Second Chance Checking Accounts

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Financial Services Outsourcing Part.II

However, gains arising must of course deduct the additional costs. The first item, identified long ago, is the loss of productivity that is usually relocation. The causes are, among others, a less skilled workforce, the distance of the speakers (producing a greater cost control) and cultural differences. While most of the time, lost productivity is largely compensated by the difference in the cost of labor, other elements may be medium to long term much more consistent and ultimately tip the balance of other side. First, outsourcing often leads to a decline in quality: lack of communication between services, insufficient command of the language, etc.. For example, call centers outsourced most of the time lead to deterioration in customer relations. In addition, the company's image in Western countries may also suffer from outsourcing because it remains a sensitive issue.

In addition, offshore investments are expensive and sometimes underestimated: logistics, communications infrastructure performance, and training not only technical but also cultural to work together both people and especially the reorganization to lead the company. This last point varies greatly depending on the sector and the business relocated. If the offshoring of IT activities or call centers is now pretty well under control, it is still far from mature for most business processes. Not only are more complex processes, but their relocation requires deeper transformations in the organization (thus more expensive), and the creation of new jobs to manage this mode of operation.

Financial Services Outsourcing Part.I

If relocation of activities in emerging countries where labor is cheaper, is a very publicized at this time, it does not, however, a new phenomenon. Off shoring is a long-standing practice. Initiated by the industry in 80 years, this practice was subsequently applied in computing the 90, then return to the call centers recently. Today, off shoring is a major trend affecting many sectors, just as in the Americas and European level. However, behind this movement there is apparently unique practices varied (off shoring, outsourcing, etc.), and mixed results.

First, we must distinguish between off shoring and outsourcing. An activity can be relocated to a distant destination (eg in Asia) is off shoring, to a nearby country (in Eastern Europe and the Maghreb in particular), it is called near shore, or even the same country in the provinces, a practice known as on shoring. In addition, relocation may occur with or without outsourcing. Indeed, the business relocated can be produced by a vendor (external) or within a group entity.

Besides the difference in the cost of labor, constituting the main benefit of course, other drivers may also encourage the off shoring: a higher flexibility and a better quality of service that can run up through 24/24 sites on different time zones, and less state intervention, or a position in new countries promoting local development or purchase of a local company.

China lending outside the banking sector under control

While loans in China outside the banking sector have increased in recent months - investors shunning banks - the chairman of the Banking Regulatory Commission (CBRC), said Liu Mingkang the risks associated with such loans remained "manageable". History of secure markets or otherwise attempt to limit such practices as implying they could be riskier than it seems?

Remember, Chinese banks have been submitted last year to restrictions on the volume of new loans. In early September, the rating agency Fitch said it could lower the sovereign rating of China in the next two years. Reasons: the heavy debts of the Chinese banking sector, the latter having provided massive loans in recent months.

But outside the banking sector, all is not rosy: credits "parallel" have indeed conduits some borrowers into bankruptcy, particularly in the area of Wenzhou (East), which has about 400,000 companies. In recent months, more than 90 patrons fled the city in debt and two suicides were to be deplored the dead who are forced to face repayments to their creditors. Analysts said at the national level, the informal credit sector would weigh 4,000 billion Yuan (454 billion), about 8% of outstanding bank loans.

In early July, the rating agency Moody's had indicated that for its public debt in China amounted to 36% of its Gross Domestic Product (GDP), taking into account the share of the debts of local governments for which Beijing assume direct responsibility. A few days earlier, the National Audit Office indicated that the debts of the provinces, municipalities and districts in China amounted to 27% end of 2010 China's GDP, representing a total of 1.163 trillion Euros. The same office was, however, insisted that 63% of this debt would be repaid through revenue budget.

But some of these claims, considered doubtful threaten the banking system so that the Credit Suisse sees the same "time bomb" the most dangerous of the Chinese economy. Much less "alarmist" shall we say politely, the Chinese government estimates for its public debt to about 20% of GDP. But it does not include in its calculation the financial elements of local governments, which are however not allowed to borrow directly.

Now where the rub is that they have borrowed huge amounts from the global financial crisis, via means of ad hoc structures called "financing platforms" or PFL. But according to the National Audit Office, the "ability to pay is low and faces potential risks in some areas and in certain industries." Indeed, in a snowball effect, some local governments have had to make new loans ... to repay debts previously contracted, also depends heavily on land sales to meet their deadlines. According to the auditors of governments of China, 108.3 billion Yuan (11.8 billion) of loans were made or used fraudulently, the money ends up in Banks real estate or stock markets.
A bit worried, Moody's said in turn that the Chinese banks lent 8,500 billion Yuan (905 billion) from a total of 10'700 billion Yuan (1.163 trillion Euros) to local governments ... a situation that causes a high risk exposure. "These debts existed before the global financial crisis, but they quickly accumulated over the past two years while investment by local governments has been used as one of the main tools" to revive the economy, adds Moody's.

Forex Managed Accounts

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