The death throes of local business: 2.5 million jobs cut in Europe by 2015
On its side, increasing around 50% over three years (being 15% a year) and even at the 100% that the European Commission wants , e-commerce will nibble approximately 100 billion Euros from traditional trade . Since, according to e-commerce standards, an employee generates around 500,000 Euros in turnover , this increase will thus employ approximately 200,000 more people, while the physical trade will, at the same time, lose about 800,000 jobs. Therefore, this will lead to the disappearance of around 2.5 million jobs in traditional trade (compared to only 200,000 jobs created in online businesses), that’s to say 1.5% of the Eurozone working population. That represents a not inconsiderable rise in the current unemployment rate which is already around 11% in the Eurozone...
IMF Chief Economist Says Crisis Will Last a Decade
The world economy will take at least 10 years to emerge from the financial crisis that began in 2008, the International Monetary Fund's Chief Economist Olivier Blanchard said in an interview published on Wednesday. Blanchard told Hungarian website Portfolio.hu, in an interview conducted on September 18, that Germany would have to accept higher inflation and a real strengthening of its purchasing power as part of the solution to Europe's problems.
Obama administration tells contractors again: Don’t issue layoff notices
The Obama administration issued new guidance intended for defense contractors Friday afternoon, reiterating the administration’s position that the companies should not be issuing layoff notices over sequestration. The Labor Department issued guidance in July saying it would be “inappropriate” for contractors to issue notices of potential layoffs tied to sequestration cuts. But a few contractors, most notably Lockheed Martin, said they still were considering whether to issue the notices — which would be sent out just days before the November election.
Erasmus menacé de disparition
Si Erasmus célèbre ses 25 ans cette année, il n'a pas le moral à la fête. Lancé en 1987, le programme ne bénéficie actuellement plus de suffisamment d'argent pour financer ses étudiants. Le président de la Commission des budgets du Parlement européen, le Français Alain Lamassoure, a été le premier à pousser le cri d'alarme. «Le Fonds social européen est en cessation de paiement depuis le début du mois et ne peut plus effectuer de remboursements aux États», déplore le député européen français...
L'élite politique française est-elle vraiment à la hauteur du projet européen?
Et si derrière l'indigence des propositions françaises pour la réforme de l'Union européenne et les déchirements de la majorité sur le traité budgétaire se cachaient mal l'auto-complaisance et le provincialisme d'une classe politique hexagonale trop gâtée ?
Bulk of bad bank should be in private hands, says government
Economy Minister Luis de Guindos on Wednesday said the government wants the bad bank being set up to absorb the toxic real estate assets of the country’s lenders to be majority owned by the private sector. Speaking in Congress, the minister suggested that private-sector investors should own 55 percent of the bad bank, which is due to be up and running in December.
Réforme bancaire : tout savoir sur le rapport Liikanen en cinq questions
Le très attendu "rapport Liikanen", du nom du gouverneur de la Banque de Finlande qui présidait le groupe d'experts, a été remis au commissaire européen Michel Barnier ce mardi. Il recommande de séparer "légalement" "certaines activités financières particulièrement risquées" des banques de dépôt.
Germany Infected by European Automotive Plague
Car sales in Germany plunged in September, ending the country's surprising resistance to the ongoing crisis in the European automotive industry. Overall, the sector is facing its worst performance in the European Union in 17 years -- and there is no turnaround in sight.
UK hooked on debt, PIMCO boss warns
Bill Gross, PIMCO’s founder and chief investment officer, compared the UK to a drug addict who is hooked on debt and struggling to kick the habit in his monthly investment outlook. His comments were part of a broader warning that the US would turn into Greece within a decade if the government did not find $1.6 trillion (£990bn) of savings “over the next five to 10 years”.
Tesco profits fall for first time in 18 years
Tesco, Britain’s biggest retailer, has reported its first fall in profits since 1994 due to a slowdown in sales in the UK, the cost of a £1bn turnaround plan to halt that decline, and pressure on its international businesses.
China launches mission to ASEAN
"The launch of the Mission further demonstrates the commitment of China to remain good neighbors, good friends, and good partners to address common challenges in a mutually beneficial manner to further advance our Strategic Partnership," Secretary-General of ASEAN, Surin Pitsuwan, said in his statement read out by Deputy Secretary General Bagas Hapsoro, to welcome the Chinese Mission to ASEAN.
Ford Says European Dealers Selling Vehicles to Themselves
Ford Motor Co. (F), losing market share in Europe this year, is boosting sales in the troubled region through “self-registrations,” in which dealers sell cars to themselves without having customer orders. The practice has become widespread in Europe and accounted for 30 percent of industry registrations in Germany in the first eight months of the year, said Roelant de Waard, vice president of marketing, sales and service at Ford of Europe. Dealers eventually sell the cars as used vehicles at big discounts.
'We're Heading for Recession,' Zell Predicts for Economy
The CEO of Equity Group Investments, which holds multiple publicly traded companies primarily in the real estate space, said a lack of leadership in Washington is keeping the $2 trillion or so of cash on company balance sheets on the sidelines.
China's Once-Hot Property Market Turns Polar
Flexible marketing strategies that helped some residential real estate developers beat 2011 sales targets may prove no match for government policymakers who've taken a rigid stance on housing market controls for 2012. Thus, the credit and home buying controls phased in by the government since 2010 are likely to have more of their desired effects by cooling home prices and discouraging flat-flipping in coming months.