earlier
expressed intentions to relocate staff from London, with Paris, Dublin and
Frankfurt the most common alternatives.
Credit Suisse chief executive Tidjane Thiam told Bloomberg in September
that the Swiss lender had already been scaling back its presence in
London.
“We had, since last year, announced a plan to reduce our footprint in
London. We have eliminated about 2,000 jobs in London at this point in the
year. Our strategy was to de-emphasise London,” he said at the Bloomberg
Markets conference in September.
“Paris is the ideal gateway for Chinese and international investors to invest
in Europe. After the Brexit, London based institutions will lose the passport
to sell financial products in Europe. Paris would be the financial centre to
act as the gateway to Europe for international financial firms,” Arnaud de
Bresson, managing director of Paris Europlace said in an interview with
the South China Morning Post.
French government agency Paris Europlace is mandated to promote
financial services in the capital.
“We want to attract investment banks, asset management companies and
insurance companies around the world to set up offices in Paris from where
they could sell financial products to customers of all European Union
countries,” De Bresson said.
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De Besson said many financial companies have expressed interest in
relocating to Paris.
He said the French government has already extended tax incentives for
staff of international firms to allow them to enjoy a reduced income tax rate
for eight years, up from five years.
“We are very disappointed for Britain to leave the European Union. But we
respect its decision to leave,” De Bresson said.
He said Paris has attracted several mainland banks to establish operations,
including Industrial and Commercial Bank of China, and China Construction
Bank.
“Paris is the largest financial centre in Europe in many areas from green
financing, yuan and other asset management business,” he said.
Ireland’s Minister of State for Financial Services Eoghan Murphy said in
Hong Kong that Dublin is keen to fight for the role as and investment
gateway to Europe.
“After Brexit, Ireland will be the only English-speaking country adopting
common law in the European Union. It means Dublin will be an ideal hub for
international and Chinese investors to invest in Europe,” Murphy said.
Murphy said Dublin has a young population and offers a low tax
environment for international firms. The county imposes a 12.5 per cent
corporate tax, compared with 16.5 per cent in Hong Kong.
“Ireland is recognised for its business friendly environment and it is home
for over 200 multinational financial services companies from banks, funds,
asset management and investment, insurance and aircraft leasing,” Murphy
said.
Ireland’s ambassador to China, Paul Kavanagh, said the two way trade
between the nations is expected to increase to €14 billion this year from €7
billion in 2013.
“The trade is expected to continue to grow strongly in the coming year,”
Kavanagh said.
This article appeared in the South China Morning Post print edition as:
hsbc reiterates plan to relocate london jobsHSBC to relocate London
positions
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HONG, KONG, 16 JANVIER 2017
EN DIRECT DE L’ASIAN FINANCIAL FORUM : L’ASIE, UN MONDE FORTIFIÉ QUI INNOVE Edwige MURGUET | 16 janvier 2017 | Le cap en mer de Chine
La dixième édition de l’Asian Financial Forum (AFF), organisée par le Hong Kong Trade Development Council (HKTDC), qui se tient les 16 et 17 janvier à Hong Kong, est bien partie pour être un succès. A son ouverture, la foule était telle qu’elle a intimidé Han, le robot développé par Hanson Robotics (société basée à Hong Kong). Face à la salle comble, l’humanoïde est resté muet, refusant de répondre à la présentatrice de la session plénière, à qui il avait pourtant parlé en privé, quelques minutes plus tôt. Malgré tout, il est encore peu coutumier de rencontrer des humanoïdes à l’occasion d’une conférence internationale, une surprise destinée à illustrer le thème choisi pour l’ AFF 2017, « L’Asie, moteur du changement, de l’innovation et de la connectivité » (« Asia : Driving Change, Innovation and Connectivity »). Comme le décrit le professeur KC Chan, Secrétaire aux Services Financiers et au Trésor de Hong Kong, « le développement de l’Asie, région devenue plus stable depuis la dernière crise financière, s’appuie beaucoup plus qu’auparavant sur la consommation et l’innovation. Les Fintech (technologies financières) qui s’y déploient créent un nouveau potentiel. » Les Fintech, un potentiel exploité sous toutes ses formes Celui-ci continue d’ailleurs d’être exploité sous toutes ses formes, en Asie comme dans la Région Administrative Spéciale de Hong Kong (HKSAR). Après avoir mis sur pied l’Innovation and Technology Bureau dès 2015, le gouvernement du Port au Parfum vient par exemple de signer (le 3 janvier) un accord de collaboration avec Shenzhen (considérée comme la capitale technologique de la Chine continentale) afin de construire un parc technologique commun, à « Lok Ma Chau Loop » (à la frontière de Hong Kong avec Shenzhen). « Nous encourageons l’expansion des fintech, qui offrent aux petites et moyennes entreprises un accès moins chers à des financements, ou réduisent le coût de leurs paiements, » explique
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aussi Kiatchai Sophastienphong, vice ministre des finances de Thaïlande. Cependant, insiste-t-il, « nous surveillons de près leur croissance car nous ne voulons pas créer une disruption de notre politique monétaire. » Les Fintech « existent et sont là pour rester. Désormais, nous devons suivre leur évolution et réglementer afin d’éviter d’éventuels excès, susceptibles de nuire aux consommateurs ou de contrarier notre politique monétaire, » confirme Saeb Eigner, président de la Dubaï Financial Services Authority. Des économies asiatiques mieux armées Si la croissance fulgurante des Fintech figure parmi les sujets majeurs abordés lors de l’AFF, celui de la résistance aux aléas financiers extérieurs est également passé au crible. Les économies d’Asie sont-elles mieux armées qu’en 2008 pour résister aux défis posés par le protectionnisme, la divergence des taux d’intérêt, les pressions sur les devises et les éventuelles sorties de capitaux qui leurs sont associées ? « Oui, » selon 71 % des votes de la salle (principale) interrogée, après avoir écouté les témoignages de l’Indonésie, en la parole de Mirza Adityaswara, gouverneur adjoint senior de la Bank Indonesia, puis de la Corée, en la parole de Jeong Eun-Bo, vice président de la Financial Services Commission. Il conclut à ce propos : « La meilleure façon de se prémunir contre des sorties de capitaux massives est de disposer d’une économie solide, basée sur des fondamentaux sains, avec des ratios d’endettement gérables.» La Route de la soie, une source d’espoir Le troisième thème de l’AFF sous les feux des projecteurs est celui de la progression de l’OBOR (« One Belt, One Road » / « Une Ceinture, Une Route »). « L’état actuel de l’économie mondiale, le chômage, l’accroissement de certaines inégalités, les risques liés au terrorisme, etc, ne permettent pas d’affirmer que nous ne verrons pas survenir une nouvelle crise mondiale. En revanche, l’Asian Infrastructure Investment Bank (AIIB) nous paraît être un outil de financement efficace, permettant de contribuer à une croissance durable. Nous apprécions beaucoup l’initiative OBOR de la Chine, favorable au développement de l’investissement dans les pays qui en ont besoin, et à des partenariats commerciaux, » commente notamment Mohammad Khazaee, vice ministre des affaires économiques et des finances d’Iran. La Place de Paris, une étape à revisiter La sortie prochaine du Royaume-Uni de l’Union européenne (Brexit) aussi provoque de multiples conversations parmi les divers représentants d’Asie venus s’exprimer à l’AFF. Les hommes d’affaires, les investisseurs asiatiques continueront-ils de considérer Londres comme la place majeure d’Europe ? Lui préféreront-ils Paris ou Francfort ? Paris, bien sûr, affirme Arnaud de Bresson, délégué général de Paris Europlace (Voir photo). Pour plusieurs raisons. « Deuxième pool de gestion d’actifs au monde (le double de l’Allemagne), la capitale de la France abrite aussi le plus grand marché obligataire européen (avec 35 % de part de marchés), devant Londres, » précise-t-il. La France est même le premier pôle de renminbi offshore en zone euro : Près de 50 % des paiements entre la France et la Chine s’effectuent déjà en renminbi, à comparer à 10 % en ce qui concerne l’Allemagne. Il est vrai que l’Hexagone est la première destination des investissements chinois dans la zone euro, et, espère en convaincre un plus grand nombre de venir la visiter.
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Saturday, 16 Jan 2017
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U.K. Still Bears Brunt of Hard-
Brexit Risks, France’s Noyer Says
by Carolynn Look
and Stephen Engle
16 January 2017 à 12:23 UTC+1
Transition must be well organized, former central banker says
Clearing business must return to Europe for stability reasons
What's the Takeaway From U.K. PM May's Brexit Speech?
Britain stands to suffer most from an abrupt break with the European Union, former Bank of France Governor Christian Noyer said. “All in all, it is mostly a risk for the U.K.; I hope for them they will cope with it,” Noyer told a conference in Hong Kong. “There will be more investment in the rest of the EU."
Christian Noyer on Jan. 16. Photographer: Anthony Kwan/Bloomberg
Noyer’s comments rebut claims by Bank of England Governor Mark Carney
last week that the EU faces a greater financial-stability danger should the
country leave the bloc without an appropriate transition phase. The discussion
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follows calls from financial-sector executives for more time than the two-year
leaving period allotted by law.
Asked in a Bloomberg Television interview whether a so-called hard Brexit
spells more of a chance of a disorderly departure from the bloc, and whether
he agrees with Carney’s assessment, Noyer said: “I don’t believe at all that
there is a risk but what is sure is that the transition must be well organized.”
While negotiations in the financial sector should progress relatively speedily,
talks related to other parts of the economy may take more time, he said.
“If the financial firms need a year or two to reorganize themselves, one should
be careful to grant them the necessary time -- I don’t think you need a lot of
time,” Noyer said. “The most delicate thing is probably in the manufacturing
sector,” and “it may take more time to disentangle that in an organized way, so
we should take the time to do that.”
Clearing Houses
Clearing of financial transactions should return to the EU, Noyer said.
The most important business stories of the day.
“If the bulk of the clearing is not done in the euro zone under the
supervision of the central bank of the euro zone, of the supervisors of the
euro zone, including the European market supervisor, that’s very
dangerous,” he said. “It shouldn’t be seen as aggressive vis-a-vis the U.K.
It’s a matter of financial stability. It’s highly dangerous to have a financial
center that is outside the remits of those in charge of financial stability.”
European Central Bank President Mario Draghi said last week that his
institution should maintain oversight of the U.K.’s clearing business even after
Brexit. The ECB has tried in the past to claw euro-derivatives clearing away
from Britain, where some $2.7 trillion of interest-rate swaps change hands
each day.
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Interview Christian NOYER, Gouverneur Honoraire,
January, 16th, 2017
高端访谈
在亚洲金融论坛上，南方日报记者独家专访了法国央行荣誉行长诺亚，就英国脱
欧、美联储加息、全球经济和人民币国际化等热点话题进行探讨。
法国“脱欧”是天方夜谭
南方日报：英国脱欧事件的影响还在继续发酵。您如何看待这件事情，英国脱欧
对法国带来了怎样的影响？
诺亚：人们对英国选择脱离欧盟感到遗憾，但这是一个事实。对于法国来说，现
在重要的事情是要明确：我们不可能同时退出欧盟又进入欧盟。离开欧盟意味着必须
离开这个单一市场。在欧盟这个单一市场中，成员们都能享受到这个单一市场带来的
好处，包括货物和服务的自由流动，还有人员的自由流动。同时，你必须遵从欧盟的
规则，接受司法约束，并且需要为欧元区财政预算做出贡献。
英国不再接受这些条件而且选择脱离欧盟，这意味着许多投资和金融活动可能会
离开英国，进入欧盟的其他国家重新部署。这样的调整并不一定会带来巨大的风险，
相反，高度集中的金融活动可能会带来巨大的系统风险。
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British pound falls in Asia as markets brace for 'hard' Brexit speech CNBC with Reuters Sunday, 15 Jan 2017 | 8:33 PM ETCNBC.com
Sterling slumped to three-month lows in thin Asian trade on Monday with investors again
concerned by media reports that the British government is prepared to make a "hard" exit
from the European Union.
The pound fell 1.04 percent against the dollar at $1.2047 during early Asian time, after
falling as low as $1.1979 earlier. This was the most the dramatic fall since last October
when the pound nosedived to a three-decade low at $1.1819 amid fat-finger speculation
and Brexit fears.
The euro was quoted up 0.85 percent at 0.8816 pounds, while sterling fell 1.4 percent on
the safe-haven yen to 137.69 yen. The Japanese currency gained broadly, with the U.S.
dollar dipping to 114.28 yen.
Theresa May will announce a "clean and hard Brexit" and prepare to pull the U.K. from the
European market and the European customs union in exchange for the ability to control
immigration laws and leave the jurisdiction of the European Court of Justice, the Sunday
Times reported.
May intends to launch by the end of March the formal process of negotiating the terms of
Britain's exit from the EU, but has so far given very little away about what deal she will be
seeking, frustrating some investors, businesses and lawmakers.
Brexit Secretary David Davis also wrote in the Sunday Times that the U.K. is seeking to
negotiate a completely new partnership with the EU, and signaled that there may be a
transitional deal so as to give businesses time to adjust after the split.
Why London will have to 'share' its financial hub status Sunday, 15 Jan 2017 | 8:13 PM ET | 02:03
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Markets have been worried such a decisive break from the single market would hurt
British exports and drive foreign investment out of the country.
This week is expected to extremely volatile for the British currency, as there is also
the possibility that the U.K. Supreme Court could announce its ruling over whether
May has the parliament's permission to trigger Article 50, which is a piece of
legislation that kickstarts the Brexit process.
The British Prime Minister's speech on Tuesday is expected to soften relations with
the EU and clarify the type of relationship her government will seek with the politico-
economic union, said Majtaba Rahman, managing director and Europe practice head
at Eurasia Group, in a note on Sunday.
However, the "the EU is likely to see the Single Market and Customs Union
membership as binary choices [and] in the coming weeks, the Union will also be
adopting more 'principles' to govern its approach," Rahman added.
He explained that it would be wishful thinking on the U.K.'s part to believe that it
would have more flexibility with the EU after French and German elections are over
this year.
Christian Noyer, special envoy to defend the financial interest of France in the Brexit
negotiations, reaffirmed the European Union's hard stance on Brexit negotiations in
an interview with CNBC at the Asian Financial Forum in Hong Kong.
"The U.K. leaving the European Union means they leave the single market, and
there's no way you can access the single market… so it will be a third country like
any other," said Noyer, who is also the Honorary Governor at Banque de France.
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