Latest News

Building on the commitment to improve the experience of our client and partners with our services and products and aligned with our 2020 strategy of increasing our digital footprint, we have created a dedicated Digital Division, active from July 1st 2018. John Staehli, previously Head of the Marketi

On July 1st, Symbiotics has created the Impact Division to reinforce at the organizational level our commitment of putting impact management in the focus of our activities. The newly established Impact Division will regroup and uplift the social performance management framework of the firm, as well

Interview of Christoffer Dahlberg, Head of Clients Division, Symbiotics, asked about the company’s growth thanks to increasing interest in impact investing from Millennials and Asian investors.

Source: Market (in French)

Tbilisi, May 18, 2018 – Today, a loan agreement was signed between Symbiotics and FINCA Bank Georgia by which Symbiotics injects GEL 15 million to further support MSME lending programs of FINCA Bank Georgia in the country.

“It is very important for FINCA Bank Georgia that partnership with Symbi

An e-wallet launched in 2008, which allows to transfer e-money via SMS, has reached a market coverage similar to that of the traditional financial system.

Source: Le Temps (in French)

in English

This impact report aims to measure the extent to which the Loans for Growth (LFG) fund meets its objectives to foster job creation, employment and entrepreneurship in emerging and frontier markets through SME finance.
The current report is the first in a series of four annual impact reports, which

In this new report, the Global Impact Investing Network (GIIN) and Symbiotics present the first comprehensive analysis of the financial performance of private debt impact investment funds.

The report sheds light on the business model, investment strategies, financial performance, and impact mea

2018 will be a pivotal year for financial inclusion in emerging markets. David Grimaud, CFA, Head of Asset Allocation at Symbiotics, explains the goal of the Asset Allocation function within Symbiotics and how the outlook affects investment decisions an

Measuring and Managing Social Performance: Ramkumar Narayanan describes Symbiotics’ social performance management framework around which the company measures and reports on the social side of its investments into the microfinance sector.

An article by David Grimaud, Head of Asset Allocation, Symbiotics SA.

In emerging countries, 2018 should be marked by wide monetary policy disparity but a common desire to accelerate economic reforms, especially those aimed at accelerating financial inclusion.

Source: investir.ch (article in F

Impact investing means investing money in a way that has a positive social impact. Just how much time and expertise this requires is demonstrated by the example of a successful young company in Cape Town.

Source: NZZ (article in German)

In English

Interview of Christoffer Dahlberg, Head of Investor Relations, Symbiotics, sharing an update on CNNMoney Switzerland about Symbiotics and Impact Investing in general.

This article written by Christoffer Dahlberg, Head of Client Relations, Symbiotics, explains how microfinance loans offer development opportunities for investors and borrowers, and shows the extreme stability of their financial return.

Source: Schweizer Personalvorsorge / Prévoyance Professionne

This small East African country holds the second spot in sub-Saharan Jumping castles Africa in the World Bank’s Doing Business 2018 ranking. It is the economic model to follow for the rest of the continent.

Source: Le Temps (in French)

in English

This new white paper builds on Symbiotics’ experience on the topic of social performance, shedding light on the rationale behind our social narrative. It describes the set of tools and practices that we use internally to measure and manage the social performance of our investments in microfinance,

Providing local currency funding to frontier market has proven to be a key aspect of impact investing.

Through its investment practice and experience, Symbiotics has moved one step further: building unhedged local currency portfolios for clients. The company has originated 420 transactions fo

The 2017 Symbiotics Microfinance Investment Vehicles (MIV) Survey provides a detailed overview of key market trends about microfinance offshore investments. More than 95 MIVs have participated in this 11th annual survey which covers 94% of the total MIV market estimated at USD 13.5 billion as of Dec

Despite obvious geopolitical constraints, Palestine is economically resilient thanks to its private sector, which is 90% composed of SMEs.

In Palestine, the barriers are not necessarily where they are expected to be. Investors do not encounter any real obstacles in reaching the occupied territori

Christoffer Dahlberg, Head of Investor Relations, presents key findings of the publication “Why microfinance matters to investors” which was published by Symbiotics in April 2017.

This white paper is a follow up piece to “Microfinance Funds : 10 years of research & practice” published

Stories of microfinance through the lens of Magdalene, Felistus and Jacinta, all clients of the microfinance institution, KWFT, in Kenya. Statements are included from Greta Bull, CGAP & Anders Thorendal, CIO, Church of Sweden. This video was made possible through a partnership between Skandinavi

This white paper explores different factors that will contribute to a new investment paradigm over the coming decades, namely demographics, credit markets, and the global internet connectivity. As no investor portfolio is immune to these dynamics, our publication makes a case for why microfinance in

Côte d’Ivoire is attracting investors. Since the end of the 2010-2011 civil war, this West African country of 24 million inhabitants has shown impressive economic vigor, seemingly of the long-term variety: after registering between 8% and 9% growth over the period 2012-2015, Côte d’Ivoire is expec

Earlier this year, rather than have all our staff convene in our Geneva headquarter office for our Corporate Days, we decided to have a group of staff from headquarters travel to our regional offices. The gathering was held simultaneously in Cape Town, Singapore and Mexico City and Geneva.

This u

Symbiotics has grown its country diversification to 72 countries, since inception, across the globe, of which 10 are currently located in the region of South and East Asia & Pacific. Thanks to the field work done by several of our analysts, based in Asia, over the past couple of years, we have b

What is an impact bond and what’s the difference between the green, blue and social bonds we are all hearing about? With nearly 700 million U.S. Dollars invested in 25 countries, Fabio Jumping castles for sale how our impact bonds work as well as whic

An interview with Valérie Dujardin
Business Commercial Jumping Castles Development director
Based in Geneva

For over six years, Symbiotics has been developing expertise in technical assistance thanks to the launch of the Regional MSME Investment Fund for Sub-Saharan Africa Fund (REGMIFA) in 2011 and its REGMIFA TA Facility, both managed by Symbiotics. The management of the TA Facility is performed by an e

With the strengthening of several of the company’s key partnerships, and its investors’ growing interest in themes beyond microfinance, Symbiotics hired over 25 professionals reaching a total headcount of 96 staff at the end of 2016 and we expect this to continue in 2017.

Duc Nguyen, Symbioti

Since 2005, Symbiotics has published a detailed survey on microfinance funds. This report has become a reference in the industry allowing fund managers to benchmark their performances and the industry to observe its evolution.  In a recent interview with Le Temps, Symbiotics CEO, Roland Dominicé,

This past year, the impact bond market is expected to double compared to 2016 and is projected to reach 100 billion U.S. Dollars.
This upward trend is being stymied equally by bond emitters Commercial Jumping Castles and investors.

Source: Sphère Magazine in French & German

The total allocation by this investor type has grown from Commercial Jumping Castles 500 million U.S. Dollars to 5 billion U.S. Dollars in the past 10 years.
Source: L’Agefi (French)

Interview with Daniel von Moltke, Symbiotics Director Commercial Jumping Castles of Asset Management
Source: Market (French)

“A review and analysis of CGAP’s and Symbiotics’ Microfinance Investment Vehicles Surveys”
Our white paper, co-written with CGAP on the past 10 years of investments in microfinance is available now.

This research reflects back on 10 years of data and analysis on microfinance investment veh

Short interview with Patrick d’Huart
Investment Manager Commercial Jumping Castles Africa
Based in our Cape Town office

Myanmar holds a potential that few emerging Commercial Jumping Castles markets offer today.  Find out why this country has now piqued the interest of investors.
Source: Le Temps

English
French

Symbiotics has successfully closed the SME  Finance – Loans for Growth Fund, a fully subscribed USD 50 million investment product offered by UBS to its impact investor base. The 4-year closed-end structure aims to provide loans to SME finance institutions in emerging and frontier markets. It thereb

Read India-based IntelleGrow’s recent press release on  a new and innovative SME debt pool program created in collaboration with Symbiotics. It will allow impact investors to invest in a group of Inflatable Slides impact-driven Indian SMEs.

Press release

This unique study provides asset managers, investors and academia alike with the latest information of most of the world’s microfinance fund activity in emerging markets. The 10th edition of the Symbiotics MIV Survey

Short interview with Eugene Tan.
Analyst for China, Mongolia and Inflatable Slides Pakistan
Based in our Singapore office.

Solar energy’s contribution Inflatable Slides to a country’s overall energy output has long been marginal. That could soon change.
Source: Le Temps
English
French
 

Following the company’s image refresh last January, after 10 years of business, we recently unveiled our brand new corporate website. John Staehli, Head of Marketing & Communication, tells us more about this project as well as the company’s latest marketing research developments and partner

La fortune gérée en Suisse selon les principes de l’investissement durable approche 200 milliards de francs. La croissance est soutenue notamment par une prise de conscience Inflatable Slides accrue, et par la quête effrénée de rendements du fait de la répression financière.
Source: Le T

With their opposing exchange rate regimes, energy-exporting Bolivia Inflatable Slides and energy-importing Kenya have distinct risk profiles.
Source: Le Temps English
Français

Q1: What do you find to be the most important aspect of the investment analysts’ work and yours today?
Our team of 25 analysts, present in 4 offices around the world, is constantly travelling, performing due diligences, visiting financial institutions, regulators and associations or other actors

Symbiotics impact bond platform, a pass-through notes issuance program called “MSME Bonds”, which reaches out to microfinance and SME finance in the emerging markets, has reached USD 300 million since its inception, offering a unique and innovative way for investors to boost the social impact of th

Symbotics’ entire management staff recently met in Geneva for a week of seminars and training. As part of the company’s training development program, they engaged in a special training session given by UNCTAD Empretec on entrepreneurship.

The workshop’s main objective was to allow participants

While Armenia sees its economic prospects hampered by its close links with Russia, Georgia is free to turn towards the West. However, despite its current economic problems, Russia remains the engine of the regional economy and it may not be a bad idea to keep close ties with this major economic Infl

Swiss Microfinance Report 2015 shows that Switzerland remains the leader in managing global microfinance investments

The recently updated Swiss Microfinance Investments Report confirms that Switzerland remains the world market leader in microfinance investments with 38% of global investments. Thi

Our company enters its high conference season

Symbiotics has begun its conference high season. Many staff members will be attending several regional and microfinance network conferences into the months of November and December. In addition, some conferences have been organized by the Business D

Symbiotics recently became a partner of M-KOPA, an Africa-based solar energy solutions company that has connected thousands of homes in several countries in Central Africa to solar power. Their market-tailored product relies not only on more affordable green technology but also on an innovative pay-

Three questions to the Head of Market & Credit Risk, Jérôme Savelli

A new Market & Credit Risk unit has been added at Symbiotics. Jérôme Savelli, its new head, talks to us about the creation of the unit, its various dimensions and what it will bring to the company’s investment value c

How is it that Africa’s largest oil-producing country has effectively managed to run out of fuel? This is precisely the question the world asked in May 2015 as Nigeria’s businesses Inflatable Slides For Sale faced crippling fuel shortages that threatened the economy.
Source: Le Temps English Fr

Authors: Daniel von Moltke & David Grimaud
Source: Banque et Finance – Asset Management Inflatable Slides For Sale Suisse 2015 
Misez sur l’Afrique sub-saharienne
Setzen Sie auf Subsahara-Afrika

Slowing down of private microfinance asset Inflatable Slides For Sale management.  Africa, the outsider, is drawing attention.
Source: L’Agefi (French)

The 9th edition of the Symbiotics Microfinance Investment Vehicles (MIV) Survey has just been published. It is the only industry survey providing a full overview of market trends as well as a peer group analysis of global microfinance investment vehicles. These specialized intermediaries include mic

Several Symbiotics staff recently had the opportunity to meet with a large number of microfinance practitioners and policy makers from 36 African countries from June 29-July 3rd in Dakar Senegal for the second edition of the African Microfinance Week was held. This year’s driving theme was “Innovati

This week Symbiotics held its annual shareholders’ meeting in Geneva. The majority of the company’s current 64 shareholders attended and were able to have a full overview of the 2014 results and gain insights regarding the 2015 business developments and outlook.

This was an exceptional meeting wi

L’Equateur (le plus petit membre de l’OPEP) a récemment Inflatable Water Slides subi des pressions sur ses recettes fiscales causées par la chute du prix du brut amorcée aux troisième trimestre 2014.
Source: Le Temps English Français

In late January, Symbiotics celebrated its 10 years of business with the company’s entire staff, nearly 85 people to date, and its main stakeholders in Geneva. This provided an opportunity for the founders to share how the company got started as well as its main highlights, obstacles and achievement

Symbiotics has recently opened its second office in Switzerland at Forchstrasse 280 in the city center of Zurich. The office is run by a new Head of Investor Relations, Christoffer Dahlberg. His predecessor, Fabio Sofia, was made Director of the new Business Development unit, which includes the inve

Reinforcing the senior management.
Symbiotics presented its history and business plan during its 10-year celebration on January 27th. The company’s investment portfolio has experienced a compounded annual growth rate of 40% over the past decade. Symbiotics plans to double its assets under managemen

With Prime Minister Modi’s Clean India campaign making global headlines, a company in India is creating impact by bringing professionalism to an unorganised waste Inflatable Water Slides management sector, thereby generating wealth and security for its valuable employees: the rag pickers.
Source:

A conversation with Fabio Sofia, Head of Inflatable Water Slides Business Development, and John Staehli, Head of Marketing and Communication, Symbiotics
Global Trends

The sector is booming. Geneva-based Symbiotics celebrates Inflatable Water Slides ten years of success and intends to double its assets under management in the next three years.
Source: Bilan English Français

Symbiotics, which is celebrating its 10th Inflatable Water Slides anniversary, has invested 2.2 billion francs for its clients. True to its social charter, the Geneva-based company plans to expand into other sectors
Source: Le Temps English Français

L’émission de 500 millions de dollars en Eurobonds Inflatable Water Slides For Sale est un premier pas vers l’emergence de la république ouest-africaine.
Source: Le Temps English Français

Source: Ticino Management (Italian)Inflatable Water Slides For Sale

The poorest former Soviet republic’s growth should be buttressed by agricultural exports towards Russia – a nice windfall at a time when remittances from migrants working in Russia Inflatable Water Slides For Sale are declining. In parallel, the mining, energy and finance sectors are attracting fo

Source: NZZ am Sonntag (German)Inflatable Water Slides For Sale

Source: L’Agefi (French)Inflatable Water Slides For Sale

Laut einer aktuellen Studie von Symbiotics Inflatable Water Slides For Sale wird ein ein Drittel aller Mikrofinanz-Investitionen weltweit in der Schweiz verwaltet.
Source: fondstrends.ch (German)

Source: finanzen.chInflatable Water Slides For Sale

Der Schweizer Finanzplatz hat sich zu einem https://symbioticsgroup.com/news/schweiz-bei-mikrofinanz-anlagen-fuhrend Hub für Microfinance entwickelt. Doch für Kleinanleger ist diese Anlagekategorie schlecht zugänglich.
Source: Tages Anzeiger (German)

Sept des dix pays ayant la plus forte croissance sont africains et les pays fourmillent de projets. Le boom économique ne profite pas encore à la majorité. La Inflatable Water Slides For Sale transformation devra s’appuyer sur une finance inclusive.
Source: Le Temps (French)

L’afrique est aujourd’hui fermement ancrée dans le camp de la croissance, après la stagnation des années 1980-2000. Reste qu’une certaine réticence trop répandue empêche encore les investisseurs de considérer sereinement, voire objectivement, les progrès réalisés. Comment Inflatab

Le continent, et particulièrement la région subsaharienne, devrait connaître de forts taux de croissance du PIB. Les conditions deviennent favorables aux investissements.
Source: Bilan francais

What factors have contributed to the growth and sophistication of Bolivian microfinance? Well-managed microfinance institutions (MFI), borrowers using credit in a targeted manner, a good regulatory framework, and access to abundant domestic and international funding. This, despite the emergence o

Activists, particularly those from the textile industry, are demanding higher salaries. A first in country traditionally not inclined towards protests. Cambodia has seen 7% growth over the last 10 years.
Source: Le Temps english français

Govind Singh et son programme financent 300 000 femmes en Inde. Il se réjouit des règles mises en place ces dernières années pour encadrer son secteur d’activité
Source: Le Temps (available upon free registration)

La microfinance a délivré une performance de plus de 40% en dix ans. Volatilité et correlation avec les autres classes d’actifs très faibles.
Source: L’agefi français

Selon Symbiotics, les investissements durables sont prisés mais pas assez mis en avant par les établissements financiers
Source: Le Temps (available upon free registration)

Source: Neue Zurcher Zeitung German

The market in Dordoy has become a central element in ensuring Kyrgyz growth with the country’s accession to the WTO in 1998. In the future, the development of gold mining and domestic consumption should take over.
Source: Le Temps english français

Source: Handelszeitung German

Symbiotics. La société de microfinance connaît une croissance importante et renforce son leadership
Source: Indices – L’agefi français

Comment s’offrir une exposition sur Equity Bank au Kenya? La microfinance permet désormais de s’exposer en direct au travers d’obligations listées.
Source: Indices – L’agefi français

The adoption of the dollar has stabilized the country’s economy. With low inflation and strong growth, the country led by Robert Mugabe is starting to attract investors. Especially microfinance funds
Source: Le Temps English français

L’investissement socialement responsable élargit son audience. Reste que le soutien public est encore insuffisant pour que la Suisse puisse rivaliser avec des places comme Londres.
Source: L’Hebdo français

With impact investments ranking high on fund managers’ and investors’ agendas, Anna Lyudvig finds that Africa offers promising investment opportunities in the microfinance space
Source: Africa Asset Management

Banking is essential, banks are not. Bill Gates said there are more than 15 years. And it is not the only one to think. Many experts see the traditional model of change so that its end is near … Even if it still holds the prophecy, a fact nevertheless remains clear banking sector banking is ess

Symbiotics SA has conducted the seventh annual survey of microfinance investment vehicles (MIVs) which draws on survey responses from 84 MIVs representing approximately 93 percent of the global MIV market asset base. This paper presents an analysis of the financial and social performance of the micr

Kleinstkredite in Schwellen- und Entwicklungsländern sind als Anlagethema relevant – Investment-Strategien und Produkte werden differenzierter
 
Source: Finanz und Witschaft German

Les fonds actions ont doublé leurs prises de participation dans des institutions locales en 2012. Marché en croissance de 19%

 
Source: L’Agefi français

Symbiotics 2013 MIV survey, published on July 24, 2013, confirms diversification and growth in the microfinance investment sector.
Source: Emerging Markets ESG

La quatrième édition du Geneva Forum for Sustainable Investment (GFSI) renouvelle l’intérêt pour le secteur.
Source: L’Agefi français

It is undeniable that there is a large untapped microfinance market in Africa today, although constraints remain numerous. Africa, with an average loan size estimated in 2011 at USD 475, is well above the average portfolio yield of the Symbiotics worldwide microfinance index. Despite this high

Le FMI parle de plus de 70% de la création de richesse provenant de pays comme l’Inde, la Chine, le Nigeria ou le Pérou d’ici quelques années. Il prévoit même que le PNB cumulé des pays émergents pourrait dépasser celui des pays développés d’ici 2014 déjà. La preuve qu’il faud

Le spécialiste genevois de la microfinance a reçu l’agrément de la Finma en tant que gestionnaire de placements collectifs

Source: L’Agefi français

La société Symbiotics vient d’accorder un prêt de 10 millions de dollars à AccessBank. La première banque de microfinance d’Azerbaïdjan a reçu cette somme le 20 novembre, via la plateforme de fonds d’obligations MSME de Symbiotics.
Source: Finanz und Wirtschaft German

La société Symbiotics vient d’accorder un prêt de 10 millions de dollars à AccessBank. La première banque de microfinance d’Azerbaïdjan a reçu cette somme le 20 novembre, via la plateforme de fonds d’obligations MSME de Symbiotics.
Source: L’Agefi français

IMPACT FINANCE. La société de gestion genevoise Symbiotics s’allie avec le britannique Oxfam et la Ville de Londres.
Source: L’Agefi Français

British anti-poverty charity Oxfam has made its first venture into corporate finance with a £1m loan to a Mongolian machinery and equipment leasing company.
Source: The Financial Times

Meet the most improbable new entrant to the financial services arena this year: Oxfam.

 
Source: Private Equity International

Daniel Schriber, Director at Symbiotics, joins Dukascopy TV journalist Navjeet Grewal to discuss how since microfinance has evolved it has become a useful tool helping to eradicate poverty. Daniel tells viewers how microfinance is a big help to lower income households in developing countries where f

Symbiotics et la banque Gonet & Cie s’associent pour lancer le fonds de fonds Symbiotics Emerging Sustainable Funds
Source: L’Agefi Français

Special Interview with Roland Dominicé CEO Symbiotics
Source: Emerging Markets ESG

La troisième édition du Geneva Forum for Sustainable Investors s’est concentrée sur les institutionnels.
Source: L’Agefi (French)

Que de chemin parcouru en un peu plus de 10 ans.
Source: Invest’news (français)

Source: Le Temps (French)

Interview of Daniel Schriber, Director Symbiotics Research & Advisory
Source: Bilan (French)
 

Les fonds suisses de microfinance dégagent un rendement moyen de 4,2% par an Depuis la crise financière, les écarts de rendement se creusent entre les véhicules suisses spécialisés dans le microcrédit.
Source: Le Temps (French)

Oxfam choisit Symbiotics pour investir dans la microfinance L’ONG a créé avec la société genevoise un fonds de placement. Ce véhicule vise un impact social à travers l’aide aux PME en Afrique et en Asie
Source: Le Temps (French)

Oxfam, the anti-poverty charity, is branching out into asset management by launching its first investment fund, which will aim to combine social good with financial returns.
Source: Financial Times

Une société genevoise mise sur le crédit à de petits entrepreneurs locaux.
Source: Tribune de Genève (French)

La microfinance devra surmonter les réglementations dans les deux années à venir.
Source: L’Agefi (French)
 

La place financière gère plus du quart des investissements dans le monde. Soit près de 2,5 milliards de dollars.
Source: L’Agefi (French)

Publication de l’étude MIV Survey 2014 de Symbiotics.
Source: market.ch (French)

Source: Banque et Finance (French)

En mai 2004, BlueOrchard émettait le premier CDO. A cette époque, l’image des «Collateralized debt obligations» n’était pas encore collée à celle des «subprime» et de la crise immobilière américaine. En deux jours, le spécialiste genevois de la microfinance avait récolté près de

BlueOrchard et Symbiotics, entre autres, défendent l’industrie suite à la crise en Inde.
Source: Le Temps (French)

L’impact investing comprend la famille grandissante des investissements qui ont pour objectif de mesurer leur impact social, environnemental et économique autant que financier.
Source: L’Agefi (French)

Depuis 2004, Symbiotics fournit informations, conseils d’investissement et services divers à tous les acteurs actifs dans le domaine de la microfinance.
Source: PME Magazine (French)

10% du volume d’investissement étranger en micro-finance est géré depuis Genève.
Source: Le Temps (French)

La société genevoise parie sur le développement de l’Afrique subsaharienne Afrique subsaharienne Afrique subsaharienne
Source: Le Temps (French)

Alors que le secteur informel et la petite entreprise prédominent, le continent dispose du taux de bancarisation le plus faible au monde. Des éléments qui vont soutenir le développement du petit crédit dans ces régions.
Source: Le Temps (French)

De la crise bancaire à l’entrée sur le marché africain. Créée en 2005 à Genève, la firme de microcrédit Symbiotics n’avait pas imaginé que la finance mondiale menacerait de s’effondrer à peine trois ans après son lancement.
Source: Bilan (French)

La société genevoise de conseil Symbiotics fêtait ses cinq ans mercredi. Elle continue à croître alors que la crise mondiale a fini par frapper le marché du microcrédit.
Source: Le Temps (French)

La société genevoise conseille 20% des fonds qui investissent dans le microcrédit. Elle vient d’ouvrir sa quatrième antenne en Afrique du Sud.
Source: L’Agefi (French)

Le spécialiste genevois de la microfinance a remporté le prix du « meilleur investisseur 2008 », dé- cerné lors du concours «Finance responsable» organisé par l’Association de Microfinance du Tadjikistan (AMFOT).
Source: L’Agefi (in French)

Notre travail consiste à faire en sorte qu’un financier puisse approcher la microfinance de la façon la plus normale possible.
Source: Le Temps (in French)

La microfinance? Par de petits prêts elle fournit des ressources financières aux populations pauvres et exclues du système bancaire…
Source: Baboo Time (French)

Grâce à la société genevoise, les microbanques des pays de l’Est ont accès aux collateral debt obligations (CDO) et entrent dans la cour des grands.
Source: L’Agefi (French)

Le cocréateur de BlueOrchard, Cédric Lombard a quitté sa société pour créer Symbiotics en début d’année…
Source: Private Banking (French)

Des anciens employés de BlueOrchard ont créé leur société de conseil en microfinance.
Source: Le Temps (French)