Word: touati
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...markets have gone completely crazy and are reacting in fear to a bad situation in a way guaranteed to make it far worse," says Marc Touati, deputy executive manager of the French economic- and finance-research group Global Equities. "We once had 'irrational exuberance' pushing markets ever higher; now we have irrational pessimism running them into the ground. People have to calm down, or we're in for big trouble...
...easy populist win, but higher corporate taxes will likely do nothing to protect French jobs and could end up making the E.U. a whole lot less competitive. "The question isn't halting the departure of lower-skilled jobs to cheaper markets, and Sarkozy should know that," says Marc Touati, chief economist of Natexis Banques Populaires. "The challenge is getting those same companies to reinvest gains made from outsourcing to create new jobs in research, hi-tech and skilled services back home." It all just reinforces the impression among critics that Sarkozy cares more about publicity than policy. "Politically...
...that at least the law hasn't harmed employment levels; there are an estimated 24.1 million jobs today vs. 23.1 million in 2000. "The most complete and objective studies I've seen indicate that around 50,000 new, durable jobs were created by the 35-hour week," says Marc Touati, chief economist for Natexis Banques Populaire. Yet there's no question that the May accession of 10 new countries with wages well below the E.U. average has accelerated the attack on the 35-hour week. Ernest-Antoine Seillière, president of Medef, France's employers' association, said...
...largest 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...
...would be easy, then, simply to pin the decline on the madness of speculators. "The people pulling out of the market in the U.S. are the same ones pulling out of the French market," argues economist Marc Touati, chief economist at Natexis Banques Populaires in Paris. "Don't forget that about 70% of funds invested in the Paris market come from abroad, notably...