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In letzter Minute: Monte Paschi hofft auf Rettung durch die UBS

Posted by hkarner - 29. Juli 2016

Deutsche Wirtschafts Nachrichten  | 

Die älteste Bank der Welt hofft auf Kapital-Garantien durch die UBS, um für den EZB-Stresstest gewappnet zu sein. Die Aktie legte am Freitag leicht zu. Dies könnte darauf hindeuten, dass Spekulanten im Hintergrund Informationen über Details eines möglichen Deals haben.

Monte Paschi CCDie italienische Großbank Monte dei Paschi di Siena geriet durch riskante Derivate-Geschäfte in Bedrängnis.

Das krisengeschüttelte italienische Geldhaus Monte dei Paschi di Siena soll Zeitungsberichten zufolge mit einer geringeren Kapitalerhöhung und einem neuen Chef seine Turbulenzen hinter sich lassen. Die Schweizer Großbank UBS habe einen Rettungsvorschlag vorgelegt, der unter anderem eine Kapitalaufstockung um 2,5 bis drei Milliarden Euro vorsieht, berichtete die Finanzzeitung „Il Sole 24 Ore“ am Freitag. Zudem solle der frühere Industrieminister Corrado Passera an die Spitze der Bank aufrücken. Die Aktien legten nach den Berichten zu.

Die Bank war nach vielen dubiosen Geschäften über Jahre hinweg immer tiefer in die Krise geraten. Schon zu Zeiten, da der heutige EZB-Chef Mario Draghi noch Chef der italienischen Banken-Aufsicht war, hatte sich die Bank mit dem Kauf der überteuerten Antonveneta überhoben.

Das Geldhaus hatte am Donnerstagabend bestätigt, Briefe mit einem Alternativvorschlag von Passera und der UBS erhalten zu haben, jedoch keine Angaben über deren Inhalt gemacht. Zuletzt hatte Monte dei Paschi Insidern zufolge versucht, ein Bankenkonsortium für eine geplante fünf Milliarden Euro schwere Kapitalerhöhung zusammenzustellen, dafür aber noch nicht genug Institute gefunden. Insidern zufolge wollte Passera den Vorschlag am Freitag Monte dei Paschi präsentieren. Er stellt eine Alternative zu einem anderen Rettungsvorschlag von Monte dei Paschi und ihren Beratern JPMorgan und Mediobanca dar.

Eine aktive Rolle bei der Rettung der ältesten italienischen Bank wolle die UBS jedoch nicht spielen, hieß es in dem „Il-Sole“-Bericht weiter. Die Schweizer wollten allerdings einen großen Teil der Kapitalerhöhung garantieren. In dem Plan spielten US-Finanzinvestoren eine wichtige Rolle, berichtete die Zeitung „La Repubblica“ zudem. Nähere Details wurden nicht genannt.

Einem Insider zufolge sollte es noch am Freitagvormittag eine Telefonkonferenz des EZB-Aufsichtsgremiums zu dem Rettungsplan geben. Für den späteren Tagesverlauf sei zudem eine Telefonkonferenz des EZB-Rats dazu geplant.

Monte dei Paschi will von der Europäischen Zentralbank (EZB) grünes Licht für ihre Kapitalerhöhung haben, bevor am Freitagabend die Ergebnisse des europaweiten Banken-Stresstests vorliegen. Er dürfte die Schwächen des toskanischen Geldhauses offenbaren, das unter einer Milliarden-Last fauler Krediten leidet.

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Beyond Structural Reform in China

Posted by hkarner - 29. Juli 2016

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Andrew Sheng

Andrew Sheng, Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council on Sustainable Finance, is a former chairman of the Hong Kong Securities and Futures Commission, and is currently an adjunct professor at Tsinghua University in Beijing. His latest book is From Asian to Global Financial Crisis.

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Xiao Geng

Xiao Geng, Director of the IFF Institute, is a professor at the University of Hong Kong and a fellow at its Asia Global Institute.

JUL 29, 2016 Project Syndicate

HONG KONG – Global markets have breathed a sigh of relief. Following the shock of the United Kingdom’s vote to exit the European Union, GDP data indicate that China’s economy seems to have escaped a slump, with annual growth averaging 6.7% in the first half of 2016. But that does not mean that China is in the clear. On the contrary, the success of the structural rebalancing that China needs to ensure sustainable long-term growth is far from certain. Den Rest des Beitrags lesen »

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Brexit has been an excuse for the world to throw a roaring party

Posted by hkarner - 29. Juli 2016

brexit
Everybody is shoveling stimulus after the Brexit scare, and it may be too much of a good thing


The great fiscal fair of 2016 has begun. The world’s governments are seizing on the flimsy excuse of Brexit to prime pump their economies, hoping to stretch the ageing global cycle for a little longer.

Japan’s Shinzo Abe has kicked off the first round with a „shock and awe“ fiscal package ostensibly worth $270bn, though the South Koreans nipped ahead of him with a $17bn raft of measures.

Britain cannot be far behind as Philip Hammond prepares his first post-austerity Budget this autumn, while France’s Francois Hollande and Italy’s Matteo Renzi have seized on Brexit to run a coach and horses through the eurozone’s fiscal rules. Brexit is manna from heaven.

Brussels hardly dares to raise a squeak, knowing that revolutionaries – the Front National and Beppe Grillo’s Five Star movement – are knocking at the doors of power. Fiscal austerity is over in Europe. Den Rest des Beitrags lesen »

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The Rise of Social Enterprise Accelerators

Posted by hkarner - 29. Juli 2016

By  (foto) and on July 28, 2016  RGE EconoMonitorSan Jose CC

 The drive some have to solve a social or environmental problem while creating their own personal project is the seed of all social entrepreneurship. However, in order to channel entrepreneurial spirit and aspirations, and foster a culture that facilitates and promotes them, there are different actors playing instrumental roles: public agencies, universities, incubators, financing intermediaries for entrepreneurs and, more recently, accelerators.

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The Real Roots of Populism

Posted by hkarner - 29. Juli 2016

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Andrés Velasco

Andrés Velasco, a former presidential candidate and finance minister of Chile, is Professor of Professional Practice in International Development at Columbia University’s School of International and Public Affairs. He has taught at Harvard University and New York University, and is the author of numerous studies on international economics and development.

JUL 28, 2016, Project Syndicate

MONTEVIDEO – Out-of-control globalization has destroyed jobs, caused middle-class incomes to stagnate, and deepened income inequality. In response, angry voters are turning to populist politicians. Without a radical shift away from liberal economic policies, populism will be unstoppable.

This narrative is simple and increasingly popular. It is also dead wrong. Den Rest des Beitrags lesen »

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What’s New About Today’s Low Interest Rates?

Posted by hkarner - 29. Juli 2016

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Carmen Reinhart

Carmen Reinhart is Professor of the International Financial System at Harvard University’s Kennedy School of Government.

JUL 28, 2016, Project Syndicate

CAMBRIDGE – A day seldom passes without articles appearing in the financial press pondering why interest rates have remained so low for so long. This is one of those articles. So let’s start by clarifying whose and which interest rates are low and what is and isn’t novel or unprecedented.

Interest rates in emerging and developing countries are importantly affected by what happens in the world’s largest economies, and the ongoing multi-year low-interest-rate cycle has its roots in the United States, Europe, and Japan. Low rates are predominantly the advanced economies’ “new normal.”

Interest rates (short and long maturities) had been trending lower in most of the advanced economies (to varying degrees) since the 1980s, as inflation also fell sharply. In the years prior to the 2008-2009 financial crisis, former US Federal Reserve Chairman Ben Bernanke repeatedly stressed the role of a global “saving glut” (notably in China) to explain lower rates. Den Rest des Beitrags lesen »

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Trump the Traitor

Posted by hkarner - 29. Juli 2016

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Bernard-Henri Lévy

Bernard-Henri Lévy is one of the founders of the “Nouveaux Philosophes” (New Philosophers) movement. His books include Left in Dark Times: A Stand Against the New Barbarism.

JUL 28, 2016, Project Syndicate

PARIS – If Donald Trump were to become President, the United States would have a problem with many dimensions. So would the world.

To begin with, the problem would be his unfathomable vulgarity. America has seen many things, but not a potential president discussing the size of his penis during a televised debate.

The problem would also be his pathological hatred of women. In a 1992 conversation with architect Philip Johnson, reported in New York magazine, he said, “You have to treat ’em like shit.” He still views them as disgusting creatures, with – as he said of Fox News journalist Megyn Kelly – “blood coming out of [their] wherever.” Den Rest des Beitrags lesen »

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Boris Johnson the Counter-Revolutionary

Posted by hkarner - 29. Juli 2016

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Mark Leonard

Mark Leonard is Director of the European Council on Foreign Relations.

JUL 27, 2016, Project Syndicate

LONDON – If history repeats itself – first tragedy, then farce – what comes next is Boris Johnson, a shape-shifting politician who embodies the contradictions of our age. Johnson is a tribune of the people who grew up with the privileges of the 1%; a child of immigrants who campaigned for closed borders; a Conservative who wants to upend the political order; an erudite man who mocks expertise; and a cosmopolitan who casually calls black people “piccaninnies.” Johnson did more than anyone to bury Britain’s European future; but his ultra-flexibility may yet prove to be its salvation.

In his first public appearance after being appointed Foreign Secretary, Johnson compared the Brexit vote to the French Revolution. Provoking boos at the French Embassy’s Bastille Day celebration, he hailed the referendum as “a great popular uprising against a stifling bureaucratic ancient regime (sic) whose democratic credentials had become very far from obvious.”

But the Brexit vote – with its promise to recreate the Britain of yesterday – is less revolution than counter-revolution. Boris and his band of Brexiteers have more in common with Louis Napoleon Bonaparte, who overturned the French republic to create a new monarchy, than with Danton or Robespierre. Den Rest des Beitrags lesen »

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Advice for the British and German leaders on navigating the Brexit mess

Posted by hkarner - 28. Juli 2016

Date: 28-07-2016
Source: The Economist: Charlemagne
Subject: Correspondence club

May Merkel reading lettersDEAR THERESA,

At your first cabinet meeting you said that your government would not be “defined by Brexit”. Good luck with that. Britain’s tortured relationship with the European Union has felled most recent Conservative prime ministers, and none faced a task remotely as daunting as the one that confronts you. Disentangling Britain from the EU will be like extracting one glue-slathered octopus from a basket of 27 other ones. It could go horribly wrong.

To avoid that, Charlemagne offers some unsolicited advice. You begin with a reservoir of relief (not goodwill, mind) among your fellow European leaders. Disaster would now be looming had an outlandish Brexiteer such as Boris Johnson muscled his way into Downing Street. You earned respect in Brussels during your six years as home secretary. But that also means that while your EU counterparts may ignore the boosterish bluster emitted by some of your more excitable cabinet colleagues (such as Liam Fox, the new trade secretary), they will expect better from you. Den Rest des Beitrags lesen »

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Neuer Unicredit-Chef schielt auf Tafelsilber

Posted by hkarner - 28. Juli 2016

28. Juli 2016, 10:34  derstandard.at

Konzernchef Mustier hält die Probleme des italienischen Bankensystems für lösbar

Mailand – Unicredit-Chef Jean Pierre Mustier schließt den Verkauf weiterer Beteiligungen zur Stärkung der Kapitaldecke nicht aus. „Wir werden jede Gelegenheit zur Wertschaffung prüfen. Mit dem Verkauf der Anteile an Pekao und Fineco, sowie mit der Umstrukturierung des Managements wollen wir wirklich die Dinge ändern“, sagte der CEO dem „Corriere della Sera“ vom Donnerstag. In Bezug auf die bis Jahresende geplante die Revision des strategischen Plans sagte Mustier: „Wir wollen rasch handeln, ohne jedoch hastig zu sein. Wir überprüfen die Lage tiefgründig. Wir wollen die Kapitaldecke stärken. Wir arbeiten daran und werden dann den Aktionären einen Vorschlag unterbreiten“, sagte der Franzose. Den Rest des Beitrags lesen »

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