Föhrenbergkreis Finanzwirtschaft

Nach den kristallklaren Aussagen des Föhrenbergkreises zur Finanzwirtschaft aus dem Jahr 1999 gibt es jetzt einen neuen Arbeitskreis zum Thema.

Österreich: Die 3 letzten Finanzminister in der Leistungsbewertung

Posted by hkarner - 27. August 2014

Finanzminister

So würde ein (angemasster) Personalberater die 3 letzten Finanzminister bewertet haben.

Übrigens: Unter 80-85% Performance würde er sicher niemand empfehlen bzw. auswählen.

 

Die Bewertungsdetails:

Bewertungsformular Finanzminister

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A Step Closer to Brexit?

Posted by hkarner - 27. August 2014

Date: 27-08-2014
Source: Project Syndicate

PETER SUTHERLAND

Peter Sutherland, Chairman of the London School of Economics and Special Representative of the UN Secretary-General for International Migration and Development, is former Director General of the World Trade Organization, EU Commissioner for Competition, and Attorney General of Ireland.

LONDON – The referendum on Scottish independence, due on September 18, comes at a time of growing opposition in the United Kingdom to remaining in the European Union. This is significant, because Scotland is the strongest base of pro-European sentiment in the UK.

For example, a poll conducted earlier this year determined that if a referendum on continued EU membership had been held in June in the UK as a whole, 47.1% would have voted to leave, with 39.4% voting to remain. But a poll in February 2014 showed that in Scotland, 48.7% would vote for the UK to remain in the EU, with 35.4% voting to leave. Other polls have also shown a consistent and markedly more positive attitude toward the EU in Scotland than in England.

Of course, it is premature to draw any firm conclusions from these figures. The referendum on exiting the EU that Prime Minister David Cameron has proposed may not take place, regardless of the success (whatever that may mean) of his promised “renegotiation” of the terms of British membership. But, as a result of various ostensibly minor issues, the likelihood of a British exit seems to be increasing – which fundamentally alters the importance of the vote in Scotland. Den Rest des Beitrags lesen »

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Nobelpreisträger erwarten 20-Prozent-Crash

Posted by hkarner - 27. August 2014

Date: 27-08-2014
Source: Die Welt

Aktienkurse laufen aus dem RuderGleich drei Top-Ökonomen rechnen mit einem starken Einbruch an den Börsen. Um ein Fünftel könnten die Kurse abstürzen. Dennoch raten die Forscher: Sparer sollten besonnen handeln.

Wer an den Börsen Geld verdienen will, darf nicht auf den Rat von Ökonomen hören. Das ist die Erfahrung vieler Sparer und Investoren. Die meisten Volkswirte mahnen ständig vor Risiken und Unsicherheit. Und darüber verpassen die Anleger die Börsenrallye. Doch die jetzigen Warnungen haben es durchaus in sich. Und sie kommen nicht von irgendwem, sondern von höchster Stelle.

Gleich drei Nobelpreisträger haben vor Übertreibungen an den Märkten gewarnt. Die Rallye der vergangenen Monate basiere zum guten Teil nicht auf soliderem Wirtschaftswachstum oder besseren Gewinnen, sondern sei Folge des billigen Geldes, das aus Mangel an attraktiven Alternativen in die Aktienmärkte geflossen sei.

“Ein Einbruch um 20 Prozent kann passieren”, sagt Lars-Peter Hansen, Professor an der Universität in Chicago im Gespräch mit der “Welt”. Er zeigt sich erstaunt, wie gelassen die Investoren angesichts der zahlreichen Risiken agieren. “Die niedrige Volatilität an den Märkten überrascht mich.”

Allerdings sei es extrem schwierig vorherzusagen, ob und wann Spekulationsblasen platzen. Entsprechend möchte er sich auch nicht auf einen Zeitpunkt für seine düstere Vorhersage festlegen: “Ich wünschte, ich könnte Bubbles rechtzeitig aufspüren.” Hansen weiß, wovon er spricht. Schließlich hat er 2013 für seine Forschungen zu Risiken und Unsicherheit den Nobelpreis bekommen. Den Rest des Beitrags lesen »

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Österreich nach Rücktritt des Vizekanzlers: Parteien, die dem Tod geweiht sind

Posted by hkarner - 27. August 2014

Treffend! (hfk)

26. August 2014 13:57 

Kommentar von Cathrin Kahlweit

Die ÖVP sollte aufgelöst und neu gegründet werden:

Dass Vizekanzler Spindelegger vor seinen internen Widersachern kapituliert und zurücktritt, zeigt wie verkommen die konservative Partei Österreichs ist. Die Sozialdemokraten brauchen sich aber nicht zu freuen. Sie leiden an derselben Krankheit.

Wer immer der Nachfolger von Michael Spindelegger wird, ist in jedem Fall eine Übergangslösung. Die Übernahme des Chefpostens in der österreichischen Volkspartei ist ein Himmelfahrtskommando: Wer sich traut, stirbt einen schnellen politischen Tod.

Der Finanz- und vorherige Außenminister hatte noch überraschend lange durchgehalten unter dem Beschuss seiner parteiinternen Gegner; aber nun schmiss er hin. Das Argument, klar und deutlich: Illoyalität.

In der SPÖ herrscht leise Genugtuung darüber, dass sich der Koalitionspartner zerlegt. Tatsächlich ist die ÖVP reform- und entwicklungsunfähig, weil sie sich in einem Gestrüpp von Abhängigkeiten und Erpressungen dauerhaft blockiert. Eigentlich müsste man die Partei auflösen, neu gründen und neu positionieren.

Die Sozialdemokraten haben keinen Grund zur Freude Den Rest des Beitrags lesen »

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Funding Circle has crowdsourced £330m to 5,500 UK SMEs in just four years

Posted by hkarner - 27. August 2014

The British Banking Scene and the governement are not as bad … (hfk)

August 22, 2014, Chris Skinner blogSkinner

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Hypo mit 1,67 Mrd. Euro Halbjahresverlust

Posted by hkarner - 27. August 2014

orf.on, 27/8

Die Halbjahresbilanz der notverstaatlichten Krisenbank Hypo Alpe-Adria hat alle bösen Erwartungen übertroffen. Heute Nachmittag wurde per Ende Juni 2014 ein Konzernverlust (nach internationaler Rechnungslegung IFRS) von 1,67 Mrd. Euro gemeldet.

Schuld an dem Riesenverlust kurz vor der endgültigen Zerschlagung der Krisenbank waren Sonderbelastungen aus Rückstellungen über 1,44 Mrd. Euro, die „zur Vorbereitung der Herauslösung der italienischen Tochterbank sowie des Südosteuropa-Netzwerks aus dem Konzern gebildet werden mussten“, heißt es in einer Mitteilung.

Ein staatlicher Kapitalzuschuss ist heuer zur Deckung des Bilanzlochs zum Halbjahr nicht mehr nötig. Denn Mitte August trat das Sondergesetz mit dem 1,6 Mrd. Euro schweren Anleihekapitalschnitt in Kraft.

Aus der Presseaussendung der HAAG:
Hypo Alpe Adria: Vorbereitungen auf Privatisierung des SEE-Netzwerkes im Plan, keine weitere Kapitalerhöhung notwendig
Klagenfurt am Wörthersee, am 27. August 2014
Halbjahr 2014:
Ergebnis von Rückstellungen für Verschwesterungen der Tochterbanken in Italien und Südosteuropa geprägt
Ergebnis von EUR -0,23 Mrd. (ohne Sonderbelastungen) im Rahmen dessen, was im EU-Umstrukturierungsplan für 2014 erwartet wurde
Portfolioabbau im 1. Halbjahr führt zur weiteren Reduktion der Bilanzsumme um EUR 1,0 Mrd. auf EUR 25,2 Mrd.
Landes- und Bundeshaftungen im 1. Halbjahr von EUR 13,4 Mrd. auf EUR 12,5 Mrd. weiter reduziert
Konzernergebnis nach Steuern und Minderheiten mit EUR -1,67 Mrd. negativ Den Rest des Beitrags lesen »

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Endgame for Putin in Ukraine?

Posted by hkarner - 27. August 2014

Date: 27-08-2014
Source: Project Syndicate

ROBERT SKIDELSKYSkidelsky CC

Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.

LONDON – Vladimir Putin may (or may not) enjoy 80% public support in Russia for his Ukraine policy; but it has become increasingly clear that he has bitten off more than he can chew. The question is: At what point will his position as President become untenable?

Leave to one side the moral and geopolitical background of the Ukraine imbroglio. Russians are justified, I believe, in their view that the West took advantage of Russia’s post-communist weakness to encroach on their country’s historic space. The Monroe Doctrine may be incompatible with contemporary international law; but all powers strong enough to enforce a strategic sphere of interest do so.

There is merit, I also believe, in Putin’s contention that a multipolar world is better than a unipolar world for advancing the cause of human flourishing. No single power or coalition is wise or disinterested enough to claim universal sovereignty.

So it should be no surprise that Russia and other countries have started to build an institutional structure for multi-polarity. The Shanghai Cooperation Organization, which includes Russia, China, and four ex-Soviet Central Asian states, was established in 2001. Last month, the five BRICS countries – Brazil, Russia, India, China, and South Africa – established the New Development Bank and a contingent reserve fund to diversify sources of official lending to developing countries. Den Rest des Beitrags lesen »

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Europe’s Fitful Financial Integration

Posted by hkarner - 27. August 2014

Date: 26-08-2014
Source: Project Syndicate

HOWARD DAVIES

Howard Davies, a professor at Sciences Po in Paris, was the first chairman of the United Kingdom’s Financial Services Authority (1997-2003). He was Director of the London School of Economics (2003-11) and served as Deputy Governor of the Bank of England and Director-General of the Confederation of British Industry.

LONDON – The well-publicized troubles of Portugal’s Banco Espírito Santo this summer have reminded us that the eurozone’s financial problems are by no means resolved. There are, no doubt, idiosyncratic factors behind the bank’s problems, stemming from its exposure to other parts of the Espírito Santo family’s empire. But when the bank announced a first-half loss of €3.6 billion ($4.7 billion), the sudden collapse of confidence was alarming, and nervous investors are asking whether there are similar time bombs ticking elsewhere.

All eyes are now on the European Central Bank’s asset quality review, due to be completed in the next couple of months. The AQR is the key element in a “comprehensive assessment” of Europe’s banks before the ECB formally takes on supervisory responsibility for more than 80% of the eurozone banking system in November.

The ECB, quite sensibly, wants all of the potential horrors to be visible before the takeover – so that it cannot be blamed. With national supervisors, who are often inclined to present a rosy picture of their countries’ institutions, no longer in charge, we can hope that the assessment will be more robust than the earlier stress tests carried out under the auspices of the European Banking Authority (EBA). Those tests, unlike their equivalent in the United States, failed to rebuild confidence. Several banks that passed with flying colors were soon obliged to raise new capital. Den Rest des Beitrags lesen »

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Globalization’s Worst Crisis

Posted by hkarner - 27. August 2014

Date: 25-08-2014
Source: Businessworld: Nayan Chanda

Sanctions and counter-sanctions in response to Russian intervention in Ukraine will disrupt global trade. Russia is the world’s eighth largest economy. Industries will find stunted growth and respond with new patterns as retail outlets in Russia cope with empty shelves, European airlines mull closure of air space over Russia, agriculture producers confront stockpiles, and energy buyers will scramble for new supplies. “By disbarring Russian institutions from raising capital via European banks – which supplied nearly half of Russian investment capital in the past three years – the sanctions could push Russia towards recession as well as raise the risk of default on loans coming due within a year,” writes Nayan Chanda, YaleGlobal’s editor in his column for Businessworld. “It remains to be seen how the shortages and high price affect the patriotic fervour aroused by Vladimir Putin’s Ukrainian adventure.” Russia seeks dominance over its neighbors, Europe expects Russia to end the conflict, and both sides have expressed a readiness to end sanctions. Putin may not have control over the angry separatists in eastern Ukraine, but he could lead by pursuing cooperation with neighboring countries and Europe. – YaleGlobal

The war of sanctions between the West and Russia is the latest threat to the world trade and economy

Globalisation’s death has been announced many times. From the wrecked WTO summit in Seattle in 1999 to the global financial crisis in 2007, when the world trade seized up, the implacable march of globalisation has indeed slowed. But it has bounced back. The war of sanctions between the West and Russia is the latest threat to the world trade and economy, and one that might inflict long-term damage to the global economy. Den Rest des Beitrags lesen »

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The Middle East Crack-Up

Posted by hkarner - 27. August 2014

Date: 26-08-2014
Source: Project Syndicate

SHLOMO AVINERIAvineri

Shlomo Avineri, Professor of Political Science at the Hebrew University of Jerusalem and a member of the Israel Academy of Sciences and Humanities, served as Director-General of Israel’s foreign ministry under Prime Minister Yitzhak Rabin. His most recent book is Theodor Herzl and the Foundation of the Jewish State.

JERUSALEM – The horror stories emerging from northern Iraq, as well as the continuing slaughter in Syria’s civil war, point to a tectonic shift in the Middle East. Almost 100 years after World War I, the regional state system established after the dissolution of the Ottoman Empire is unraveling.

The contemporary map of the Middle East was drawn by the victorious Western imperial powers, Great Britain and France, during and after WWI. While the war was still raging, they signed an agreement drafted by the diplomats Sir Mark Sykes and François George-Picot, which delineated their respective spheres of influence across the Levant – an agreement that entirely disregarded the region’s history, ethnic and religious traditions and affiliations, and the will of local populations.

The modern states of Iraq, Syria, and Lebanon thus arose as separate, independent entities. Their borders were arbitrary and artificial, and none had ever existed in such form. (The case of Palestine was even more complicated, owing to Britain’s conflicting promises to Arabs and Jews.)

Eventually, Iraq, Syria, and Lebanon became independent countries, modeled on the Westphalian idea of the modern nation-state. Their leaders maintained this system – and its borders – as the best available. None of these rulers, especially the authoritarian ones who emerged after independence, had an interest in rocking the boat.

That Western-imposed system is now unraveling. Nation-states cannot be sustained when they do not reflect the wishes of their populations. Den Rest des Beitrags lesen »

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