GLOBAL SYSTEMIC CRISIS Press clippings
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Higher Education Careers Services Unit warns picture could be even worse for those graduating this year
Graduate unemployment has increased by 44% in 12 months and is now at its highest for 12 years, according to research released today.
Some 7.9% of students who left university in 2008 were out of work in January, the Higher Education Careers Services Unit (HECSU) found, up from 5.5% the previous year. HECSU warned the picture could be even worse for those graduating this year. The last time levels of joblessness were so high was in 1995-96...
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Guardian
Après un frémissement de reprise cet été, Air France-KLM, British Airways et Lufthansa ont replongé en septembre avec des baisses significatives de trafic.
C'est presque un virage sur l'aile pour Air France. Sur ses vols moyen-courriers, la compagnie envisage de réduire le prix des billets. En contrepartie, des prestations (comme le choix du siège ou la collation à bord) actuellement comprises dans le prix du voyage deviendraient payantes et seraient proposées à la carte. Une telle formule est en fait celle qu'appliquent les compagnies low-costs Ryanair et easyJet (lire ci-dessous). Pour Air France comme pour British Airways ou Lufthansa, le constat est le même : après un frémissement de reprise cet été, le trafic s'annonce morose cet automne. « L'été est traditionnellement une période faste pour notre activité, explique un cadre d'Air France. Le rendez-vous crucial était la rentrée de septembre et clairement les résultats sont mauvais. » L'activité en berne des trois concurrents européens a pour pendant la réussite des compagnies low-costs mais aussi, en France, de la concurrence du TGV...
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Le Figaro
The Democratic Party of Japan (DPJ)-led government will seek to enhance cooperation with China in the wake of its "return to Asia" policy, experts said ahead of the annual Beijing-Tokyo Forum, which begins today.
Yet, in a subtle shift from past differences between the two Asian neighbors, irritants relating to human rights and the promotion of democracy, which are pet DPJ subjects, are likely to cause some friction in the days ahead, they pointed out...
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China Daily
Owing to the weak global economy, Royal Dutch Shell reported Thursday a sharp drop in third-quarter earnings and production and said it
would cut 5,000 jobs.
The 5,000 jobs would be cut from the Anglo-Dutch oil and gas group as part of a restructuring that began earlier this year...
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Times of India
Treasury Secretary Timothy Geithner acknowledges the federal budget deficit is too high, but that the priorities now are economic growth and job creation.
Asked repeatedly on NBC's Meet the Press whether this means taxes will rise, Geithner avoided giving specifics. He did say President Obama is committed to dealing with deficit in a way that will not add to the tax burden of people making less than $250,000 a year...
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USA Today
CIT Group, a lender to hundreds of thousands of small and medium-sized businesses, filed for bankruptcy on Sunday, as the global financial crisis left it unable to fund itself and the recession clobbered its loans.
The bankruptcy, one of the largest in U.S. corporate history, has been widely expected for months and is unlikely to provide a massive near-term shock to the financial system. But CIT's trouble could further weigh on the fragile U.S. economy...
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CNBC
Britain is the only country in the Western world to have seen an increase in the deficits faced by its biggest pension funds, it has emerged.
Sharp increases in share prices have improved the outlook for pension funds in every major developed nation apart from the UK, according to research from the Organisation for Economic Co-operation and Development. ..
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Telegraph
Saudi Arabia's decision to drop West Texas Intermediate (WTI) oil contract as the benchmark to price its oil makes future prospects of the Dubai Mercantile ExchangeDubai Mercantile ExchangeLoading... (DMEDMELoading...) brighter, say analysts.
"The Saudis used the WTI contract oil to sell oil in the US Gulf Coast. They will not do that any longer. The move suggests they are actively considering an overhaul of their pricing mechanism," said an oil analyst...
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Zawya
Federal regulators have shut the doors on part of a small banking empire built by through a string of 28 acquisitions over the past two decades.
Nine banks, all owned by the same troubled Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits...
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Market Watch
Move over Switzerland. The tiny state of Delaware beats the Alpine country in a contest for the most secretive financial jurisdiction, a tax justice rights group said on Saturday.
The United States, led by the eastern seaboard state, took in $2.6 trillion in deposits from non-resident corporations and individuals in 2007, according to a survey of financial jurisdictions analyzed by the Tax Justice Network...
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Reuters
For all the cheering about the recovery one might think actual jobs were being created or bank lending was increasing. Neither is true in the US or the Eurozone.
About a month ago the Sydney Herald reported Eurozone private sector lending almost stalls...
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Mish's
Germany's biggest steelmaker ThyssenKrupp (TKAG.DE) plans to cut 10,000 jobs in Germany in its current fiscal year, weekly Der Spiegel said on Saturday, citing company sources. It said the job cuts were part of a major savings programme that would entail reductions of some 20,000 jobs worldwide.
A spokesman for the company was not immediately available for comment...
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Reuters
Après des années d’euphorie immobilière, la ville de Belfort déchante. Bon nombre de projets ont été suspendus faute d’acheteurs. L’un d’entre eux s’est même arrêté à mi-chemin.
Sur le chantier du projet immobilier « Cœur de ville », en face de la caisse d’allocations familiales de Belfort, le temps semble figé. La grue est immobile, les échafaudages sont déserts et le matériel laissé à même le sol...
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Le Pays
Cas isolé ou escalade du désespoir social ? Le drame toulousain fait suite à un an de radicalisation.
«Les salariés se foutent en l’air, mais c’est un miracle qu’aucun d’entre eux ne s’en soit pris, jusqu’ici, à son patron.» Jeudi après-midi, un haut responsable syndical confiait ses craintes à Libération. Le lendemain, un employé toulousain réglait un conflit avec son employeur à coups de fusil. Un cas isolé dans un contexte professionnel (une PME familiale) bien différent d’une multinationale et de ses enjeux managériaux.
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Libération
Qu'il s'agisse de Sony, Fujifilm, NEC, Sanyo, Sharp ou Pioneer, tous affichent des pertes nettes au premier semestre de leurs exercices 2009-2010 avec des ventes en repli. Certains sont plus confiants que d'autres sur l'avenir...
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La Tribune
Nine more U.S. banks, all owned by the same Illinois holding company, were closed Friday by regulators, and the Federal Deposit Insurance Corp. said U.S. Bank of Minneapolis would assume their deposits.
The closings brought the 2009 total to 115 in 2009 -- the first year since 1992 that more than 100 banks have gone under.
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Market Watch
It's not possible to reach a legally binding international agreement at the UN Climate summit in December, Danish Prime Minister Lars Loekke Rasmussen admitted.
"We do not think it will be possible (during the UN summit) to decide all the finer details for a legally binding regime that conforms to international law", he said after a meeting with the parliamentary commission for the environment...
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Swedish Wire
Angela Merkel kicked off her second four-year term as Germany's chancellor on Wednesday, but the shine was taken off her success by a group of parliamentarians from her center-right coalition who refused to back her. Merkel, say German commentators, may not have the smooth second term she had hoped for.
Wednesday was a big day for Angela Merkel: It marked the start of her second four-year term as Germany's chancellor. But she got off to a spluttering start when a number of parliamentarians from her center-right coalition rejected her appointment...
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Spiegel
Americans' confidence about the U.S. economy fell unexpectedly in October as job prospects remained bleak, a private research group said Tuesday, fueling speculation that an already gloomy holiday shopping forecast could worsen.
The Consumer Confidence Index, released by The Conference Board, sank unexpectedly to 47.7 in October — its second-lowest reading since May...
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MSNBC
China should increase the representation of the yen and the euro in its foreign-exchange reserves, the Financial News, a newspaper affiliated with China’s central bank, reported today.
The U.S. dollar should retain the largest weighting in the reserves, albeit a smaller proportion than at present, according to an article by Zhou Hai carried by the Beijing-based paper. The holdings of euro and yen should be increased to reflect China’s growing trade with the European Union and Japan, the report said, without providing Zhou Hai’s job description...
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Bloomberg
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GEAB N°76 - Contents
- Published on June 16, 2013 -
Alert for the second half of 2013 – Global systemic crisis II : second devastating explosion/social outburst on a worldwide scale
A 2008 Lehman type shock, the fire’s symbolic start and especially widespread awareness of the situation, has not yet occurred. This really isn’t good news because, over time, the situation is getting worse and it’s not a shock that one must prepare for but a devastating explosion… (page 2)
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EU 2014-2015: after the European Parliamentary elections, the stand-off between the Parliament and the European Council will encourage Euroland’s rise
The EU’s institutional architecture has always been, since the beginning of the European integration process, based on the shifting sands of political reality. If we only look at it at a given moment, one could be led to believe that the structure is sound, firmly rooted in European treaties. But the reality is quite different… (page 11)
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The world in 2030 – Diversification / infrastructures / education: anticipating an economy’s post-crisis capacity to rebound
If it’s necessary to have a view of short term events to navigate through this crisis of secular magnitude, one must never however lose sight of the big picture of the changes in the world, as we regularly remind GEAB readers. It’s the reason why it’s important not to forget the core trends which shape a society over the long term, i.e. over several decades (20 to 30 years)… (page 15)
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Global Governance - The Euro-BRICS rapprochement at the service of the system’s update or as a matrix for a new model?
Are the institutions of global governance, theoretically in charge of managing the crisis affecting the world for the last five years, structurally capable of undertaking the necessary reforms to create the conditions for an improvement in their effectiveness?… (page 27)
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Strategic and operational recommendations
Cash / oil / stock exchanges / bonds… (page 30)
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The GlobalEurometre, Results and analyses
This month’s questionnaire reflects a high but constant concern about the economic signals, with the notable exception over the risk of bank failures which has become clearer once again… (page 33)
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