Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 3. Januar 2016

The Great Malaise Continues

Posted by hkarner - 3. Januar 2016

Photo of Joseph E. Stiglitz

Joseph E. Stiglitz

Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, was Chairman of President Bill Clinton’s Council of Economic Advisers and served as Senior Vice President and Chief Economist of the World Bank. His most recent book, co-authored with Bruce Greenwald, is Creating a Learning Society: A New Approach to Growth, Development, and Social Progress.

JAN 3, 2016, Project Syndicate

NEW YORK – The year 2015 was a hard one all around. Brazil fell into recession. China’s economy experienced its first serious bumps after almost four decades of breakneck growth. The eurozone managed to avoid a meltdown over Greece, but its near-stagnation has continued, contributing to what surely will be viewed as a lost decade. For the United States, 2015 was supposed to be the year that finally closed the book on the Great Recession that began back in 2008; instead, the US recovery has been middling.

Indeed, Christine Lagarde, Managing Director of the International Monetary Fund, has declared the current state of the global economy the New Mediocre. Others, harking back to the profound pessimism after the end of World War II, fear that the global economy could slip into depression, or at least into prolonged stagnation. Den Rest des Beitrags lesen »

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European insurance firms: One rule to bind them all

Posted by hkarner - 3. Januar 2016

Date: 31-12-2015
Source: The Economist

New regulations will give a better sense of the soundness of Europe’s insurers

LIKE banks, insurers need a cushion of capital to ensure that they can meet customers’ claims in the event of unexpectedly big payouts or poor investment performance. As at banks, these cushions have at times proved woefully thin. In theory, all that changes on January 1st—in the European Union, at least—when a new set of regulations known as Solvency 2 comes into force. After more than ten years of negotiation, all European insurers will have to follow uniform rules on capital that are designed to make the firms more robust and allow investors and customers to assess their strength much more easily.

Not everyone is thrilled at this prospect. Mention “upcoming regulatory changes” to an insurance executive and a tirade inevitably follows about ambiguities and inconsistencies within the new rules, discrepancies in enforcement and the mountains of paperwork involved. Some firms have had to bolster capital in anticipation: Delta Lloyd, a Dutch insurer, announced in November that it would raise €1 billion ($1.1 billion). The rules favour diversified firms, so those that offer just one form of insurance are under pressure to merge. That impetus contributed to several deals involving specialist insurers in 2015, including Fairfax’s purchase of Brit in February and XL’s takeover of Catlin in May. Anxious bosses have trimmed the industry’s own debts to relatively low levels. Den Rest des Beitrags lesen »

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The case for contingent convertible debt for sovereigns

Posted by hkarner - 3. Januar 2016

Andrea Consiglio, Stavros A. Zenios 02 January 2016, voxeu

Professor of Mathematical Finance, University of Palermo

Professor of Finance and Management Science University of Cyprus; and Senior Fellow of the Wharton Financial Institutions Center, University of Pennsylvania

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Gold Ends Year With a Third Straight Annual Loss

Posted by hkarner - 3. Januar 2016

Date: 02-01-2016
Source: The Wall Street Journal

Precious metal finishes down nearly 11% in 2015

LONDON—The price of gold traded higher on the last day of a year in which the precious metal fell to its third consecutive annual loss, declining on the back of the new U.S. interest-rate cycle that will likely keep the pressure up in 2016.

Gold for February delivery closed up less than 0.1% at $1,060.20 a troy ounce in New York on Thursday amid thin volumes as many investors remained idle during the Christmas and New Year holidays.

Gold will end this year down around 10.7%, which will push the metal to a level not seen since February 2010. Den Rest des Beitrags lesen »

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