BAMAKO (Reuters) - Suspected Islamist militants attacked a prison in the town of Niono in central Mali late on Monday and freed all the prisoners, army spokesman Diarran Kone said.
Federal Reserve economic projections: What are they good for? - Ben Bernanke Missing the Economic Big Picture - J. Bradford DeLong Ending Too Big to Fail - Cecchetti & Schoenholtz China’s Dual Equilibria - Brad Setser The Benefits of Mandatory...
Сотрудники Следственного управления на транспорте СК РФ по Петербургу возбудили уголовное дело после инцидента в Пулково. По данным ведомства, одна из пассажирок 12 октября обратилась в медпункт аэропорта. Женщина пожаловалась, что эскалатор в "Северной галерее", на котором она стояла, резко остановился, а затем начал двигаться в обратную сторону. Она не успела отреагировать и упала. Медики зафиксировали ушибы бедра и серьёзную рану голени. Сотрудники СК изъяли видеозаписи с камер и опросили очевидцев происшествия. Факт реверсивного движения эскалатора был подтверждён. — В ООО "Воздушные ворота Северной столицы" изъяты все необходимые технические документы на эскалатор фирмы Kone типа TravelMaster, на котором произошло происшествие. Устанавливаются должностные лица, ответственные за обеспечение безопасной эксплуатации эскалатора, — уточнили в Следственном управлении СК РФ. В ООО "Воздушные ворота Северной столицы" сказали, что после происшествия было проведено внутреннее расследование. По предварительной версии, авария произошла из-за скрытого дефекта оборудования, после аварии использование эскалатора приостановили. — Данное происшествие было классифицировано как авария. Извещение об аварии было своевременно направлено в Ростехнадзор, органы местного самоуправления, а также в органы внутренних дел и следственные органы. Ответственность за обеспечение исправного технического состояния и безопасную эксплуатацию эскалаторов на территории аэропорта несёт специализированная организация, которая действует на основании договора, заключенного с ООО "ВВСС". На основании материалов, полученных в ходе внутреннего служебного расследования, комиссия ООО "ВВСС" пришла к выводу, что возможной причиной возникновения аварийной ситуации является скрытый дефект оборудования. Для выявления действительной причины данный эскалатор был остановлен и опечатан, — прокомментировали в управляющей аэропортом компании.
* Finnish elevator maker Kone said on Thursday it had acquired a majority stake in Spanish elevator company Citylift, S.A., providing installation, maintenance and modernization services
* Finnish elevator maker Kone said on its capital markets day on Wednesday that business in key market China would remain challenging next year
Президент и СЕО концерна Nokian Tyres Ари Лехторанта покинет свою должность и перейдет работать в другую компанию, говорится в сообщении пресс-службы концерна.
I recently did a post over at MoneyIllusion, arguing against the elimination of currency. I suggested that this would have a disproportionate impact on the poor, who often lack access to banking facilities. It would also reduce privacy; the government would have access to all your shopping habits. Suppose a Colorado Congressman buys some pot to relax on weekends---do you want Hillary or Trump to know that fact? In addition, the goal of this proposal---making monetary policy more effective---could be better achieved by other policy options, such as a higher inflation target, or better yet NGDP level targeting. Narayana Kocherlakota has now posted a response to this post, as well as some other criticisms of his proposal: Follow-Up on Eliminating Paper Currency Some lengthy responses to comments on my BloombergView post on eliminating US government-provided paper currency ... Comment 1: Scott Sumner (among others) asked, "Why not just raise the inflation target?" I think that this represents a misunderstanding of the problem that I'm trying to solve. My hypothetical was that there had been a large adverse shock to the economy. In that scenario, the equilibrium real interest rate could be -6% or even lower. (Take a look at some of the optimal control pictures from the FOMC meetings in 2009 or from Chair Yellen's latest speech.) Even with an inflation target of 4%, the appropriate nominal interest rate has to be well below zero. To sum up: The premise of my post is that (1) the central bank won't and probably shouldn't set the inflation target high enough to avoid the zero lower bound after quite plausible shocks and (2) the central bank cannot or will not raise the medium-term inflation target on a temporary basis to deliver appropriate outcomes. Where I differ from Kocherlakota, and in fact almost all other economists, is that I do not believe the US economy was hit by the sort of shock he describes, and as a result I do not believe that a negative 6% real interest rate would have been needed during the financial crisis. Like Ben Bernanke in 2003, I do not believe the stance of monetary policy is well described by movements in either interest rates of the money supply. Bernanke suggested that either NGDP growth or inflation best describes the stance of monetary policy. I take his earlier views (which he no longer seems to hold) very seriously. As a result, I believe that the plunge in NGDP and inflation in late 2008 represented a severe contractionary monetary shock, caused by a tight money policy at the time. Just to be clear, I felt this way at the time it was occurring, while most economists did not see any problem with monetary policy in 2008. (Recall that we were not at the zero bound during 2008.) Today, even Bernanke acknowledges that Fed policy was too tight around the post Lehman period. Thus the "shock" was Fed policy itself, and the financial crisis was largely a reaction to this shock I also believe that this contractionary monetary policy reduced the Wicksellian equilibrium interest rate to levels well below zero, just as an even more contractionary policy in 1929-33 sharply reduced the equilibrium interest rate. Unlike in 1929-33, the 2008 banking crisis was not entirely endogenous, it predated the Fed's policy mistake. But as in 1929-33, the worst part of the crisis occurred during the period of tight money, and was almost certainly made dramatically worse by the sharp decline in expectations for future growth in NGDP. In fact, severe negative NGDP shocks almost always cause financial distress, as nominal income is the resource that people, businesses and governments have available to repay nominal debts. If the Fed had kept NGDP expectations (in NGDP futures markets) growing at 5% a year in 2008-09, I believe the financial crisis would have been far milder, and the Wicksellian equilibrium nominal interest rate would have never fallen to zero. Not only would the Fed not have had to "do much more" to achieve this outcome, a policy of NGDP futures targeting, level targeting, would have allowed them to do much less than they ended up doing in late 2008 and 2009. Like the Reserve Bank of Australia, the Fed would have been able to maintain adequate NGDP growth without reducing interest rates to zero, or engaging in any QE at all. And what if I am wrong? In that case, I'd prefer the Fed rely on asset purchases "à l'outrance", rather to adopt more extreme policy options such as fiscal stimulus, a higher inflation target, or the elimination of currency. Having the Fed buy up unconventional assets such as AAA bonds and stock index mutual funds is hardly ideal, but it's vastly superior to spending government money on more bureaucrats, or on construction projects that don't meet cost/benefit tests. And as we saw in Japan in the 1990s and 2000s, fiscal stimulus doesn't even work, it just leaves you with a NGDP that is smaller than 20 years earlier and a national debt of 250% of GDP. In contrast, the efficient markets hypothesis suggests that government purchases of widely traded financial assets are not likely to put a burden on future taxpayers. Just to be clear, my preference is to set the NGDP growth rate high enough so that the demand for base money never exceeds the stock of government bonds, and hence the government would never need to buy unconventional assets. But if we end up with a "lesser of evils" type choice, I prefer buying up stocks and bonds, as compared to fiscal stimulus. It's less of a burden on future taxpayers. (And no, there is no free lunch in helicopter drops---use your common sense.) Kocherlakota's entire post is worth reading. I agree with many of his comments on issues like negative interest rates and privately issued media of exchange. We both think that Fed policy has been too tight in recent years. And again, on the key point where we disagree I'd guess that 99.9% of economists would agree with Kocherlakota. It took 70 years for the head of the Federal Reserve to admit that they caused the debacle of 1929-33, I don't expect economists to accept my claim that tight money caused the Great Recession, until long after I'm gone and forgotten. After all, very few economists criticized the Fed at the time, which makes them partially culpable. HT: JP Koning, Marcus Nunes (13 COMMENTS)
Эксперты: Семён Федотов, ведущий аналитик Idexbox; Сергей Чернышов, член президиума Общественного совета при Минстрое РФ; Алексей Захаров, вице-президент Национального лифтового союза Подпишитесь на канал РБК: http://www.youtube.com/user/tvrbcnews?sub_confirmation=1 ------------------------ Получайте новости РБК в социальных сетях: Facebook: https://www.facebook.com/rbc.ru Twitter: https://twitter.com/ru_rbc ВКонтакте: https://vk.com/rbc Одноклассники: http://ok.ru/rbc
SCHINDLER has bought a stake in a Chinese lift maker as the Swiss company tries to close the gap on rivals Kone and Otis in the world’s biggest market for elevators. Schindler formed a joint venture
26 мая вечером королева Нидерландов Максима посетила церемонию вручения наград Короля Виллема I "Koning Willem 1 Prijs" в Эйндховене.
* says appoints Ilkka Hara as CFO and member of the executive board
http://www.weforum.org/ How is the use of technology transforming Africa's digital marketplace? Dimensions to be addressed: - Fostering online entrepreneurs - Enabling cross-border data exchange - Overcoming traditional barriers to trade Speakers: · Tobias Becker, Senior Vice-President; Head, Africa Programme, ABB, United Arab Emirates. · Siyabonga Cwele, Minister of Telecommunications and Postal Services of South Africa. · Bruno Nabagné Koné, Minister of the Post, Information Technology and Communication of Côte d'Ivoire; Government Spokesperson. · Elizabeth Migwalla, Senior Director, Government Affairs, Africa, Qualcomm, South Africa. · Charles Muritu, Head, Telco Partnerships and Strategic Partnerships, Africa, Google, Kenya. Moderated by Pascal Lamy, President Emeritus, Jacques Delors Institute, France.
http://www.weforum.org/ Cybercrime costs the global economy roughly $445m a year. Security experts warn it is Africa's 'next big threat'. Leaders from public and private sectors and law enforcement will share insights on how to tackle this. Speakers: ·Bruno Nabagné Koné, Minister of the Post, Information Technology and Communication of Côte d'Ivoire; Government Spokesperson. ·Noboru Nakatani, Executive Director, Interpol Global Complex for Innovation (IGCI), International Criminal Police Organization (INTERPOL), Singapore. ·Jean-Luc Vez, Head of Public Security Policy and Security Affairs, Member of the Executive Committee, World Economic Forum. Moderated by Maxwell Hall, Media Lead, Broadcast and Programming, World Economic Forum, Switzerland.
Premier League updates at the Stadium of Light, 7.45pm BST kick-offSunderland victory would relegate Newcastle and NorwichKeep up to date with the scores elsewhere in the Premier LeagueAnd feel free to drop an email to [email protected] 9.36pm BST 90 min +3: ... Osman sends a free close-range header inexplicably wide left. It would have been a consolation Everton’s overall performance doesn’t deserve. 9.35pm BST 90 min +2: Space for Mirallas down the right. He earns a corner, from which ... Continue reading...
Sunderland moved out of the bottom three on goal difference thanks to a goalless draw that kept Arsenal in fourth place 3.58pm BST To paraphrase Sam Allardyce, Sunderland will be respecting the hell out of that point. This goalless draw takes them above Norwich City on goal difference and out of the bottom three. With four games left, they’re also a point above Newcastle United and have a game in hand on their neighbours. As for Arsenal, they stay fourth. But of course. Thanks for reading. Bye. 3.56pm BST That is that. Continue reading...
Aston Villa were all but relegated after they were beaten by Bournemouth while Newcastle slumped to defeat again after a sorry showing at Southampton 5.26pm BST Well, that’s all from me. Thanks for all your emails and tweets. You’ll find all the Premier League match reports below. And you can hop on over to follow Manchester City v West Brom with Rob Smyth here if you like. Related: Manchester City v West Brom: Premier League – live! Related: Grand National 2016: full coverage of the big race at Aintree – live! 5.17pm BST I forgot to mention that Eibar didn’t come back from 4-0 down at the Bernabéu as you might have expected. No, they lost 4-0. A game that was over five minutes after it began. Real move just one point behind Atlético in second and close to within seven points of leaders Barça. How the Bernabéu dressing room may look right now …Dutch second division team massively troll Cristiano Ronaldo https://t.co/in4z1z172z pic.twitter.com/COxQhD0d8k Continue reading...
International Shocks and Domestic Prices: How Large Are Strategic Complementarities? -- by Mary Amiti, Oleg Itskhoki, Jozef Konings
How strong are strategic complementarities in price setting across firms? In this paper, we provide a direct empirical estimate of firm price responses to changes in prices of their competitors. We develop a general framework and an empirical identification strategy to estimate the elasticities of a firm's price response to both its own cost shocks and to the price changes of its competitors. Our approach takes advantage of a new micro-level dataset for the Belgian manufacturing sector, which contains detailed information on firm domestic prices, marginal costs, and competitor prices. The rare features of these data enable us to construct instrumental variables to address the simultaneity of price setting by competing firms. We find strong evidence of strategic complementarities, with a typical firm adjusting its price with an elasticity of 35% in response to the price changes of its competitors and with an elasticity of 65% in response to its own cost shocks. Furthermore, we find substantial heterogeneity in these elasticities across firms, with small firms showing no strategic complementarities and a complete cost pass-through, while large firms responding to their cost shocks and competitor price changes with roughly equal elasticities of around 50%. We show, using a tightly calibrated quantitative model, that these findings have important implications for shaping the response of domestic prices to international shocks.
Dans le village reculé de Zantiébougou, au Mali, des panneaux solaires alimentent la coopérative de beurre de karité de Kone Maimouna Mariko et les chambres d’hôtes de Mamadou Diane. Pour ces deux chefs d’entreprise, l'accès à l'électricité signifie bien plus que le simple fait de pouvoir éclairer la nuit. L’électricité leur permet de devenir financièrement indépendantes et d’améliorer leurs conditions de vie.