Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Warum Europa bei Start-ups aus Finanzbranche den Anschluss verliert

Posted by hkarner - 27. Februar 2017

Alexander Hahn, derstandard.at

26. Februar 2017, 11:00

Am Alten Kontinent wird der Ruf nach einem Aktionsplan der EU-Kommission für junge Finanzdienstleister, auch Fintechs genannt, laut

Wien – Beim Thema Fintechs ist China zum weltweiten Hotspot geworden. Im Vorjahr hat das Reich der Mitte nicht nur in den ersten drei Quartalen die Vereinigten Staaten als Nummer eins bei den Finanzierungen dieser aufstrebenden, jungen Finanzdienstleister überholt, wie aus einer aktuellen Erhebung der Citigroup hervorgeht, vielmehr hat der chinesische Drache mehr als die Hälfte der weltweiten Investitionen in Fintechs von rund 18 Milliarden Dollar auf sich konzentriert. Das entspricht mehr als einer Verdoppelung im Reich der Mitte verglichen mit den ersten neun Monaten des Jahres zuvor.

Aus Sicht der Studienautoren ist das keine große Überraschung, bietet doch das riesige Land günstige Rahmenbedingungen für rasantes Wachstum in diesem Bereich: Einerseits wächst der Wohlstand, sodass laut der Studie im Jahr 2020 bereits 54 Prozent der Chinesen in der oberen Mittelschicht angekommen sein sollen, was die Citigroup mit einem jährlichen Haushaltseinkommen zwischen 16.000 und 34.000 Dollar definiert. Zudem hat das Land eine hohe Durchdringung mit mobilen Internetgeräten, auf die viele Fintech-Lösungen setzen. Im Jahr 2015 waren bereits neun von zehn Chinesen mit einem mobilen Zugang zum Netz ausgestattet.

Neue Technologien

Fintechs setzten auf neue Technologien wie Smartphones, um neue Finanzdienstleistungen anzubieten oder an die Kundenbedürfnisse anzupassen. Die Angebotspalette reicht von Zahlungsverkehr über Finanzierung wie Crowdfunding bis zu Kreditvermittlungsplattformen für Privatpersonen. Weit abgeschlagen bei den Fintech-Finanzierungen hinter China und den USA befindet sich Europa, auf das nur rund ein Zehntel der globalen Investitionen entfallen ist. Als Ursachen führt die Citigroup einerseits die Knappheit an Venture Capital, das ist unternehmerisches Risikokapital, an. Dazu komme das Fehlen von großen Internetkonzernen wie Google, Facebook, Amazon oder auch Alibaba in China. Damit will sich Cora van Nieuwenhuizen nicht zufriedengeben. Sie ist Fintech-Beobachterin im Europäischen Parlament und hat Ende des Vormonats Alarm geschlagen. Die liberale niederländische Abgeordnete hat es sich nämlich zum Ziel gesetzt, Fintechs auch in Europa zum Durchbruch zu verhelfen und dazu Hindernisse für Start-ups und innovative Finanzprodukte im Banken- und Versicherungssektor auf dem Alten Kontinent abzubauen.

Aktionsplan der EU gefordert Den Rest des Beitrags lesen »

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World Trade Flows Grew at Slowest Pace since Financial Crisis

Posted by hkarner - 27. Februar 2017

Date: 25-02-2017
Source: The Wall Street Journal

Signs of a modest pickup toward year-end

A South Korean shipping vehicle at Hamburg harbor in Germany. Global trade flows grew by 1.2% in 2016.

International trade flows grew at the slowest pace since the financial crisis in 2016, but there were signs of a modest pickup as the year drew to a close.

The Netherlands Bureau for Economic Policy Analysis said on Friday that the volume of exports and imports of goods was 1.2% higher than in 2015, marking a slowdown from the 2% rate of growth recorded in the preceding year and the smallest rise since volumes crashed in 2009.

However, there were signs exports and imports might be reviving, with volumes up 1.1% in the final three months of the year compared with the third quarter, almost double the rate of increase in the three months to September. Den Rest des Beitrags lesen »

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What Does Steve Bannon Want?

Posted by hkarner - 27. Februar 2017

Date: 26-02-2017
Source: The New York Times

President Trump presents a problem to those who look at politics in terms of systematic ideologies. He is either disinclined or unable to lay out his agenda in that way. So perhaps it was inevitable that Mr. Trump’s chief strategist, Stephen K. Bannon, who does have a gift for thinking systematically, would be so often invoked by Mr. Trump’s opponents. They need him not just as a hate object but as a heuristic, too. There may never be a “Trumpism,” and unless one emerges, the closest we may come to understanding this administration is as an expression of “Bannonism.”

bannon-ccMr. Bannon, 63, has won a reputation for abrasive brilliance at almost every stop in his unorthodox career — as a naval officer, Goldman Sachs mergers specialist, entertainment-industry financier, documentary screenwriter and director, Breitbart News cyber-agitprop impresario and chief executive of Mr. Trump’s presidential campaign. One Harvard Business School classmate described him to The Boston Globe as “top three in intellectual horsepower in our class — perhaps the smartest.” Benjamin Harnwell of the Institute for Human Dignity, a Catholic organization in Rome, calls him a “walking bibliography.” Perhaps because Mr. Bannon came late to conservatism, turning his full-time energy to political matters only after the Sept. 11 attacks, he radiates an excitement about it that most of his conservative contemporaries long ago lost.

One month into the Trump administration, Mr. Bannon has already made his influence felt. He helped draft the president’s Inaugural Address, acquired a seat on the National Security Council and reportedly was the main force behind the president’s stalled ban on travel from seven predominantly Muslim countries. Reports that the administration has considered designating the Muslim Brotherhood a terrorist organization echo Mr. Bannon’s own longtime preoccupation with the group, as both a screenwriter and a talk-radio host. Den Rest des Beitrags lesen »

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The Anatomy of Populist Economics

Posted by hkarner - 26. Februar 2017

Date: 24-02-2017
Source: Project Syndicate

BRIGITTE GRANVILLE

Brigitte Granville is Professor of International Economics and Economic Policy at the School of Business and Management, Queen Mary University of London. She is the author of Remembering Inflation and a forthcoming book on the French predicament on the eve of the country’s presidential and parliamentary elections in 2017.

PARIS – For at least the past year, populism has been wreaking havoc on Western democracies. Populist forces – parties, leaders, and ideas – underpinned the “Leave” campaign’s victory in the United Kingdom’s Brexit referendum and Donald Trump’s election as President of the United States. Now, populism lurks ominously in the background of the Netherlands’ general election in March and the French presidential election in April and May.

But, despite populism’s seeming ubiquity, it is a hard concept to pin down. Populists are often intolerant of outsiders and those who are different; and yet Geert Wilders, the far-right Dutch populist leader, is a firm believer in gay rights. In the US, Trump’s presidential campaign was described as an anti-elite movement; and yet his administration is already practically a subsidiary of Goldman Sachs. Den Rest des Beitrags lesen »

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The Shallow State

Posted by hkarner - 26. Februar 2017

Date: 24-02-2017
Source: Foreign Policy, David Rothkopf

David Rothkopf is CEO and editor of the FP Group. His latest book, National Insecurity: American Leadership in an Age of Fear, was released in paperback earlier this year.
Forget the conspiracy theories. Something much more dangerous is seeking to gut our government and change the character of our society.

trump-tweety-birdThe “deep state” is the flavor of the month for conspiracy theorists, the “black helicopters” of 2017. The idea of career intelligence and military officers and bureaucrats marshaling the institutional power they have spent decades mastering to advance their goals regardless of the whims or wants of elected public officials or the people at large is irresistible, Tom Clancy stuff.

But I’ve seen what there is of a deep state, and let me tell you, based on very nearly 25 years living and working in Washington, it is not the dark fantasy of highly competent government workers that worries me.

No, what worries me is something new, more real, and much more dangerous: the shallow state. Den Rest des Beitrags lesen »

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Tony Blair’s Democratic Insurrection

Posted by hkarner - 25. Februar 2017

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Posted by hkarner - 25. Februar 2017

Date: 24-02-2017
Source: The Wall Street Journal By JAMES MACKINTOSH
Subject: Can You Make Money in a Euro Collapse?

In a euro breakup scenario, there are a few ways bond investors can protect against a redenomination into a devalued currency

As Europe is roiled by fears of a breakup of its currency, investors and lawyers have begun digging through bond documentation in the hope of finding ways to protect themselves against the possible return of the franc, lire and deutsche mark.

The plethora of bonds available offer many ways to bet on the possibility of the end of the euro. One opportunity comes from ancient bonds dating from before the single currency was created, another from bonds sold under English rather than French or Italian law. But so far, investors seem to be making significant bets on only the simplest option—that of switching to the bonds of safe countries such as Germany, even though the safety that its bonds appear to offer could prove illusory in a worst-case European breakup.

There is no sure-fire way to protect an investment against what would be the biggest default in history—the redenomination of French or Italian bonds from euros into new francs and lire. Even though the bonds would be paid in full in francs or lire, investors paid in the devalued currencies would still class it as a default. Den Rest des Beitrags lesen »

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The Battle for Britain

Posted by hkarner - 25. Februar 2017

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European Central Bankers Don’t Like What They’re Hearing From Trump

Posted by hkarner - 25. Februar 2017

Date: 24-02-2017
Source: The Wall Street Journal

Political style and economic policy, particularly protectionism, concern pro-globalization policy makers

trump-ccPresident Donald Trump, has sent up enough protectionist flags to concern EU central bankers.

Two top European central bankers had harsh words about the economic policy coming from the U.S. in remarks Thursday.

The establishment of protectionist policies in the U.S. risks undermining a key element to wealth, the head of Germany’s central bank said.

The blunt language reflects the concern felt across the globe from policy makers as they try to make sense of President Donald Trump’s unconventional economic policy and political style.

“The U.S. erecting trade barriers leading to other countries becoming more protectionist would, I firmly believe, potentially call into question one of the key pillars of our prosperity,” said Jens Weidmann in the opening of the central bank’s annual report.

The new president’s administration has angered many in Germany by accusing Europe’s largest economy of unfairly benefiting from an undervalued euro. Den Rest des Beitrags lesen »

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Are technology firms madly overvalued?

Posted by hkarner - 25. Februar 2017

Date: 23-02-2017
Source: The Economist: Schumpeter

Three financial sanity tests for whether there is a bubble

madly-overvaluedIS THE technology industry in La La Land? There are alarming signs. House prices in San Francisco have risen by 66% more than in New York over the past five years. Even at the height of the dotcom bubble in 2001, the gap was lower, at 58%. Shares of technology firms trade on their highest ratio to sales since the turn of the century. Four of the world’s most valuable firms are tech companies: Apple, Alphabet, Microsoft and Amazon. Snap, a tiddler with $400m of sales and $700m of cash losses in 2016, is expected to list shares on March 1st that will give it a valuation of over $20bn.

For companies and investors in any industry, it is hard to work out if you are living in a bubble. To help, Schumpeter has created three sanity tests for global tech firms. These examine their cashflow, whether investors differentiate between companies, and whether forecasts of their future earnings suffer from a fallacy of composition. The exercise suggests that tech valuations are frothy, but not bubbling. Den Rest des Beitrags lesen »

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