Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Societe Generale launches the FCP SOGELIQUID distribution mutual fund

Societe Generale launched FCP SOGELIQUID, its first Monetary Investment Mutual Fund in the UEMOA zone, this Thursday, July 23, 2020. This launch gave rise to a panel on “How to boost the money market through money market mutual funds (FCP)”.

Societe Generale launches the FCP SOGELIQUID distribution mutual fund

Marc Giugni Deputy CEO of Societe Generale Côte d'Ivoire (SGCI), Adrien Diouf, CEO Umoa-titres, Patricia Koizan, CFO and Accountant CNPS and Christophe Traoré, CFO of Allianz Iard, gave their opinion on the subject of day.

Ms. Orphée Monnet-Kebe, Managing Director SGCAM WA and moderator of this panel set the context by explaining the opportunity offered by SOGELIQUID.

Speaking from Dakar by videoconference, Mr. Adrien Diouf noted the impact of the Monetary Investment Fund on the securities of the WAEMU market. According to Mr. Diouf, the FCP contributes to broadening the base of investors in this market, the vast majority of which are banks in the sub-region and insurance companies. According to him, the FCP will allow other players who are players in the non-financial economy to take advantage of the opportunities offered by the market such as those with excess cash. He maintains that the establishment of the FCP allows the revitalization of the secondary market.

For Marc Giugni, the importance of the monetary FCP stems from the fact that it is a complement to customer offers given the presence of other classic products that already exist. The advantage of the FCP, argues the CEO of SGCI, is the short-term investment that responds to a specific demand adapted to certain clients. Likewise, he believes that the FCP is more sensitive to changes in interest rates; which gives investors a guarantee of capital and above all availability of funds.

Mr Giugni is convinced that the amount of 10 million FCFA for this FCP is affordable for small businesses. Also, he stressed, other advantages such as the pledging of these securities for loans and the tax exemption of all dividends from FCPs.

Patricia Koizan, Financial and Accounting Director of the CNPS (National Social Security Fund) noted that the benefit for its structure of subscribing to the FCP SOGELIQUID is due to the fact that it allows them to grow their cash surpluses resulting from the good management of their resources.

She noted that under the recommendation of the Inter-African Conference on Social Welfare (CIPRES) the CNPS must have short-term reserves in addition to long-term reserves. "This new product comes as an alternative for us to term deposit or DAT," said cheerfully.

Finally, Christophe Traoré, Chief Financial Officer of Allianz Iard, while assuring that Allianz could be a probable subscriber to SOGELIQUID, explained that this fund will allow insurance companies to benefit from the availability of liquidity in the event of a disaster. and to have a yield of 5% which is practically that of term deposits.