Professor Greenwald talks to AAPA members about big economic issues

On October 15, the AAPA met Columbia University Professor Bruce Greenwald, a leading authority on global economics and "value investing" -- the art, or science, of picking stocks, as Warren Buffett amazingly seems to do, that have been forgotten or sidelined but are potential winners.

In our 90-minute breakfast meeting at Falstaff Café, Prof. Greenwald touched on a wide range of big economic issues, including globalisation, export-driven economic models and varying rates of productivity, but also spoke of the urgent need to address demography and how it deeply affects climate change.   If these problems go unaddressed, mass-migration flows like those we saw in Europe in 2015 are bound to re-occur, he maintained.  To alleviate over-population, he put forward the idea that IMF could distribute pension payments to retirees in, say Africa, to ease the requirement for subsequent generations to provide for the elderly.

He also shed light on an angle of female empowerment: data shows that women are far more adaptable than men to shifting social circumstances and to the changing economic model where growth in jobs will be in services (versus manufacturing).  On income distribution Greenwald told members leaders need to address income inequality and labor force training from a policy standpoint rather than try to make business do it through legislation & penalties, which depress business efficiency and generally don't work.   His thoughts seemed to be that only if governments provide this labor support in the form of earned income credit can service sector workers make a decent wage.

On Brexit, Prof. Greenwald said Britain's exit from the EU doesn’t necessarily need to be the death knell of the UK economy.  If Britain keeps its doors open to talented and well-trained migrants, it could ride out the problems of Brexit, he said.  He suggested Britain look at the Canadian Model for migrants as part of the solution.

In a final note, Prof. Greenwald revealed the first book he recommends to his Columbia Business School students.  It's 'Pride and Prejudice' -- a novel about self-deception, and self-deception, he said, is the single biggest source of making mistakes.

Also present at the talk was Prof. Greenwald's wife, Ava Seave, who has co-authored one book with him, the analytic work The Curse of the Mogul: What’s Wrong with the World’s Leading Media Companies.  Asked if we can expect an update edition of this work, Seave noted: We have to see how this wave of consolidations works out.  Stay tuned.

-Catherine Field

-Pictures by Thomas Haley


Farewell to Sara Llana

Members of the AAPA gathered recently for a picnic in Paris’ Buttes Chaumont Park to say farewell to Sara Llana who’s been a member for several years. Sara served as secretary general and established the club’s monthly Friday night happy hour tradition. She moves to Canada with her family where she will be the Christian Science Monitor’s Toronto correspondent.
Sara was a vivacious, active and integral member of the AAPA.
She will be sorely missed!

AAPA meets Finance Minister Bruno Le Maire

On Monday, June 25 the AAPA met with the French minister of economics and finance, Bruno Le Maire. Le Maire received the organization in his offices at the Ministry of Finance. The Minister gave a broad overview of French president Macron’s plans for France and Europe. Le Maire said Europe must impose itself as a counterweight, between China and the US. « We have European values that are different and unique, » he said.

Le Maire took questions for a full hour. We discussed European sanctions on American imports and the mounting trade war, Macron’s reform plans for France and the current international climate tinged with populism.

-Eleanor Beardsley

Huge success for the 2018 AAPA Gala

Hats off to Canada! They hosted a fabulous party for our press association on June 20 at Canadian Ambassador Isabelle Hudon's gorgeous residence and garden.

We had a record turnout of 130 members and guests.

Pascal Lamy remains optismistic about the future of trade


Pascal Lamy, who was director-general of the World Trade Organization for two terms from 2005 to 2013, talked to 25 members of the AAPA at a breakfast meeting at Chez Françoise in late May. The meeting came just as US President Donald Trump was about to introduce tariffs on his European allies for aluminum and steel and as the US threatened sanctions on European firms doing business in Iran. In this ever turbulent period, and despite a fractious G7 meeting in Canada that followed, Mr. Lamy said that he remained optimistic that Trump wouldn't upend the international order on trade  - at least not yet - because it simply doesn't make economic sense from any party involved.

-Sara Miller Llana


French Bill Gates Says Giving is the Way of the Future

Twenty years ago as an enthusiastic entrepreneur,  Alexandre Mars, confidently predicted the success of the Internet and the mobile telephone. Today, as a middle-aged philanthropist (having profited himself from his predictions), he is forecasting that corporate giving is the next big thing.

Mars spoke to the AAPA on Friday May 18 at a breakfast gathering at Strategies & Corp in Paris.

He now spends most of his time and all of his profits on the Epic Foundation, the non-profit he started to scale up a portfolio of international NGOs in countries such as Africa and India in such areas as healthcare, preventing violence against women, and preserving the environment. No one escapes his reach – individuals, families, companies, corporations - when it comes to raising money for Epic...

"Giving has to be easy and painless," Mars says. "You can do something as small as donating the odd-cents on your pay stub every week to pledging shares of your company."

He's convinced that investors, employees and the general public will be looking at more than corporate financial pictures when making choices in the future. Corporate social activities will count, too. "People want to know how a company is engaged, he says. And for employees, it’s not about whether you have an office with a view. It's what you and the company you work for are doing for the world."

-Shellie Karabell


Le Monde boss Jérôme Fenoglio tells AAPA how his paper has managed to thrive in the current grim media landscape

Plans for an English edition of Le Monde, combating fake news, and how the leading French daily is - finally - doing rather nicely in a changed and ever-changing media landscape: these and many other topics were covered when Le Monde editor Jérôme Fenoglio hosted the AAPA.
The event was held on March 27 at the newspaper's premises in the 13th arrondissement, where the imposing building's grand entrance hall has been shut for security reasons since the attack on Charlie Hebdo in early 2015 (access is by side doors).
Mr Fenoglio leads a team of 450 journalists who together produce one of the world’s great daily newspapers. He joined the paper in 1991, and worked in a variety of positions there before being appointed editor in 2015.
He was also questioned by AAPA members on  media ownership and state subsidies to the press, the prospects for “legacy” newspapers in a digital world, and his take on the brave new world that Macron is bent on building in France.

‘Sociologist of emotions’ Eva Illouz on #MeToo and French versus ‘Anglo-Saxon’ sexual mores

The US-educated Franco-Israeli sociologist Eva Illouz spoke to the Anglo-American Press Association for two hours on February 21st at the École des hautes études en sciences sociales in Paris, where she teaches.

Illouz is a leading expert in the study of feminism and male-female relationships. She explained how the #MeToo movement sparked by accusations against film producer Harvey Weinstein is unique, describing it as “the reverberating light of a star that exploded in the 1960s,” that is to say, the feminist movement.

Illouz does not think #MeToo marks the end of sexual harassment, but that “men are going to think about the future consequences of their actions, which is something they did not do before.”

French sexual mores are less strict than those in Anglo-Saxon countries, in part because the Catholic aristocrats’ practice of remaining in marriage while having lovers “trickled down,” and because of a tradition of libertinage that is absent in the US.

French women tend to see their own sexual attractiveness as a source of power, for historical reasons, Illouz said. Since the court of Louis XIV, French women have used sexuality as a means of gaining power. And French women drew up the code of gallantry that dictated to men how they should seduce women.

Asked whether US President Donald Trump behaves like a French aristocrat, Illouz said that Trump’s relations with women were “really about the crude exchange of money for sex and beauty.”

Illouz also teaches at the Hebrew University in Jerusalem. She has lectured at prestigious universities around the world, including Oxford, Princeton and Yale. She appears regularly in publications such as Ha’aretz and Le Monde newspapers. In Germany, where her work is particularly well known, Die Zeit newspaper called Illouz one of the twelve people most likely to “shape the thought of tomorrow.”

-Lara Marlowe



Dear Members,

A short note to wish you all a very happy and prosperous new year (and belatedly posting this message on our website a tad later than it was sent out by email).
As you will all likely know by now, members elected me president of the association at the annual general meeting in December.
Thank you again for your confidence in me, and in the new Secretary General Cathy Nolan as well as the new committee line-up, which features some new faces alongside the veteran officers.
And thank you again to the outgoing leadership for their hard work over the past year. If I have done as well as they did by this time next year, I will regard my term in office as a success.
The committee and I will do our best to provide you with a varied range of guests and a lively set of social events, including of course the increasingly popular Happy Hour on the last Friday of every month, over the next 12 months.
The AAPA year kicked off with a flurry of guests - Mediapart's Edwy Plenel on January 9, CGT leader Philippe Martinez on January 11, Xavier Niel on January 24, and Benjamin Griveaux on February 12.
We look forward to seeing you at the many other events that are in the pipeline for the coming months.
Please also consider joining the AAPA Facebook group. It's a closed group that only AAPA members can join, so what you post there is seen only by members.

Bonne année 2018

Rory Mulholland

Benjamin Griveaux provides insider’s view of the Macron administration

Brexit, Germany, European parliamentary elections, the economy, Islam in France, and Corsican nationalism were among the many topics government spokesman and cabinet member Benjamin Griveaux discussed with the AAPA at a meeting on February 12.
Griveaux was spokesman for Emmanuel Macron’s election campaign and over lunch with 28 members of the Association, he recounted the foundation of Macron’s En marche! movement.
He said the president’s most salient characteristic is that “he never considers anything is acquis” - permanently acquired. “He’s not satisfied with the status quo. If you tell him that something is impossible, he says it isn’t.”
As a candidate, Macron organised a country-wide grande marche to determine what the French people wanted from the future.
“If I had to summarise it in one sentence, people told us they were prevented, by glass ceilings, by obstacles, by barriers,” Griveaux said. “We no longer had a republic of progress, of meritocracy, of fulfilment through work.”
Griveaux said that “reintroducing the notion of risk in French political life” was “the most disruptive thing President Macron accomplished.”
US President Donald Trump has invited Macron for a state visit to Washington in late April. Trump said in January he might keep the US in the Paris climate accord because of his warm relationship with Macron.
Griveaux said the two leaders will certainly discuss the climate accord and multilateralism – in particular in the Middle East – when Macron goes to Washington. “They will probably talk about the status of Jerusalem”.
Pressed on the nature of the relationship between the US and French leaders, Griveaux said: “I don’t think he’s buddies with Trump. When you’re a head of state, it’s not about feelings.”

-Lara Marlowe