How Are Banks Responding to the Crisis in Terms Of
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INFO ... 2010 / 2011 T � : P K H A A K CEO of Alstom, addresses President of CBI at the on the 1.5 Billion treasure trove Chamber’s Dîner de la Rentrée Annual Financial Lunch P G A K ESCP Europe comes top in What they mean for businesses Turning the World upside down FT rankings AFRANCE_INFO_AD.eps 10/11/09 11:40:14 There for when ‘if’ becomes ‘when’ C M Y CM MY At AXA we have alwaysCY believed that being there CMYfor our customers when they need K us most is the best way to build a strong financial business. We’re in the process of redefining every product and service we have to better serve our customers and to continue to deliver on our promises. So when the moment comes that we have to act on them, whether as a wealth management partner, an insurer, or as a healthcare provider, we’re always ready to show that actions speak louder than words. B,)%(&20(6:+(1B;LQGG Arnaud Vaissié President, French Chamber of Commerce in Great Britain, editorial and Chairman & CEO, International SOS elations between Britain and France are as warm as they have ever been. The meeting R and subsequent accord between the President of France and the British prime minister at the beginning of November was smoothly and effectively choreographed. The highlight and the most encouraging announcement was of course on defence, where the two countries are pooling resources in the interest of saving costs. That is a requirement for both countries and much will be achieved. But, ground-breaking as this is, it is far from the whole story. The defence deal is indicative of a realisation that the two countries have an over-riding interest in exploring co-operations. These may range in the future from industrial joint ventures through to even more forms of cultural and economic relationships. The pace of progress in building creative alliances between Britain and France, so long too halting, will now move up a gear. That is very welcome. The Chamber plays a role in this collaboration by bringing together leading British and French business people in friendly yet constructive forums, to enable them to understand each others’ economies, countries and companies. So the Annual Financial Lunch which took place in mid-November was hosted by a leading British captain of industry, Helen Alexander, the president of the Confederation of British Industry. Ms Alexander has an unparalleled familiarity and insight into British companies and management, and the mutual sharing of interests was beneficial to British and French managers alike. Meanwhile the focus of the address given by Patrick Kron to our “Dîner de la Rentrée” was the important contribution made by Alstom to the British market, and the opportunities he sees here for future collaboration between his company and British clients and providers. In an exciting and visionary speech, Mr Kron made clear that Alstom, while based in France, was a truly global company, with 90% of sales derived outside its home base. No review of today’s global economy can avoid reference to the recessionary pressures now facing all our companies and countries. We see from our Focus on Finance in this issue that state spending on infrastructure and on social budgets is being curtailed. This is giving rise to social tensions. But it also presents an opportunity – in admittedly difficulty circumstances – for companies to increase their share of the gross domestic product and enter markets and sectors they might not have expected. The Chamber will continue to play its role of bringing the French and British communities together in order to help our companies resume growth and improve their prospects. I info - december 2010 / january 2011 - contents issue 192 / December 2010 - January 2011 Helen Alexander: guest The power of business: Patrick speaker at Chamber’s Kron at the Dîner de la Rentrée 74 Annual Financial Lunch 72 Anish Kapoor: Turning French banks take care The revenge of 61 the world upside down 53 with risk 37 the real economy 5 minutes with Success Story 58 Going back to basics: private client investment advice after the crisis 10 Jean-Claude Perdigues 32 Lars Clausen: Zoo markets a path to success 59 New rules for Credit Rating Agencies Managing Director of GDF SUEZ E&P UK Ltd 60 Emerging markets: the path Navigating the Storm 35 to future growth News in the City 36 Timeline of a crisis 13 Cuts sound clarion call to the city 37 The revenge of the real economy Culture 17 Profile: Arnaud Chupin pursues Crédit 39 How to raise working capital after 61 Anish Kapoor in Kensington Gardens Agricole CIB’s development in the UK the financial crisis 62 What’s on 41 When man and machine collide 65 Book Reviews News 42 Mixed messages haunt British banking 43 Not out of the woods just yet… 19 Low carbon energy pioneered The Mark of Distinction. Borrowing still tight for SMEs Wine Press 66 for the Olympics 44 Lightening the load Offer your staff and 20 VINCI and partners working on Lee Tunnel 46 Bankers of no resort? @ the Chamber... customers the best every day. EADS Defence & Security becomes Cassidian 48 Capgemini’s model of a banking future 68 Chamber news and new members Cinémoi to be launched on Virgin Media 49 The £1.5 billion treasure trove 71 First ‘Dîner des Chefs’ with Hélène Darroze at the Connaught 21 International SOS awarded China’s Ministry 50 Mind the gap – opportunities for of Foreign Affairs contract financing European innovation 72 The power of business: Patrick Kron 51 Banking on which investment banks? at the Dîner de la Rentrée Accor: change in executive management 52 How to shape the bank of the future 74 Annual Financial Lunch: Helen Alexander 23 Anglo-French Treaty may reap 53 French banks take care with risk talks about International Cooperation economic benefits 54 Make hay while sun shines! It may not last 76 Enterprising spirit still rules in Jersey 24 The Charles Péguy centre 55 New automatic pension schemes: 77 Forthcoming events 25 ESCP comes top in FT rankings What they mean for small businesses 27 UK Regional review 56 Tax - The Tide is Turning Questionnaire de Proust 28 Special focus on the Alsace region 57 Adapting in order to succeed 78 with François Ozon Managing Director: Florence Gomez Editorial Commitee : Mark Beynon, Anaïs Cudi, Distribution : CCFGB members, Franco-British decision Editor-in-chief: Nicolas Kochan Xavier Denecker, Olivier Jouanne, Marion Laleve, makers, Business Class lounges of Eurostar, Eurotunnel Assistant Editor: Lawrence Joffe Anne Marnat, Andrew Moore, Jean Olivari, & Air France in London, Paris and Manchester. Corporate Communications Exec: Hannah Meloul Gherardo Laffineur Petracchini, Marcus Rebuck. Editorial and Publishing Offices : Graphic Designer: Prima Hevawitharane French Chamber of Commerce in Great Britain Contributors : Mark Beynon, Xavier Denecker, Advertising: David Lislet - Tel: (020) 7092 6651 Lincoln House, 300 High Holborn Jean-Christophe Fonfreyde, Bruno Grappin, Publications Assistant: Pierre-Olivier Lucereau London WC1V 7JH Angela Knight, Marion Laleve, Thibault Lavergne, Tel: (020) 7092 6600; Fax: (020) 7092 6601 Cover picture: © Stanislav Pobytov Andy Lees, Stephen Lewis, Christian-George Malissard, www.ccfgb.co.uk Discover Nespresso Business Solutions. Printed by: Headley Brothers Ltd Micha Missakian, Andrew Moore, Jean Olivari, Subscription: INFO is published every 2 months. Stéphane Rambosson, Jean-François Roubaud, To arrange a free demonstration, Prue Watson. please call 0808 100 88 44 www.nespresso-pro.com info - december 2010 / january 2011 - UKfe10Info DecisionMaker 197x279 1 08/02/10 14:17 Patron Members of the French Chamber of Commerce in Great Britain 8PSMEXJEFSFBDI )VNBOUPVDI GUIDELINES *OUFSOBUJPOBM404 October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info - december 2010 / january 2011 5 minutes with Jean-Claude Perdigues Could you describe any major future challenges? substantial. We plan to invest in diverse areas in the UK One central challenge affecting long term investment where the group is strong worldwide, such as nuclear decisions is the decoupling of once-connected oil power production and underground gas storage. 5 minutes with and gas prices. Especially since the economic crisis, oil prices have remained relatively high while gas has Is GDF SUEZ growing in the UK? Jean-Claude Perdigues dropped because supply exceeds demand. This means Oh yes. In my own field, we have more than doubled less predictability. On the other hand, gas becomes the number of UK staff over the past two years. We have more attractive as prices fall, which in turn justifies about 100 staff and another 100 contractors. Nor is our new projects. merger with International Power the end of the story. It Actually,