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But while the eurozone is a fixed-currency regime internally, it is nothing of the sort externally. The currency does exactly what textbooks say it should: it keeps on rising, thus offsetting the improvements in the current account. Last week the euro rose to more than $1.38 against the dollar.

The main problem with the rise in the euro’s external value is that it makes the internal adjustment harder. The crisis countries need to lower their export prices but the higher value of the euro raises the prices of exports to outside the eurozone.

It essentially says internal adjustment is not really happening.

In a monetary union adjustment is hard without any transfers and without a fiscal union.

ransfers from a Luxembourg company to the US would have typically been subject to a withholding tax. Last year, after attracting the attention of Spanish tax authorities, Exxon quietly closed down the operation.

“Normally you would have to pay a 10 per cent withholding tax at source to send profits to the US,

Spain introduced the ETVE in the mid-1990s to encourage foreign investment, and better compete with Luxembourg and Holland for international companies seeking tax-efficient European holding structures. It also allowed for foreign companies to take advantage of Spain’s strong network of bilateral tax treaties with countries in Latin America, such as Argentina, Brazil and Mexico, which can offer more favourable tax rates than other countries. Once the ETVE has been established all overseas dividends that are paid into it are exempt from tax in Spain, and can be easily moved on to a final destination, providing a small number of conditions have been met. Most importantly, corporation tax must have been paid in the country of origin on the dividends being transferred, and companies using ETVEs to house shareholdings in foreign subsidiaries must not be resident in any country identified by Spain as a tax haven.

In fact, Linthal is an ETVE used by Ambev, a subsidiary of Anheuser-Busch InBev, the Belgian-based brewer, to distribute dividends from several Latin American beer brands, such as Argentina’s Quilmes and Cervecería Boliviana Nacional, to its holding company in Brazil.

but she is worried that the education she is getting, in a public system that she faults on quality, will not be enough to win her a place in a job market that she says is often skewed by bribery and favoritism.

“Students do not have an equal chance to succeed,” she said, adding that many parents had gone into debt trying to ensure that their children have some chance for a future by paying for them to study in private schools. “The quality of education all depends on the parents’ income.”

about one-third of the country’s civil servants work in the sector.

In his speech he called for mandatory foreign language training in university degree courses and a new emphasis on vocational and technical training.

In the 1980s, a political decision to reclaim the Moroccan identity resulted in a change in the language of instruction, with elementary and high school classes shifting to Arabic. Most higher education programs, however, remained in French.

Mr. Mrabet said other problems included an excessive focus in graduate training on quantity over quality; a failure to adapt courses to workplace opportunities; overcrowded lecture halls; student strikes; and school financing issues.

Instead of hiring graduates of the Moroccan public education system, recruiters tend to look for graduates educated abroad or the products of Moroccan private schools,

“Call centers are the biggest employers in Morocco with about 50,000 jobs that generally require good skills in French,” he said. “In some fields, like I.T., it is difficult to find people with the adequate training.”

your coding ability

the No. 1 thing we look for is general cognitive ability, and it’s not I.Q. It’s learning ability. It’s the ability to process on the fly. It’s the ability to pull together disparate bits of information.

The second, he added, “is leadership — in particular emergent leadership as opposed to traditional leadership.

What we care about is, when faced with a problem and you’re a member of a team, do you, at the appropriate time, step in and lead.

What else? Humility and ownership. “It’s feeling the sense of responsibility, the sense of ownership, to step in,” he said, to try to solve any problem — and the humility to step back and embrace the better ideas of others.

“Successful bright people rarely experience failure, and so they don’t learn how to learn from that failure,” said Bock.

You need a big ego and small ego in the same person at the same time.

The least important attribute they look for is “expertise.”

Too many colleges, he added, “don’t deliver on what they promise. You generate a ton of debt, you don’t learn the most useful things for your life. It’s [just] an extended adolescence.”

For most young people, though, going to college and doing well is still the best way to master the tools needed for many careers. But Bock is saying something important to them, too: Beware. Your degree is not a proxy for your ability to do any job. The world only cares about — and pays off on — what you can do with what you know (and it doesn’t care how you learned it)

they would help inoculate European economies against the adverse effects of energy disruptions in the medium term.

Consideration should be given to invoking GATT Article XXI, which provides exceptions for national security reasons from rights and obligations under the World Trade Organization (WTO), for example. Invoking this WTO exception would allow across-the-board actions against Russia without prior notification or even justification. The national security exception of Article XXI is that broad. In brief, the United States and the European Union could remove in one step all the WTO benefits they accorded Russia when it acceded to the WTO in August 2012. Doing so would disrupt bilateral trade and investment, possibly kicking tariffs back up to Smoot-Hawley levels of the 1930s.

These figures are in line with earlier research carried out by the Royal United Services Institute which projected that UK defence spending could fall to about 1.7% of GDP by the end of the decade.

Nato has already set a target that member states should each spend a minimum of 2% of their national income or GDP on defence.

Contrast that with Russia's defence spending, which is rising from 3.4% of its GDP this year to 4.2% next year ($81bn or £52.2bn). Russia is also stepping up its military activity. A separate report by Ian Brzezinski for the Atlantic Council says there is also an "exercise gap" between Russia and Nato. Since 2013 Russia has conducted at least six military exercises involving 65,000-160,000 troops.

Europe depends on Russia for about 40 percent of its imported gas, most transmitted through Ukraine.

The appearance of imported cheap liquefied natural gas on the European market from Qatar and reduced demand have already led Gazprom to negotiate cuts of about 10 percent in contracts with Western European utilities,

Solazyme points to substances like rennet, a key processing aid in cheese-making that requires an enzyme called chymosin to promote clotting. Traditionally, calves’ stomachs were used to provide that enzyme to curdle milk for cheese. But since the late 1990s, rennet has been generated by a microbe whose genetic code was altered with the insertion of a single bovine gene, and that process is the one most widely in use now in the United States.

Solazyme describes the organism that produces the oil as “an optimized strain” of single-cell algae “that have been in existence longer than we have.”

Solazyme pointed to the environmental benefits of its processes and noted that the World Wildlife Fund, Rainforest Alliance and other environmental groups support its work. “We use molecular biology and standard industrial fermentation to produce renewable, sustainable algal oils that help alleviate pressures on the fragile ecosystems around the Equator that are frequently subject to deforestation and habitat destruction,”