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Endurance: Michelin prolonge son contrat avec le WEC et les 24 Heures du Mans
Le manufacturier de pneumatiques français Michelin a annoncé samedi dans un communiqué avoir signé un nouveau contrat de fournisseur pour au moins trois saisons, de 2018-2019 à 2020-2021, avec l'Automobile Club de…
Growth and Equality: Latin America Shows You Can Have Both
Latin America and the Caribbean is the only region in the world where wages became more equal during the last century, showing that growth and equality are not mutually exclusive. This reduction was the main driver of the decline in household income inequality—even more important that the emergence of conditional cash transfer programs, the expansion of pension coverage, and changes in household demographics. This reduction, which was greater in South America than Central America, isn’t due to just one factor, but several combined. Studying these not only lets us understand what happened, but helps us continue the positive trend into the future. That is the goal of the new report Wage Inequality in Latin America: Understanding the Past to Prepare for the Future. One of its authors, Joana Silva, a Senior Economist at the Office of the Chief Economist for Latin America and the Caribbean of the World Bank, explains how it was possible. Q: The report finds that wage inequality -that is wage gaps across workers-  has shrunk in Latin America over the past 10+ years, why is that? A: In virtually every country in Latin America and the Caribbean, wage inequality fell significantly in the new millennium. This was in sharp contrast with the rest of the world, where most countries struggled with rising inequality. The magnitude of the reduction in wage inequality in the Latin America and the Caribbean was huge, as measured in labor Gini terms (the index of wage inequality). To give you an idea: wage inequality dropped by six Gini points in the region, which is as large as the difference in inequality between Germany and Argentina today.  For comparison, inequality in the US increased by the same magnitude between 1970 and 2004.  Q: This report also finds that wage inequality fell widely across the region as opposed to the rest of the world. Why? A: According to our findings, this was primarily due to two forces:  economic growth and educational expansion.   The way Latin America grew in the 2000s led to more equal wages among workers with similar skills working for different firms. But it wasn’t just growth that reduced inequality. The dramatic expansion in education across the region led to a smaller college premium, as bottlenecks in access were removed. Other secondary factors were rising minimum wages, reduction in the share of informal workers, and falling experience premiums, which had different degrees of impact across countries. Q: One of the factors cited as a driver of this is education, along with external factors such as the commodity boom, which boosted salaries. Is this sustainable under the current circumstances? A: Real exchange rate appreciation triggered by the commodity boom and other forces reduced wage inequality across firms for workers with similar skills, because (i) it favored non-tradable sectors (such as construction, transportation, tourism) where wage inequality across firms is lower and (ii) compressed wages in the tradable sector (such as agriculture or manufacturing) by limiting growth of high-paying exporting firms. Moving forward, education is likely to continue to expand, fueling further equalization. However, lower growth has already slowed down the reduction in wage inequality. Further progress will require additional efforts. Q: What needs to be done to further reduce wage inequality in LAC? A: The book’s framework suggests that to promote growth with equity in an era of depreciated real exchange rates a two-pronged approach is needed. First, avoid hindering productivity growth. Expanding more productive firms can be beneficial for long-run growth. This can be supported by removing policies that protect inefficient firms (e.g. corporate subsidies), and by reforming antitrust and competition policies.  In tandem with this, we should continue to expand coverage and quality of education and training. This means enhancing quality, not just access, to education for children from disadvantaged households, improving public school attended by the poor, and investing in skills of the working age population.      
Filoche mis en cause pour un tweet antisémite : «C'était une connerie»
Gérard Filoche, membre du bureau national du Parti socialiste, revient sur le tweet antisémite posté sur son compte qui risque de lui coûter sa place au PS. Une procédure d'exclusion va être lancée.
Décès du couturier Azzedine Alaïa, figure atypique de la mode
Azzedine Alaïa présentait ses défilés selon son propre calendrier, à l’écart de la frénésie des Fashion weeks.
Dinero del pueblo para recordar a Cayetana de Alba: Un monumento sustituirá la fría lápida tras la que reposan sus cenizas
Beatriz Cortázar...de algunas empresas y entidades bancarias, como Caja Rural y La Caixa, donde además se abrieron dos cuentas, así como Caja Sol, la Asociación de Enganches, la firma Morera y Vallejo Azvi, Porcelanosa, la revista «¡Hola!» y otras entidades. «La Hermandad no
Wechsel an der Spitze der Geschäftsführung der IBM Österreich
Wechsel an der Spitze der Geschäftsführung der IBM Österreich
[in IBM Press room - All Topics]
The South Caucasus – A Bright Future Beckons
What a coincidence! 2017 not only marks the 25th anniversary of the partnership between the World Bank Group and the three countries of the South Caucasus – Armenia, Azerbaijan and Georgia – but also the 25th anniversary of the declaration of 17 October as the International Day for the Eradication of Poverty. As we mark this important day, I believe it is especially important to take stock of what the South Caucasus has achieved so far, while also looking ahead to see what needs to be accomplished in the coming years. Two and a half decades of social and economic progress have dramatically changed Armenian, Azerbaijani and Georgian societies. Economic growth has been rapid, and this has translated into strong welfare gains for the population. All three countries have grown from poor, centrally-planned economies at independence to lower middle-income countries today, and living standards have greatly improved for many people. From 2005 to 2015, poverty was cut down to around 20 percent in Armenia and Georgia, and to less than 10 percent in Azerbaijan. Despite these important gains, however, the South Caucasus countries are yet to reach the stability and resilience of strong middle-class economies. From analysis of economic mobility in the South Caucasus, we learn that not everyone crossed the poverty line in the same direction: while some households left poverty behind them and continued to do so, others who were previously above the poverty line reversed. For instance, in Armenia, for every two individuals who escaped poverty between 2010 and 2015, one slipped back. In Georgia, we find that about one in eight individuals has remained mired in poverty throughout recent years. And in Azerbaijan, economic slowdown has hit rural areas hard, increasing the number of vulnerable households. What lies behind this vulnerability to poverty? We know that social assistance and other government programs have served as important safety-nets for the poorest, but although necessary, they are insufficient measures to lift people permanently out of poverty. Rather, as societies develop, it is the quality of their labor that increasingly becomes the main source of income and, at the same time, the main driver of poverty alleviation. Furthermore, social mobility is not only about increasing income or rising above the poverty line. It is also about people’s perceptions about whether their lives are improving or not. I have been fortunate to meet so many wonderful people as I travel across the South Caucasus. In Georgia, for example, I met a farmer from Napareuli village who benefited from the Kakheti Regional Roads Improvement Project, and he said to me: “We grow cucumbers, tomatoes, onions, garlic, peppers and eggplant. Taking these vegetables to market and selling them is our only source of income. We also have a small vineyard, only for home use, for ourselves. But many farmers in the region mostly grow grapes and take them to market. With the new road, this has also become easier and much faster.” A parent from Karaleti village, a beneficiary of the Internally Displaced People’s Community Development Project, once told me: “It is very good that we have this play-ground here, because it is safer, and because our children don’t have to cross the busy street. Coming out of your house, you see your children playing in front of it, which is a big consolation.” So, what about the future? An important policy lesson to take forward is that we must not only continue to lift families and individuals out of poverty; we must also prevent them from falling back into poverty at any time. This means not only providing safety-nets to protect the poorest, but forging ahead with policies that ensure greater investment in people’s education and training, the creation of more and better jobs, and equal opportunities for all members of society. As the region continues to make gains in economic growth, a brighter future beckons for all the people of the South Caucasus. And we stand resolutely by their side as they strive toward it. -----------------------------------------------------  Mercy Tembon is the World Bank's Regional Director for the South Caucasus, based in Georgia. Related: Video - Georgia joins the 2016 End Poverty Day Campaign Blog - On the road in Georgia – through past, present and future
Europe and Central Asia Region Sees Stronger Growth, Amidst Rise in Migration
Warsaw, October 19, 2017 – Economic growth for the Europe and Central Asia region will reach 2.2% in 2017, according to the World Bank’s latest Regional Economic Update, Migration and Mobility in Europe and Central Asia. This represents the strongest growth in the region since 2011, and is 0.3 percentage points above the Bank’s previous forecast in May 2017. Growth in Europe and Central Asia comes on the back of stronger industrial production and more exports in recent months, lifting most countries in the region out of recession. Unemployment rates have dipped below pre-financial crisis levels in several countries, while labor participation rates have simultaneously risen above their 2008 levels. Despite these important gains, however, the region still faces challenges that are testing political and economic cohesion. According to the report, new technologies are impacting the distribution of income and wealth, with many workers struggling to adjust to the new skills demand of the digital economy. In addition, the number of full-time, permanent jobs as a share of total employment has declined, as flexible contracts become the dominant employment arrangement for younger workers. This rise in the share of flexible contracts is increasing the efficiency of firms and individuals, but also creating new forms of inequality and insecurity. “Growth is returning to the region, which is certainly good news,” says Hans Timmer, World Bank Chief Economist for Europe and Central Asia. “At the same time, however, new technologies that provide new growth opportunities are bringing about more flexible labor contracts and more uncertainty. This has increased anxiety among people. And recent concerns over the influx of refugees can be seen as a manifestation of that heightened anxiety.” The Europe and Central Asia region has experienced a sharp increase in the numbers of refugees and asylum seekers in recent years, from 3.7 million in 2014 to 6.4 million in 2016. This large influx has created new challenges and heightened public concern over migration. The report finds, however, that refugees and asylum seekers account for only a small share of total migrants in countries across the region – with the exception of Turkey, which was host to 3.1 million refugees in 2016. Migration has played an important role in meeting demands for labor, supporting trade, and encouraging foreign direct investment in countries across Europe and Central Asia, says the report. Migration also promotes the transfer of knowledge between host countries and countries of origin – increasing exposure to flows of information that can create economic benefits. The report recommends that countries in the region pursue policies that ensure the successful integration of migrants into society, in order to fully exploit the benefits of migration. But policies should not focus on migration challenges in isolation. Rather, reforms should help both migrants and non-migrants alike cope with rapid technological development and increased flexibility in labor markets, thereby reducing insecurity and sharing the benefits of economic growth more broadly across society.
Após crise, financiamento de veículos volta ao radar dos grandes bancos
Carros novos em pátio de Taubate, São Paulo. Carros - veículos - vendas - carro (Foto: Roosevelt Cassio/Reuters)

 

Passado o gosto amargo deixado pelos calotes nos financiamentos sem entrada e em até 90 vezes, os grandes bancos começam a mostrar disposição para aumentar a oferta de crédito para compra de veículos em meio à retomada do setor, um dos mais afetados pela crise. Bradesco e Banco do Brasil voltaram a registrar aumento trimestral no financiamento de veículos, enquanto o Itaú Unibanco já está mais próximo de inverter a trajetória de queda.

A virada ocorre a reboque da retomada das vendas de carros novos, associada ao bom desempenho do mercado de usados, que aliviou as perdas do setor durante a crise. Contribui ainda a melhora de condições macroeconômicas, como a queda dos juros, os baixos níveis de inflação e a redução do desemprego.

A venda de veículos novos começou a cair em 2013, por causa de uma restrição do crédito por parte dos bancos, que à época registravam aumento na taxas de inadimplência. A recessão iniciada em 2015 só piorou a situação. Como consequência, de 2013 a 2016, as vendas encolheram 46%. Agora, com uma alta de 9% no acumulado de janeiro a outubro de 2017, o mercado tem se recuperado. Primeiro em função de uma demanda reprimida e, nos últimos três meses, com o apoio do crédito.

Com quase R$ 20 bilhões de saldo, a carteira de crédito para veículos do Bradesco apresentou alta de 2% em setembro ante junho, embora esteja ainda em queda no comparativo anual.

"Foi o primeiro crescimento (da carteira de crédito a veículos) em muito tempo. Há algum significado. Essa carteira veio sendo ajustada à nova realidade do mercado e o tamanho da nossa produção já permite algum crescimento no crédito a veículos", disse o diretor de relações com o mercado do Bradesco, Carlos Firetti, em recente conversa com a imprensa. O banco voltou a divulgar o resultado de crédito para veículos neste ano e, por isso, prefere não fazer comparações mais longas.

No Itaú Unibanco, o ponto de inversão ainda não ocorreu, mas já está mais próximo. No terceiro trimestre, a carteira seguiu em baixa ao encolher 1,7% ante o período encerrado em junho, mas em ritmo menor que o visto nos anteriores.

Atualmente, o crédito a veículos representa apenas 7,8% da carteira do Itaú, com pouco mais de R$ 16 bilhões. Turbinado pelos empréstimos sem entrada e com parcelamento extenso, chegou a responder por metade do saldo dos empréstimos da instituição, com mais de R$ 60 bilhões em concessões.

De acordo com o presidente do Itaú, Candido Bracher, o banco espera que sua carteira de crédito para veículos volte a crescer. "O que vai ditar ritmo é a demanda", reforçou o executivo, em teleconferência com a imprensa, para comentar os resultados do banco.

No caso do Banco do Brasil, a carteira de veículos do terceiro trimestre, embora tenha caído 14,9% em relação a igual período de 2016, teve expansão de 4,6% na comparação com o segundo trimestre deste ano.

Ranking

Com a redução de apetite dos players principais, o ranking dos grandes bancos em veículos mudou completamente no Brasil. A liderança do setor, antes nas mãos do Itaú, passou para o Santander Brasil, que encerrou setembro com mais de R$ 34 bilhões emprestados nesta linha, volume 5,4% maior em relação a junho e 16% em um ano. O banco, porém, já começa a sentir o acirramento da concorrência, de acordo com o superintendente da Santander Financiamentos, Gustavo de Sousa Santos.

Segundo ele, todo o mercado, incluindo os próprios lojistas e consumidores, aprendeu com a crise de 2010, dos empréstimos sem entrada e a perder de vista. "Os lojistas aprenderam que se vendessem nas condições do passado poderiam secar a fonte de recursos. Os bancos também, uma vez que a garantia já saía depreciada e para os clientes o custo financeiro por tanto tempo não valia a pena", avaliou Santos.

A retomada tem sido mais conservadora. A média praticada hoje no mercado, conforme o superintendente do Santander, é de exigência de 30% do valor de carro de entrada e prazo máximo de 36 meses. No passado, era de 15% e 48 vezes, respectivamente.

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