Archive for March, 2011

One of the "Mr. Security "Renault gives his version of the case

Auto Date Thursday, March 31st, 2011

Marc Tixador said "wounded by the attitude of Renault" towards her. He, who worked in recent years to the fight against fraud at Renault alongside Dominique Gevrey, the man suspected of organizing the fake spy case, believes it has "always been loyal" to his employer and his regrets appointment for an interview prior to his dismissal on April 6.

The two men were among those who investigated the first on the case of industrial espionage that has turned into a nightmare for Renault, which led to the dismissal of three executives. But in the columns of the Paris-Today in France, Marc Tixador tries to stand out from Dominique Gevrey today jailed since March 13.

"I never doubted his source"

In this case, Gevrey Dominique had a source."He seemed normal, good professional, he does not reveal the name of his informant," said Marc Tixador, which grants have never doubted the source. This source has identified "several accounts regularly, with new feed, new front companies, new beneficiaries". Marc said Tixador checking as much as possible, and there was lorsqu'anomalies Dominique Gevrey "brought responses.

Marc Tixador claims to have thought up "very late" in the spy case. Only when the police while in custody, told him that the source of the Dominica Gevrey was "bogus" and that accounts for the foreigners did not exist, he has done . It is then dropped from the top: "I had no reason to distrust him. He was hard working, enthusiastic, good living.We got along very well, "he recounts, while working every day with him for five years.

The biggest secret claimed by Carlos Ghosn

However in December, Marc Tixador says he reminded his superiors that the elements which fight against fraud had no "were the result of intelligence work, it was not evidence and that better to grasp the DCRI (Central Directorate of Internal Intelligence, Ed). I have not heard. "Indeed, yesterday, L'Express put online on its website a sound document dating from February, which shows that the group was not at all sure of the veracity of the physical evidence led to the false espionage affair while in late January, Carlos Ghosn made a televised speech to say that the evidence was "multiple" guaranteed pay day loans.

According to Marc Tixador, CEO of Renault, Carlos Ghosn, has been informed of the case in November, when the source said the CEO of Nissan (Japan subsidiary of the group), Toshiyushi Shiga, had a suspicious account abroad. Therefore, Carlos Ghosn would have demanded the utmost secrecy surrounding the case."He had to talk to anyone," says Marc Tixador, and "when the officers of the DCRI were responsible for investigating, we were instructed not to tell them about this part of Japan."

Pelata is warranted, the CGT shocked

Act quickly "to the risk of injustice." This is the justification given by Patrick Pelata, Renault's number two, in a message posted on the company intranet. The company "has neither the means nor the justice of the police, but must protect itself when the risk is high. At the risk of injustice, "he writes.

"The risk was very big for Renault if the case were true, (…) and we act on the basis of information that we could not overlap," says Mr. Pelata."We were so confident in our director of security service without knowing that he had inadequately verified what he told his interviewer."

The CGT has made it public and denounced an argument "unacceptable." "You do not say anything but the business is outside the law and it may itself make his own justice. This is extremely serious and sadly indicative of your business idea, "replies Mr. Pelata the first union of the manufacturer.

Patrick Pelata acknowledged that with this pseudo spy case, "the Renault staff, especially in France and in engineering, is shaken." It is committed to "improving managerial practices.

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Unemployment insurance: premiums will fall in 2015

Auto Date Tuesday, March 29th, 2011

Ambiance met Friday at the exit of the last trading session of the Convention on unemployment insurance. "There are positive elements," said Stéphane Lardy (FP). It has avoided the worst. "The text reflects some of the objectives we had set," agrees Lawrence Berger (CFDT). CGT is only reserved for: "This text is unbalanced in favor of employers," laments Maurad Rahbi, however, note that "significant progress".

The final draft agreement does not fundamentally change the situation. Sensitive subjects (human "batteries" for the unemployed, graduated fee depending on length of employment contract, phased reduction of benefits …) are referred to a "policy working group" which meets every month at the end of year. Even the consideration of the postponement of two terminals for older age has been integrated.The employers there was yet, like the government because this change would endorse indirectly pension reform.

The previous agreement, signed late 2008 by the CFDT only, is extended almost in the state: the single die based on the principle "one day paid, compensated one day, within two years is maintained. Just as the entitlement to compensation as early as four months of contributions. The changes are subliminal. Seasonal workers who have already been compensated only suffer more in case of relapse in unemployment, discount on their compensation. "This includes 3,000 people at a cost of 7 million per year", says Gabrielle Simon (CFTC). And some recipients of disability pension will combine with the unemployment benefit.A new law for 6000 people and cost 10 million euros per year.

"Principle strong"

The most difficult was on the decline in contributions, listed in the agreement to expire. "It's a strong principle that we do not want to come back because of heavy loads that weigh on businesses," says Patrick Bernasconi, head of the employers' delegation. Finally, the draft agreement provides that a drop in employee and employer contributions will occur when the unemployment insurance system will experience two consecutive surplus above 500 million (against a current in the agreement) and level of accumulated deficit will be "equal to or less than the equivalent of 1.5 months of contributions."A level of debt of 4 billion, which refers to lower contributions – which may not exceed 0.4 percentage points per year – no earlier than late 2015. But the MEDEF, regardless of the delay: the point is that the unions from considering each negotiation with the aim to extract a higher premium. A week after the agreement on supplementary pensions, the entourage of Laurence Parisot savors his second win on this issue regardless of the price.

"It will be two billion euros less for the unemployed," regrets the CGT, which sees as "act" the main employers' demand. This article of the agreement "will remain valid until 31 December 2016", unlike others that will be discussed again in late 2013. All unions will decide in the next two weeks on the draft agreement. It could be initialed by the CFDT, FOR, CFTC and CFE-CGC.

Renault: Carlos Ghosn would have imposed the law of silence

Auto Date Friday, March 25th, 2011

The revelations about the false espionage case that shook Renault endless. The skipper of the French manufacturer, Carlos Ghosn, would have masked some information to investigators, said Le Parisien, Aujourd'hui en France. The data were, however, particularly sensitive. According to information collected by the internal investigation conducted by Renault – which led to the dismissal of three executives – the CEO of Nissan (which Renault has a 44% stake), Toshiyuki Shiga, allegedly involved in a corruption case. After more than three months of investigation, the security services suspect Renault Japanese leader to have affected large pots of wine as part of a complex financial package. The amounts raised reach $ 12 million (8.4 million). To believe the revelations, the Japanese leader would have had an account coded to Barclay's Bank in Singapore.

The "source", also at the origin of false information that led to the dismissal of three executives, would have communicated the results of his research to Dominique Gevrey (former Mr. Safety at Renault), currently under investigation for "organized fraud "and incarcerated in the prison of Health. This ex-military was the only one to be in contact with the raven which he continues to conceal the name pay day loan lenders.

"This is between you and me"

If Dominique Gevrey, prime suspect in the fraud case of the manufacturer, casts doubt on the identity of his source, he did, however, disclosed the information collected to his superiors. Loincloth and Remi – Dominique Gevrey supervisor – would have then reported to Carlos Ghosn. The CEO then asked him to keep secret information, "this remains between you and me" would it launched.

Promise Kept, the leader will continue to hide what he knows about his Japanese collaborator, even to management information.

If this information is confirmed, the position of Carlos Ghosn at Renault's head could be further weakened. The union FO Renault has recently suggested the resignation of CEO of the group. And even if ministers Eric Besson Baroin have, for now, ruled out this possibility, they believe the public apologies to Carlos Ghosn, the three executives falsely accused of spying did not mark "the end of this story» .

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Japan face an energy shortage

Auto Date Thursday, March 24th, 2011

Fukushima nuclear disaster – far from complete – and the human calamity caused by the tsunami of 11 March were somewhat overshadowed one of the facets of this historic crisis: the shortage of energy. As a country at war, for twelve days, Japan revolves around the rationing of electricity and gasoline.

On the production front electric, apart from the six reactors at the Fukushima Daiichi, four of which are definitively convicted and the other two at best closed for years, the four reactors at Fukushima Daini, the three Onagawa and that of Tokai are stopped. In total, it lacks "the power of 12.4 gigawatts (GW) for a long time," said Didier Houssin, director of markets and strategy to the International Energy Agency (IEA).

To add nuclear generation gap "between 7 and 9 GW" thermal generation.Six coal plants were heavily damaged, reports research firm specializing in energy IHS Cera.

To compensate for this deficit, "there are available production capacity, gas-fired or oil," said Didier Houssin, but the Japanese power grid, very regionalized, with different frequencies between northern and southern limits transfers of electricity.

Japan, already world's largest importer of liquefied natural gas (LNG), will focus this energy source, cheaper than oil to fuel its power plants. Russian giant Gazprom, which produces LNG on the island of Sakhalin region of the archipelago, began his extra supplies, sending these days a tanker of 100,000 tons. Qatar and Indonesia have also chartered additional ships.Luckily, in the midst of cataclysm, LNG terminals, mostly located on the west coast of the archipelago, have been preserved.

Up 16% of gas

The impact on the Asian gas market was immediate, with a price increase of about 16% since the tsunami. However, the global supply of gas, superabundant past three years, will meet this unexpected demand Japanese without excessive tension on the market, IHS provides Cera.

On the oil front, the situation was critical in the first days after the earthquake, with 30% of refining capacity paralyzed, or 1.4 million barrels per day. Since 57% of this capacity has been restarted. The Japanese government lowered the duty imposed on manufacturers to store, from 70 days to 45 days of imports.This relaxation has not to touch the moment the government strategic stocks.

For now, the economy slows, demand for petroleum products declined. In the petrochemical sector, about a quarter of ethylene crackers are at a standstill, says the IEA. But, depending on choices made to produce power, oil imports should also increase. The Japanese authorities are managing the emergency. As to what will become of the Japanese nuclear power, which provides a full quarter of the country's electricity, Didier Houssin considers the question premature.

Euro area: 700 billion for the permanent aid fund

Auto Date Tuesday, March 22nd, 2011

In Brussels

The euro area is finalizing its emergency plan. Monday in Brussels, the Ministers of Finance have established 700 billion total capital base of the future permanent mechanism to help indebted countries (MES). As promised, the device will thus have a strike force of 500 billion euros. But unlike the current fund (FESF), it will offer cheaper loans to countries in financial distress.

"This allows a simple and solid fund, which can be attributed to markets," said the French minister Christine Lagarde.On three-day summit Thursday and Friday, the Europeans want to convince markets of their ability to provide a comprehensive solution to the debt crisis.

A quantum leap had already been taken earlier this month, with proactive decisions: increasing the firepower of FESF to 440 billion euros of lending capacity (against 250 at present) and possibility of direct purchase of debt of state on the primary market.

On Monday, finance ministers have decided on the structure of the Permanent Mechanism (SPM) who will take office in mid-2013. Of the 700 billion announced, 80 are capital called, which States must actually be paid, and that the mechanism should ensure the precious AAA credit rating agencies. The callable capital, equivalent to guarantees will be 620 billion euros.The fund will hold the debt and there will be no transfer to the Member States.

Regarding conditions, the fund will lend at rates lower than 100 basis points to those of the current FESF. The loans will be calculated by adding 200 points above the cost of financing for loans of three years or less, with 100 extra points for the unpaid beyond. The terms and conditions of loans to Greece and Ireland have not changed.

Intensive discussions

Discussions have been tightened, the amounts needed are huge in times of fiscal crisis.After the decisions on economic governance and resistance testing bank, the Europeans want to convince broad sweep of their determination.

The distribution chosen is a "key ECB," modeled on the subscription of each State to the European Central Bank, "slightly weighted to take account of countries with GDP per capita is below average" of the euro area, "said Christine Lagarde. France should thus provide 20.38% of capital. The German front line, for his part, assured that she was "able to meet what will be decided today as part of our golden rule and our budget deficit reduction target in the medium term."

In turn, decisions should also weigh on the temporary fund (FESF) present, even if the subject was not discussed in Brussels on Monday.It will probably meet the guarantees, and most of the stain may be based on the six countries of the euro group AAA.

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First flight for the largest Boeing B747-8 Intercontinental

Auto Date Sunday, March 20th, 2011

B 747-8 Intercontinental passenger modernized version of the legendary Boeing 747, had to take off this Sunday at 18 o'clock. The aircraft, flown by the "captain Mark Feuertstein, chief pilot, captain and Paul Stern, senior test pilot, was to leap from the tarmac at Paine Field in a stone factory located in Everett Boeing ( Washington State) to make its maiden flight.

This first test, which lasted five hours, gave the kickoff of the certification campaign of 600 hours, which should allow Boeing to deliver the first end 2011 to a VIP unit and the second in spring 2012 to Lufthansa. The German company was waiting for in 2010 but the program has accumulated delays and cost overruns.

Greeted with skepticism

Launched in November 2005, B 747-8 Intercontinental was greeted with skepticism by some observers.At the time, some felt that Boeing had lost before facing the new giant of the sky, the Airbus super-jumbo, the A380. With its double-decker to carry between 555 and 800 passengers, the new flagship of the European aeronautics industry imposed due to its revolutionary design, a new standard in "the art of travel."

But Boeing has not said its last word. Rather than launching a frontal attack, the U.S. manufacturer has played the card of complementarity. "The B 747-8 is positioned in the market for devices from 400 to 500 seats, that is to say between the Airbus A380 (555 seats) and Boeing 777-300ER (365 seats)," explains Do we at Boeing. The new jumbo American height indeed a gap in the global supply of long-haul. A market that the U.S. had an estimated 500 out of twenty years.With a range of 14,800 km, it can rally all the cities in the world nonstop.

Look recognizable

The Intercontinental is the heir to the famous 747, developed in the '60s and operated by Pan Am in 1970. At the time, Boeing had written a new chapter in the history of aviation in the air by swinging the era of mass transport faxless cash advance. The "King of Heaven" had provided to Boeing for supremacy in the lucrative niche of the widebody Airbus does not come until breaking the monopoly with the A380.

To upgrade the B747, Boeing lengthened the fuselage of the aircraft allowing it to offer 51 additional seats or a maximum capacity of 467 passengers. The device retains its "look" is recognizable but a new aircraft that has benefited from technological advances of the B787 Dreamliner.Composite wings, new aerodynamics, new cabin design and new life on board and GE engines (derived from 787 reactors) more efficient, quieter and consume less fuel … The Intercontinental consumption per passenger claims a 11% lower than the A380. "This translates into a lower cost per trip by 21%," says Boeing.

Reduce the fuel bill

The manufacturer has arguments to convince the airlines. They are essential to reduce their fuel bills, soaring oil prices forced, to stay competitive. Yet few have fallen in love with the Intercontinental, unlike many customers the freighter version, which itself is a hit with 74 firm orders. To date, the B747-8 was convinced that three passenger airlines: Korean Air (5 orders), Lufthansa (20 firm), two companies also customers of the A380.And finally, Air China (5 copies).

The letter of intent signed in China last March 8, marks a victory for the B747-8 against the A380 which is the Chinese company to date, not a customer. The Chinese market, with a bright future, is a land of conquest for large aircraft. Commissioned in 2007, the A380 is no sign yet that a single control with China Southern. Other commands of B747-8 could be announced soon after the marketing campaigns conducted by Boeing including India.

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The State puts the Renault management supervision

Auto Date Friday, March 18th, 2011

If the nightmare of the three executives wrongfully dismissed for spying is done, the management of Renault, who had publicly accused, is still under pressure. On Thursday, after talks with Carlos Ghosn, CEO of the automotive group, Christine Lagarde, Minister of Economy and Eric Besson, Minister of Industry, reiterated a "thorough audit" had been requested on this lamentable Case to identify the origin of recently observed failures within the company. "

The audit, whose findings will be presented later to the Board of Directors of Renault on April 28, must provide "specific evidence" to "identify any errors or mistakes in decision making and management of this case."The two ministers said they "sleep (eraient) that the conclusions should be drawn in terms of organizational reforms in terms of individual responsibility."

In other words, the government, which denounced on Tuesday, after a public apology from Carlos Ghosn, an "amateur improbable" and promised that this fiasco would not remain "no action", reserves the right to request additional sanctions by a month and a half. For now, only three members of the Security Branch of Renault are covered by "disciplinary procedures". The executives involved in this case waive the variable portion of their compensation.

Wishing obviously does not make decisions hot state, the manufacturer's largest shareholder, has not formally asked heads since the case was deflated.At the special board on Monday, the two directors representing the state have also approved the action plan of Carlos Ghosn, who has not discussed his resignation and denied that Patrick Pelata, its Chief Operating Officer .

Responsibility Ghosn

How far is ready to go when the Bercy audit findings be known? The department, it is careful not to directly answer this question. "Carlos Ghosn bears some responsibility, since it is the one who went on to say TF1: I certainties," said Eric Besson Wednesday on BFM. But the state does not seem to further destabilize a national treasure by beheading. The Minister of Industry spoke on the radio including "the importance of the agreement between Renault and Nissan, which is also CEO Carlos Ghosn, and" the development of electric vehicles. ""For many, the idea of ​​removing the head of the entrepreneur when Renault is facing a major strategic situation can be a challenge," he said.

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"The impact will probably be more important for Kobe

Auto Date Wednesday, March 16th, 2011

LE FIGARO – What are the economic consequences for Japan?

Jean-Pierre Petit – Contrary to what we believed in the early hours of the earthquake, the impact is probably greater than that of Kobe in 1995, which cost 10,000 billion yen, or 2.5% of GDP. The affected area this time, north-east, weighs 8% of GDP against 4% for Japanese Kobe, and it includes many production units and automotive electronics. But the most serious is the risk that nuclear has a direct impact on energy resources, since the nuclear provides 25% of national electricity consumption.This is the novel aspect of this tragedy is still not able consequences even if they tend to be exaggerated by the markets.

Could there be a rapid rebound in the economy?

It's terrible to say but disasters still have a stimulating effect in the short / medium term impact on the economy when the state starts rebuilding. Japan's GDP rose by 5% annualized rate during the three quarters that followed the disaster in Kobe. Provided that the nuclear situation eventually stabilized, it will be the same this time all the opposition has indicated it would follow the government's economic stimulus projects.In absolute terms, Japan has a debt problem, which represents 200% of its GDP, but this does not prevent him from borrowing in good condition because 95% of this debt is held by the Japanese.

What are the consequences for the global economy?

A Japanese recession would not have much impact on the global economy. At its peak in the early 1990s, Japan accounted for 18% of global GDP in current dollars. Today, it represents only 9%. Japan – with U.S. – the least open of the major developed countries, it acts early in the production chain and there is a net exporter. A slowdown in its economy weighs little on final demand and global activity.Viewed differently, global growth amounted to 3.6% since 2000 and Japan is almost no contribution!

The succession of disasters threat does not resume?

The paradox is that the number of natural disasters is rising trend since the early 1950s, as they have been multiplied by 20 in fifty years, before breaking a bit since the early 2000s. At the same time, the average unit cost of natural disasters has remained stable, amounting to $ 240 million on average between 1950 and 2010. For the total cost of natural disasters (including the growing number), it has increased, but at a pace close to that of U.S. GDP (6% per year).In other words, the cost of disasters relative to GDP is stable world since 1900: the events are more frequent but the risks better managed and the impact remains low overall.

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The gasoline prices boost carpooling

Auto Date Monday, March 14th, 2011

Soaring prices at the pump is not bad news for everyone. Carpooling takes off the market as fuel prices are more expensive. They reached a historic high on the first week of March, exceeding for the first time their summit in June 2008, according to the Directorate General for Energy and Climate (DGEC). A liter of unleaded 95 has sold 1.5067 Euro all taxes on average in France.

"We see that our traffic very precisely follows the evolution of fuel prices, and that beyond peaks observed during strikes or air traffic disrupted," says one Envoiture.fr in a European platform for carpooling. The site has seen an increase in traffic of 23% in France last week compared to last week, following the announcement of record high price of gasoline.The increase reached 40% compared with end-January, since the outbreak of crises in Tunisia, Egypt and Libya. On the scale of Europe, Envoiture.fr site traffic jumped 14% over the same period.

Same observation in Covoiturage.fr, the main market player with around 960,000 members out of 3 million users in France (according to ADEME). "Every day, between 60,000 and 80,000 people log on the site," says its president Frederic Mazzella. The site traffic has increased 16% over the last three weeks and 24% over the last month. "The average load is 3.3 cars, a driver and 2.3 passengers," he says."For 70% of the carpool, the reason for adopting this practice is economical to environmental concerns (12%) or the desire to make the trip more friendly (6%)," says Frederic Mazzella, citing the results a study in late 2009 by Covoiturage.fr MAIF and the insurer. The study found that carpooling is a more occasional. It allows for 56% of users, to go on holidays or weekends (34%), while the commute is only 17% of uses.

That wants to impose a solution on a daily basis

The current environment could very well change that. "Consumers are looking for solutions for all their occasional trips for their commute on a daily basis," says Will we Easycovoiturage guaranteed high risk personal loans.com from a platform of specialized sites in the carpool services for businesses, communities and individuals.Its traffic has increased 30% to 40% on average over the past 30 days, depending on the site. And 40% to 50% over the last two weeks. "Drivers have anticipated the rise in fuel prices as soaring oil prices in the context of crisis in the Middle East was in the spotlight in recent weeks." According Easycovoiturage.com, carpooling on the way home- work allows a motorist to save between 3,000 and 5,000 euros net of fuel a year.

Thomas Herlin, founder of Covoiturage.com, this practice is a "trend". Especially an association of motorists and energy industry representatives are unanimous: the rise of gasoline prices is here to stay. "A sign that carpooling has good days ahead, the supply continues to grow," notes Thomas Herlin. Regions, departments and municipalities set up their own carpooling services.The General Council of Vendée on Friday announced the launch of its new website (covoiturage.vendee.fr), which allows carpoolers to take advantage of many offers of trips in the Vendee and in neighboring counties. "Fifty-five areas are now equipped to accommodate passengers and secure routes," said the General Council.

The track starts carpooling

The trend of car sharing has not escaped the SNCF. Ile-de-France, for example, offers 555 Transilien trips last year to help users reach their stations. "We have 843 memberships to date, 15 more than in February," says one in Transilien station. "We are seeing a monthly increase in enrollment." The cost of fuel has much to do. "But there is also a radical change in user behavior," says one.

Source: SNCF Transilien

Earthquake: an economic impact "substantial"

Auto Date Sunday, March 13th, 2011

Two days after the catastrophe, the destruction of the earthquake and resulting tsunami that struck Japan on Friday are still difficult to assess. Thing is certain: the earthquake will have "a significant impact on economic activity in many sectors," warned Sunday the spokesman of the Japanese government, Yukio Edano. Consequences that should be in the tens of billions of dollars.

In the short term, the destruction caused are indeed enormous: infrastructure damaged production facilities at the stop, the areas impacted are placing great weight in the economy. If the worst-affected region, that of Tohoku, north-east coast, only 8% of Japanese GDP, that of Kanto, which houses including Tokyo, by contrast produces 40% of national wealth.

GDP contraction in first quarter

Besides stopping the oil refinery of Cosmo Oil Ichihara, east of Tokyo, the activity of the Japanese nuclear industry, which produces between 25% and 30% of national electricity production, is seriously compromised. Eleven of the fifty reactors are currently stalled, while an explosion in one of two plants in Fukushima, northern-eastern countries, has caused extensive damage and the evacuation of all population within a radius of 20 km.

"The temporary closure of production plants and oil refineries, and the interruption of power plants should have an impact on the country's production. GDP could result in decreased again slightly in the first quarter, "predicted the AFP and Wolfgang Leim, an economist at Commerzbank.

Growth boosted by reconstruction

A hopeful note, however: in the medium term, the Japanese economy could rebound strongly. Drawing a parallel with the Kobe earthquake in 1995, Takuji Okubo, senior economist at Societe Generale, said that reconstruction should generate an increase in activity, and the need for people to renew their property damaged boost consumption. The sectors of construction, steel and telecommunications sectors should benefit fully from the increased activity post earthquake.

"After the earthquake of 1995, Japan's GDP grew 1.9% in 1995 and 2.6% in 1996, while the average growth of the Japanese economy over this period was 1.5% .Consumption grew 2.2% between 1995 and 1996 against 1.1% on average between 1995 and 2004, "said Takuji Okubo.

Risk on debt

The Japanese bank Nomura, which also anticipates strong growth in the Japanese economy in the medium term, says his side as the stimulus state has played a key role in 1995 to revive the economy. "Immediately after the earthquake, the government passed an emergency budget which has contributed 0.3 points to GDP growth in the second quarter 1995 and 0.5 points in the third quarter. We anticipate a similar response from the authorities, "notes Peter Westaway, economist at Nomura.

The opposition conservative Japanese has already announced its support for extraordinary measures promised by the center-left government.A situation which should not, however, help improve the financial health of Japan, whose debt stood at 200% of GDP. The rating agency Standard and Poor's has also recently lowered the debt rating of Japan, considering that the country's budget deficit will remain high in coming years. Moody's did its part Friday that the earthquake should not cause a subsequent breakdown of the score attributed to the Japanese debt.

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