Bank of England hikes 2014 growth forecast

Bank of England hikes 2014 growth forecast

 

By Roland JACKSON (AFP)

 

London — The Bank of England ramped up its 2014 economic growth forecast on Wednesday as Britain's recovery picks up speed, and vowed to keep interest rates low after tweaking its guidance.

 

Gross domestic product (GDP) was set to grow by 3.4 percent this year, the central bank said in its latest quarterly report.

 

That was up sharply from an earlier estimate of 2.8 percent given in November.

 

"The recovery has gained momentum. Output is growing at the fastest rate since 2007, works are being created at the quickest pace since records began, and after four years above target the inflation rate is back at 2.0 percent," governor Mark Carney said.

 

Carney took charge of the BoE last August and launched the forward guidance policy, under which the BoE had stated that it will not raise record-low interest rates until the unemployment rate falls to at least 7.0 percent.

 

However, the bank forecast on Wednesday that the unemployment rate -- which has fallen more sharply than expected amid the strengthening recovery -- would hit 7.0-percent in the coming months.

 

As a result, the BoE added it would look at a "broad range of indicators" at that point, in order to assess the health of the labour market and establish whether borrowing costs should rise.

 

Under the latest guidance, the bank will seek to absorb all the spare capacity in the economy over the next two to three years to allow a full recovery.

 

When interest rates do begin to increase, it will be a gradual and limited process, according to the BoE.

 

The central bank also pledged to maintain its £375-billion ($620-billion, 456-billion-euro) bond-buying stimulus programme, known as quantitative easing, until at least the first rate hike.

 

Interest rates have stood at a record low level of 0.50 percent since March 2009, when it also launched the vast QE stimulus to aid growth.

 

The bank meanwhile predicted fourth-quarter GDP growth would be revised to 0.9 percent, from 0.7 percent.

 

It also expected the economy would grow by a robust 0.8 percent in the current first quarter.

 

"Forward guidance is working," Carney told journalists.

 

"Expected interest rates have remained low even as the economy has recovered strongly.

 

"Uncertainty about interest rates has fallen. Most importantly, UK businesses have understood the message."

 

Canadian national Carney was last month forced to dampen talk of a rate rise any time soon, following news that the unemployment rate fell faster than expected to 7.1 percent, a near five-year low point.

 

The bank stressed on Wednesday that borrowing costs "may need to remain at low levels for some time to come" as Britain grapples with the ongoing legacy of the financial crisis and other economic headwinds.

 

"If and when the time comes that the economy can sustain higher interest rates, bank rate is expected to rise only gradually," Carney said.

 

"For a sustained and balanced recovery, the degree of stimulus will need to remain exceptional for some time."

 

The BoE also predicted that 12-month inflation would remain at, or slightly below the bank's official 2.0-percent target, over the forecast period.

 

The economy expanded at the fastest rate last year since before the global financial crisis, growing by 1.9 percent in 2013.

 

That was the fastest pace since 2007.

 

"Despite the very sharp and unexpected fall in unemployment, the MPC still sees plenty of slack in the economy that must be used up before raising bank rate," noted HSBC economist Simon Wells.

 

"Phase two of forward guidance offered no new targets or thresholds, but by arguing that there is a lot of spare capacity and with inflation projected to be below target 2-3 years ahead, governor Carney wanted to send a signal that rates are not moving soon."

 

Copyright © 2014 AFP. All rights reserved.

 

(Agence France-Presse, 13 Thursday February 2014 The Roman)

 

 

Spain to exit from bank bailout in January

Spain to exit from bank bailout in January

 

Spain has announced it is to exit its EU/IMF bank bailout programme.

 

Madrid borrowed 41 billion euros last year to rescue many of its banks crippled by bad loans after the collapse of a property and construction bubble.

 

The country has now met the conditions of its aid programme and its banking sector has “significantly improved” according to euro zone finance ministers.

 

It follows an announcement by Ireland that it will also exit the bailout next month.

 

At a news conference in Brussels ministers welcomed Spain’s decision, hailing it a success for the Eurogroup.

 

Head of Eurogroup, Jeroen Disjsselboem, said: “These two countries are an example of how a programme can work, and should work. So I think that’s a good sign. Of course at the outstart of the whole crisis management of the euro zone this was all new, it was all ‘terra incognita’, it all had to be worked out, and we’ve now had two good experiences, successful experiences, and I think that’s very important.”

 

Copyright © 2014 euronews

 

(euronews, 16 Saturday November 2013 The Roman)

 

ECB holds key rate steady at 0.25 %

ECB holds key rate steady at 0.25 %

 

Frankfurt (AFP)

 

The European Central Bank held its key interest rates steady as largely expected on Thursday.

 

The ECB left its central "refi" or refinancing rate unchanged at 0.25 percent at its monthly policy meeting, it said in a statement.

 

The central bank also held its other two key rates -- the marginal lending rate and the deposit rate -- unchanged at 0.75 percent and zero percent respectively.

 

There had been speculation that the central bank could ease monetary conditions in the 18 countries that share the euro after area-wide inflation came in lower than expected last month.

 

The ECB surprised the markets with a quarter-point rate cut in November.

 

ECB President Mario Draghi was scheduled to explain the reasoning behind the latest decision at a news conference.

 

(Agence France-Presse, 6 Thursday February 2014 The Roman)

 

Etihad in 'final' assessment for Alitalia buy

Etihad in 'final' assessment for Alitalia buy

 

Abu Dhabi (AFP)

 

Abu Dhabi-based Etihad Airways said Sunday it has entered the final stage of an assessment whether to purchase a stake in Italy's debt-laden airline Alitalia.

 

The two carriers "have entered the final phase of a due diligence process about a possible investment by Etihad Airways in Alitalia," confirmed James Hogan, chief executive of Etihad Airways, and Gabriele Del Torchio, his Alitalia counterpart, according to a statement by Etihad.

 

The two companies and their advisors will determine during the next 30 days "how a common strategy can be developed which meets the objectives of both parties," said the statement.

 

"Any issues that may prevent the establishment of an appropriate business plan will have to be resolved to ensure the plan can be implemented to move Alitalia to sustainable profitability," it added.

 

Reports have suggested that Etihad is preparing a big investment in Alitalia, which is in debt to the tune of 1.2 billion euros ($1.6 billion).

 

In October, shareholders gave unanimous approval for a capital increase of up to 300 million euros to save Alitalia from bankruptcy.

 

The carrier is looking for a foreign partner to rescue it.

 

Etihad is expanding rapidly and has bought minor shares in several smaller carriers around the world as it competes with larger Gulf rivals Emirates and Qatar Airways.

 

Etihad owns 29 percent of Air Berlin, 40 percent of Air Seychelles, 19.9 percent of Virgin Australia and three percent of Aer Lingus.

 

In November, India's Jet Airways said it had completed the sale of a 24-percent stake to Etihad after obtaining regulatory approvals.

 

Etihad also announced in mid-November that it was acquiring 33.3 percent of Swiss carrier Darwin Airline, which it plans to rebrand as Etihad Regional.

 

That acquisition is awaiting regulatory approval.

 

(Agence France-Presse, 2 Sunday February 2014 The Roman)

Italian Prime Minister says Kuwait to invest $676 million in Italy

Italian Prime Minister says Kuwait to invest $676 million in Italy

 

[caption id="attachment_11772" align="alignnone" width="566"] (Kuwait will invest $676m in Italian companies, said Prime Minister Enrico Letta. (File photo: Reuters))[/caption]

 

Kuwait’s sovereign wealth fund will invest 500 million euros ($676 million) in Italian companies in coordination with Italy’s own strategic investment fund, Prime Minister Enrico Letta said on Tuesday.

 

The deal follows similar agreements with Qatar’s investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a separate deal with the Russian Direct Investment Fund.

 

Kuwait and Italy will create a company with capital of 2.5 billion euros, of which 80 percent will come from Italy’s strategic investment fund, the FSI, and the remainder from the Kuwait Investment Authority.

 

“This is an extraordinarily important development, it’s an injection of confidence in our country,” Italy’s Letta said at a news conference in Kuwait during a visit to the Gulf states to attract interest in Italy as an investment destination.

 

(Reuters, Kuwait)

 

(Al Arabiya News, 4 Tuesday February 2014 The Roman)

 

 

France and Germany rebuild ties but EU waits for old axis

France and Germany rebuild ties but EU waits for old axis

 

Brussels (AFP)

 

With France and Germany apparently patching up their economic differences, their decades-old axis could retake its place at the heart of Europe, but analysts are waiting for actions to back up the rhetoric.

 

French President Francois Hollande's recent promises of economic reform have been welcomed by Chancellor Angela Merkel's coalition as a step away from socialist policies towards Berlin's austerity-minded approach.

 

The eurozone's two biggest economies have meanwhile launched a series of measures to jumpstart stalled ties after the financial crisis exposed major differences in approach to budgetary discipline and growth.

 

"There is a chance this is a real one (rapprochement)," Janis Emmanouilidis of the Brussels-based European Policy Centre think tank told AFP.

 

"Each side knows that they have to interact with each other for many years to come."

 

Paris and Berlin have struggled to reconcile their policies on recovering from the eurozone debt crisis ever since Hollande took office in 2012 promising to spend France's way out of trouble.

 

The previously strong bond between Merkel and Hollande's centre-right predecessor Nicolas Sarkozy -- dubbed "Merkozy" -- has been replaced by a lack of communication, exacerbated in 2013 by Merkel spending months building a new left-right coalition after elections.

 

But earlier this month Berlin warmly welcomed what Hollande called "social democratic" reforms to spur the beleaguered French economy.

 

They included 50 billion euros ($68 billion) in public spending cuts and a 30-billion-euro reduction in corporate payroll charges.

 

Since then it has been a veritable love-in between the former foes.

 

Germany offered logistical support to the French operation in the Central African Republic, while their foreign ministers are considering joint trips to some of Europe's troubled neighbours.

 

'Franco-German phoenix'

 

"It's a social-democratic convergence which reconciles supply-side reforms with a reduction in social inequality," said Claire Demesmay, of the German Council on International Relations.

 

Emmanouilidis said there was time for Germany and France to find common ground on changing the EU's treaties to strengthen joint economic governance in the 28-nation bloc.

 

But the negotiations would be "complex" and there were also a host of differences on technical issues such as banking union, the financial transactions tax and others.

 

The two leaders also face different situations at home.

 

The main problems in France are youth unemployment, competitiveness and the bloated state, whereas Germany faces issues with internal consumer demand.

 

Others were more sceptical that the relationship between France and Germany could return to the heady days when they effectively built the European Union together.

 

"I'm not sure how much rapprochement there actually is between France and Germany," Mats Persson, director of Open Europe, a eurosceptic think-tank based in London, told AFP.

 

"One senior German told me recently that they are far more worried about France than about Italy."

 

One EU official was cautious.

 

"The rebirth of the Franco-German phoenix is a recurrent phenomenon," the source added on condition of anonymity.

 

"For citizens, words have to be translated into lasting actions."

 

But Persson said the relationship was still "relevant and important for Europe."

 

"In the grand scheme of things it is good that France and Germany get on," he said.

 

Britain and other northern European countries could in particular benefit from the alliance, despite appearances to the contrary.

 

Prime Minister David Cameron has been wooing Germany in a bid to win support for his quest to renegotiate Britain's relationship with the EU before putting the new terms to a national referendum in 2017.

 

But close ties between Merkel and Hollande would not necessarily scupper this, particularly as there is appetite for treaty change from Berlin.

 

"A Franco-German axis on the whole is more open to reform than the sum of its parts," Persson said.

 

"It could therefore be more sympathetic to the UK's reform agenda."

 

(Agence France-Presse, 31 Friday January 2014 The Roman)

 

 

Nissan and Renault will enhance cooperation

Nissan and Renault will enhance cooperation

 

日産とルノー　連携を強化

 

日産自動車（横浜市西区）は１月３１日、フランスのルノーとの連携を強化し、２０１６年までにコスト削減などの相乗効果の目標を、年間４３億ユーロ（約６０００億円）まで引き上げる方針を明らかにした。

 

日産自動車とルノーは１９９９年から提携しているが、今後はさらに研究開発、生産・物流、購買、人事の４分野を中心に、統合を深めることを検討するという。

 

日産とルノーの提携は自動車業界で最も長い１５年間に及び、これまでにも情報システムや物流、購買などの分野で機能を統合するなどして、スケールメリットによるコスト削減などを加速させてきた。

 

今後は、両社で共通の人事プロセスの策定を検討するほか、生産部門でも標準化を一層徹底し、設備投資の最適化や、両社の工場でのパフォーマンス向上を図る。

 

研究開発では、日産・ルノー間で行なう次世代技術の研究領域での役割分担を検討し、経営資源の効率化を目指すという。

 

カルロス・ゴーン社長は「ルノーと日産のパートナーシップは、両社にとってウイン－ウインとなるプロジェクトを推進する精神が基本。新たな統合プロジェクトでも、将来の方向性を互いに尊重し、透明性を持って加速的に推進していく」とコメントしている。

 

（神奈川新聞、2014年2月1日）

 

Translated article will be later

 

Russia economy chief says dire 2013 was 'low point'

Russia economy chief says dire 2013 was 'low point'

 

Moscow (AFP)

 

Russia's economy chief said on Friday that the country had survived the worst of its sharp growth slowdown and was now on the path toward a cautious recovery.

 

But new data revision showed the $1.9-trillion (1.4-trillion-euro) economy expanding by an even worse than expected 1.3 percent in 2013 -- the second-worst performance of Vladimir Putin's 14 years in power and just a quarter of the Kremlin's target.

 

And a precipitous ruble selloff that has sliced seven percent off the currency's value this month and showed few signs of halting on Friday put Putin under still further pressure despite the upbeat forecast.

 

Economy Minister Alexei Ulyukayev rallied to Putin's relief by proclaiming the worst phase of Russia's growth slump over now that agriculture and industry were both picking up steam.

 

"It seems to me that we passed the low point somewhere around the third quarter of 2013," Ulyukayev told a ministerial meeting.

 

Russia's economy grew by 3.4 percent in 2012 and had been clipping along at a seven-percent pace during Putin's first two terms as Kremlin chief between 2000 and 2008.

 

Fitch Ratings on Friday attributed the downshift to a "decline in investment and the inventory cycle" and forecast an expansion rate of 2.0 percent this year -- below the world average and lagging most other big emerging market states.

 

Investor mistrust of Russia's economic reform efforts contributed to the ruble being swept up in a selloff of emerging market currencies at the end of last week.

 

The Russian currency -- subject of two devastating post-Soviet devaluations that forced many to question the wisdom of market economics -- was trading down 0.3 percent against the euro at 47.60 rubles and not far off its historic low.

 

The dollar was worth 35.25 rubles -- up 0.7 percent and once again approaching a five-year high it had set on Wednesday.

 

Russia's Central Bank this year reduced its market interventions as it proceeds with the planned introduction of a fully-convertible ruble exchange rate by the start of 2015.

 

Its First Deputy Chairwoman Ksenia Yudayeva gave the Moscow market a further fright on Wednesday by telling The Wall Street Journal that stress tests showed Russian banks being able handle a 30-percent ruble decline.

 

"Politically, devaluation is an understandable move," said Moscow's Higher School of Economics professor Nikolai Petrov.

 

"We have a large budget deficit (of 0.5 percent of gross domestic product) and there are not enough funds to fulfil Putin's election promises of 2012," Petrov told AFP.

 

"The government consciously took this step."

 

Capital flight risk

 

But economists attribute at least some of the ruble's troubles to a deteriorating current account balance that is being hurt by a steady outflow of foreign investor cash.

 

Capital flight reached $63 billion (46.5 billion euros) in 2013 and the government had hoped to see the figure shrink to $25 billion this year.

 

Yet First Deputy Economy Minister Andrei Klepach said that investors' recent turn against emerging markets could result in up to $35 billion leaving Russia in the first three months of the year alone.

 

He added that recent ruble weakness may translate into more expensive imports that push inflation above its annual target rate of 4.8 percent.

 

The delicate balancing act between a loosening of ruble controls and the fight against nagging inflation prompted the Central Bank Chairwoman Elvira Nabiullina to stress on Thursday that the ruble free-float plan "did not provide for a complete end to intervention."

 

The comment suggests that some authorities are alarmed by the pace of the ruble's deterioration and are now prepared to pursue currency support measures for longer than planned.

 

"The Central Bank appears to be increasingly concerned about the extent of the recent fall," Capital Economics said in a research note.

 

The London-based consultancy estimated that the Central Bank had bought about $5 billion (3.7 billion euros) worth of rubles on the Moscow Exchange in January -- a fraction of the $40 billion a month it was selling during the worst of Russia's 2008-2009 financial crisis.

 

"With some $500 billion in (gold and hard currency) reserves, it can stomach intervention on this scale for some time," Capital Economics said.

 

(Agence France-Presse, 31 Friday January 2014 The Roman)

 

Bank of Cyprus unfreezes 950 mn euros in CDs

Bank of Cyprus unfreezes 950 mn euros in CDs

 

Nicosia (AFP)

 

Bank of Cyprus, the island's largest lender, released 950 million euros ($1.29 billion) in six-month certificates of deposit it had locked in following a haircut on savings during a March bailout of the economy.

 

The CDs, due to mature on Friday, had been blocked as part of the bank's recapitalisation process under the deal.

 

"The bank's improved liquidity position and stabilising sign of its deposit base witnessed in the last few months are the decisive reasons for the release of deposits," BoC said, noting that it could have renewed the CDs automatically if it had chosen to do so.

 

"Through its decision the bank's management recognises the improving trust and confidence toward the bank by its customers and meets the expectations of the general public to enhance liquidity in the economy."

 

BoC said it acted after consulting the central bank and finance ministry, who issued a joint statement welcoming the decision as a sign of stability and a move to strengthen trust in the troubled banking sector.

 

Cyprus agreed in March to a 10-billion-euro rescue package with the European Commission, European Central Bank and International Monetary Fund to bail out its troubled economy and oversized banking system.

 

The deal included the closure of the island's second-largest bank, Laiki, and a 47.5 percent "haircut" on deposits above 100,000 euros at BoC.

 

BoC posted a 1.94 billion euro net loss in the first nine months of 2013, the most recent period for which data are available.

 

(Agence France-Presse, 30 Thursday January 2014 The Roman)

Plus belle voiture de l'année : l'Alfa Romeo 4C triomphe Most beautiful car of the year: The Alfa Romeo 4C triumph

Plus belle voiture de l'année : l'Alfa Romeo 4C triomphe

 

Le Festival de l'automobile a remis ses prix sous le dôme des Invalides à Paris et révélé le choix des internautes pour la plus belle voiture 2013.

 

[caption id="attachment_11430" align="alignnone" width="400"] (La 4C a été un ouragan dans le monde de la voiture sportive car elle met une approche radicale du pilotage à la portée de (presque) toutes les bourses. Ses lignes ont été justement distinguées pour le prix de la Plus belle voiture 2013. © Alfa Roméo) (4C was a hurricane in the world of sports car because it puts a radical approach to control the scope of (almost) every budget. Lines were distinguished for just the price of the Most Beautiful Car 2013. © Alfa Roméo)[/caption]

 

AUTO-ADDICT

 

Voilà l'exemple même du classement subjectif, celui qui concerne les goûts et les couleurs de chacun et ne fait pas forcément l'unanimité.

 

Mais cela peut faire une majorité, comme on va le voir.

 

Élire la plus belle voiture de l'année relève de ce défi, répété depuis 29 ans par Rémi Depoix, l'auteur de l'idée et promoteur du Festival qu'il a porté avec la foi intacte du passionné.

 

D'une initiative privée, le Festival est devenu un événement dans le milieu automobile, mais aussi une manifestation publique qui rencontre aujourd'hui une vraie considération internationale.

 

Aux côtés de l'exposition des concept cars, qui est une manifestation en soi (voir notre article) et dont les portes s'ouvriront au grand public jusqu'à dimanche, le Festival proprement dit a réuni mardi soir aux Invalides les plus belles carrosseries de l'année, régulièrement commercialisées auprès du grand public.

 

Le jury expert réuni par Rémi Depoix et comprenant des membres venus du monde des arts, de l'architecture et de la communication - dont Étienne Gernelle, le directeur de la rédaction du Point, étroitement associé avec Auto-Addict à l'événement - a jeté les bases du classement.

 

Une voiture à l'internaute gagnant

 

Le jury s'est penché sur les nouveautés surgies dans l'année 2013 et a sélectionné, ce qui est une gageure, huit voitures dignes de figurer dans le palmarès.

 

Pour concourir, les critères d'inscription sont simples : la voiture doit avoir été commercialisée pour la première fois dans l'année en cours et afficher un prix public inférieur à 55 000 euros.

 

Le constructeur gagnant emporte une campagne d'affichage d'une valeur de 100 000 euros offerte par JCDecaux.

 

Mais surtout, un votant a été tiré au sort en fin de concours pour gagner une voiture de la marque victorieuse d'une valeur de 30 000 euros, mais pas le modèle couronné, afin de ne pas fausser les votes.

 

C'est déjà une victoire à part entière de figurer à ce stade, parmi les nommées.

 

Après de longues délibérations du jury, ont été retenues les Alfa Romeo 4C, BMW Série 4 Coupé, Jeep Grand Cherokee, Lexus IS 300 h, Mazda3, Mercedes CLA, Peugeot 308 et Renault Captur.

 

À partir de cette liste, le jury n'intervenait plus, et c'était au tour des internautes d'entrer en lice pour manifester leurs préférences.

 

Pas moins de sept mini-sites dédiés, dans six langues différentes, ont permis en deux mois à plus de 100 000 personnes dans 52 pays de choisir leur voiture préférée.

 

Une sélection intermédiaire avait éliminé les deux françaises, la Lexus et la Jeep pour ne laisser aux prises que deux berlines de grande diffusion (Mazda3 et Mercedes CLA) et deux coupés (BMW Série 4 et Alfa Romeo 4 C).

 

Aucune voiture dénuée de mérites, comme on peut le voir.

 

Mini-supercar

 

Celle qui a rassemblé le maximum de suffrages autour de la planète est finalement l'Alfa Romeo 4C, un petit coupé très performant et dont la constitution et les techniques de fabrication renvoient aux supercars.

 

Son moteur est certes plus modeste avec ses 240 ch que celui de la prestigieuse et très confidentielle 8C dont le V8 titre 200 ch de plus.

 

Mais, les votants ne s'y sont pas trompés, la 4C est la voiture qui réhabilite les valeurs de la marque au trèfle à quatre feuilles tout en restant (relativement) accessible.

 

La 4C, écrivions-nous lors de notre essai, ouvre une nouvelle ère pour Alfa Romeo.

 

Renouant avec le glorieux passé du constructeur italien, elle dépoussière son image afin de mieux préparer son redéploiement sur les marchés américains et asiatiques.

 

Conçue à Turin, mise au point à Balocco sur le site d'essai historique d'Alfa Romeo, assemblée chez Maserati à Modène, et en partie construite dans une nouvelle usine spécialisée dans la fibre de carbone récemment inaugurée près de Naples par le patron de Ferrari, Luca di Montezemolo, la 4C joue à fond la synergie du groupe Fiat pour proposer l'excellence technique au meilleur prix.

 

À partir de 51 500 euros au tarif, la 4C suscite immédiatement la passion mais n'en fait pas payer le prix.

 

(Le Point.fr - Publié le 28/01/2014 à 23:05 - Modifié le 29/01/2014 à 09:51)

 

 

Most beautiful car of the year: The Alfa Romeo 4C triumph

 

Festival of automobile gave its prices under the dome of the Invalides in Paris and found the choice of users for the most beautiful car of 2013.

 

AUTO-ADDICT

 

That is the epitome of subjective ranking, one concerning the tastes and colors of each and does not necessarily unanimity.

 

But it can make a majority, as we shall see.

 

Elect the most beautiful car of the year this challenging, repeated for 29 years by Rémi Depoix, the author of the idea and sponsor of the Festival he wore with the passionate faith intact.

 

From a private initiative, the Festival has become an event in the automotive industry, but also a public event today encounters a true international recognition.

 

Alongside the exhibition concept cars, which is an event in itself (see article) and the doors will open to the public until Sunday, the festival itself was held Tuesday evening at the Invalides most beautiful bodies of the year, regularly sold to the general public.

 

The expert panel convened by Rémi Depoix and comprising members from the world of art, architecture and communication - which Gernelle Stephen, the editor of Le Point, closely associated with Auto-Addict at the event - a laid the foundations of ranking.

 

A car to win the Internet

 

The jury considered the new arisen in 2013 and selected, which is a challenge, eight cars worthy to figure in the charts.

 

To compete, the criteria for inclusion are simple: the car must have been marketed for the first time in the current year and display a price of less than € 55,000.

 

The winner wins a display manufacturer worth 100 000 euros offered by JCDecaux campaign.

 

But above all, a voter has been drawn at the end of the contest to win a car brand victorious worth € 30,000, but not crowned model so as not to distort the votes.

 

This is a victory in its own right to appear at this stage, among the appointees.

 

After much deliberation the jury were chosen the Alfa Romeo 4C, BMW 4 Series Coupe, Jeep Grand Cherokee, Lexus IS 300 h, Mazda3, Mercedes CLA, Peugeot 308 and Renault Captur.

 

From this list, the jury not intervened, and it was the turn of the users to enter the fray to express their preferences.

 

No less than seven mini-sites dedicated in six different languages, allowed two months to more than 100,000 people in 52 countries to choose their favorite car.

 

An intermediate selection had eliminated two French, and the Lexus Jeep to leave struggling two sedans widely (Mazda3 and Mercedes CLA) and two cut (4 BMW and Alfa Romeo 4 C).

 

No car devoid of merit, as you can see.

 

Mini-supercar

 

One that has gathered the most votes around the world is finally Alfa Romeo 4C, a small high-performance coupe and whose construction and manufacturing techniques refer to supercars.

 

Its engine is certainly more modest with 240 hp than the prestigious and highly confidential 8C whose title V8 200 hp more.

 

But voters do not make a mistake, the 4C is the car that rehabilitates brand values to four-leaf clover while remaining (relatively) accessible.

 

4C, we wrote during our test, opens a new era for Alfa Romeo.

 

Reviving the glorious past of the Italian manufacturer, she dusted her image to better prepare its redeployment in the U.S. and Asian markets.

 

Designed to Turin, developed at Balocco on the historical test Alfa Romeo site meeting with Maserati in Modena, and partly built in a new factory specializing in carbon fiber recently opened near Naples by boss Ferrari, Luca di Montezemolo, 4C plays the synergy of the Fiat group to provide technical excellence at the best price.

 

From 51,500 euros costs, 4C immediately arouses passion but does not pay the price.

 

(Le Point, 28 Tuesday January 2014 The Roman)

(Translated: R.S.F. toshiki speed news press, Agence France-Presse, 29 Wednesday January 2014 The Roman)

 

Russian ruble hits historic low against euro

Russian ruble hits historic low against euro

 

Moscow (AFP)

 

The Russian ruble hit a record low against the euro on Friday and was at its weakest point against the dollar for nearly four years as it continued a weeks-long slide.

 

The euro broke through its record strong point of 47.25 against the troubled Russian currency in late afternoon trading and stood at 47.26 rubles at 3:20 pm (1120 GMT).

 

The ruble's previously low against the single European currency came in the worst months of Russia's financial crisis in early 2009.

 

The dollar had also gained more than 0.7 percent against the Russian currency and was trading at 34.50 rubles on the Moscow Exchange.

 

The Russian currency in the past four weeks has lost about five percent of its value against a basket of euros and dollars the Central Bank uses to set its policies.

 

Traders said the selling accelerated after Economy Minister Alexei Ulyukayev was quoted as saying on Thursday that the ruble was more likely to weaken than strengthen in the coming weeks.

 

Finance Minister Anton Siluanov told Moscow Echo radio on Friday that he "sees no problem" with the current ruble exchange rate.

 

"This is the policy of the Central Bank and the financial authorities -- to make the exchange rate more flexible," Siluanov said.

 

The Central Bank intend to introduce a fully floating exchange rate by the start of next year.

 

It eliminated some of its support measures for the ruble earlier this month.

 

(Agence France-Presse, 24 Friday January 2014 The Roman)

IMF upgrades global growth forecast for 2014

IMF upgrades global growth forecast for 2014

 

Washington (AFP)

 

The International Monetary Fund said Tuesday that the global economic recovery is strengthening as countries move away from austerity budgets and financial systems improve.

 

The Fund increased its estimate for world growth this year slightly to 3.7 percent, after 3.0 percent in 2013, while warning that the rebound of the world economy is still "weak and uneven."

 

It was the first time in nearly two years that the Fund revised its growth forecasts upward: rougher conditions than expected have forced repeated downgrades of its predictions.

 

"The basic reason behind the stronger recovery is that the brakes to the recovery are progressively being loosened," said IMF chief economist Olivier Blanchard, in the Fund's newest assessment of the global economy.

 

"The drag from fiscal consolidation is diminishing. The financial system is slowly healing. Uncertainty is decreasing," he said.

 

However, he added, there are significant differences between the United States, where growth looks "increasingly solid", and Europe, where growth remains weak and even weaker in the countries of the eurozone's southern rim.

 

(Agence France-Presse, 21 Tuesday January 2014 The Roman)

 

Slovaks gamble for a good cause with receipt lottery

Slovaks gamble for a good cause with receipt lottery

 

[caption id="attachment_10521" align="alignnone" width="400"] (A woman holds store receipts doubling as lottery tickets on November 29, 2013 in Bratislava (AFP, Samuel Kubani))[/caption]

 

(By Tatiana Jancarikova (AFP))

 

Bratislava — Slovak electrician Michal is not the gambling type, but twice a month he holds his breath during a lottery draw in the hopes of winning thousands of euros or a new car.

 

The 34-year-old is betting on getting lucky in Slovakia's receipt lottery, a new government measure in which all store receipts double as lottery tickets.

 

The scheme -- a bid to fight tax evasion by vendors -- has taught thrifty Slovaks to gamble for a good cause and has proven to be both a hit and a cash cow for the government.

 

"I don't spend money on gambling but why wouldn't I take part in this lottery?" Michal told AFP at a grocery store in downtown Bratislava, the capital.

 

"You don't have to buy tickets, you just register online the serial numbers of receipts you would otherwise dump or leave at the store."

 

He has spent hours registering around 90 receipts -- which can be done via a special mobile application or at a betting shop -- and driving his girlfriend crazy.

 

"All of a sudden, I'm finding old receipts all over our flat, it's a mess!" said Nina, who does not share her boyfriend's latest passion.

 

Tax evasion is a constant worry for the leftist government of Prime Minister Robert Fico as it struggles to cut its budget deficit to under the EU ceiling of three percent of gross domestic product.

 

"We launched the lottery to nudge people to request a receipt for every purchase because every time vendors sell their goods without a receipt, they essentially avoid paying the VAT" sales tax, Finance Minister Peter Kazimir told AFP.

 

The eurozone member has two value-added-tax rates: a 10-percent rate applies to books and medicine, while a 20-percent rate applies to everything else.

 

The Slovak government loses around 150 million euros ($204 million), or 3.5 percent of annual revenue, in VAT each year due to the grey economy, the finance ministry estimates.

 

But the lottery, which launched in September, is going a long way towards plugging the hole.

 

'500,000 extra tax inspectors'

 

"We are seeing more customers insist upon a receipt," Maria Belanova, sales manager at the Fresh Labas grocery chain where the first lottery winner shopped, told AFP.

 

Shoppers have registered nearly 30 million receipts since the launch, or five and half times the Slovak population of 5.4 million people, thanks to the promise of free money.

 

Each month 10 lucky shoppers -- whose identities are kept secret by the lottery operator -- win cash prizes of up to 10,000 euros, while another eight score a new car.

 

Taiwan and Malta also have similar lotteries, while Georgia launched one last year but cancelled it after seven months due to poor impact on national revenue.

 

Slovakia has fared better.

 

"In September and October the state has collected an extra 130 million euros in VAT, which will help us meet this year's budget goal," Kazimir said.

 

So far tax collectors have also received more than 3,000 reports from people who did not receive a receipt from a vendor or whose receipts were rejected as fake by the lottery system.

 

Officials have inspected hundreds of businesses and even closed one restaurant and two stores run by a European discount apparel chain that had been using fake cash registers.

 

"Slovakia has found almost 500,000 extra tax inspectors in those who joined the lottery," Kazimir said wryly.

 

Slovakia has been a member of the European Union since 2004 and the eurozone since 2009.

 

Its economy -- driven by exports of cars and electronics to Europe, mostly Germany -- is expected to slow to 0.8 percent growth this year from two-percent in 2012.

 

"So far we are observing the early enthusiasm for the lottery. We will be able to quantify its effects in six months or a year after its launch," Viliam Palenik, an economist at the Slovak Academy of Sciences, told AFP.

 

"The key effect is that vendors will be more cautious and less prone to cheating not knowing which customer will report them to the tax authorities, while people will realise that paying taxes is normal."

 

Copyright © 2013 AFP. All rights reserved.

 

(Agence France-Presse, 3 Tuesday December 2013 The Roman)