Föhrenbergkreis Finanzwirtschaft

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Archive for 11. Mai 2017

Italien – Regulierung: Banken wollen „Verschnaufpause“

Posted by hkarner - 11. Mai 2017

Thesy Kness-Bastaroli aus Mailand, 11. Mai 2017, 14:00 derstandard.at

 Die italienische Bankenkrise ist nach Ansicht des Präsidenten der Europäischen Bankenvereinigung, Giovanni Sabatini, innert weniger Jahre gelöst

„Man kann nicht von einer Überregulierung im Bankensektor sprechen. Aber eine gewisse Verschnaufpause wäre derzeit angebracht“, sagt Giovanni Sabatini, Präsident der Europäischen Bankenvereinigung (EBF). Sabatini war selbst jahrelang als „Regulierer“ bei der italienischen Börsenaufsicht Consob tätig. Nicht nur, dass sich die Regulierungen kontinuierlich änderten, es kämen auch ständig neue hinzu. Nach Basel 3 würden nun die Basel-4-Bestimmungen ausgearbeitet. Der Zeitpunkt, wann diese in Kraft treten, sei ungewiss, sagt Sabatini. „Ich plädiere nicht nur für eine Pause, sondern auch für eine Kultur der Regulierung.“ Diese sollte für mehr Transparenz und Kohärenz gegenüber dem EU-Prinzip der besseren Regulierung wie Beachtung der Rechenschaftspflicht sorgen.

Langwierige Prozesse Den Rest des Beitrags lesen »

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France Returns to Europe

Posted by hkarner - 11. Mai 2017

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The Macron Miracle

Posted by hkarner - 11. Mai 2017

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Emmanuel Macron’s Economic Plans for France Draw Pushback

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: The Wall Street Journal

Proposals to free up labor market while preserving welfare state spark protest from powerful unions

French President-elect Emmanuel Macron has put economic policy at the center of his bid to reconcile France with globalization.

PARIS—French President-elect Emmanuel Macron wants to reconcile his country with globalization. The modest economic changes he is proposing to do so are already provoking resistance.

The victor in Sunday’s French presidential election ran as a reformer who would make France’s economy more competitive, lightening tax and regulatory burdens on business, while preserving its cherished welfare state. His progress, particularly in bringing down France’s stubbornly high unemployment, will make or break his presidency.

The 39-year-old centrist’s proposals reflect an effort to apply to France the lessons of successful overhauls in Germany and Scandinavia, which have managed to blend business freedoms and social protections better than most other countries. Achieving change will require taking on France’s powerful labor unions.

On Monday, a day after Mr. Macron’s win, unions held a march through Paris to protest his policies. “We need all the opposition in France to converge and get into battle formation,” said Romain Altmann, who took part as a member of the CGT, one of France’s biggest unions. Den Rest des Beitrags lesen »

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Still there: Europe’s migrant crisis

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: The Economist

In 2015 more than 1m refugees made their way to Europe from Syria, Iraq, Afghanistan and elsewhere. A few countries, notably Germany and Sweden, initially welcomed them. Far more were hostile.

Today the European Court of Justice begins hearing two cases brought by Slovakia and Hungary in December 2015 against the European Union’s mandatory relocation of 160,000 refugees from Greece and Italy to other member states.

Viktor Orban, Hungary’s prime minister, called the scheme “a serious threat to every European nation, and to the Hungarian nation in particular”. If the ECJ sides with him and Robert Fico, the Slovakian prime minister, the EU will find it much harder to persuade other recalcitrant members to take more refugees.

But Mr Orban wins either way: defeat gives him yet another reason to lambast the bossy eurocrats of Brussels. The politically fraught ruling could come as soon as the autumn. Den Rest des Beitrags lesen »

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The $9 Trillion Question: What Happens When Central Banks Stop Buying Bonds?

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: The Wall Street Journal

Central banks have been the world’s biggest buyers of government bonds and may soon turn into sellers

Recent data showed that the European Central Bank holds total assets of $4.5 trillion, more than any other central bank ever. Above, the ECB headquarters in Frankfurt.

Central banks have been the world’s biggest buyers of government bonds and may soon turn into sellers—a tidal shift for global markets. Yet investors can’t agree on what that shift will mean.

Part of the problem is that there is little agreement about how the massive stimulus policies, known as quantitative easing or QE, affected bonds in the first place. That makes it especially hard to assess what happens when the tide changes. Den Rest des Beitrags lesen »

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HOW LONG UNTIL FACEBOOK TAKES OVER THE WORLD?

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: NewsWeek

Facebook Doubles Down On Social VR With Spaces—Now in Beta!

At some point soon, possibly even in May, the number of people in the world using Facebook is going to top 2 billion. That will mean more than half of all internet users in the world are on Mark Zuckerberg’s 13-year-old social network.

In its first quarterly earnings report for 2017 on Wednesday, Facebook stated that it had 1.94 billion monthly active users—300 million more than it had at the same time last year. According to the web-monitoring website Internet Live Stats, there are more than 3.6 billion internet users in the world—around 200 million more than there were last year. Facebook is on its way to signing them up.

Speaking after the quarterly results were announced, Facebook CEO Mark Zuckerberg spoke of the company’s size but did not make explicit his plans for keeping up this astonishing rate of growth. “With that foundation our next focus will be building community,” Zuckerberg said. “There’s a lot to do there.”

The word “community” only hints at his ambitions. Several initiatives the social network has launched in recent years point to his plan to connect the entire world to the internet—and by extension, to Facebook.

Some attempts, like the solar-powered internet planes it tested in Arizona last July, have had some success yet remain a long way from being realized on any significant scale. Other attempts, such as its Free Basics program in India have failed entirely—Indian regulators shut the project down in February over concerns about the social network’s potential to threaten net neutrality.

On Thursday, the technology juggernaut announced the commercial launch of “Express Wi-Fi,” which it claims will give millions of Indians access to the web at an “affordable” fee. It is designed to allow people to pay for the internet directly from local service providers and according to its website is live in Nigeria, Kenya, Tanzania and Indonesia as well as India. The initiative forms part of facebook’s Internet.org project, which launched in 2013 with the stated ambition of connecting the two-thirds of the planet without internet access.

Some activists have criticized Internet.org for the underlying implications of what is arguably Zuckerberg’s most ambitious project.

“We shouldn’t celebrate Facebook’s efforts to ‘bring the internet to all’ because that is not what they are doing,” transparency advocate David Sasaki said in a blogpost published shortly after the unveiling of Internet.org. Den Rest des Beitrags lesen »

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The meaning of life in a world without work

Posted by hkarner - 11. Mai 2017

Date: 10-05-2017
Source: The Guardian

As technology renders jobs obsolete, what will keep us busy? Sapiens author
Yuval Noah Harari examines ‘the useless class’ and a new quest for purpose

In the future, virtual worlds could take the place of religion and other socially-constructed systems of meaning as humans become less useful.

Yuval Noah Harari

Most jobs that exist today might disappear within decades. As artificial intelligence outperforms humans in more and more tasks, it will replace humans in more and more jobs. Many new professions are likely to appear: virtual-world designers, for example. But such professions will probably require more creativity and flexibility, and it is unclear whether 40-year-old unemployed taxi drivers or insurance agents will be able to reinvent themselves as virtual-world designers (try to imagine a virtual world created by an insurance agent!). And even if the ex-insurance agent somehow makes the transition into a virtual-world designer, the pace of progress is such that within another decade he might have to reinvent himself yet again.

The crucial problem isn’t creating new jobs.

The crucial problem is creating new jobs that humans perform better than algorithms. Consequently, by 2050 a new class of people might emerge – the useless class. People who are not just unemployed, but unemployable. Den Rest des Beitrags lesen »

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