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France's Prime Minister Sees Only Good Things in Euro-Dollar Parity

euroThe euro plunged versus the dollar again Friday, this time falling 1.2 cent to a four-year low of $1.2040.

Friday's culprit? Comments by French Prime Minister Francois Fillon that he's "not worried" about the current euro/dollar exchange rate, Bloomberg News reported Friday.

Fillion added that he saw only good news in a euro/dollar exchange rate at parity, or where €1 buys $1, Reuters reported Friday.

Continue reading France's Prime Minister Sees Only Good Things in Euro-Dollar Parity

Analyst Says Weaker Euro May Prevent European Recession

Will the euro's decline in value prevent a dreaded euro-zone recession? That's the conclusion of one analyst.

"The euro depreciation is very good news for the region" because the rest of the world economy is expanding, Charles Wyplosz, head of the International Center for Monetary and Banking Studies in Geneva, told Bloomberg News Thursday. "This is going to bring a welcome boost that may save the euro-zone from outright recession."

Continue reading Analyst Says Weaker Euro May Prevent European Recession

Sarkozy Reportedly Threatened to Pull France out of Euro-Zone

Last weekend French President Nicolas Sarkozy reportedly threatened to pull France out of the euro-zone if Germany did not agree to a comprehensive stabilization package for Greece, Agence France-Presse reported Friday, citing Spain's El Pais.

Spanish Prime Minister Jose Luis Rodriguez Zapatero reported Sarkozy's remarks to a meeting of leaders of his Socialist Party on Wednesday. However, a government source in Madrid denied the Sarkozy incident, telling the AFP that it is "lacking in any foundation."

Continue reading Sarkozy Reportedly Threatened to Pull France out of Euro-Zone

Greek Debt Exposes European DisUnion

The economic debate among the European Union nations about how to handle the turmoil in the Greek economy and, subsequently, the Greek bond market casts greater doubt on the value of the euro and the EU with each passing day -- and they know it!

While the economic benefits of the Union are obvious and highly valuable the turmoil has turned a giant spotlight on the problems and conflicts that exist and will continue to exist for another century or more if not solved in a way that not only works for the EU but does not diminish the Euro in the slightest way.

Continue reading Greek Debt Exposes European DisUnion

France, Germany Split over Greece Stabilization Policy Widens

Monday's key developments in "As The Eurozone Turns":

The Greek policy gap between Germany and France widened after German Chancellor Angela Merkel emphasized that the key to resolving Greece's fiscal crisis is Greece's austerity measures.

"I do not see Greece needs money at the moment and the Greek government has confirmed that," Merkel said, FT.com reported Monday.

Continue reading France, Germany Split over Greece Stabilization Policy Widens

Germany, France Prepare Aid Package, Press Greece for Budget Cuts

All-in yet regarding Greece? Nope, not quite, but Germany, as expected, has taken the lead in coordinating an aid package for the euro-zone's beleaguered font of democracy.

Further, France, Bloomberg News reported Wednesday, has quickly voiced support for the German initiative, and if it follows the pattern of previous interventions, investors will soon learn that France fully-supports Germany's plan, but also underscores that Germany, with the euro-zone's largest economy and resources, should bear most of the financial burden/risk of any package.

Continue reading Germany, France Prepare Aid Package, Press Greece for Budget Cuts

Will Fashion Lead Magazines out of the Recession?

It's been a long time since there's been any good news for the print media, but this is a start: ad pages at leading fashion magazines are significantly year over year.

InStyle pulled off an incredible 33.5% jump in year over year ad pages for its March issue, and Vogue eked out a 0.6% increase. Harper's Bazaar was up 4.4%. Elle was up 4%. The big laggard was W, which saw its ad count fall 23.4%.

Continue reading Will Fashion Lead Magazines out of the Recession?

France follows the U.K. to impose tax on bank bonuses

French President, Nicolas Sarkozy, said he would follow the U.K. and impose a one-off tax on bonus payouts by banks operating in France.

The tax would be levied on bonus payouts above 27,000 euros. Paris's move is in line with Britain's tax on payouts above 25,000 pounds.

Both leaders issued a statement saying: "It is clear that the action must be taken at a global level. No territory can be expected to or be able to act on their own."

Continue reading France follows the U.K. to impose tax on bank bonuses

General Electric's Immelt talks to the French government about Areva

General Electric's (GE) chief executive visited France this week, making what some are calling a "last-ditch bid" to acquire the transmission and distribution arm of Areva, a state-owned French company.

Immelt spent some time with two of the closest advisors to French president Nicolas Sarkozy, hoping to convince Sarkozy to ignore political pressure and realize the benefits of GE's $6 billion offer. The French government is rather adamant about keeping the domestic company home, asking a pairing of two French companies (Schneider Electric and Alstom) to rework their initial bid, which was the lowest.

Continue reading General Electric's Immelt talks to the French government about Areva

Ray of light: Euro-zone GDP increased 0.4% in Q3

Europe, font of western civilization, is growing again. The euro-zone officially entered a recovery with GDP in the 16-nation zone increasing 0.4% in Q3 compared to the previous quarter, Eurostat, the European Union's official statistics agency, announced Friday. Europe's economy had contracted for the five previous quarters.

Meanwhile, growth in the 27-nation E.U. (EU27), which includes nations that aren't members of the euro monetary system, increased 0.2% in Q3.

Continue reading Ray of light: Euro-zone GDP increased 0.4% in Q3

McDonald's to add another thousand golden arches next year

For McDonald's (MCD), 32,000 restaurants in 100 countries isn't enough. The quick service restaurant announced in a meeting with Wall Street analysts that it will open 1,000 new restaurants next year. Most will be in the United States, China, Australia, Russia, Germany and France. Don't expect to see any in Iceland, though, as the company is closing its three restaurants there and has no plans to return in the near future.

The company is also looking to rehabilitate the interiors and exteriors of another 2,300 locations in 2010 – approximately half of them in Europe. In all, this should cost around $2.4 billion. For 2009, McDonald's expects its capital expenditures to reach $2.1 billion on 900 new restaurant openings. The chain is increasing its rate of new restaurant openings by more than 10% from 2009 to 2010.

Continue reading McDonald's to add another thousand golden arches next year

Eastern Europe aid plea rejection likely to delay Europe, U.S. recoveries

Following the instructions of President John F. Kennedy, "I appreciate candor almost as much as I appreciate good news," we're moving forward with candor, however unpleasant.

Investors take heed: the U.S. recession most likely just got longer.

The European Union, led by Germany, has rejected Eastern Europe's pleas for an aid package of about $228 billion, citing budget concerns in their own Western European countries, Bloomberg News reported Sunday.

The E.U.'s failure to provide aid and fiscal stimulus to Hungary, the Czech republic, Slovakia, Romania, Bulgaria, Latvia and Poland will hurt both the U.S. and global economies.

Continue reading Eastern Europe aid plea rejection likely to delay Europe, U.S. recoveries

France bails out the newspaper industry

On Wedneday I wrote about France's idiotic bailout of the auto industry. But wait! There's more!

Now the French President Nicolas Sarkozy has announced what amounts to a bailout of the country's newspaper industry as well. Here's how it works: The French government is going to help buy every 18-year old a newspaper subscription as a birthday gift. The newspapers will be given away by the publishers while the state "pays for the deliveries." According to the Associated Press, "Sarkozy also announced a ninefold rise in the state's support for newspaper deliveries and a doubling of its annual print advertising outlay amid a swelling industry crisis."

The problem with this whole measure is that vast majority of teens don't want to read a newspaper. They get their news for free on this newfangled device called the internet. Having publishers and the government shell out cash to send them newspapers is a complete waste of time and it diverts resources from what the traditional media really needs to do: adapt to a changing market.

I understand that Sarkozy wants to help the industry buy time. Fine: Why not just cut them a check to invest in moderinzation? Why bog it down with a gimmick like giving newspaper subscriptions to people who don't really want them?

Dick Morris says under Obama U.S. economy 'will become like Socialist France'

Prior to President Obama's inauguration, political strategist Dick Morris appeared on conservative commentator Sean Hannity's new show on FoxNews and said the Obama administration will implement policies such that the U.S. economy "will become like Socialist France."

(Note: Full and fair disclosure - Before offering his policy forecasts for the Obama administration, Morris recognized and applauded the history-making event of the United States inaugurating its first African-American president approximately 150 years after President Lincoln's Emancipation Proclamation.)

Morris also sees U.S. national health care

Morris also said he expects President Obama to implement a national, universal health care system, although Morris did specify how much he thought the program would cost, or how it would be funded.

In 2007, French government spending accounting for about 50%, $1.29 trillion of France's $2.56 trillion economy, according to research compiled by the U.S. Central Intelligence Agency. According to the CIA, France's elected officials remain committed to a capitalism in which they maintain social equity by means of laws, tax policies, and social spending that reduce income disparity and the impact of free markets on public health and welfare. In 2007, total government spending in the U.S. accounted for about 35-40% of U.S. GDP, depending on the methodology used.

Continue reading Dick Morris says under Obama U.S. economy 'will become like Socialist France'

France comes up with an even dumber auto industry bailout

I've been watching for months trying to find a dumber approach to a bailout than TARP and now I've found one: France.

The French government said yesterday that it will inject as much as €6 billion ($7.86 billion) into its ailing auto industry. But there's a catch. Prime Minister François Fillon says that (subscription required) "There is no question of the state helping a car manufacturer that decides purely and simply to close one or more production sites in France."

That's right. Any company that closes an unproductive plant won't get any of that government cheese. Any economics professor will tell you that's an incredibly stupid policy. The point of a bailout -- if there is one -- is to buy time for an industry to revitalize itself. Insisting that companies continue to build cars when there are no buyers for them is just bad policy. It's all in the name of preserving jobs but it would be better to free up people who are building stuff no one wants so they can devote their time to something productive. With fewer new cars being sold, demand for mechanics and automotive technicians seems likely to stay strong and possibly rise. Wouldn't it be better to let the factories close and let the market redeploy the workers there?

It's just bad economics, but it has a nice populist ring to it that makes it politically expedient.

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