Known for its ranking of billionaires, business magazine Forbes embarked on an exercise far less complimentary: the winners of the "worst bosses" of the United States. Analysis comes as two large groups have made headlines on Wall Street this week amid controversy. A case of fake CV and will cost him his post at Scott Thomson, the CEO of Internet giant Yahoo!, while the major bank JPMorgan Chase is seriously undermined by a "trading error" of over $ 2 billion bad credit pay day loans. But his boss Jamie Dimon, he will not have suffered the wrath of its shareholders at the general meeting of the group. Far from these controversies, some bosses would nevertheless "far more harm to the groups they lead, and their investors, employees and suppliers," according to Forbes. In his sights, five CEOs who "should have been transferred for a long time"
Steve Ballmer, Microsoft CEO. Photo credits: FREDERIC J. BROWN / AFP
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A little optimism. Following the meeting of the Monetary Policy Committee of the Fed (FOMC), the Central Bank of the United States (the Fed) announced an increase in its growth forecast for 2012: GDP to grow by 2 devarit, 4% to 2.9% next year, against a range 2.2% -2.7% previously. For the IMF, U.S. growth is expected to grow 2.4% in 2013, after rising 2.1% in 2012.
Another good sign, the Fed estimates that the unemployment rate, currently 8.2% according to official figures, could drop to 7.8% in the fourth quarter, and, in worst cases to 8, 0%. The FOMC gave the end of January unemployment at 8.2% -8.5% at the end of the year.
Inflation would she, somewhat higher than previously thought and the FOMC would reach 1.9 to 2.0% throughout the year (not 1.4 to 1.8%), mainly due to the energy bill. Improved economic conditions associated with an inflationary outlook that fuels unexpected monetary tightening by the Federal Reserve. In other words, it is less likely that the Fed sets up new stimulus measures this year, as she was able to do in previous years by injecting hundreds of billions of dollars into the economy.
However, its chairman Ben Bernanke assured that the Fed was ready to increase its support for the U.S. economy if necessary. Anyway, it does not touch the rates before the end of 2014. For the Central Bank, growth remains moderate and high unemployment.
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Drive improvement in public finances in Europe. The 17 euro zone countries have reduced their cumulative deficit to 4.1% of GDP in 2011 against 6.2% in 2010, Eurostat reported Monday. It is however still far from pre-crisis level: in 2007, the deficit of the euro area amounted to only 2.1%.
Throughout the European Union, "the largest government deficits high, relative to GDP were recorded in Ireland (-13.1%), Greece (-9.1%), Spain (- 8.5%), UK (-8.3%), "Eurostat reported. France, it has reduced its deficit from 7.1% in 2010 to 5.2% in 2011. It's better than expected initially, the first estimates assuming a gap between revenue and expenditure of -5.7%.
This is especially out of belt-tightening that 17 countries have successfully reduced by more than 2 points the hole in public finances. Government spending has in fact fallen faster than revenues have increased, to reduce the deficit. The first shrank by 1.6 points, to 49.3% of GDP, against 0.5 points for second, with 45.2% of GDP. Throughout the European Union, "24 Member States recorded an improvement in the deficit (including France, Ed), deteriorating two and one remained stable," leading the European Institute of Statistics.
Although the deficit in the euro area has narrowed, the public debt, it has continued to swell. Certainly, at a slower pace than previously. Debt rose by almost two percentage points, to 87.2% in 2011, exploded after nearly five and a half points in 2010 and almost ten points in 2009, as a result of the crisis. Still, the observed level, 14 states have had their debts exceed the bar 60% of GDP limit set by the European Treaty. Among them, Greece (165.3% of debt), Italy (120.1%), Ireland (108.2%) but also France (85.8%) and Germany (81 , 2%).
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Christine Lagarde is more than ever determined to "increase the firepower of the International Monetary Fund", that its financial resources. But if the euro area "is the epicenter of the potential risks" of the global economy, "Europe is not the only one? We are not obsessed with a region "said Thursday in Washington, executive director of the IMF during a press conference that opened two days of spring meetings of IMF and World Bank.
Capacity building support from the Fund will be the highlight of the discussions to be attended especially the G20 finance ministers. Christine Lagarde has renewed its appreciation to Japan, "the first country that has decided to commit themselves" to the tune of 60 billion euros, while acknowledging "the Scandinavian countries who responded to the call and Singapore."
The Japanese contribution is the first quantified commitment to a non-European. This is in addition to those States of the euro area itself, which from the outset, have said they would put 150 billion euros in the pot (just under $ 200 billion). But Christine Lagarde, who had advanced earlier this year the figure of 500 billion, reduced its ambitions "to just over $ 400 billion" figure it has itself argued in an interview Tuesday Italian newspaper Il Sole 24 Ore.
Bilateral borrowing agreements
The negotiations will be very difficult and should not be concluded this week with the aim of reaching agreement at the annual meetings of October 2012 in Tokyo. On behalf of the United States, Tim Geithner, Treasury Secretary, said two days ago that his country "would not put money" but would support those participating in the operation payday loans. Recall that this strengthening of resources take the form of bilateral loan agreements with its 188 member countries (including the last admitted this week is Southern Sudan). It is not a capital increase of the IMF, as such. Now this is where the rub the side of the emerging countries, including China and Brazil, who would like to link this extension means the Fund to an expansion of their representation. Now it is even less question that the last reform of 2010 increasing quotas and powers to the board in favor of emerging countries mainly, has still not been ratified by the necessary majority. Within the G20, Argentina, Canada, Germany, Indonesia, Mexico and the United States, have not yet ratified, do we reported to the IMF.
Christine Lagarde must also combat the widely held in international public opinion that the firewall is only designed to help Europe, Spain and Italy, among others. She also found that Spain does not need assistance plan "for now".
Executive Director of the IMF insisted on Thursday the new initiatives launched recently, as "the trust fund for the poorest countries", mentioning also "the five countries of the Arab Spring, for which we need more resources." But the difficulty is to find a common agreement with the governments, especially with Egypt, for which the loan of $ 3.2 billion from the IMF, which should be a catalyst for international aid, is still pending .
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Google remains an unconventional company in many ways. In terms of governance, however it comes to side with the practice in the media sector. The search giant announced on the Internet Thursday night creating a new class of shares which confers no right to vote. This reform will enable the two co-founders of Google, Sergey Brin and Larry Page, and their partner Eric Schmidt, who surrendered the CEO Larry Page to a year ago, to lock their controls on capital and strategy Company.
The three men already control 67% of the voting today through their actions "Class B". On their own, Sergey Brin and Larry Page and hold just over 58% of the voting rights. However, the continued distribution of stock options to employees gradually erode this position of strength. To reduce this dilution, Google ranks the system in place so long at Comcast, News Corp. or even The New York Times.
The new songs called "Class C" will be listed separately. They carry no right to vote. But, if Google decides to distribute a dividend, the holders of these shares may perceive them. This probability increases as Google continues to accumulate considerable liquidity. Its cash exceeds $ 49 billion already. Besides their use in the distributions of stock options, these new shares may also be used to finance potential acquisitions.
Divide by two securities
Traditionally, this governance structure serves the interests of families who want to maintain their dominance in a listed company. The Murdoch media empire for News Corp. or Roberts for the cable operator Comcast fall into this category.
But more recently, the model was taken over by young companies whose founders intend converse control, despite a lucrative IPO. The new stars of the Web, Zynga, LinkedIn and Groupon, for example, have two types of actions, one of which is reserved for managers or shareholders historical and is accompanied by superior voting rights.
Mark Zuckerberg, Facebook founder, also intends to continue to control the voting rights of his company once it is introduced on the stock market, probably in May.
In addition, Google has responded to public inquiries wanting to buy stocks cheaper per unit. The Class A shares are divided into two. Today, before the division, the Class A share is $ 630. After division, the same amount would buy two titles.
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New twist in the saga Free Mobile, which runs the telecom sector since January. Orange has threatened Saturday to suspend the contract that binds him to Free Mobile. Such a decision will have serious consequences for clients of Free Mobile since this agreement, said roaming allows subscribers of the new operator to go through the Orange network where there would be no network available Free.
What has bitten Orange? For this contract, Stéphane Richard, CEO of Orange, was repeatedly congratulated for having signed the beard of SFR and Bouygues him should yield about 1.5 billion euros. Two reasons for this reaction. First, Orange is concerned about the various failures occurred on the network of Free Mobile recently and wants to protect its own customers. "Orange reaffirms that it can, and will not hesitate to suspend the contract if the roaming network incidents Free Mobile would affect the quality of service to Orange customers," said a door- word of Orange.
Second, Orange believes they have been challenged by the regulator. "Contrary to some claims to Orange failures occurred on the network of Free Mobile in recent days, the group accepts no responsibility for these failures," added the spokesman of Orange. Saturday, in an interview with Le Figaro, Jean-Ludovic Silicani, president of Telecom Regulatory Authority, stated that "both sides have underestimated both the number of subscribers and the amount of traffic through the Orange network. "
Questioned, Free does not wish to comment. Arrived with a crash in January on the market of mobile telephony, the operator led by Xavier Niel now has nearly 2.2 million subscribers.
Poker game
This estimate comes from its competitor Bouygues Telecom as to the presentation of its quarterly results, Free Mobile maintains the mystery of this figure strategically. In mid-February, Orange admitted to have lost 201,000 subscribers, SFR and Bouygues Telecom 200 000 134 000. The irruption of Free Mobile phone on the board, with very aggressive prices, the market has completely changed into the headquarters of groups (see below). Its competitors were forced to revise their prices downwards. Bouygues Telecom is the company to provide rate reductions of up to 40%.
Finally, in the incredible poker game that is played between players, the latest statements of Orange do they represent a real threat or a bluff? For how could the contract that would, they say, has been negotiated foot foot for forty-five days, did not foresee all situations, especially breakdowns? Besides his denunciation would have a significant cost to Orange.
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Despite the announcement by Sony 1.2 million PS Vita installed in the U.S. and Europe after the first week of sale, the new portable video game console of the Tokyo group experiencing disappointing start. Reportedly, she has sold half as well on the Old Continent as the PSP, when it was released in September 2005. Developed under the direction of Kaz Hirai, who will be April 1, the head of the Japanese group, the PS Vita was last at least 250,000 units a week, in combination, in major European countries. Over the same period, the PSP had reached 600,000 copies. The rise of smartphones and internet tablets reduces the attractiveness of the PS Vita.
In France, with 42,000 units sold in the first week, the new handheld is twice worse than the PSP. Retailers have been less well stocked than in 2005 and no stock outs are noted. In Britain, the situation is more serious: the PS Vita crawls around 50,000 copies sold against 189,000 for the PSP. In Australia, major retailers refuse to offer it.
To erase this bad start, Sony should follow the lead of Nintendo in 2011, which was not as successful as hoped with its portable console 3DS, launched at a price too high. A price reduction of the PS Vita, sold at 250 euros for the Wi-Fi version and 300 euros for 3G, is expected by experts. But the Japanese can not reduce its prices too quickly. He urged distribution agreements in Europe with Vodafone and in France with SFR for the PS Vita in the 3G version. Finally, a rapid drop in prices could be interpreted as the first failure of Kaz Hirai, the next CEO of Sony.
"Read this article in English
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"The King of good times," the king of good times, has become "The King of bad times," joked Monday the Indian press, referring to Vijay Mallya, the baron of Indian beer and whiskey. This is the slogan of an unfailing optimism that the flamboyant businessman was created in 2005, Kingfisher Airlines. The company is based in Bangalore, in southern India, which is native Vijay Mallya.
Today, Kingfisher through an unprecedented financial crisis. A nightmare, even for users. Saturday, the company has canceled 32 flights on the 240 it is supposed to operate daily. Same, or almost, Sunday and Monday. And the situation is not likely to improve, analysts believe.
Last week, Kingfisher announced a loss of $ 88 million in the third quarter of its fiscal year, almost double the deficit in the previous quarter.
Earlier last year, the airline was forced to restructure its debt, and 25% of its capital is now 18 banks, led by National Bank State Bank of India (SBI). It refuses to bail Kingfisher as its CEO will not bring new money. Experts believe that to break the deadlock, Vijay Mallya is to find faster 400 to $ 500 million of capital.
Monday, Branch of Indian Civil Aviation (DGCA) has summoned officials of Kingfisher Airlines to demand an explanation of these untimely cancellations. "We received information on a large scale cancellations. They are obliged to inform us when they cut their flight plans. But they have not done, "said K. E. Bharat Bhushan, the head of the DGCA.
Unpaid wages
Passengers expressed their anger on social networks, including complaining of having been warned of flight cancellations at the last minute. A habit which Kingfisher has no exclusivity. State-owned Air India does not hesitate, it no longer, to bring its customers with a fait accompli
.
Saturday, some employees walked out of Kingfisher, furious at not having received their salaries. The flight cancellations were even worse. Mallya sent an email to all staff. A message in which he expressed his "regret" and said "understand the implications of these back wages privacy" of its employees and said it would not close his company. Kingfisher is mostly losing all credibility with its most loyal customers. A vicious circle from which the company may not get out.
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February 21st,2012
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Hard times for the 380. After the case of microcracks detected in the wing of the superjumbo, Airbus will he deplore a new problem, this time in the "nose" of the device? The European Aviation Safety Agency (EASA) is interested in any case the rivets of radom, that is to say the cover that protects the radar of the aircraft.
The authority may decide to issue in the coming weeks an airworthiness directive (AD) requiring the change of six rivets aluminum rivets titanium stronger. The 19 airlines that operate the world's fleet of 69 A380, eight months have to do this for an average of 3:30. Clearly, they would have time to schedule it as part of their regular maintenance schedule.
After the decision to order the Efsa a general inspection of the planes of A 380 in service and production, totaling one hundred aircraft, the image of the A380 takes another blow. However, this type of airworthiness directive is very common in aviation. All aircraft receive throughout their careers.
Two types of directives
"The FAA, U.S. aviation safety authority, has issued more than 830 airworthiness directives for Boeing B 747 in forty years," says one at Airbus headquarters in Toulouse. "For an airplane, receiving such a directive is as ordinary as to think about changing the wiper blades on your car or an oil change," says one.
The Aesa issues two types of directives: the current, AD, and urgent, called "emergency AD." In the case of microcracks, the two directives were common. The agency goes up a notch when it considers that the subject can affect flight safety. In this case, companies have little time to react, sometimes not even 24 hours.
In the case of rivets, flight safety is affected in any part, Airbus insists. The manufacturer points out that these are not structural elements. Six rivets 40 to 50 by radom "are not likely to blow up" the unit cover.
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