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Archive for 4. August 2017

Familien an die Macht: Stiftung wird reformiert

Posted by hkarner - 4. August 2017

Andreas Schnauder, 4. August 2017, 07:20 derstandard.at

Das Justizministerium will die Einflussnahme von Stiftern und Begünstigten auf das in den Stiftungen geparkte Vermögen erhöhen

Wien – Sie heißen Piëch, Schlaff, Haselsteiner oder Mateschitz, zählen zu den Superreichen des Landes und haben neben viel Geld noch etwas gemeinsam: Sie zählen zu jenem Personenkreis, der sein Vermögen in einer der rund 3200 österreichischen Privatstiftungen wahrt und tunlichst vermehrt. Wobei die Bezeichnung „sein Vermögen“ irreführend erscheint, ist doch die Stiftung eigentümerlos. Damit geht auch einher, dass die Einflussnahme des „Gründers“ und der Begünstigten auf die Körperschaft stark eingegrenzt ist. Gemeinsam mit dem sukzessiven Wegfall von Steuerbegünstigungen hat die Judikatur den Privatstiftungen viel Wind aus den Segeln genommen. In den vergangenen Jahren wurden durchwegs deutlich mehr dieser Einrichtungen aufgelöst als neue gegründet.

Und: Die Rechtsstreitigkeiten zwischen den Angehörigen und dem Vorstand nehmen zu, vor allem wenn der Stifter verstorben ist. Da geht es oft um die Höhe der Zuwendungen an die Begünstigten, die Veranlagung und auch um strategische unternehmerische Fragen.

Wichtige Unternehmensbeteiligungen

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Competition between government money and cryptocurrencies

Posted by hkarner - 4. August 2017

On the economics of currency competition

Professor of Economics, University of Pennsylvania

Jesús Fernández-Villaverde 03 August 2017, vox.eu

In 1976, Friedrich Hayek published a short pamphlet, The Denationalization of Money. Worried that political constraints in developed countries prevented central banks from tackling the high inflation at that time, he argued that money-issuing should be opened to market forces, and the government monopoly on the provision of means of exchange should be abolished. Hayek envisioned a system of private monies in which the forces of competition would induce banks to provide a stable means of exchange (Hayek 1999). Despite some attention (e.g. Salin 1984), for decades Hayek’s proposal was considered more a curiosity than a workable idea. Den Rest des Beitrags lesen »

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Extraordinary Measures for Ordinary Times

Posted by hkarner - 4. August 2017

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Meet Amazon’s New Archrival: BRIAN

Posted by hkarner - 4. August 2017

Date: 03-08-2017
Source: The Wall Street Journal

Morgan Stanley has a new framework for determining which industries are vulnerable to competition from Amazon

You have heard of FANG, but have you met BRIAN?

Morgan Stanley has a framework for assessing which industries are more or less susceptible to encroachment by Amazon.com. It is calling this five-factor rubric BRIAN, an acronym for “bespoke products,” “regulatory hurdles,” “industry/business model,” “attention post-sale” and “nuances.”

Strengths or weaknesses in those areas impact the “pace and potential of Amazon disruption,” wrote analyst, er, Brian Nowak in a research note. Travel, luxury goods and formal apparel have a high degree of customization so can’t be easily replicated online; pharmaceuticals and insurance are protected by regulatory hurdles; low margins provide a defense for craft and dollar stores; do-it-yourself auto parts and home improvement require specialized customer service and installation; and real estate and auto purchases tend to be too complex for online sales. Den Rest des Beitrags lesen »

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We Survived Spreadsheets, and We’ll Survive AI

Posted by hkarner - 4. August 2017

Date: 03-08-2017
Source: The Wall Street Journal

History shows technology fuels new kinds of jobs in addition to the ones it renders obsolete

Whether truck drivers or marketing executives, all workers consider intelligence intrinsic to how they do their jobs. No wonder the rise of “artificial intelligence” is uniquely terrifying. From Stephen Hawking to Elon Musk, we are told almost daily our jobs will soon be done more cheaply by AI.

Yet AI is too amorphous a label to actually convey anything useful about what, precisely, it’s supposed to displace. Instead, think of it as a technology that does one thing particularly well: predictions. Such as, will that mark on the X-ray prove to be a tumor? Is the object in the road a paper bag or a child? Which headline will get the most readers to click on an article? Den Rest des Beitrags lesen »

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Britain’s Unreal Brexit Transition Debate

Posted by hkarner - 4. August 2017

Date: 03-08-2017
Source: The Wall Street Journal By Simon Nixon

Theresa May and her party will have a hard time negotiating with the EU when they can’t figure out precisely what they want

British Prime Minister Theresa May has talked about a wide range of possibilities for the U.K.’s future relationship with the European Union.

There is an air of unreality about the debate that has been raging this summer over a Brexit transition deal. The mere fact that this debate is taking place at all is unreal. It was never remotely plausible that the U.K. and European Union could negotiate and ratify both a divorce agreement and a new free-trade deal in the two years allowed under the Article 50 timetable, let alone the 21 months remaining after Prime Minister Theresa May squandered the first three months on a snap general election.

So the fact that it has taken until now for the cabinet to accept that a transitional deal will be essential—even if official government policy is still that a new Brexit trade deal can be agreed by March 2019—is alarming. Den Rest des Beitrags lesen »

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Global Inflation Hits Lowest Level Since 2009

Posted by hkarner - 4. August 2017

Date: 03-08-2017
Source: The Wall Street Journal

Data complicates plan to remove post-crisis stimulus policies

ECB President Mario Draghi  said the central bank would decide in the fall on the future of its bond-buying program.

Inflation in the Group of 20 largest economies, which account for most of the world’s economic activity, fell to its lowest level in almost eight years during June, deepening a puzzle that confronts central banks as they contemplate the removal of post-crisis stimulus policies.

The Organization for Economic Cooperation and Development Thursday said consumer prices across the G-20 were 2% higher than a year earlier. The last time inflation was lower was in October 2009, when it stood at 1.7% as the global economy was starting to emerge from the sharp downturn that followed the global financial crisis.

The contrast between then and now highlights the mystery facing central bankers in developed economies as they attempt to raise inflation to their targets, which they have persistently undershot over recent years. Den Rest des Beitrags lesen »

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