(ou bien: "Quand la politique monétaire se trouve dans un "cul-de-sac", peut-etre qu'une réforme (quotas, voire pour certains l'abolition?) de la PAC peut-etre une solution?)
Via l'Economist's View...
II Sole
Will Il Sole shine? Last week the board of Il Sole 24 Ore, the publisher of Italy's most influential buisiness daily, confirmed plans to take it pulic in October or early November, market conditions permitting.
Despite concerns about the decline of traditional print media, the offer has its attractions. The paper is one of the most resilient performers in Italy: subscriptions account for just less than half of its 347,000 daily circulation, well in excess of the 6 per cent industry average. And there could be pent-up demand: it is the first publisher to list since Caltagirone Editore made its debut seven years ago.
The difficulty will be pricing. Italian investors have been hard to read of late. Aeffe, the fashion house, slipped 10 per cent in its first two days as a public company last month, having priced at the bottom of its indicative range. Enia, the utility admitted to Milan's blue chip segment a fortnight earlier, went the other way, shooting up 9 per cent in 48 hours. Recent sector deals do not provide much of a steer either. Rupert Murdoch's acquisition of Dow Jones - at a heady 40 times 2007 earnings - or Pearson's agreed sale of Les Echos to LVMH, at about 24 times, were both priced way beyond Il Sole's putative peer group of RCS, Mondadori and CIR, which trade between 14 and 20 times.
Another wild card is Il Sole's owner, Confindustria, a vast grouping of employers' associations spanning construction, transport and tourism, which will retain a 67.5 per cent stake after floating the rest. Il Sole will be the federation's only public holding: the fact that it does not have to worry
about meeting return on equity targets will make it either a very good, or a very bad, co-shareholder.
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"The housing bubble induced Americans to live beyond their means – net savings has been negative for the past couple of years. With this engine of growth turned off, it is hard to see how the American economy will not suffer from a slowdown. A return to fiscal sanity? will be good? in the long run, but it will reduce aggregate demand in the short run."
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P.S.: Un p'tit "coucou" a Jan-Martin...;)
Kevin Drum du "WashMonth" a eu comme d'hab. une bonne intuition...critique..
Debat chez Mark Thoma sur la valeur sociale (valeur endeans la societe americaine?) de Microsoft apres la publication d'un "edito" de Robert Barro dans le WSJ...le tout demontre ensuite par un modele, sous l'emprise de substances illicites?, mathematique...(en PDF!!!)
...debat aussi suivi par l'inepuisable "Brad DeLong qui fait non"...non...et non..
(pour lire l'edito, cliquer sur l'image...)
