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  • Bank of Israel governor bids for top post on IMF

    11. June 2011

    Bank of Israel governor bids for the top job at IMF.

    Bank of Israel governor, Stanley Fischer filed a candidacy to preside over the International Monetary Fund (IMF) following at the tail of Dominique Strauss-Kahn resignation.

    Fischer expressed his interest for the post by saying, “An extraordinary, unexpected and once-in-a-lifetime opportunity has arisen, to run for the head of the International Monetary Fund, which I decided I wanted to do after many considerations.”

    Fisher has already informed Israel’s Prime Minister Benjamin Netanyahu and Finance Minister Yuval Steinitz about his decision.

    Among others who filed candidacy for top job at IMF are French Finance Minister Christine Lagarde and Bank of Mexico governor Agustin Carstens.

    IMF is traditionally headed by a European while its sister institution, World Bank is headed by an American.

    The age limit for any candidate to be the head of the organization is 65. Being 67, Fischer is at odds even if he has an extensive exposure to IMF serving as deputy IMF chief from 1994 to 2001.

    Israel’s Finance Minister Yuval Steinitz is supportive of his colleague’s decision saying that “the position fits Fischer like a glove”.

    The opportunity to head IMF opened when Dominique Strauss-Khan decided quit upon the wake of a scandal involving him with allegations that he raped a hotel maid in New York City.

    Meanwhile, Fischer has garnered significant support from some of the world’s leading financial newspapers such as Wall Street Journal and Financial Times. Reuters and Euromoney magazine also found some heads up for the Bank of Israel governor on surveys they conducted.

    If credentials would be the basis, Fischer is on the right track being widely recognized as the man behind Israel’s escape on the global economic crisis. Israel’s real estate sector is currently blooming and the country’s unemployment rate is very low at 6 percent.

     

    Credits to http://media.cnbc.com for the photo

     

     

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    Written by Maricris Faderugao

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    Japan’s series of unfortunate events took its toll on Toyota

    11. June 2011

    The land of the rising sun finds itself in a dark place. Toyota's profit is sinking down the drain.

    What a series of unfortunate events for Japan. One of the wealthiest country in Asia has had dramatic fall outs this year when Mother Nature decided to roar across the island nation. The land of the rising sun will have a long road to track before they see the daylight to full recovery.

    But while they’re at that, one of the biggest carmakers in the world is speeding its way plummeting to lose its top post.

    The automaker claims that the 9.0 monster earthquake made supply problems. What makes it worse is that the strength of their local currency against dollar drove expensive domestic productions.

    Toyota Motor Corporation is expecting drastic losses worth more than $1 billion of net profits for the year 2012 compared to this fiscal year due to the disruptions that made parts of Japan suffer in wreckage.

    The company further forecasted that their consolidated net income will plunge by 31 percent amounting to at least $3.4 billion this year extending up to March 31 next year compared to the $5 billion net income in the previous fiscal year.

    Japanese yen is currently trading around 80 for  a US dollar which is described as “beyond limit” and Toyota’s president Okio Toyoda said, “We’d like to ask the government to correct currency rates as soon as possible,” to level the playing field of competing car makers.

    Global sales of the company is expected to fall by 1% from 18.99 trillion yen to 18.6 trillion yen. Because of this, America’s General Motors is expected to take over Toyota’s position as the largest automaker in the world.

    Toyota brushed off this looming fall from their number one status by saying, “We don’t see it as necessary to be the largest automaker in the world. The most important thing is creating a stable business base” to stress that the company’s focus is on quality.

    Between late 2009 and early 2010, Toyota has been on a slump of crisis when it recalled almost 9 million cars due to accelerator and brake defects. Thus, analysts say that the company has been exposed of its thin operations compared it its rivals partly because of the quality-issue related fiasco.

     

    Photo credits to http://topnews.net.nz

     

     

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    Written by Maricris Faderugao

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    Clinton denies pursuing top post in World Bank

    10. June 2011

    Photo credits to http://latimesblogs.latimes.com

    US secretary of state Hillary Clinton denies rumors that she is eyeing to ship her management skills on the top position at World Bank.

    The media frenzy and speculations came out with the earlier report from Reuters that Clinton would be interested to replace Robert Zoellick once his term ends in 2012.

    The former first lady’s aide and deputy Philippe Reines stressed that Clinton is not interested in heading the World Bank in the future nor did she had any talk with President Barack Obama regarding the post.

    Reines said, “Let me address this as definitively as I can, on the record … The story is completely untrue.” Even the White House secretary, James Carney is denying it.

    To set the record straight, Clinton told the reporters, “I have had no discussions with anyone, I have evidenced no interest to anyone and I am not pursuing that position.”

    With the firm rebuttals from White House and the State Department, Reuters are holding their ground that the report that cited three sources to back up the discussions remains accurate.

    Meanwhile, people are asking about Clinton’s next career move. If she won’t be running World Bank, what’s a woman of her caliber and intelligence do after she steps down in her post as secretary of the state?

    The managing director of Democratic consultancy SKDK Alex Salter claims to be surprised by the development of the reports but implies that Clinton is indeed qualified to run the largest financial institution in the world by saying, “She has done an incredible job at the state department and her approval ratings are extremely high.”

    While her good performance as state secretary is uncontested, the report about her being a potential nominee to preside over World Bank has brought some sensitivity on the world of finance because the report came during a time where the Obama administration is facing major challenges in foreign policy.

    Furthermore, the earlier report has brought irk on emerging market economies because discussions like this tells them that the jobs for the biggest financial institution whose influence they are clamoring for is already determined beforehand.

    Given the opening for the top position if World Bank’s sister IMF, the timing of such reports cannot be deemed unusual.

     

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    Written by Maricris Faderugao

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    How Long-term Unemployment Affects You

    10. June 2011

    Photo from: http://jkshaws.files.wordpress.com

     

    Employment has always been one of the major concerns in an economy. Many of those employed would say that they just fell accidentally with their jobs—— that the field of study they finished is not related to it at all. Other job-seekers are desperate to find work that it does not matter if the position they are applying for is related to their experiences or not.

    Meanwhile, others ‘decide’ to gamble on the unemployment side until they find the job they feel to fit them well. Most of the time, these people are the ones who know what they do not want but are not exactly sure of what they want. You have to wonder. Do these people know the personal effects of being jobless?

    This is not to discourage those who are seeking for their ideal jobs. But for those people who have not experienced working for a long time, things aren’t likely to ameliorate.

    Alan Keuger and Andreas Mueller of Princeton and Stockholm University conducted a study about the detrimental effects of prolonged unemployment.

    A group of 6,000 people were gathered for interviews from which the study was based. All of those people are unemployed workers. The researchers interviewed the respondents for each of the 24 weeks.

    The study showed that the longer the person stays unemployed, the more unlikely he or she will find a job. This is due to the fact that the longer unemployed period you have since your last job, the less time you spend in looking for a new one; that is until your unemployment benefits expire. People tend to hold on those benefits for as long as they can until they feel the need to find a new job when those benefits are almost used up.

    By the time they have spent all their benefits and still have not found a new job, they begin expressing dissatisfaction with their lives. Oftentimes, these people will spend more time wallowing in self-pity rather than being motivated to search for more jobs. In turn, they spend more sleeping hours than the average person to compensate for their lack of activity.

    Things will likely get worse if their search for job still yields to unsuccessful result. But how could they find one when they are more motivated to sleep all day?

    Joblessness is likely equal to no money. No money means you cannot spend for your needs and you might have to depend on someone. Dependence will likely lower your self-esteem. But what is there to do?

    Always assume something positive in everything that you do. Keep your motivation up and concentrate on the things you like doing such as your hobby or you might as well interact with your family and gain other interest. Best of all, never ever stop chasing the job that you wish to have. Remember that the successful people of today did not succeed with high salaries alone; they are successful because they found a job that they love and stayed through it.

     

     

     

     

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    Written by Maricris Faderugao

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