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The Italian cabinet of prime minister Mario Monti, includes Corrado Passera, CEO of Italy's largest retail bank, as minister of economic development and transport. In selecting his cabinet Monti brought in respected members from academia, banking, business and the higher levels of the civil service. Monti's agenda includes cutting public spending, increasing revenues, changing the pension system, reintroducing a property tax on first homes, and making it possible for business to hire and fire workers by changing Italy's rigid labor laws. Emma Marcegaglia, president of Confindustria, Italy's business association, says he is the right person to restore credibility and to put Italy back on the road to economic recovery. She had a high regard for the selections in the cabinet. The big challenge in her view was now to get the Italian parliament to approve the changes.
The Italian cabinet of prime minister Mario Monti, includes Corrado Passera, CEO of Italy's largest retail bank, as minister of economic development and transport. In selecting his cabinet Monti brought in respected members from academia, banking, business and the higher levels of the civil service. Monti's agenda includes cutting public spending, increasing revenues, changing the pension system, reintroducing a property tax on first homes, and making it possible for business to hire and fire workers by changing Italy's rigid labor laws. Emma Marcegaglia, president of Confindustria, Italy's business association, says he is the right person to restore credibility and to put Italy back on the road to economic recovery. She had a high regard for the selections in the cabinet. The big challenge in her view was now to get the Italian parliament to approve the changes.
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The new conservative administration of Mariano Rajoy is expected to cut spending to reduce the deficit from the 8.1% expected by analysts for 2011, to 3% in 2013. The deep cuts would worsen the unemployment rate of 20%. Spanish banks need recapitalization of 26 billion euros according to the European Banking Authority, about 2.5% of GDP. Spain's 10 year bond yields reached 6.34% on Nov. 15, 2011, close to Italy's 7.10%. With the situation worsening in Greece and Italy, the perception is that there is not much the Rajoy administration can do in the current situation to improve the economy in Spain. Rajoy's plans are to improve labor market flexibility, cut business taxes, and control government spending.
The new conservative administration of Mariano Rajoy is expected to cut spending to reduce the deficit from the 8.1% expected by analysts for 2011, to 3% in 2013. The deep cuts would worsen the unemployment rate of 20%. Spanish banks need recapitalization of 26 billion euros according to the European Banking Authority, about 2.5% of GDP. Spain's 10 year bond yields reached 6.34% on Nov. 15, 2011, close to Italy's 7.10%. With the situation worsening in Greece and Italy, the perception is that there is not much the Rajoy administration can do in the current situation to improve the economy in Spain. Rajoy's plans are to improve labor market flexibility, cut business taxes, and control government spending.
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Under Ford's common platform strategy basic parts for the Ford Escape would go into 1.9 million vehicles by 2016. This would enable Ford to create savings in every facet of development and production.
Under Ford's common platform strategy basic parts for the Ford Escape would go into 1.9 million vehicles by 2016. This would enable Ford to create savings in every facet of development and production.
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The Arab League votes to impose sanctions on Syria with a vote of 18 of its 22 members.
The Arab League votes to impose sanctions on Syria with a vote of 18 of its 22 members.
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A new plan for the eurozone crisis from the German Council of Experts which would create a European Redemption Fund to take over sovereign debts in excess of 60% of GDP, and impose constitutional brakes on spending on troubled eurozone coutries.
A new plan for the eurozone crisis from the German Council of Experts which would create a European Redemption Fund to take over sovereign debts in excess of 60% of GDP, and impose constitutional brakes on spending on troubled eurozone coutries.
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