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Found 100 results

  1. (Courtesy of Citymayors.com) 1. London 2. New York 3. Tokyo 4. Chicago 5. Hong Kong ~ 10. Los Angeles ~ 20. Atlanta 27. Montreal Complete list (Top 50)
  2. (Courtesy of The Financial Post) :eek: I wish I knew about these people a little sooner. Man I need money now to buy some shares. I just hope its not to late.
  3. http://en.wikipedia.org/wiki/Tour_de_la_Bourse Somebody used to have a rendering with the 3 towers on SSP, but I can't find it anymore...
  4. Placements Manuvie devient la dénomination commerciale d'un ensemble de sociétés après l'acquisition par Manuvie, il y a un an, de Berkshire-TWC Financial Group. Pour en lire plus...
  5. Le géant indien du fer et de l'acier Arcelor Mittal souhaite acquérir des parts de Rio Tinto, selon le Financial Times. Pour en lire plus...
  6. (Courtesy of The Financial Post) It is pretty easy you sign up with your credit card or debit and few days later you get your gold delivered to your front door I read somewhere else you can buy up to $6000 CDN worth of Gold per day so almost 6 ounces. Scotia Mocatta
  7. April 29, 2009 By LANDON THOMAS Jr. LONDON — Tetsuya Ishikawa reaped the fruits of London’s financial boom, structuring and selling his small share of the complex securities that fueled both his professional rise and the uninterrupted economic growth of Britain. When the boom went bust last year, he lost his job at Morgan Stanley, along with about 28,000 other Londoners working in finance. Mr. Ishikawa, who has written a fictional memoir, has no plans to return to the City, as London’s banking district is known. But Britain’s revenue-starved Labor government will find no such escape. “By 2010, the U.K. will have the largest budget deficit in the developed world,” said Richard Snook, a senior economist at the Center for Economic and Business Research in London. “The problem is that the financial services industry has been a huge cash cow for the British government for the last 10 years and now it is going into reverse.” The country’s budget deficit has soared to 12 percent of gross domestic product; its public debt burden could soon reach 80 percent of annual economic output, a figure that would leave it roughly in the same position as Greece. But at a time when Britain more than ever needs a financial sector firing on all cylinders, its economic engine is conking out — for a number of reasons, including some that critics blame on the government. All told, more than 70,000 jobs in finance are expected to disappear over the next two to three years, a big chunk of the total estimated job losses of about 280,000 in London. The British government has poured hundreds of billions of pounds into preventing several of its largest banks from falling into bankruptcy as the extent of their bad bets became evident. But there is little prospect of a revival anytime soon, as the government is about to impose stiffer demands on banks to keep high capital ratios and to rely less on leverage and once-lucrative trading activities. That, combined with a more aggressive posture by the regulatory authorities to put a check on bonuses, is likely to hasten what has already been a sharp falloff in corporate and income taxes from the City. The economic contribution from the British financial sector, according to the Office for National Statistics, peaked at 10.8 percent of G.D.P. in 2007 — up from 5.5 percent in 1996, just before Labor took over. By comparison, the contribution from financial services in the United States to the American economy never exceeded 8 percent. In a bid to capture more revenue, the British government has decided to raise tax rates on the affluent, many of them working in finance. But the new top income tax rate of 50 percent for those earning at least £150,000, or $219,000, may only make things worse, said Mr. Snook, the economist. “These people are highly mobile and they will leave London,” he said. “The impact on public finances will be negative.” Britain’s top tax rate will soon rank fourth behind those of Denmark, Sweden and the Netherlands — not quite the advertisement one would expect from one of the world’s leading financial centers. In many ways, Mr. Ishikawa’s career tracked the credit explosion that has now imploded. When he began work as a lowly credit analyst in 2002, banks in London issued about £20 billion in securities linked to various mortgage instruments. His career took off as that figure surged to over £180 billion by 2008, when Mr. Ishikawa secured for himself a $3 million bonus from Morgan Stanley as a reward for peddling assets that turned out to be toxic. With that line of business virtually defunct, banks in the coming years must return to lower-risk and lower-return businesses like equity and bond underwriting, foreign exchange trading and traditional deal-making — businesses that may well be profitable, but can in no way make up for the loss of such a lush specialty. The Center for Economic and Business Research estimates that corporate and income taxes from the financial industry will shrink from 12 percent of the overall tax take in 2007 to 8 percent this year and perhaps lower in the years ahead, a prospect that could force Britain to increase its already substantial borrowing requirement. The crisis has humbled all financial centers, from Wall Street to Dubai. According to an index produced in Britain that ranks financial centers around the world, the City of London still comes out on top, closely followed by New York. The gap, though, between these two and Singapore, which is now third, is narrowing. Lord Adair Turner, the chairman of the Financial Services Authority, agrees that London as a financial center will be in for an adjustment and says that a large portion of the banking industry’s profit contribution to the economy was “illusory.” But even in a more restrictive environment, he points out, London’s importance as a global financial hub and the most valuable trading center in Europe will not go away. “The City is important today for the same reason it was important in 1890,” he said. As for Mr. Ishikawa, who is 30 and grew up in Britain as the son of a successful Japanese executive, he is putting his hopes into a new career as a writer. His book, “How I Caused the Credit Crunch,” chronicles the debauched excesses of the boom — he was briefly married to a Brazilian lap dancer — by lightly fictionalizing his six-year stint in finance. “I really don’t miss it,” he said, sipping a coffee near the building where he was laid off. “There are many more kids out there more hungry than me.” Like Faruq Rana, for example. Mr. Rana, the 26-year-old son of Bangladeshi immigrants, was born and reared in Tower Hamlets, a district abutting Canary Wharf that has Britain’s highest unemployment rate. From his window, he can see the towers of Citigroup and Barclays reaching into the sky and his ambition to one day work as a trader in one of those buildings soars nearly as high. “Every day when I wake up and open up my window, I can smell my job,” said Mr. Rana, who is a student in a government-financed program at Tower Hamlets College that prepares local youths for jobs in the financial industry. Unlike Mr. Ishikawa, Mr. Rana did not go to Eton or Oxford, but he remains undeterred. “I have the motivation and the drive,” he said. “I think I can be one of them.” http://www.nytimes.com/2009/04/29/business/global/29city.html?ref=global-home
  8. Desjardins financial grows outside Quebec The Gazette Published: 1 hour ago Desjardins Financial Security, the life and health insurance arm of the $152-billion Desjardins Group, said yesterday that business growth outside Quebec was strong in the second quarter. Premium income was up 6.1 per cent from a year earlier in Quebec, where it already has a large market presence, and rose 16.8 per cent in the rest of Canada. Desjardins Financial has been working hard to build market share outside Quebec, especially for group business. Desjardins Financial also sells group and individual retirement savings products, including mutual funds, and growth in this business came mainly from its new guaranteed investment contracts. "We continue to gain ground in an extremely competitive insurance market," chief operating officer Richard Fortier said. Second-quarter net income was $59.3 million vs. $68.4 million a year earlier.
  9. Harper disagrees with pessimistic report on Canadian housing market Wed Sep 24, 1:46 PM Conservative Leader Stephen Harper says he disagrees with a report by brokerage firm Merrill Lynch that warns Canada could be headed for a housing and mortgage meltdown similar to the one that has devastated the United States economy. The report, issued Wednesday by Merrill Lynch Canada economists David Wolf and Carolyn Kwan, said many Canadian households are more financially overextended than their counterparts in the U.S. or Britain. They said it's only a matter of time before the "tipping point" is reached and the housing and credit markets crack in Canada. "I don't accept that conclusion, not at all," Harper told reporters on tour in British Columbia. "We have seen the housing market and the construction market much stronger in Canada than in the U.S.," he said. Harper said Canadian financial institutions have also taken a different approach to lending than their American counterparts. "We don't have the same situation here with the mortgages as was the case in the U.S. with the subprime mortgages there," he said. "So, therefore, I think that our market is in a much stronger position." The report acknowledges that the analysis is more pessimistic than the prevailing view. Many economists have been saying that Canada's housing and banking sectors are much more stable than their American counterparts, and will likely slow down but not crash. But Merrill Lynch Canada - whose U.S. parent is one of the biggest victims of a crisis in financial markets arising from the American housing and mortgage meltdown - said Canadians should be wary. Household net borrowing in Canada amounted to 6.3 per cent of disposable income in 2007, which is more than households in the U.K. and not far off the peak reached by U.S. households in 2005. The report also said housing prices are now falling and inventories of unsold homes are rising sharply in Canada, suggesting that this market turnaround will not be a transitory phenomenon. However, the prevailing view is that Canada's lenders have issued few of the type of subprime mortgages that sparked the U.S. crisis. In addition, a recent study showed that Canadian residential properties are not overvalued in most cities. With files from the Canadian Press lien
  10. Feb. 26 (Bloomberg) -- New York’s biggest banks and securities firms may relinquish 8 million square feet of office space this year, deepening the worst commercial property slump in more than a decade as they abandon a record amount of property. JPMorgan Chase & Co., Citigroup Inc., bankrupt Lehman Brothers Holdings Inc. and industry rivals have vacated 4.6 million feet, a figure that may climb by another 4 million as businesses leave or sublet space they no longer need, according CB Richard Ellis Group Inc., the largest commercial property broker. Banks, brokers and insurers have fired more than 177,000 employees in the Americas as the recession and credit crisis battered balance sheets. Financial services firms occupy about a quarter of Manhattan’s 362 million square feet of office space and account for almost 40 percent now available for sublease, CB Richard Ellis data show. “Entire segments of the industry are gone,” said Marisa Di Natale, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania. “We’re talking about the end of 2012 before things actually start to turn up again for the New York office market.” The amount of available space may reach 15.6 percent by the end of the year, the most since 1996, according to Los Angeles- based CB Richard Ellis. Vacancies are already the highest since 2004 and rents are down 5 percent, the biggest drop in at least two decades. In 2003, the city had 14.8 million square feet available for sublease. If financial firms give up as much as CB Richard Ellis expects, that record will be broken. ‘Wild Card’ CB Richard Ellis’s figures don’t include any space Bank of America may relinquish at the World Financial Center in lower Manhattan, where Merrill Lynch & Co., the securities firm it acquired last month, occupies 2.8 million square feet. Brookfield Properties Inc., the second-biggest owner of U.S. office buildings by square footage, owns the Financial Center. Merrill “is a wild card right now,” said Robert Stella, principal at Boston-based real estate brokerage CresaPartners. Manhattan’s availability rate -- vacancies plus occupied space that is on the market -- was 12.3 percent at the end of January, up more than 50 percent compared with a year earlier and almost 9 percent from December, according to CB Richard Ellis. Commercial real estate prices dropped almost 15 percent last year, more than U.S. house prices, Moody’s Investors Service said in a Feb. 19 report. The decline returned values to 2005 levels, according to the Moody’s/REAL Commercial Property Price Indexes. SL Green The Bloomberg Office REIT Index fell 25 percent since the start of January, with SL Green Realty, the biggest owner of Manhattan skyscrapers, slumping 50 percent. Vornado Realty Trust, whose buildings include One and Two Penn Plaza in Midtown, has fallen 36 percent. SL Green of New York gets 41 percent of its revenue from financial firms, including 13 percent from Citigroup, according to its Web site. Bank of America plans to give up 530,000 square feet at 9 West 57th St. as it completes a move to 1 Bryant Park. New York- based Goldman Sachs Group Inc. is leaving 1.3 million square feet of offices at 1 New York Plaza and 77 Water St. as it prepares to move to new headquarters near the World Trade Center site. JPMorgan put 320,000 square feet of Park Avenue offices on the market after scooping up rival Bear Stearns Cos. last year along with the company’s 45-story headquarters tower at 383 Madison Ave. Citigroup has put 11 floors, or 326,000 square feet, on the market at the 59-story Citigroup Center at Lexington Avenue and 53rd Street, bank spokesman Jon Diat said in an e-mail. The tower is owned by Mortimer Zuckerman’s Boston Properties Inc. Moving Out “We’ve been having conversations for two and a half years with Citigroup, and it’s been very clear to us that for the right economic transaction, they would move out of virtually any space in midtown Manhattan that they have,” Boston Properties President Douglas Linde said on a conference call last month. Boston Properties is also expecting to receive about 490,000 square feet back from Lehman Brothers at 399 Park Ave. as part of the bank’s liquidation. That space “will be a monumental challenge” to fill, said Michael Knott, senior analyst at Newport Beach, California-based Green Street Advisors. “They’re going to have to really bend over backwards on rate, or make the strategic decision to sit on it for an extended period of time.” Zuckerman said in an interview he doesn’t expect the increase in sublets to be a long-term problem for landlords. “You’re not going to be able to get for the space what you were able to get a year ago,” he said. “But in a year or two, in my judgment, the space will be absorbed.” Future Forecast Landlords must be prepared for a slow recovery, said Di Natale of Moody’s Economy.com. Commercial vacancy rates climbed for almost a year and a half after the last recession ended in late 2001. Still, CB Richard Ellis Tri-State Chairman Robert Alexander said New York’s financial community will regenerate. “In the late ‘80s, we lost Drexel Burnham Lambert and we lost Salomon Brothers, and we lost Thomson McKinnon,” Alexander said. “New York City survived.”
  11. H&R REIT hits a roadblock with The Bow LORI MCLEOD November 14, 2008 When H&R Real Estate Investment Trust signed on as the owner and developer of EnCana Corp.'s new head office in Calgary last year, the deal marked a milestone. At the peak of the real estate boom in February, 2007, the handshake between the natural gas producer and the real estate developer set in motion the creation of a unique, crescent-shaped skyscraper which is set to become the tallest office tower west of Toronto. At the time it was announced the project known as The Bow, became a symbol of Calgary's coming of age as a Canadian financial powerhouse in the midst of the commodities boom. Almost two years later, times have changed and the development that was to become H&R's crown jewel has hit a funding wall. "At present there are no financing arrangements in place on any of the REIT's development projects, and the current difficult economic conditions have impacted H&R's financing strategy," the trust said late yesterday in a release of its third-quarter financial results. The trust said it is considering selling assets, including The Bow, to address its funding challenges. So far, attempts to find an investor for the project have failed and are unlikely to succeed until H&R moves further along with its financing and construction efforts, said Neil Downey, analyst at RBC Dominion Securities Inc. H&R's biggest problem has been the seizure of the credit markets, which happened swiftly, unexpectedly, and before it secured a construction loan for The Bow, said Dennis Mitchell, portfolio manager at Sentry Select Capital. Labour and materials costs are rising, and the cost of the project has risen from $1.1-billion to $1.4-billion. Adding to the pain is the downturn in the financial and commodities markets, which is sending office vacancy rates up and real estate values down. While the large scale of The Bow was a bit concerning, in "heady" times it was an exciting project, Mr. Mitchell said. "In February of 2007 you were essentially in the peak of the market. You were talking about [real estate firm] Equity Office Properties being purchased in a bidding war. You had people talking about a wall of capital coming into the markets. It was a pretty heady time," said Mr. Mitchell, whose firm recently sold nearly all of the 55 million H&R shares it owned. His view in February, 2007, was that H&R would be able to sell a 50-per-cent stake in the project at a gain in about six months. As the project proceeds, over budget and in need of $1.1-billion in funding, H&R is facing some tough choices, Mr. Downey said. While it was not mentioned as an option by H&R, Mr. Downey has raised the possibility of a distribution cut of up to 50 per cent, starting in 2009 and continuing until the project is completed in 2011, he said. "This would be a Draconian move by REIT standards," he added. However, it would provide H&R with an additional $300-million in capital, which should be enough to make up the financial shortfall if it can secure a $500-million construction loan, he said.
  12. New York City fears return to 1970s Tue Jan 27, 2009 By Joan Gralla http://www.reuters.com/article/newsO...50Q6IH20090127
  13. La banque américaine vient de commencer la suppression d'environ 10% de ses effectifs dans son activité de banque d'investissement, affirme vendredi le Financial Times (FT). Pour en lire plus...
  14. The Global Financial Center Index published by the China Development Institude and Z/Yen partners in London ranks financials centers worlwide based on criterias such as business stability and environnement, technology and assessment by the financial community. Montreal ranks 14th up 1 spot since the last ranking 6 months ago, ahead of cities such as Geneva, Frankfurt or Paris. Highest ranked city in Canada is Toronto in 10th place, London tops chart ahead of New York and Singapore to round top 3. http://www.longfinance.net/images/gfci/gfci_21.pdf
  15. (Courtesy of the Financial Post) Congrats to the National Bank of Canada. Singapore supposedly like the new Switzerland.
  16. (Courtesy of the Financial Post) RBC is pulling out, yet BMO and TD are expanding. Lets see what happens.
  17. http://www.longfinance.net/images/GFCI15_15March2014.pdf
  18. GFCI 16 provides profiles, rating and rankings for 83 financial centres, drawing on two separate sources of data - instrumental factors (external indices) and responses to an online survey. 105 factors have been used in GFCI 16, of which 42 have been updated since GFCI 15 and 4 are new. New York, London, Hong Kong and Singapore remain the top four centres. All fourt centres lose.points in the GFCI ratings but retain their relative ranks. New York remains the top centre but by only one point on a scale of 1,000. Following GFCI 15, London remains just behind New York due to uncertainty over the UK’s position in Europe, regulatory creep and the UK appearing to be less welcoming to foreigners all being contributing factors. ... Montreal went from 16th to 18th but still is in the top 20 !! http://www.zyen.com
  19. The Saudi capital is unlikely to become an alternative to Dubai any time soon May 11th 2013 | RIYADH |From the print edition THE glass-clad skyscrapers are reaching ever higher into Riyadh’s dusty sky. The first tenants are due to move to the King Abdullah Financial District in the Saudi capital’s north-west later this year. But they may well find it a lonely place: enthusiasm is clearly lacking for the development, which boasts 42 buildings and 900,000 square metres of office space—similar in scale to London’s Canary Wharf. Granted, new office districts often take time to come to life. Canary Wharf had to battle against sceptics for many years before becoming the success it is today. But it is unclear how Riyadh’s new district will develop into what it is meant to be: a sober Saudi alternative to Dubai’s exuberant International Financial Centre. To date just 10% of the district’s office space has been leased; tenants will include the country’s stockmarket regulator, the Capital Markets Authority, and one large local bank, Samba. A further 10% is under negotiation, according to sources close to the developers of the project. A big problem is its size. The Saudi economy may be doing well on the back of high oil prices, but not so well that its businesses could easily digest all the extra property. The new financial district has three times as much high-end office space as the rest of Riyadh. In other words, even if every company in the city’s plusher offices moved to the new district it would still be two-thirds empty. Costs are another hurdle. “It might be prestigious but why should I pay an arm and a leg to be there?” asks a local executive. Some banks, like Arab National Bank and Al Rajhi Bank, are building new towers elsewhere. Even the Saudi central bank is thought to be staying where it is. But if banks do not fill the space, then who will? Accountants, lawyers and insurance firms are not nearly numerous enough. They also remain to be convinced of the development’s merits. “There’s going to be all those towers, but for what? It looks like an overbuilt proposition,” says a Riyadh lawyer. Nor are foreign firms likely to be of much help. Riyadh may be the centre of the region’s biggest economy, boasting more people and oil revenues than anywhere else. But unlike Dubai, as a financial centre the city is inward-looking, with banks largely servicing the domestic economy. That, as well as a lack of cultural life, prevent it from becoming a regional financial hub. Yet at some point the new district may still serve its purpose. The owner has pockets deep enough to take the long view. The project was the brainchild of the Capital Markets Authority, with support from the Public Pensions Agency. One of the agency’s subsidiaries, the Rayadah Investment Company, has taken over the development, which is estimated to cost between $7 billion and $10 billion. More important, so many near-empty buildings will be a political embarrassment, in particular since the new district carries the king’s name. Authorities may yet lean on the banks to move. Optimism and market forces alone will certainly not be enough to fill all the space. From the print edition: Finance and economics http://www.economist.com/news/finance-and-economics/21577424-saudi-capital-unlikely-become-alternative-dubai-any-time-soon-empty?frsc=dg%7Cc
  20. http://www.theglobeandmail.com/report-on-business/ssq-financial-buys-intact-unit/article2180067/ http://en.wikipedia.org/wiki/Intact_Financial It didn't take long for it to change hands, yet again.
  21. From the Economist ( I was reading it on my vacations, what a great read to kick start my vacations...) Charlemagne Among the dinosaurs France’s Socialists have yet to come to terms with the modern world Aug 27th 2011 | from the print edition BLISS is it in a financial crisis to be a socialist. Or so it ought to be. In speculators and ratings agencies, Europe’s left has a ready cast of villains and rogues. In simmering social discontent, it has an energising force. A recent issue of Paris-Match inadvertently captured the mood: page after full-colour page on Britain’s rioting underclass were followed by gory visual detail of the bling yachts crowding into the bay near Saint-Tropez. Time, surely, to put social inclusion before defiant decadence. The oddity is that almost everywhere the European left is in decline. Among the large countries, Socialist parties rule only in Spain, where they look likely to lose November’s election. The only big place where the left has a good chance of returning to power is France, at next spring’s presidential election. Yet France’s Socialist Party also stands out as Europe’s most unreconstructed. Hence the contorted spectacle of a party preparing for power at a time when the markets are challenging its every orthodoxy. For a hint of French Socialist thinking, consider recent comments from some of the candidates who will contest a primary vote in October. Ségolène Royal, who lost the 2007 presidential election to Nicolas Sarkozy, argued this week that stock options and speculation on sovereign debt should be banned. Denouncing “anarchic globalisation”, she called for human values to be imposed on financial ones, as a means of “carrying on the torch of a great country, France, which gave the world revolutionary principles about the emancipation of the people.” Ms Royal, believe it or not, is considered a moderate. To her left, Arnaud Montebourg, a younger, outwardly sensible sort, argues for “deglobalisation”. He wants to forbid banks from “speculating with clients’ deposits”, and to abolish ratings agencies. Financial markets want “to turn us into their poodle”, he lamented at a weekend fete in a bucolic village, celebrating the joys of la France profonde with copious bottles of burgundy. No one seems to have told him that there is a simple way to avoid the wrath of bond markets: balance your books and don’t borrow. Next to such patent nonsense, promises by the two front-running candidates, Martine Aubry and François Hollande, seem merely frozen in time, circa 1981. They want to return to retirement at the age of 60 (it has just been raised to 62), and to invent 300,000 public-sector youth jobs. Each supports Mr Sarkozy’s deficit-reduction targets, but refuses to approve his plan to write a deficit rule into the constitution. More taxes, not less spending, is their underlying creed. The party is not out of tune with public opinion. The French are almost uniquely hostile to the capitalist system that has made them one of the world’s richest people. Fully 57% say France should single-handedly erect higher customs barriers. The same share judge that freer trade with India and China, whose consumers snap up French silk scarves and finely stitched leather handbags, has been “bad” for France. The right has held the presidency since 1995 partly by pandering to such sentiments. The causes of French left-wingery are various, but a potent one is the lingering hold of Marxist thinking. Post-war politics on the left was for decades dominated by the Communist Party, which regularly scooped up a quarter of the votes. In the 1950s many intellectuals, including Jean-Paul Sartre, clung to pro-Soviet idealism even after the evils of Stalinism emerged. Others toyed with Trotskyism well into the 1970s. François Mitterrand, who mentored Ms Royal, Ms Aubry and Mr Hollande, was swept to the presidency in 1981 by offering a socialist Utopia as a third way between “the capitalist society which enslaves people” and the “communist society which stifles them”. Given such a tradition, it is possible that today’s Socialist leaders believe what they say. At any rate, there is a debate to be had about the right amount of market regulation and fiscal consolidation. Yet the problem with their promises is this: for every bit of conviction, there is a shameful share of pure posturing. In truth, France’s Socialists have often had to be pragmatic in power. As prime minister between 1997 and 2002 Lionel Jospin, himself an ex-Trotskyist, privatised more assets than any of his right-wing predecessors. Even Mitterrand was forced to abandon nationalisation and embrace austerity. Should the Socialists win in 2012, it would take them “about a month, or maybe a week” to confess that they “have no choice but to keep the deficit under control”, says one well-placed party figure. Retirement at 60? Nice idea but, quel dommage, we can’t afford it. Please allow us a moment of madness All this requires heroic faith among centrists considering voting Socialist that reason will triumph over fiscal folly. Moreover, experience suggests that the Socialists, if elected, may feel compelled to introduce some signature policy as a sop to their disappointed base. Under Mitterrand, it was the wealth tax. Under Mr Jospin, it was Ms Aubry’s 35-hour working week. With France’s recovery fragile, the prospect of more such lunacy is chilling. A further danger touches Europe, where France traditionally generates many ideas for integration. At a time when leaders are inching towards more economic co-ordination, with oversight of budgets and even tax harmonisation, a Socialist victory would put the shaping of such a project into uncertain hands. With Dominique Strauss-Kahn out of the running there is just one French Socialist primary candidate who understands all this. Manuel Valls, a deputy and mayor with a refreshingly modern view of the left, says Socialists are not being straight by promising retirement at 60. He dares utter such truths as “we need to tell the French that the [budgetary] effort…will be as great as that achieved after Liberation”. Alas, the 49-year-old Mr Valls is considered too young to be a serious contender. The day the paleo-Socialists of the Mitterrand generation allow such figures to emerge would be the dawn of a real revolution. http://www.economist.com/node/21526894