Word: economisters
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...corporate loss in French history--about $12 billion--caused mainly by writing down the value of assets. Vivendi's stock fell 85% from its peak before Messier was booted. Fourtou "is going to have to turn Vivendi into a smaller and, above all, clearer company," says Marc Touati, chief economist for Natexis-Banques Populaires in Paris. "That will involve straightening out the books so investors can see exactly where things stand." It might also mean setting Vivendi's U.S. assets loose, possibly into the hands of Diller, who has already profited mightily in dealmaking with Messier and Bronfman...
With 1.8 million net jobs lost in 2001 and little improvement in the unemployment rate so far this year, are we heading toward another spell of cold comfort? That was the question TIME posed to its Board of Economists. "It will feel like a jobless recovery largely because our point of reference is the boom years of the '90s, when unemployment went all the way down to 3.9%," says Nariman Behravesh, chief economist for the consulting firm DRI-WEFA. "When it is up around 6%, it feels a lot worse...
...four other panelists were Ken Goldstein, labor economist for the Conference Board; Sung Won Sohn, chief economist for Wells Fargo Banks in Minneapolis, Minn.; William Spriggs, director of the National Urban League's Institute of Opportunity and Equality; and Diane Swonk, chief economist for Bank One in Chicago. They all agreed that job growth will remain anemic this year, with unemployment hovering around 5.6% to 5.8% and falling slowly even as other economic indicators regain strength. Our panel expects payroll growth to rise from 50,000 in July to, optimistically, 125,000 by December--compared with 400,000 a month...
...monetary policy of the European Central Bank, while suitable for Ireland, is completely inappropriate for Germany." Milton Friedman, U.S. economist, predicting that the euro zone will fall apart
...that make up the Dow Jones Stoxx 50 index have declined 24%. That bonfire of capital has been fueled only in part by the revelations of corporate sleaze on the other side of the Atlantic. "Even if Europe hasn't had a scandal like Enron or WorldCom," says Sorbonne economist Christian de Boissieu, "the situation confronting our telecom operators, who are all deep in debt, means that we're facing similar problems." To the well-known troubles of France Telecom and Deutsche Telekom, add the pains at tech giant Alcatel. Or the fiasco at media and utilities conglomerate Vivendi, which...