20 ноября, 00:32

The Development Effects of the Extractive Colonial Economy: The Dutch Cultivation System in Java -- by Melissa Dell, Benjamin A. Olken

Colonial powers typically organized economic activity in the colonies to maximize their economic returns. While the literature has emphasized long-run negative economic impacts via institutional quality, the changes in economic organization implemented to spur production historically could also directly influence economic organization in the long-run, exerting countervailing effects. We examine these in the context of the Dutch Cultivation System, the integrated industrial and agricultural system for producing sugar that formed the core of the Dutch colonial enterprise in 19th century Java. We show that areas close to where the Dutch established sugar factories in the mid-19th century are today more industrialized, have better infrastructure, are more educated, and are richer than nearby counterfactual locations that would have been similarly suitable for colonial sugar factories. We also show, using a spatial regression discontinuity design on the catchment areas around each factory, that villages forced to grow sugar cane have more village owned land and also have more schools and substantially higher education levels, both historically and today. The results suggest that the economic structures implemented by colonizers to facilitate production can continue to promote economic activity in the long run, and we discuss the contexts where such effects are most likely to be important.

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19 ноября, 03:40

Best 'Black Friday' 2017 Deals: Dell, HP, JCPenney, Macy's, Microsoft

Black Friday 2017 sales are starting at Dell, Groupon, HP, JCPenney, Macy's and Microsoft but how good are they and what are the highlights?

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17 ноября, 10:41

Pitti Uomo, le anticipazioni dell'edizione 2018

Si avvicina l'appuntamento con lo stile per l'uomo dell’autunno/inverno 2019. Ecco cosa succederà a Firenze dal 9 al 12 gennaio.

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17 ноября, 09:41

Упомянутая в расследовании ФБК "винодельня Медведева" из Тосканы начинает поставки на родину премьера

В Россию уже отправлена пробная партия из 500 бутылок вина, произведенного Fattoria della Aiola. Импортером выступает российская компания Winestria. На ее сайте уже представлено три вида вин винодельни Fattoria della Aiola - Bianco dell'Aiola за 1360 рублей, Logaiolo за 1800 рублей и Chianti Classico Aiola за 1720 рублей.

16 ноября, 16:14

Легко ли быть крупнейшей частной ИT-компанией мира? Dell Technologies: первые итоги

В сентябре 2016 года было объявлено о слиянии Dell и EMC и образовании единой группы Dell Technologies, объединившей 7 брендов: Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream и VMware.. Мы попросили оценить прошедший год трех представителей руководства компании: Филиппа Фоссе, вице-президента подразделения Dell EMC по работе с партнерами, Бориса Щербакова, вице-президента и генерального директора Dell EMC в России, Казахстане и Центральной Азии, и Вячеслава Нестерова, генерального директора Санкт-Петербургского Центра разработок Dell EMC.

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16 ноября, 10:26

Perché serve una rivoluzione energetica per le città del futuro

Auto senza guidatore, case modulari e interconnesse, tessuti urbani come network 'intelligenti'. Secondo Alexis Madrigal di The Atlantic, la sfida delle smart cities del futuro si gioca sul connettore più potente di tutti: l'energia.

16 ноября, 07:14

Возникнет ли "Европа ста флагов"?

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В конце октября премьер-министр Юри Ратас заявил, что «Эстония по-прежнему поддерживает территориальную целостность Испании» и не признает референдум о независимости Каталонии, поскольку он противоречит Конституции этой страны. В принципе, здесь господин Ратас не сказал ничего нового, но лишь солидаризовался с мнением лидеров других стран ЕС, которые сделали аналогичные заявления. Но если на новых выборах в каталонский парламент 21 декабря жители этого региона вновь проголосуют за сторонников независимости — что тогда скажут лидеры ЕС? Одобрят очередной роспуск парламента и ввод в Каталонию испанской полиции?

16 ноября, 00:37

Readout of Second Lady Karen Pence's Visit to Ascension's Dell Children's Medical Center of Central Texas

Today, Second Lady Karen Pence traveled to Austin, Texas. There, she visited Ascension’s Dell Children’s Medical Center of Central Texas to learn more about the hospital’s art therapy program. Upon arrival, the Second Lady observed an art therapy session with a six year old girl. After the art therapy observation, she toured the hospital’s art gallery where they have artwork created from art therapy sessions on display. Then, Mrs. Pence participated in a discussion with an art therapist and physicians. “The art therapy program at Ascension’s Dell Children’s Medical Center of Central Texas serves an important role in the healing process for our children,” said Mrs. Pence. “I enjoyed the opportunity to observe an art therapy session and speak with an art therapist and physicians about the significance of offering art therapy as a viable option in hospitals.” “We are grateful to Mrs. Pence for raising awareness and educating the public about art therapy here at Dell Children’s, throughout Ascension, and around the world,” said Craig Cordola, President and Chief Executive Officer of Ascension Texas. “Children and adults alike gain significant mental health benefits from the healing power of art, and we are proud to extend this care to our patients and their families.” To stay updated on the Second Lady’s art therapy program visits and stories shared about the life changing treatment, follow the Second Lady’s Blog Page. To stay updated on her events, follow her on Twitter at, @SecondLady. About Art Therapy Second Lady Karen Pence chose one initiative to champion, and it is art therapy. She calls her initiative, Art Therapy: Healing with the HeART. According to the American Art Therapy Association, art therapy is an integrative mental health and human services profession that enriches the lives of individuals, families, and communities through active art-making, creative process, applied psychological theory, and human experience within a psychotherapeutic relationship. Professional art therapists who are experts in human development, psychological, and counseling theories and techniques facilitate Art therapy.For more information about the art therapy profession, visit>>https://arttherapy.org/

15 ноября, 14:06

Foxconn несет убытки из-за производства iphone X

Тайваньская компания Foxconn (официальное название -- Hon Hai Precision Industry Co), известная в качестве одного из крупнейших поставщиков электроники для компаний Apple, Canon, Huawei, Intel, Dell и HP, сообщила о падении квартальной прибыли на 39%. Эти цифры оказались значительно хуже прогнозов, сообщает Reuters. Чистая прибыль корпорации за третий квартал 2017 года упала до 21 млрд тайваньских долларов ($700 млн). Темпы падения стали худшими с 2009 года. Также за последние три месяца на 10% подешевели акции Foxconn.Прибыль компании Foxconn уменьшилась из-за возникновения сложностей в производстве iPhone X и падения продаж iPhone 8. Foxconn считается единственным производителем iPhone X. Корпорация собирает, в том числе и другие iPhone, задействуя производства в Китае. 67% всех iPhone собирается именно Foxconn.О сбоях в работе экранов iPhone X читайте в материале «Ъ» «На экраны смартфонов вывели проблему».

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14 ноября, 11:48

La "tricky transition" cinese

La Repubblica Popolare cercherà di compensare la riduzione dell’afflusso di capitali esteri nel comparto manifatturiero e nell’industria di base riorientando gli investimenti e i consumi nazionali. Una transizione non priva di opportunità.

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14 ноября, 10:41

Quanto costa restare fuori dai Mondiali

L'analisi dell'impatto economico del mancato accesso della nazionale italiana alla fase finale dei Mondiali di Russia 2018.

13 ноября, 14:36

9 успешных людей без высшего образования

Считается, что если у вас есть высшее образование, то вы с большей долей вероятности будете получать хорошую зарплату и будете иметь возможность устроиться в хорошую компанию. Однако это правило не всегда действует в среде самых богатых людей.

13 ноября, 14:36

9 успешных людей без высшего образования

Считается, что если у вас есть высшее образование, то вы с большей долей вероятности будете получать хорошую зарплату и будете иметь возможность устроиться в хорошую компанию. Однако это правило не всегда действует в среде самых богатых людей.

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13 ноября, 09:09

Essere più produttivi con l'economia del sonno

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Quanto costa alle imprese e agli Stati la mancanza di riposo dei lavoratori? E soprattutto quali sono le soglie minime di sonno al di sotto delle quali la produttività scende inesorabilmente?

12 ноября, 16:00

В США продаются тюрьмы

Если у вас есть лишние деньги на покупку недвижимости… Если вы любите крепкие, надежные строения… Если вас не смущает, что здесь побывали несколько тысяч гостей, причем не самых респектабельных… Если, наконец, вам нравится фильм «Побег из Шоушенка»… то самое время обратить внимание на свежее предложение штата. Несмотря на мрачное уголовное прошлое, бывшие тюрьмы – это […]

11 ноября, 12:00

Как исчезают индустрии

Экономист - это тот, кто знает цену всему и не ценит ничего. Перифраз колкого замечания Оскара Вайлда о циниках. Недавно я писал, как традиционный бухгалтерский учет издержек неумолимо фокусирует внимание директоров на повышение краткосрочной прибыли путем снижения расходов. То же самое происходит и в экономике. Возьмите недавнее исследование, которое пролило свет на взаимоотношения китайских фирм […]

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10 ноября, 11:45

Dell готовит ноутбук XPS 15 с дисплеем 5К и чипом Intel Kaby Lake R

Сетевые источники сообщают о том, что Dell вскоре представит новые ноутбуки серии XPS 15, оснащённые дисплеем размером 15,6 дюйма по диагонали. Сейчас при заказе портативного компьютера XPS 15 можно выбрать версию с экраном Full HD (1920 × 1080 пикселей) или 4К (3840 × 2160 точек). Однако информация на канадском сайте Dell говорит о том, что покупателям также будет доступна модификация лэптопа с панелью Quad HD+, обладающей разрешением 3200 × 1800 пикселей. Причём этот дисплей предложит поддержку сенсорного управления.

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09 ноября, 11:00

Dall'EICMA le moto più innovative per il 2018

Siamo stati all’immancabile appuntamento milanese con tutte le novità del mondo delle due ruote. Modernità e tecnologia la fanno da padrone, ma il rapporto con il passato è sempre assolutamente forte.

08 ноября, 12:15

What Risk: Deutsche Bank Ramps Up Loans Business In Desperate Scramble For Profit

We have some sympathy for John Cryan, but only to the extent that he has the near impossible task of putting the biggest German bank back on a sound footing regaining market share and generating some elusive revenue growth: a virtually impossible task as long as Europe is choked by NIRP. As we noted two weeks ago, Deutsche’s 3Q 2017 results confirmed that the situation is still getting worse: Deutsche Bank’s Q3 2017 revenues were €6.78 billion, below market expectations of €6.88 billion. The share price fell 2.7% shortly after the European market open. The problem – like the previous quarter - was a bigger-than-expected drop in trading revenues. Trading revenue was down 30% year-on-year to €1.512 billion versus €2.162 billion in Q2 2017. The challenge for the embattled CEO, John Cryan, is that the trend is still deteriorating. Trading revenues in Q2 2017 fell 18% year-on-year to 1.666 billion euros versus 2.027 billion euros. Earlier this year, Cryan pledged to turnaround the performance of the investment bank as soon as this year. At the time, we wondered if Cryan’s time wasn't running out: "The countdown to Cryan's replacement is ticking ever louder." So if you were Deutsche CEO Cryan and you needed revenue growth and you needed it fast, what would you do? One thing is to identify a “hot” sector in capital markets with high margins and go all out for growth, never mind the risk. Which is exactly what Deutsche Bank is doing in the leveraged loan market as Bloomberg implies. While investors are attracted to the high yields from leveraged loans, investment banks are lured by the fees. “Leveraged finance is juicy, juicy stuff,” said Tim Hall, global head of debt capital markets at Credit Agricole SA until last year. “In corporate banking, it probably hast the best margins.” Yet the fees are lucrative for a reason: banks take the risk that investor appetite for leveraged loans may suddenly disappear before they can sell on the debts. Deutsche Bank lost about 2.5 billion euros on “leveraged loans and loan commitments” in 2007 and 2008 combined, annual reports show. “Anyone getting into this sector today should have a good understanding of where we’re at in the cycle of leveraged loans,” said Knutson. “Are we closer to midnight in terms of the exhaustion of it or are we halfway through?” So…what is Deutsche doing to generate more revenue in leveraged loans? Here's Bloomberg: As John Cryan mulls steps to restore growth at Deutsche Bank AG, he’s counting on U.S. companies’ appetite for ever more debt to help lead the charge. The Frankfurt-based lender added 24 managing directors and directors at its U.S. corporate finance business this year, a record hiring pace, according to Mark Fedorcik, co-head of Deutsche Bank’s global capital markets unit. Among the goals: to become a top arranger of leveraged loans again, the risky debt that has surged amid low interest rates and the prospect of a rollback of post-crisis regulations. “Next year will be a robust one for U.S. leveraged finance and we’re going to capitalize on this,” Fedorcik said in an interview. “It’s an area that we’re going to continue to invest in and regain a top-five position.” As a result, next year might be a “robust one for leveraged finance”, then again it might not. Still, we know three things about banks’ behaviour: They are spectacularly “good” at pro-cyclical investment and the leveraged loan market is very “hot”, especially in the US; Deregulation, which loosens credit standards, always makes banks take more risk, rather than less; and They never learn from one crisis to the next.  As Bloomberg explains, Deutsche might be able to tick all three of these “boxes”: Investment banks have arranged $1.2 trillion of U.S. leveraged loans for clients so far this year, more than any other year since at least 2006 and already 18 percent more than all of 2016, data compiled by Bloomberg show. Adding to the frenzy is the U.S. Treasury Department, which has proposed loosening restrictions imposed on Wall Street banks after the 2008 financial crisis. Some analysts fear this could mean a return to the kinds of high-risk loan deals that saddled lenders -- including Deutsche Bank -- with billions of dollars of debts they couldn’t sell during the crash. In Deutsche’s defence, it does have “form” in the leveraged loan market, having been a top 5 player before slipping down the rankings as the bank stumbled from one crisis to another. In 2017, Deutsche tumbled to ninth place in arranging US leveraged loans, it’s worst showing since 2012. Then again, the market is already dominated by JP Morgan and Bank of America who, we suspect, are unlikely to roll over to accommodate more market share for their German rival. Consequently, a critical question is how much risk might Deutsche need to take as it seeks to regain its former market position? None according to Deutsche’s co-head speaking to Bloomberg. The decline was caused by “a little bit of bad luck,” said Fedorcik. The firm has also been “more selective” on taking risks “in some cases,” further reducing the amount of completed deals, he said. Deutsche Bank has arranged more than 300 U.S. leveraged loans so far this year, helping clients including software giant Dell Technologies Inc. and hotel chain Hilton Worldwide Holdings Inc. borrow about $61 billion, according to data compiled by Bloomberg. The hires in the U.S. corporate finance business bring staffing level back to where they were at the beginning in 2016, before speculation about its financial strength rattled the bank and management introduced the steepest bonus cuts in the bank’s recent history. Hires this year include Philip Pucciarelli and Robert Verdier, two health-care investment bankers who joined from BMO Capital Markets. Deutsche Bank also added professionals in its trading operations, bringing in Alexandra Cannon from Barclays Plc as a director in leveraged-loan sales in July. Paul Huchro, who retired from Goldman Sachs in 2015, is joining to oversee investment-grade trading globally as well as high yield in the U.S. and Europe, the bank said last month. Okay, but we always get nervous when we sense over-confidence on the part of investment bankers. This was the other co-head speaking to Bloomberg. Deutsche Bank can revise its stance on how much risk it wants to take on leveraged loans at any time, said Alexander von zur Muehlen, Fedorcik’s co-head. “We have the capital and the ability for the business,” said von zur Muehlen. “U.S. leveraged finance is a core business for us.” Dial up the risk and dial down the risk. If only it was so easy. Our sense is that Cryan is under so much pressure to deliver growth, his strategy is to close his eyes, hope for the best and go for it. After all, this was the man who last month said that “we are now seeing signs of bubbles in more and more parts of the capital market where we wouldn’t have expected them." Clearly, he was not referring to leveraged loans. Last month, S&P Global Ratings begged to differ, noting that "the risks of this debt binge are significant, given that excessive leverage can bring down a company as fast as prudent borrowing built it up.”

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08 ноября, 11:04

Colpo ad Alwaleed, l'epurazione saudita costa quasi 3 miliardi di dollari

Le vicende che hanno investito il mondo arabo e il conseguente arresto di ex politici, ministri, agenti e 11 principi hanno minato alle fondamenta il patrimonio dell’imprenditore multimiliardario.