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Archive for 31. Oktober 2015

The Situation in Greece and the Future of Europe

Posted by hkarner - 31. Oktober 2015

Yanis Varoufakis, Hans-Werner Sinn
Münchner Seminar, 28/10
Varoufakis Sinn

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Private-debt investing: Lenders of first resort

Posted by hkarner - 31. Oktober 2015

Date: 30-10-2015
Source: The Economist

Investors are increasingly eager to lend to European firms directly

capital raised by private debt fundsEAT, a British sandwich chain, was looking for £13m ($20m) last year to tart up its stores. It knew conventional banks would be hesitant to provide such a loan, given its existing debt. Worse, it would soon need to borrow more, to fund a rapid expansion. So it turned to Ardian, an investment firm, which lent it £40m, not just for the refurbishments, but also to refinance its existing debt and to open 90 new stores.

Although Ardian is charging a heady 15% interest rate, says Strahan Wilson of EAT, it is much less bureaucratic and more flexible than a bank. That has allowed EAT to expand 12-18 months faster than it otherwise could have. What is more, he adds, “Now that we’ve established this relationship with Ardian, if we need more capital we need only ask.”

The easiest way for institutional investors to lend to companies is to buy bonds. Many also buy loans originated by banks and repackaged into securities, or invest in funds that purchase non-performing loans from banks. Before the financial crisis American funds began investing in private debt, as opposed to the sort available publicly on the bond markets. This involves providing credit directly to firms that either cannot borrow from banks and bond markets or do not like the terms. Den Rest des Beitrags lesen »

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A Special Moment for Special Drawing Rights

Posted by hkarner - 31. Oktober 2015

Photo of José Antonio Ocampo

José Antonio Ocampo

José Antonio Ocampo, former United Nations Under-Secretary-General for Economic and Social Affairs and former Finance Minister of Colombia, is Professor of Professional Practice and Member of the Committee on Global Thought at Columbia University. He is the co-author (with Luis Bértola) of The Economic Development of Latin America since Independence.

OCT 30, 2015, Project Syndicate

NEW YORK – The recent annual meetings of the International Monetary Fund and the World Bank in Lima, Peru, were dominated by talk of the weakness of several emerging and developing economies. But the discussion focused very little on one key cause: the global monetary system. Much more will be said next month at the IMF board, though what the Fund will do remains an open question.

The problem that emerging and developing economies are facing stems from the fact that their capital inflows follow a strongly pro-cyclical pattern. When they were growing rapidly – especially compared to the advanced economies – they attracted massive amounts of capital. But as risks multiplied, capital started to flow back toward a reserve-issuing country – namely, the United States. After all, the US is set to raise interest rates, and the dollar has appreciated against virtually all of the world’s currencies. Den Rest des Beitrags lesen »

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Multinationals in China: A harder road ahead

Posted by hkarner - 31. Oktober 2015

Date: 30-10-2015
Source: The Economist

Life is getting tougher for foreign firms, but the fittest can still flourish

FOR two decades China was a land of seemingly limitless opportunity for multinationals. Japan and South Korea had shut out foreign firms during the early phase of their economic development. By contrast, China’s leaders, after Deng Xiaoping’s reforms in the early 1990s, made them welcome. Provided firms brought world-class technologies, and agreed to joint ventures with locals in certain strategic industries, they were free to take a generous slice of China’s growing economic pie. But now a combination of factors is making life much more difficult for them.

Even foreign firms that looked like they might dominate the Chinese market are getting a rude awakening, as its economy slows and as competition from local rivals intensifies. Earlier this year Douglas McMillon, Walmart’s boss, declared that China was vital to the American retail giant’s future growth and vowed to add more than 100 new stores in the next two years to its current tally of 400-plus there. Walmart does not give much detail on how those outlets are performing. But a filing this month by its local joint-venture partner at 21 of the stores revealed that those outlets’ sales had fallen 6% last year compared with the year before. Den Rest des Beitrags lesen »

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