Föhrenbergkreis Finanzwirtschaft

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Archive for 23. März 2017

Kritik an Leitl: „Dilettantische Reform“

Posted by hkarner - 23. März 2017

Günther Oswald, 23. März 2017, 20:58 derstandard.at

Mit seinen Plänen für eine Wirtschaftskammerreform sorgt Christoph Leitl intern für enormen Unmut. Einige Landeskammern sorgen sich um ihre Existenz

Wien – Die Hoffnung der Zentrale wird sich wohl nicht ganz erfüllen. Einen Aufstand gegen Wirtschaftskammerpräsident Christoph Leitl könne er nicht erkennen, sagte deren stellvertretender Generalsekretär Herwig Höllinger am Mittwoch. Zuvor war ein Brief publik geworden, in dem die Landeskammerpräsidenten aus Wien, Niederösterreich, Salzburg und dem Burgenland ihren Unmut über die Reformpläne Leitls kundtaten. Eine der Unterzeichnerinnen, die Niederösterreicherin Sonja Zwazl, deponierte am Donnerstag im Gespräch mit dem STANDARD, sie sei alles andere als erfreut, dass das Schreiben veröffentlicht wurde. Es gehe nur darum, offene „Detailfragen“ intern zu diskutieren. „Mehr steckt da nicht dahinter“, versuchte sie zu kalmieren.

Wirtschaftskammerpräsident möchte, dass die Kammer in Zukunft mit etwas weniger Geld auskommt.

„Respektlos“

Unter Zusage der Vertraulichkeit erzählen hochrangige Kammervertreter aber eine ganz andere Geschichte. Der Reformprozess – Leitl hatte eine Senkung der Kammerbeiträge ab 2019 um 100 Millionen Euro und Einsparungen von weiteren 34 Millionen Euro angekündigt – sei „dilettantisch“ abgewickelt, und die Landeskammern seien „respektlos“ behandelt worden, lautet der zentrale Vorwurf. Was gemeint ist: Eine interne Arbeitsgruppe sei bereits im Mai 2016 eingesetzt worden, bis zuletzt habe es aber wenige bis gar keine Informationen über die Vorhaben gegeben. Den Rest des Beitrags lesen »

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Dijsselbloem’s Dutch Flippancy

Posted by hkarner - 23. März 2017

Thursday, March 23, 2017, Observing Greece

I joined a large American bank as a trainee back in 1972. After having gone for over a year through various training programs with fellow MBAs, I was sent into the field where business development was the job description. My first boss was a Dutchman. An unforgettable man. Simply Dutch. The ideal boss to take one down from the academic heights of MBA training programs to the rough field of selling.

His Dutch humor was great for those who could take it and terrible for those who were overly sensitive. The former laughed about the latter for being overly sensitive. The latter asked whether being sensitive wasn’t part of responsible conduct.

MEP Ernest Urtasun (Spain): But you apologize for saying, or for implicitly saying, that the South has spent the money on women and alcohol in the last years? Would you apologize for that?

Jeroen Dijsselbloem (Dutch President of Eurogroup): No, certainly not!

My Dutch boss would have fired a guy who gave such a stupid response. And, frankly, I, too, thought – after listening to that exchange – that Dijsselbloem ought to tender his resignation the very next day. Absolutely irresponsible his insinuation! Some, like Nick Malkoutzis, took it with sarcasm by tweeting: „Dijsselbloem under fire for claiming Southern Eurozone spent money on ‘alcohol & women.’ The rest we just wasted.“ Den Rest des Beitrags lesen »

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New European rules will open up retail banking

Posted by hkarner - 23. März 2017

Date: 23-03-2017
Source: The Economist

The dangers to privacy and security are outweighed by the benefits

MORE treasured than the bullion in its vaults are the data a bank has stored on its servers. Bankers know what their customers eat, where they shop and, increasingly, what they get up to online. It is possible for customers to share these data with others, but the process is cumbersome. In effect, banks enjoy a monopoly over data that has helped them get away with lousy service and fend off newcomers with better ideas. In Europe, at least, that is all about to change.

The source of this upheaval is a new set of regulations, snappily named the Second Payment Service Directive, or “PSD2”. The rules, which are being finalised and will be in force from January next year, will compel banks to share data easily with licensed third parties (if that is what their account-holders want). Bankers in Europe squeal that their profits and customer relationships are under threat. Fearing they could be next, America’s bankers are already lobbying their regulators to keep their data monopoly intact. Such reactions are predictable and wrong. Den Rest des Beitrags lesen »

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Chief EU Brexit Negotiator Warns Britain of ‘Serious Consequences’ if No Deal Is Reached

Posted by hkarner - 23. März 2017

Date: 23-03-2017
Source: The Wall Street Journal

Michel Barnier says millions of citizens will face uncertain future

Michel Barnier, the EU’s chief Brexit negotiator warned Britain that divorce talks must be concluded.

BRUSSELS—European Union’s chief Brexit negotiator gave the U.K. a stark warning about the serious consequences it would face if it fails to agree to divorce terms with the bloc.

Speaking days before the U.K. is due to trigger its formal exit notification from the bloc, Michel Barnier on Wednesday warned Britain’s government that the U.K. would be “gravely affected” if there was no deal at the end of the two-year negotiation window.

“We have to call a spade a spade, there won’t be any business as usual,” Mr. Barnier said. “This is not a minor event. It’s a serious and exceptional situation.”

He said that in the case of no deal, British businesses would face significant supply-chain problems, the reintroduction of customs controls that could gum up British ports and there would be major challenges for seamless air travel to and from the U.K.

Even the supply of nuclear material to the U.K. would be at risk because the U.K. would be left outside of the EU’s nuclear-research and safety agreement, he said. Den Rest des Beitrags lesen »

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Mnuchin’s Mission

Posted by hkarner - 23. März 2017

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New ICMB/CEPR Report: Bail-ins and Bank Resolution in Europe

Posted by hkarner - 23. März 2017

Thomas Philippon, Aude Salord

Professor of Finance, Stern School of Business, NYU and CEPR Research Affiliate

Droit & Croissance

 

22 March 2017, voxeu

Nine years since the Global Crisis of 2008 and two and a half years after the launch the banking union in November 2014, some European countries are still struggling with significant banking problems. The total amount of non-performing loans (NPLs) in the EU is around €1 trillion and its allocation is far from equal. The rates of non-performance range from less than 5% in strong countries to 16% in Italy, 20% in Portugal, and 45% in Greece and Cyprus (EBA 2016). More than a third of EU countries have NPL ratios above 10%. These non-performing legacy assets present a challenge for the newly created banking union.

This column introduces the 4th Special Report in the Geneva Reports on the World Economy series. Den Rest des Beitrags lesen »

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Robotization Without Taxation?

Posted by hkarner - 23. März 2017

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Trump or No Trump?

Posted by hkarner - 23. März 2017

Photo of Anatole Kaletsky

Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0, The Birth of a New Economy,

Ongoing congressional gridlock will be the key to continued buoyancy in US equity markets, says Gavekal Dragonomics’ Anatole Kaletsky. It’s when Trump’s agenda starts to be implemented that the euphoria will wane.

MAR 21, 2017 Project Syndicate 
Transcript

Ever since Donald Trump won the US presidential election, American stock markets have been reaching for the sky.

But could it be that this optimism will be justified only if Trump fails to implement his policies, for the simple reason that America was already doing quite well before Trump came along?

If so, then the good news of Trump’s first few weeks as president is that Washington seems to be stuck in political gridlock, as it was in the Obama years. Den Rest des Beitrags lesen »

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Oil Retreats on Oversupply Fears

Posted by hkarner - 23. März 2017

Date: 22-03-2017
Source: The Wall Street Journal

Accelerating production in the U.S. and large global inventories are driving prices of crude futures lower

U.S. crude futures fell to a four-month low Tuesday, with stubbornly large global inventories and accelerating production in the U.S. reigniting a selloff.

Oil prices have slumped more than 11% in just two weeks, dragged lower by rising shale-oil production and inventories in the U.S. The downward movement has wiped out some of the gains reaped since the Organization of the Petroleum Exporting Countries and Russia last year agreed to cut 1.8 million barrels of their daily production in the first half of 2017. Den Rest des Beitrags lesen »

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The Eurozone is Still Vulnerable

Posted by hkarner - 23. März 2017

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