France is not anymore a relevant player in the economic arena in most of the areas. Still, the way they are resisting change in the World, will leave them in a third tier position in 5 years time. In this new world you have to match your compensations with your productivity. Just look at the very positive German example.
Friday, 22 October 2010
Saturday, 9 October 2010
A necessary reform
I totally support the rationalisation of State institutions, in order to generate efficiencies, better cost and improve quality of delivery and service to the Citizens. Especially, in a budget crisis situation, that need seems even of utmost importance. As so, I couldn't but totally endorse Marques Mendes proposal of extinction of several public organism, if dubious utility.
http://www.publico.pt/Política/marques-mendes-apresenta-lista-com-dezenas-de-institutos-publicos-que-podem-ser-extintos_1459975
Monday, 9 August 2010
A central european tax?
The responsible for EU budget avented the possibility of a new tax on European taxpayers - a central one, that would strengthen EU's budget. Two quick thoughts:
- An additional tax on an already burdened economy is not positive. Specially if that economy is lagging in a slow, almost unnoticeable growth;
- Additional funding should come from operational efficiency. EU is an unnefective cost vortex - a good example are the regular plennary sessions in Strasbourg.
Instead of trying to put its budgeting problems over taxpayers shoulders, EU should solve its problems. And promote economical recovery as a way for european strengthning and integration - trying to do it with a tax is just another wrong way.
http://economia.publico.pt/Noticia/ue-alemanha-rejeita-cobranca-de-impostos-a-nivel-europeu_1450603
Sunday, 1 August 2010
Second place
News are high this weekend on who is nowadays the second largest economy in World. Comments from a Beijing top official put China in second place, overtaking Japan - the holder of that position for almost 40 years.
One of the comments is that it is an irrelevant statement. Given China's strong growth and Japan's 0% or negative performance, it is only a matter of time - if it happens this year or next, it really doesn't matter a lot.
One of the comments is that it is an irrelevant statement. Given China's strong growth and Japan's 0% or negative performance, it is only a matter of time - if it happens this year or next, it really doesn't matter a lot.
But the other comment is on the European Union. It could be the second largest in the World (or even the first). It is the conclusion everyone reaches when one starts adding the individual GDP of its countries. But, for being considered an economy as a whole, more economical integration is badly needed. And that integration is (more than for a simple journalistic title) vital to stimulate the economy, growth and the population evolution and well-being.
Saturday, 24 July 2010
Good news
The positive results of the Portuguese main banks on the EU stress tests are very good news.
Friday, 16 July 2010
Guilty
2 important decisions were known today:
- in Portugal, a group of BCP top executives was considered guilty of market manipulation and providing wrongful information. They were thus sentenced to severe fines (totalling just above €4 million) and a ban from banking activity;
- Goldman Sachs is paying a €425 million fine to close a complaint filled by SEC (American supervision autorithy) for providing incomplete information to its clients. This is the biggest fine ever for a financial institution.
Those are historical decisions, for very similar reasons. The intention to knowingly manipulate the financial markets, harming clients interests. And though historical (its the biggest fine ever in the case of Goldman Sachs; in Portugal, there is a general feeling of impunity on these crimes), I personal have a question. There were hundreds of million of dollars in losses related to these practices, and there is no criminal responsibility? By falling short on this point, I am not sure if we are really preventing a repetition of these practices. And that is a terrible sign to the markets...
- http://economia.publico.pt/Noticia/antigos-altos-quadros-do-bcp-condenados-a-coimas-acima-de-quatro-milhoes_1447350
Tuesday, 13 July 2010
3 top economic news in Portugal on 13 July
- Moody's reviews Portugal's sovereign rating to A1 (so, a two grades downgrade);
- The Ministry of Culture will not have its budget cut in 10%;
- There are over 1.2 million debt actions stuck in court
What a mess...
- The Ministry of Culture will not have its budget cut in 10%;
- There are over 1.2 million debt actions stuck in court
What a mess...
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