La Française Real Estate Managers has acquired an asset located within block P5 and in the heart of the new "Bassins à Flot" district, straight along the road from the Chaban Delmas bridge in the centre of Bordeaux (33).
PIMCO, a leading global investment management firm, has elected Daniel Ivascyn to serve as Group Chief Investment Officer (“Group CIO”), succeeding William H. Gross who has left the firm. In addition, the firm appointed Andrew Balls, CIO Global; Mark Kiesel, CIO Global Credit; Virginie Maisonneuve, CIO Equities; Scott Mather, CIO U.S. Core Strategies; and Mihir Worah, CIO Real Return and Asset Allocation. Douglas Hodge, PIMCO’s Chief Executive Officer, and Lew “Jay” Jacobs, President, will continue to serve as the firm’s senior executive leadership team, spearheading PIMCO’s business strategy, client service and the firm’s operations.
U.S. and European stocks fell sharply last week. In the U.S., the Dow Jones Industrial Average fell 3.71% to 17,245, the S&P 500 Index dropped 3.62% to 2,023, and the tech-heavy Nasdaq Composite Index lost an even harsher 4.27% to close the week at 4,927. Energy-related and retail stocks were the worst performers, with the latter pulled down by growing concerns over holiday sales. The equity selloff also meant that volatility, as measured by the VIX Index, climbed back to 20 for the first time since early October.
The impact on markets has been very short lived as investors have learned from history that, after the initial contraction, markets revert quickly to levels before the event. The tragic events in France are still a reminder of the unknown and unexpected events investors have to accept when harvesting risk premiums in markets.
Apple returns to the attack of the European Commission, after Tuesday's fine that requires the company to Cupertino payment of 13 billion euro to move back taxes in Ireland. "The European legislation on taxes is maddening," said the number one Tim Cook group then called "exasperating" the EU Commission approach to State aid. Yesterday, the US Treasury Secretary, Jack Lew, had spoken of fury on the part of Brussels against American companies. However, Cook remains "very confident" about the outcome of the appeal against the EU decision: "I am convinced that the verdict will be overturned," he told Irish radio Rte.
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