marzo 21, 2013 § Deja un comentario
Even Greece Exports Rise in Europe’s 11% Jobless Recovery
Europe’s crisis-torn nations are paving an escape route to recovery.
From Ireland to Spain, the austerity demanded by policy makers in exchange for aid amid three years of debt woes is starting to deliver the competitiveness needed to restore economic growth even as the turmoil risks reigniting in Cyprus.
At the price of a doubling in unemployment and near-10 percent plunge in labor costs, the so-called peripheral euro nations are reviving manufacturing and trade. In Spain, exports reached a record 222.6 billion euros ($287 billion) in 2012. PSA Peugeot Citroen (UG) is hiring there and in Portugal.
And in the mean time…
Eurozone downturn intensifies for second month running in March
Flash Eurozone PMI Composite Output Index(1) at 46.5 (47.9 in February). Four-month low.
- Flash Eurozone Services PMI Activity Index(2) at 46.5 (47.9 in February). Five-month low.
- Flash Eurozone Manufacturing PMI(3) at 46.6 (47.9 in February). Three-month low.
- Flash Eurozone Manufacturing PMI Output Index(4) at 46.5 (47.8 in February). Three-month low.
Data collected 12-20 March.
The Markit Eurozone PMI® Composite Output Index fell from 47.9 in February to 46.5 in March, according to the flash estimate. The decline signalled an acceleration in the rate of contraction of business activity for the second consecutive month to the steepest experienced for four months. With the exception of a marginal increase in January of last year, business activity has fallen continually since September 2011. Manufacturing output fell in March at the fastest rate since December, while business activity in the service sector suffered the steepest decline since October.
Companies also reported that new business levels fell at the strongest rate for three months, dropping at the fastest rates since December and September in manufacturing and services respectively. Employment fell for the fifteenth successive month, reflecting the need to reduce capacity in line with the ongoing deterioration in inflows of new orders and a further marked decline in backlogs of uncompleted orders. The rate of job losses eased slightly for the second month in a row, and was broadly in line with the average seen throughout last year. Rates of job losses eased in both manufacturing and services.
marzo 12, 2013 § Deja un comentario
Wouldn’t it make sense for the government instead of intervening in the management of PRIVATE schools, to actually concentrate in improving access and quality of public schools?
Wouldn’t better public education put more pressure on private schools to become more affordable? I would think that the government can offer more incentives to great professors than private schools – and I mean not in terms of paychecks… tax credits? loans? Increased mobility for teachers wanting to relocate? Etc., etc.
Harvard-Led Colleges Pile on Faculty Perks as Student Costs Grow
March 12 (Bloomberg) — The University of Chicago paid James Madara $2.5 million in severance when he stepped down in 2009 as medical dean and hospital chief. Madara, who remained on the faculty, later joined the American Medical Association.
Congress is taking a look at such payments following disclosures that Jacob Lew, the new U.S. Treasury secretary, received a $685,000 bonus when he left New York University and had $1.5 million in housing loans from the school.
febrero 14, 2013 § Deja un comentario
Good read from Matt Taibbi in Rolling Stones Mag
enero 25, 2013 § Deja un comentario
The news du jour.
ECB Says Banks to Repay More Than Forecast of 3-Year Loan
The European Central Bank said banks will next week repay more of its emergency three-year loans than economists forecast in another sign the euro region’s debt crisis is abating.
Some 278 financial institutions will return 137.2 billion euros ($184.4 billion) on Jan. 30, the first opportunity for early repayment of the initial three-year loan, the Frankfurt- based ECB said in a statement today. That compares with the median forecast of 84 billion euros in a Bloomberg News survey of economists. The ECB’s first loan totalled 489 billion euros and banks can continue to make early repayments in coming weeks.
Nonetheless we have:
I guess it’s not necessary to mention the Monte dei Paschi di Siena scandal.
This is what window dressing is, and what the banks have being doing for some time now. Some believe that the banks operating beneath book value are just plain cheap; it is this lack of transparency and excess of debasement what represent their true value.
The explanation to this scheme from European banks & regulators is that banks are now primarily funding themselves with the short term revolving lines with the ECB.
In either case banks remain an interesting investment…
enero 10, 2013 § Deja un comentario
A quien creerle?
Euro Advances as Draghi Sees Recovery, Spain Exceeds Sale Target
Emma Charlton, ©2013 Bloomberg News
Published 6:36 am, Thursday, January 10, 2013
Jan. 10 (Bloomberg) — The euro rose to the strongest since July 2011 against the yen after European Central Bank President Mario Draghi said the economy should gradually recover and the decision to refrain from cutting interest rates was unanimous.
The 17-nation currency gained the most in almost four months against the dollar after Spain sold more than the maximum target at its first debt auction of the year, adding to signs the financial crisis is easing. The yen fell for a second day against the dollar on speculation Japanese policy makers will boost stimulus that tends to weaken the currency. Australia’s currency gained after Chinese imports increased.
Spain Loan Delinquencies Defaulted Loans (millions of euros) – Bloomberg
Spain Total Corporate Deposits (millions of euros) – Bloomberg
A QUIEN LE CREES?
noviembre 30, 2012 § Deja un comentario
Dos noticias sacadas de las paginas de “Atlas Shrugged”…
France’s president threatens to nationalise a steelworks
A SENSE of déjà vu struck France this week, as a Socialist government threatened to nationalise a steelworks to stop a multinational company from closing part of it. Cue memories of the early 1980s, when François Mitterrand took banks and industrial companies into public ownership. This time a threat by Arnaud Montebourg, the firebrand industry minister, was reinforced by François Hollande, the first Socialist president since Mitterrand. Before a meeting on November 27th with Lakshmi Mittal, the boss and main shareholder of ArcelorMittal, the world’s largest steelmaker, Mr Hollande said that nationalisation was “on the agenda”. Politicians across the board also supported temporary state control.
ECB Wins Ruling to Deny Access to Secret Greek Swap Files
The European Central Bank will be allowed to keep private files showing how Greece used derivatives to hide its debt after defeating the first court challenge using the bloc’s freedom of information rules.
“Disclosure of those documents would have undermined the protection of the public interest so far as concerns the economic policy of the European Union and Greece,” the EU General Court in Luxembourg said today, rejecting a request by Bloomberg News initially filed in August 2010.
Buen fin de semana.
noviembre 6, 2012 § Deja un comentario
Eurozone downturn deepens at start of Q4 2012, as output continues to contract across the big-four economies
Final Eurozone Composite Output Index: 45.7 (Flash 45.8, September 46.1)
Final Eurozone Services Business Activity Index: 46.0 (Flash 46.2, September 46.1)
The downturn in the Eurozone economy deepened at the start of Q4 2012, with the combined output of the manufacturing and service sectors falling at the fastest pace since June 2009. The Markit Eurozone PMI® Composite Output Index fell to 45.7 in October, down from 46.1 in September and the earlier flash estimate of 45.8. Overall activity has now fallen for nine straight months.
Nations ranked by all-sector output growth (Oct.)
Ireland 55.5 20-month high
Germany 47.7 2-month low
Italy 45.6 7-month high
France 43.5 2-month high
Spain 41.5 2-month high