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lefigaro.fr / jdf.com: carbon tax rejected, disagreements at the Copenhagen summit. These events would not they have a negative impact on Socially Responsible Investment (SRI)?

Alain Zeitouni: I think, however, that these cons-time advocate of SRI. They illustrate the inability of states to agree on what policy to adopt and highlight companies that have a real socially responsible approach. Investing in SRI is an investment in a well-run company with good governance and employability positive and more likely to see its share price appreciate.

AFG (French Association of Financial Management) will also require management companies by July 31, a code of ethics which they must answer a series of questions about their SRI policy.Management companies will therefore have an obligation to be transparent with investors in our case, we will put this code available to our customers on our website.

Why did you choose the multi *? How do you reconcile with SRI?

As a society, we believe it is more appropriate to rely on several topics related to SRI, rather than a team with SRI extra-financial analysis.It is well known that our SRI funds Alphastar Barclays profit pricing that allows investors to actively contribute to social awareness, with 20% management fee will be donated to support local civic projects through our structure Barclays Solidarity.

SRI funds are they more efficient than conventional investments?

It is difficult to measure but what is certain is that SRI is more resistant in the phases of market correction and presents a more defensive profile, if uptrend. In other words, there is an outperformance in the market phases. SRI is not a barrier to the market performance. Instead, he must give value added to the fund compared to a traditional investment.The management team should also bring in funds through the performance of traditional criteria such as the revaluation of securities and its prospects.

How do you select your values?

Our management approach is based on a "best in class", that is to say that we select the best titles in their class, whatever the category. In other words, we do not exclude sectors that initially do not appear to be consistent with the ISR, such as the automotive and oil industries, for example.

While values have a real socially responsible approach, we keep them. For example, some car values are investing heavily in R & D to reduce pollution from their vehicles or oil stocks investing in renewable energy. The purpose of a product is primarily SRI performance.We believe it is unnecessary to have a debate about whether a particular value or not SRI.

Why is it your portfolio as concentrated (Barclays Alphastar SRI consists of 13 funds, Ed)?

Our portfolio consists of only 13 funds, because we were not convinced of the other approaches SRI funds, and we believe this issue to make it more readable, it is not necessary to invest in more funds . Accordingly, we are heavily invested on each line, because we have strong convictions on certain themes (sustainable development, corporate governance) that we identify as a source of added value.

Amund and Natixis are historical actors of SRI investing in this topic for many years. They have a database of the oldest of the place.We also returned UFG shares Sarasin Euro Mid-Caps, while our investment universe is large caps. The idea is to identify mid-cap stocks that are concerned with the theme of SRI, but that hardly communicate, because they do not face the same pressure as the major media values.

What is the performance of your fund?

Our fund outperformed the MSCI Europe since its creation of 1.5 basis points (-19.18% against 20.73%) and the underperformed since the beginning of the year (2.98% against 3 57%). This reflects the fact that our portfolio is too concentrated on European values. Because of the difficulties of Greece, the euro has sharply d?sappr?ci? and our portfolio with him. Thus, more than one reason for the market for a reason related to the SRI we underestimate performons index.We therefore decided to refocus on Europe in integrating the England and Switzerland in our portfolio.

That is why we returned OFI leader who is a fund invested in European companies considered in a leadership role within their industry and their competitive universe. We also selected HS Europe, which is invested in European companies also meeting the constraints on environmental, social ethics and governance. We believe that given the pressures on the euro, the single currency will continue to depreciate.

* Multi-management is a technique that selects the most experienced managers and more effective and provide access to larger customer base through a single medium (CPF unit trust or life insurance contract).

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Air France-KLM fails to emerge from the fog in which she sailed past four quarters. The airline announced on Wednesday a further loss in the third quarter of fiscal shifted 2009-2010, the fifth in a row. Over this period (October to December), the group garnered a net loss of 295 million euros. This is less than the 508 million the previous year but well above the 216 million expected by analysts. The operating loss also disappointed expectations, to -245 to -194 million against expected by the market.

In the third quarter, revenue fell 16% to 5.19 billion euros. Observers had expected 5.34 billion euros."The business has shown during this quarter are some signs of recovery but in an economic environment that remains challenging," the group said in a statement.

Operating loss record throughout the year

For more, Air France KLM expects operating profit in the fourth quarter of fiscal offset "the same as that of last year" was 574 million euros. This "given the expected recovery later in unit revenues, lower capacity and an increase of about 300 million dollars from the oil bill.

This means that at this rate, the operating loss over the whole year could reach a record. Indeed, nine months, the group's operating loss amounted already to 788 million euros.Adding to the loss of 574 million harvested in the fourth quarter, the operating loss over the entire year could exceed 1.3 billion euros.

In a more distant future, Air France-KLM confirms targeting a return to balanced operations for its fiscal year 2010-11, excluding the impact of oil hedges prior to 2009. The company relies on cost reductions, "expected a slight increase in unit revenues, the implementation of medium-haul product and restructuring initiated in cargo activity.

The general environment is showing signs of improvement in the airline also confirmed the International Air Transport Association (IATA). The situation could hardly be worse than in 2009.

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After giving a first pressure on the management of the oil company, Christian Estrosi, Minister of Industry, insists the government "will not accept" the closure of the Total refinery at Dunkirk "as long as n 'There will be no guarantees the necessary continuity "of some 800 jobs involved," he said Monday on radio BFM.

The Government looks forward to the official position of Total in this case. The group must decide precisely Monday on the fate of the Flanders refinery, which employs 370 employees and 450 subcontractors. Since mid-September, the site is in "stop cyclical" because he can no longer sell its output, given the current weakness in demand for fuel.

"For the moment we have no binding commitment on the part of Total and I say very clearly, the Government will be firm," said Minister of Industry.

The previous March 2009 is remembered

In any case, the government has warned it did not intend to be outdone in the folder "Total" payday loans . "We will not accept an initiative to be taken unilaterally without any commitments are made to sustain current employment at the refinery," says Christian Estrosi.

Last Tuesday, the Minister noted that Total was considering the possibility of opening an LNG terminal in the port of Dunkirk.

In March 2009 already, the oil company had attracted the ire of politicians, after announcing the abolition of 555 posts in France, including 249 by 2013 in the refinery.A few weeks earlier, had issued a total record profit for 2008 of 13.9 billion euros.

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The time of discord between Cadbury and Kraft Foods U.S. suitor would be gone. The BBC and The Wall Street Journal reported yesterday that even the banns could be published on Tuesday. An agreement had indeed been found between the two groups on the basis of an offer revalorized Kraft Foods.

The amount of this new proposal to be about 19 billion dollars, according to the U.S. economic daily, citing sources familiar with the matter. The British radio advance estimates of the same order.It expects an offer increased to 850 pence per share, at most, on the recovery of Cadbury at 11.7 billion pounds, or 13.3 billion euros, equivalent to 19.148 billion dollars at current exchange rates of one euro to 1.4397 dollars.

Based on closing prices Friday, the previous offer of Kraft, open until February 2, Cadbury valued at 10.5 billion pounds, about 12 billion euros or 17.2 billion dollars. Kraft Foods has finally decided to upgrade its offer in response to rumors of interest from the U.S. confectioner Hershey. British law gave him until Tuesday, January 19 to change the amount of its proposal.

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Abrupt return to earth to investors who started the session on Wall Street in the red. The unemployment figures in December were worse than expected. The U.S. has destroyed 85,000 jobs in December as the monthly report of the U.S. Department of Labor. The euphoria was not to go because the unemployment rate remains at 10%. Half an hour before the release of U.S. unemployment figures in December, all future pointing upward. Markets expect that job losses have continued into December. Some also not ruled the possibility of new posts.

Now, the Dow Jones fell by 0.4% to 10,563 points, the S & P lost 0.40% to 1137 points while the Nasdaq lost nearly 6% to 2295 points. The day before, the Exchange had ended in the balance.

Values follow

As for values, General Mills lost 1.02% to 70.57 dollars.The group is expected to announce some numerical predictions.

Barclays (1.18% to U.S. $ 20.63) receives a statement of recommendation from UBS from "neutral" from "buy."

Delta Airlines (-0.55% to $ 12.61 million). Information published by the Wall Street Journal announced that the U.S. airline American Airlines, together with the company TPG Capital, now propose to invest 300 million dollars more in Japan Airlines, for a total of 1.4 billion dollars.

The outlines of the reform of business tax does not end up being redesigned. While the bill contains funds that the text is finally adopted this afternoon, the government has introduced yet another amendment.

Responding to a request by senators, Eric Woerth has indeed held to reintroduce an element of equalization in the distribution to local communities of the future contribution of value-added businesses (CVAE), which replaces, with the contribution of property, business tax . Specifically, one quarter of the proceeds received from this CVAE be taken in favor of an equalization fund, then transferred to regions and departments in accordance with economic and social.A measure designed to correct inequalities that may be caused by the territoriality of the contribution.

All these changes will not affect business leaders, set for some time about the nature of the contribution they must pay. The business tax, which will disappear in 2010, is in effect replaced by a double contribution: the contribution of corporate property, sitting on the rental value of land occupied buildings, and the famous contribution of value-added businesses, paid from 500.000 euros turnover.