Olivier d'Auriol see: http://www.wednesday-night.com/Wed1191.asp , CEO of Olivier d'Auriol Asset Management SA ("The Mother of all Funds of Funds"), will again be with us this week; Jacques Clément will also be here to give his overview of the North American economy; he also plans to devote part of his review to China's economy. In anticipation of a focused discussion of the North American and world economies, we have done our homework, - including one or two off-topic stories that may capture your imagination -, which we offer below in preparation for what should be a most interesting evening in the company of experts.
Aug 9
Hedge funds have snapped their losing streak: July was the best month hedge funds have seen all year, with the major indexes that track them posting positive numbers across the board.
http://money.cnn.com/2005/08/09/markets/hedgefunds_july/
Hedge Funds Get Trounced
Hedge funds, those expensive investment toys of the rich and famous, posted their best monthly performance of the year in July. But that wasn't enough to beat the performance of any of the three major stock indexes. http://www.forbes.com/home/services/2005/08/09/hedge-funds-july-cx_lm_0809hedge.html
Attica says hedge funds can be as safe as government bonds
A well diversified portfolio of hedge funds can yield returns that are similar to -- although not necessarily correlated with -- government bond investments
http://today.reuters.co.uk/Funds/FundsArticle.aspx?type=fundsNews&storyID=2005-08-09T110243Z_01_NOA939682_RTRUKOC_0_HEDGE-FUNDS-ATTICA.xml
US growth returns to robust form
The US economy's ability to keep expanding seems to be resisting the gloom emanating from some economists, while inflation also remains subdued. But the recent renewed surge in oil prices has yet to affect the headline growth figures; other possible causes of trouble ahead are the US's huge deficits - trade, government budget and current account - a potential housing bubble and growing consumer debt. http://news.bbc.co.uk/1/hi/business/4634255.stm
European shares closed near three-year highs on Tuesday as record crude oil prices boosted energy stocks. Trade was modest, with markets awaiting the outcome of a meeting of the U.S. Federal Reserve's interest rate-setting committee http://edition.cnn.com/2005/BUSINESS/08/09/europe.stocks.reut/index.html
Oil continues to climb above $64
Crude futures climbed past the $64-a-barrel mark Tuesday, as the market continued to monitor events in Saudi Arabia http://edition.cnn.com/2005/BUSINESS/08/09/oil.asia/index.html
$1.08 a litre and climbing
Demand surging; You'll pay $1.14 by month's end, station manager says
Gas prices in Montreal reached an all-time high of $1.084/10 for a litre of regular unleaded yesterday, leaving motorists with little hope that under-a-dollar prices will be back anytime soon http://www.canada.com/montreal/montrealgazette/news/story.html?id=ea366c4d-740e-447c-9daf-4cca2a4290e7
G.M. Thrives in China With Small, Thrifty Vans
General Motors seems to have hit on a hot new formula: $5,000 minivans that get 43 miles to the gallon in city driving. That combination of advantages has captivated Chinese buyers, propelling G.M. into the leading spot in this nascent car market.
http://www.nytimes.com/2005/08/09/automobiles/09mini.html
Aug 8
Japanese snap election Sep 11
After losing a crucial upper-house vote on privatising Japan’s postal monopoly, the prime minister, Junichiro Koizumi, has called a snap election, triggering a civil war in his own party and taking the country into uncharted waters
http://www.economist.com/agenda/displaystory.cfm?story_id=4267030&fsrc=nwl
Bush Signs an Energy Bill That Had Been a Longtime Priority
On a day oil and gasoline prices set records, President Bush signed a bill that encourages increased domestic oil and gas production. http://www.nytimes.com/2005/08/09/politics/09bush.html
Electricity prices threaten Alcan smelters
High electricity prices could result in the closure of two of Alcan's European smelters, one in France and the other in Switzerland http://www.canada.com/montreal/montrealgazette/news/story.html?id=b47b98b8-e01e-4076-8ba2-3640fc37f3ba
Subsidizing African misery
In 2002, the Federal Council of Switzerland spent about 12 million Swiss francs ($11.5-million) on a modest model for its own use. The jet Tanzania's government bought for its president cost almost 50 million francs. The Swiss taxpayers paid for both planes. Tanzania, proud if economically challenged East African home of the new jet, was subsidized by the Swiss Agency for Development and Cooperation to the tune of $31-million last year. [National Post Subscription only]
Aug 2
Bogus fears send the Chinese packing
CNOOC, a Chinese state-controlled oil firm, has abandoned its $18.5 billion bid for Unocal, blaming political opposition in America. China’s government could retaliate by blocking American investment in China. American firms may, in the long run, be glad of that http://www.economist.com/business/businessthisweek/displaystory.cfm?story_id=4244565
Bits & pieces
Doctors approve of two-tier health
Canada's doctors overwhelmingly believe the recent Supreme Court ruling which cleared the way for private health insurance will lead to shorter wait times and better patient care http://www.canada.com/montreal/montrealgazette/soundoff/story.html?id=c329b2bc-f592-4972-8443-5aa7435d87c9
Wildlife Moves to Stay Cool in a Warmer World
Salmon swim north into Arctic seas, locusts plague northern Italy and two heat-loving bee-eater birds nest in a hedge in Britain. Inuit peoples have noted southerly species of wildlife reaching the Arctic in summertime in recent years, including robins, hornets and barn owls. ... rising temperatures may drive thousands of species to extinction and cause more storms, floods and deserts while raising sea levels, perhaps by one metre (three feet) by 2100.
http://www.planetark.com/dailynewsstory.cfm/newsid/31972/story.htm
Will the Flight Be on Time? It's Anybody's Guess
This is not a good time for time-conscious air travelers. Data from the department's Bureau of Transportation Statistics last week showed that this was shaping up to be the worst year for departure delays since 2000. In the year through June, nearly one in five flights, or 17 percent, left airports late.
http://www.nytimes.com/2005/08/08/business/08delay.html?adxnnl=1&adxnnlx=1123560654-c9PR41wgiBRx7tAafUGVFg
Jan Eliasson oversees the United Nations' world summit next month
Sometimes I have trouble translating to people the needs and aspirations for development," said Mr. Eliasson, a Swedish diplomat cast in the benevolent tradition of Scandinavian foreign policy. So when I meet with the empty looks and glassy eyes, I say, 'This glass of fresh, clean water is a common sight for us. But to two billion people in the world, it is a luxury.'
You can break down figures that show that 300 million people south of the Sahara don't have clean water. But working with images may be more important. If we can see relief in these concrete terms and remember this glass of water, then maybe we can become more action-oriented. http://www.nytimes.com/2005/08/06/international/europe/06eliasson.html?ex=1123992000&en=abf1d7e54291fd85&ei=5070&emc=eta1