October 26, 2011 at 5:35am
The global century with Jack Welch and Stephen Adler
On Tuesday Editor-in-Chief of Reuters News Stephen J. Adler interviewed Jack Welch, CEO of Jack Welch, LLC at the 92nd Street Y. The topic of their conversation was “The Global Century.” To hear what they had to say please watch the video below.
Welch was named CEO of General Electric in 1981 and held the position for more than 20 years. During his tenure there the company’s market capitalization rose from $13 billion to $400 billion. In 2000, he was named “Manager of the Century” by Fortune magazine. In 2001, he wrote his number one New York Times and international best-selling autobiography, Jack: Straight from the Gut. Recently, he launched the Jack Welch Management Institute, a unique online MBA program.
October 18, 2011 at 4:01am
UPDATE 1-French finmin: GDP f’cast too high, AAA rating safe
* France says its AAA credit rating not threatened* Moody’s: may put France on negative watchPARIS, Oct 18 (Reuters) - France’s finance minister said on
Tuesday that a GDP growth target of 1.75 percent for next year
would probably have to be revised down in light of weaker
economic prospects, but he said the country’s triple-A credit
rating was solid.President Nicolas Sarkozy’s government has based its 2012
budget on that growth goal and forecast 12 billion euros of
deficit-reduction measures for this year and next, while
avoiding painful spending cuts ahead of a presidential election.But most economists see that target as too optimistic. A
Reuters poll last week predicted that French growth would slow
to 1.0 percent next year in a scenario that could derail the
government’s deficit-reduction plans.French Finance Minister Francois Baroin, who previously
defended the government’s forecasts, acknowledged that the
growth target was probably too high and would have to be
adjusted, without saying by how much or when.”It (the 1.75 percent growth target) is probably too high
compared to the development of the economic situation. We will
not adapt it today,” he told France 2 television. “We will adapt
it, that much is clear.”The government faces the prospect of guaranteeing up to 33
billion euros of Franco-Belgian lender Dexia SA’s
toxic debt, but French sources say there will be no impact on
the public deficit.On Monday, Moody’s warned it may slap a negative outlook on
France’s triple-A credit rating in the next three months if the
costs for helping to bail out banks and other euro zone members
stretch its budget too much.The warning came while European Union leaders consider steps
to protect the region’s financial system from an expected Greek
debt default. Those measures should include injection of capital
into banks with exposure to Greek debt.Michel Martinez, an economist at Societe Generale in Paris,
said that France has the ability to correct any growth shortfall
with corrective budget measures, but urged the government to
take action this year.”The adjustment needs to be made in the next three months or
so, before the presidential election campaign gets into full
swing,” he said.”If that does not happen, it will be too late and the 2012
deficit targets will not be respected,” he added.The two-round presidential election is scheduled for
April-May 2012.
4:01am
UPDATE 1-French finmin: GDP f’cast too high, AAA rating safe
* France says its AAA credit rating not threatened* Moody’s: may put France on negative watchPARIS, Oct 18 (Reuters) - France’s finance minister said on
Tuesday that a GDP growth target of 1.75 percent for next year
would probably have to be revised down in light of weaker
economic prospects, but he said the country’s triple-A credit
rating was solid.President Nicolas Sarkozy’s government has based its 2012
budget on that growth goal and forecast 12 billion euros of
deficit-reduction measures for this year and next, while
avoiding painful spending cuts ahead of a presidential election.But most economists see that target as too optimistic. A
Reuters poll last week predicted that French growth would slow
to 1.0 percent next year in a scenario that could derail the
government’s deficit-reduction plans.French Finance Minister Francois Baroin, who previously
defended the government’s forecasts, acknowledged that the
growth target was probably too high and would have to be
adjusted, without saying by how much or when.”It (the 1.75 percent growth target) is probably too high
compared to the development of the economic situation. We will
not adapt it today,” he told France 2 television. “We will adapt
it, that much is clear.”The government faces the prospect of guaranteeing up to 33
billion euros of Franco-Belgian lender Dexia SA’s
toxic debt, but French sources say there will be no impact on
the public deficit.On Monday, Moody’s warned it may slap a negative outlook on
France’s triple-A credit rating in the next three months if the
costs for helping to bail out banks and other euro zone members
stretch its budget too much.The warning came while European Union leaders consider steps
to protect the region’s financial system from an expected Greek
debt default. Those measures should include injection of capital
into banks with exposure to Greek debt.Michel Martinez, an economist at Societe Generale in Paris,
said that France has the ability to correct any growth shortfall
with corrective budget measures, but urged the government to
take action this year.”The adjustment needs to be made in the next three months or
so, before the presidential election campaign gets into full
swing,” he said.”If that does not happen, it will be too late and the 2012
deficit targets will not be respected,” he added.The two-round presidential election is scheduled for
April-May 2012.
October 12, 2011 at 6:31am
Berlusconi seeks confidence vote to save coalition
Napolitano talked of “acute tensions and uncertainties” in the center-right coalition and commentators said there was a growing possibility of elections next spring, a year ahead of schedule.In an unusually blunt statement, the president asked if the Berlusconi government still had the necessary unity to pass urgent measures for the country and demanded that Berlusconi offer “a credible response” to the nation.Berlusconi planned an address to parliament either on Wednesday or Thursday before a confidence vote likely to be held the next day.Napolitano’s statement was a clear reference to repeatedly delayed measures to boost Italy’s chronically slow economic growth, and continuing squabbles over an austerity package — passed under pressure from the European Central Bank — to balance the budget by 2013.Berlusconi decided to address parliament after the coalition — racked by internal dissent — suffered a major embarrassment when it failed to pass a key budget provision on Tuesday.Berlusconi has insisted that failure to approve the balance sheet for last year’s state spending by one vote was just an “accident” caused by the absence of several coalition members from the chamber.But political analysts said some of those who did not vote including Economy Minister Giulio Tremonti, who is constantly at loggerheads with Berlusconi, stayed away intentionally to send a message about the deep malaise within the coalition.Analysts said the government was unlikely to fall immediately but its ability to take action, at a time when the economy is under huge pressure from the markets, would be constantly hampered by internal disputes—the reason for Napolitano’s concern.Yields on Italian government bonds are dangerously high considering its massive public debt, because of investors’ lack of confidence that Berlusconi’s government can take decisive action.EARLY ELECTIONS”We could have a government crisis at any time and even head toward early elections,” said Massimo Franco, political commentator for the respected Corriere della Sera newspaper.After the government failed to pass the measure, the opposition called for Berlusconi to resign, saying the loss meant he no longer had a viable working majority.Berlusconi would have to resign if he lost the confidence vote.Lower house speaker Gianfranco Fini, who broke with Berlusconi last year, said the loss of the vote was “unprecedented” because the government is constitutionally obliged to approve what is considered a routine measure.Apart from Tremonti, several other senior coalition members were absent, including Berlusconi’s key ally, Northern League party leader Umberto Bossi.So far, Berlusconi’s majority in parliament has held up in repeated confidence votes but there has been mounting press speculation of a revolt within his PDL party.The 75-year-old prime minister is facing internal challenges from a number of center-right ministers who are unhappy with the way he is running the coalition and the damage his personal and judicial woes have done to Italy’s reputation.After Tuesday’s loss, the opposition called on Berlusconi to face the fact that he no longer had a workable majority and step down.”This government has no program left, it has no coalition, it has no objectives except to guarantee itself power,” said Massimo Donadi, head of parliamentarians in the opposition Italy of Values party.Berlusconi has come under mounting attack as the financial crisis and growing divisions in his center-right coalition fuel speculation that his government will collapse before the end of its term in 2013.Ratings agency Fitch last week cut Italy’s credit rating by one notch with a negative outlook, following a downgrade by Moody’s and Standard and Poor’s, underlining market concern over the stability of its public finances and its chronically weak growth.A 60-billion-euro austerity package to balance the budget by 2013 was passed last month only after weeks of hesitation and delay, while the timetable for a decree to pass economic reforms and approve the sale of state assets has slipped to October 20.
