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Archive for 31. Oktober 2016

Mark Carney bleibt bis 2019 bei der Bank of England

Posted by hkarner - 31. Oktober 2016

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Carney CCMark Carney bleibt bis 2019 Gouverneur der Bank of England.

Die Bank of England hat am Montagabend bekanntgegeben, dass Mark Carney bis Juni 2019 Gouverneur bleibt. In einem kurzen Brief teilte Carney mit, dass er helfen wolle, „eine geordnete Übergabe bei der neuen Rolle des Vereinigten Königreichs zu Europa“ sicherzustellen. Er habe sich entschieden, sein Amt zu verlängern, um auch in der Zeit nach der im Artikel 50 der EU-Verträge zur Verfügung zu stehen. Der britische Finanzminister begrüßte die Entscheidung und sagte laut BOE, es sei wichtig, auf die hoch effektive Führungsstärke“ von Carney auch während des Austrittsprozesses zurückgreifen zu können.

In der britischen Presse hatte zuvor widersprüchliche Berichte über die Zukunftspläne des Notenbankchefs Mark Carney die Runde gemacht, berichtet die Nachrichtenagentur Reuters. Die Financial Times berichtete am Sonntag, der Kanadier stehe bereit, bis zum Jahr 2021 an der Spitze der Bank of England (BoE) zu bleiben. Damit würde er eine Option ziehen, an die bis 2018 laufende Amtszeit noch drei Jahre dranzuhängen.

Die Sunday Times habe unter Berufung auf Insider berichtet, dass Mark Carney  mit der Regierung von Theresa May unzufrieden sei und dem Vorgänger von dem derzeit amtierenden Finanzminister Philip Hammond, George Osborne, ohnehin näherstünde.

Zuletzt hatte sich Carney gegen die Einmischung der britischen Regierung in die Politik der Bank of England zur Wehr gesetzt.

Carney steht seit Juli 2013 an der Spitze der britischen Notenbank. Befürworter des britischen EU-Austritts hatten dem Kanadier vorgeworfen, er habe vor dem Brexit-Votum vom 23. Juni mit überzogenen Warnungen vor den wirtschaftlichen Folgen eines EU-Ausstiegs Stimmung gegen einen solchen Schritt gemacht.

Carney hatte vor seiner Notenbank-Karriere, die in Kanada begonnen hatte, bei Goldman Sachs gedient.

Den Rest des Beitrags lesen »

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The Alchemy Of The Greek Economy

Posted by hkarner - 31. Oktober 2016

Monday, October 31, 2016, Observing Greece Kastner

The former Governor of the Bank of England, Mervyn King, wrote a book titled „The End of Alchemy: Money, Banking, and the Future of the Global Economy„. In it, he discusses the future of the Eurozone and makes the following comments about Greece:

„It is evident, as it has been for a very long while, that the only way forward for Greece is to default on (or be forgiven) a substantial proportion of its debt burden and to devalue its currency so that exports and the substitution of domestic products for imports can compensate for the depressing effects of the fiscal contraction imposed to date. Structural reforms would help ease the transition, but such reforms will be effective only if they are adopted by decisions of the Greek people rather than being imposed as external conditions by the IMF of the European Commission. The lack of trust between Greece and its creditors means that public recognition of the underlying reality is some way off“. 

While King does not use the term „Grexit“, he obviously says that Greece should leave the Eurozone. At the same time, he suggests that Greece could consider re-joining the Eurozone a few years later after a new equilibrium has been reached, if it so wished. Den Rest des Beitrags lesen »

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Japan’s Great Recession: Lessons for Today’s Global Crisis

Posted by hkarner - 31. Oktober 2016

By on October 27, 2016  RGE EconoMonitor

The Land of the Rising Sun emerged from the prolonged stagnation of the 1990s by carrying out various initiatives such as deregulation, privatisation and fiscal consolidation; these methods remain relevant today for many developed and developing countries.

For some developed countries, the crisis that began in 2008 was far from being the first over the past quarter century. Japan is an example of this. After experiencing rapid post-war expansion and becoming the world’s second largest economy in the mid-1970s, the Land of the Rising Sun entered a period of sluggish economic growth at the beginning of the 1990s. If, from 1981 to 1990, the average annual rate of growth of Japan’s economy was 3.95%, then from 1991 to 2000, it amounted to only 1.19%.

IndexBox analysts can confirm that one of the key features of the crisis was that it was accompanied by price deflation on both commodities and financial assets. From 1990 to 2002, the total net worth of Japanese households fell by 6.7%, to 2.6 trillion yen, while the overall value of land plots decreased by 40%, to 888 billion yen. This land depreciation forced people to postpone their decisions regarding the acquisition of a home or property; this had a dampening effect on the construction sector, which had been the main driver of investment demand pre-crisis. Poor consumer activity was also reflected in the rates of growth of the GDP, and in the price trends and patterns for goods and services: from 1995 to 2010, not a single year was recorded with a positive GDP deflator; 1996 was the only exception to this, when inflation was marked at 0.6%. Den Rest des Beitrags lesen »

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Rebooting: Both revered and reviled, Goldman Sachs struggles to stay relevant

Posted by hkarner - 31. Oktober 2016

Date: 30-10-2016
Source: The Economist

JUST outside Stanford University’s campus sits the headquarters of Symphony, one of the myriad tech companies that sprout like weeds in Silicon Valley. After a lunch break exercising in a nearby park, a dozen fit-looking employees, still in workout clothes, help themselves from buckets of fruit, energy bars and the food of the day (Indian), before plopping themselves in front of monitors in an airy room bathed in natural light. For the sought-after engineers making up most of the company’s 200-strong workforce, this sort of environment is the norm. Work is supposed to be healthy and relaxed—a far cry from the terrors of a New York bank with its incessant pressure to sell and complex internal politics, not to mention often unappetising, pricey food.

Across the continent, in a newly opened tower within the World Trade Centre, Kensho, a three-year-old company, has a similar feel. Like Symphony but a bit smaller, it is stuffed with talented engineers. In a New York approximation of the West Coast, it boasts “vertical gardens”—rectangular patches of vegetation like framed paintings—and a pool table. Den Rest des Beitrags lesen »

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Brexit and the City: From Big Bang to Brexit

Posted by hkarner - 31. Oktober 2016

Date: 30-10-2016
Source: The Economist

The financial-services industry considers its future outside the European Union

THE City of London is fretting about Brexit, especially about talk of a “hard Brexit” that takes Britain out of the European Union’s single market. That raises doubts about the future of passporting, which allows financial-services providers to trade across the EU without separate regulatory or capital requirements. Another concern is that the government’s plan to start the formal process for Brexit by the end of March will mean that Britain may be out of the EU as early as 2019, yet banks must plan two or three years ahead. Hence the latest warning from Anthony Browne, chief executive of the British Bankers’ Association, that banks may start shifting jobs to Europe early next year.

It is a nice irony that such jumpiness should coincide with this week’s 30th anniversary of Big Bang, the deregulatory step that largely created today’s City (hugely helped by the expansion of Canary Wharf). Before Big Bang, says one financier, the City was backward and parochial, and there were real fears that it might lose out not just to New York but to continental Europe. It was Big Bang that underpinned London’s dominance of European finance. And it is Brexit that may now challenge it. Den Rest des Beitrags lesen »

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MUSK’S ‚INTEGRATED FUTURE:‘ SOLAR ROOFS, HOME BATTERY, ELECTRIC CAR

Posted by hkarner - 31. Oktober 2016

Date: 30-10-2016
Source: NewsWeek

New products aim to show the benefits of combining Tesla with SolarCity.

Tesla Motors Inc. Chief Executive Elon Musk on Friday unveiled new energy products aimed at illustrating the benefits of combining his electric car and battery maker with solar installer SolarCity Corp.

The billionaire entrepreneur showed off solar-powered roof tiles that eliminate the need for traditional panels and a longer-lasting home battery, which Tesla calls the Powerwall, aimed at realizing his vision of selling a fossil fuel free lifestyle to consumers.

„This is sort of the integrated future. An electric car, a Powerwall and a solar roof. The key is it needs to be beautiful, affordable and seamlessly integrated,“ Musk said while showcasing the products on homes that once served as the set of the television show „Desperate Housewives.“ Den Rest des Beitrags lesen »

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