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Archive for 1. Juli 2016

Die Märkte glauben nicht an den Brexit

Posted by hkarner - 1. Juli 2016

01.07.2016 | 17:07 | Josef Urschitz (Die Presse)urschitz

Waren die politischen und wirtschaftlichen Wirren umsonst?

Im Zuge der Brexit-Nachwehen werden jetzt immer öfter Stimmen laut, auch andere EU-Länder würden „einen Farage“ (UKIP-Chef Nigel Farage ist Mastermind hinter dem Brexit) brauchen. Einspruch, Euer Ehren: Die EU braucht jetzt dringend eine umfassende Reform, die Brüssel wieder in Einklang mit den Bevölkerungen der EU-Länder bringt, denn so wie bisher geht es nicht weiter. Aber sicher keine verantwortungslosen, staatszerstörerischen Polit-Rabauken.

Schauen wir uns einmal an, was uns das Brexit-Referendum in nur einer Woche beschert hat: In Großbritannien zerreißt es gerade die beiden bisher staatstragenden Parteien, am Horizont droht die Abspaltung Schottlands und damit der Zerfall des Vereinigten Königreichs. Die Gesellschaft ist tief gespalten, eine Welle primitivster Fremdenfeindlichkeit gegen EU-Bürger schwappt über das Land. Die Ratingagenturen haben Großbritannien um zwei und die EU um eine Stufe downgegradet. Good job, isn’t it?

Und wofür? Für den Austritt aus der EU? Sorry, aber den wird es so schnell nicht geben. Wer das bezweifelt, der möge sich die Börsen ansehen und die Rede des Großinvestors George Soros vor dem Europaparlament analysieren. Den Rest des Beitrags lesen »

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How stupid can you get?

Posted by hkarner - 1. Juli 2016

Date: 30-06-2016
Source: The Economist
Subject: Cornwall and Europe: I owe EU

Why did the region that benefits most from EU membership vote against it?

Cornish PastyCornish pasty

REDRUTH, a hardscrabble town of 14,000, was once at the heart of Cornwall’s mining industry. It sat atop the most bountiful earth in the “old world”, a local museum boasts: to the east, the “Copper Kingdom” of Gwennap; to the west, the Central Mining District. The county was hit by the collapse of mining in the 1980s, and few areas suffered as much as Redruth. It is still among the poorest places in Europe.

That has made it eligible for hefty support from the European Union. In 2007-13 the EU poured €654m (£534m or $890m) into Cornwall; another €600m or so is due by 2020. The county is the only part of England to qualify for “convergence funding”, which goes to places whose income per person is below 75% of the EU average. The money has helped to pay for roads, a university and high-speed internet.

Yet on June 23rd 57% of voters in Cornwall opted to leave the EU. Local business owners are “shell-shocked”, says Kim Conchie, head of the Cornwall Chamber of Commerce. Many feel let down by their MPs, almost all of whom supported Brexit. Some businesses have stopped recruiting amid the uncertainty. The council has begged for funding to continue (to some scorn from parts of the country that voted to Remain). As a holiday spot for rich urbanites, Cornwall may look affluent. But “there are areas of great deprivation”, says John Pollard, the council’s leader. Den Rest des Beitrags lesen »

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Out of the Brexit Turmoil: Opportunity

Posted by hkarner - 1. Juli 2016

Date: 30-06-2016

Source: The Wall Street Journal By HENRY A. KISSINGERKissinger CC

 

Europe should not treat Britain as a prison escapee but as a potential compatriot. And the U.S. has a vital role to play.

The cascade of commentary on Britain’s decision to leave institutional Europe has described the epochal event primarily in the vocabulary of calamity. However, the coin of the realm for statesmen is not anguish or recrimination; it should be to transform setback into opportunity.

The impact of the British vote is so profound because the emotions it reflects are not confined to Britain or even Europe. The popular reaction to European Union institutions (as reflected in public-opinion polls) is comparable in most major countries, especially France and Spain. The multilateral approach based on open borders for trade and the movement of peoples is increasingly being challenged, and now an act of direct democracy intended to reaffirm the status quo has rendered a damning verdict. However challenging this expression of popular sentiment, ignoring the concerns it manifests is a path to greater disillusionment.

Brexit is a classic illustration of the law of unintended consequences. The British government sought a Remain vote to end, once and for all, domestic disputes about Europe in a minority of the Conservative Party and among fringe populist groups. Many backers of the Leave campaign were surprised by their success, having understood their political mission initially in much less sweeping terms. Den Rest des Beitrags lesen »

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OeNB: Banken sollen Reformen vorantreiben

Posted by hkarner - 1. Juli 2016

1. Juli 2016, 10:44 derstandard.at

Institute haben ihre Profitabilität weiter verbessert

Wien – Die österreichischen Banken sollten ihren begonnenen Anpassungsprozess konsequent fortsetzen und weitere Strukturreformen vorantreiben, damit sich die Erholung ihrer Profitabilität als nachhaltig erweist, rät die Nationalbank (OeNB) in ihrem 31. Finanzmarktstabilitätsbericht, der am Freitag in Wien präsentiert wird. Die Europäische Zentralbank (EZB) habe mit ihren unkonventionellen Maßnahmen der letzten Jahre generell dazu beigetragen, das Marktvertrauen auf den Finanzmärkten wiederherzustellen, so OeNB-Gouverneur Ewald Nowotny laut Pressetext.

Die Übertragung der EZB-Leitzinssenkungen in rückläufige Kreditzinsen sei eine wesentliche Voraussetzung für eine günstige Entwicklung der Realwirtschaft, betont Nowotny.

Wohnbaukredite stärker im Visier

Die Wachstumsdynamik der Unternehmenskredite sei zuletzt relativ verhalten geblieben; seit Mitte letzten Jahres hätten die Wohnbaukredite an private Haushalte an Dynamik gewonnen, so die OeNB. Der Zuwachs sei allerdings hinter dem Anstieg der Immobilienpreise zurückgeblieben.

Erhöhte Aufmerksamkeit will die Nationalbank den variabel verzinsten Wohnbaukrediten widmen, deren Anteil nach wie vor hoch sei. Die Profitabilität der Banken habe sich 2015 deutlich erhöht, da die Risikovorsorgen und Abschreibungen geringer ausfielen und der Gewinn der CEE-Töchter wieder anstieg, so die OeNB. Das Nettozinsergebnis blieb allerdings unter Druck. Insgesamt hätten die österreichischen Banken ihre Kostenstruktur noch nicht ausreichend an das geringere Geschäftsvolumen angepasst. Einzelne Tochterbanken in CESEE hätten zudem weiterhin einen hohen Anteil an notleidenden Krediten in ihren Büchern. Die Kernkapitalquote habe sich weiter verbessert. Allerdings seien „weitere Anstrengungen notwendig“. Zudem müssten sich die Banken auf neue regulatorische Vorgaben vorbereiten. (APA, 1.7.2016) – derstandard.at/2000040194261/OeNB-Banken-sollen-Reformen-vorantreiben

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Football, Brexit, and Us

Posted by hkarner - 1. Juli 2016

Photo of Ricardo Hausmann

Ricardo Hausmann

Ricardo Hausmann, a former minister of planning of Venezuela and former Chief Economist of the Inter-American Development Bank, is Professor of the Practice of Economic Development at Harvard University, where he is also Director of the Center for International Development. He is Chair of the World Economic Forum’s Global Agenda Meta-Council on Inclusive Growth.

JUN 30, 2016, Project Syndicate

CAMBRIDGE – Of the 24 teams that qualified for this year’s UEFA European Cup football (soccer) tournament, only one came from Germany. Three came from the United Kingdom: England, Wales, and Northern Ireland. That seems rather odd. After all, East and West Germans reunited only in 1991, and Bavarians united with Prussians only in 1871, whereas the annexations/unions of Ireland, Wales, and Scotland to the Kingdom of England go back to 1177, 1542, and 1707, respectively.

So why do Thuringians, Saxons, and Swabians root for the same German team, while UK citizens root for so many? (Scotland and even Gibraltar have their own teams as well.) Wouldn’t they have a stronger team if they chose the best players to represent them all?

Presumably, British citizens understand this, but they prefer to have their own national teams rather than a stronger UK team – even if this means losing to tiny Iceland. After all, if it is only about the strongest team, you might as well root for Barcelona. For a team to represent “us,” it somehow has to be us. Den Rest des Beitrags lesen »

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Johnson has a tendency to say what a given audience wanted to hear

Posted by hkarner - 1. Juli 2016

Date: 30-06-2016
Source: The Economist
Subject: Post-Brexit politics: Shifting sands

Britain’s political parties plunge into crises of leadership—and philosophy

“THE will of the British people is an instruction that must be delivered.” With these words David Cameron, flanked by his wife Samantha, announced his resignation on the morning of June 24th. There followed a vacuum. For a couple of days, neither the prime minister nor any of his colleagues had anything to say. George Osborne, the chancellor of the exchequer, was silent. Chaos reigned. The pound tumbled. Firms reviewed their positions.

The situation has since stabilised. But Britain is nonetheless living through a period of turmoil. Both main parties are now picking new leaders. In the Conservative fold, Mr Cameron is a lame duck; his replacement will be appointed by September 7th. In the Labour camp Jeremy Corbyn has been rejected by three-quarters of his MPs and is clinging on. Britain’s party structures are straining, and may not last. Den Rest des Beitrags lesen »

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