Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 7. Oktober 2017

Taxation Tests European Unity

Posted by hkarner - 7. Oktober 2017

Date: 06-10-2017
Source: The Wall Street Journal

The EU is trying to level the playing field on tax issues, but risks alienating smaller member states

BRUSSELS—The European Union is selling its push to wrest tax revenue from multinational companies as a step toward leveling the corporate playing field across the continent.

But the move risks exacerbating tax disputes among member states, and undermining the bloc’s unity.

The EU in recent years has launched investigations to crack down on what officials say is corporate tax avoidance, abetted by sweetheart deals offered by some countries. The bloc has also proposed new tax legislation, with officials promising that large companies will pay their fair share. Den Rest des Beitrags lesen »

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Can Macron’s „Fire and Fury“ Lead a Renaissance for Europe?

Posted by hkarner - 7. Oktober 2017

Date: 06-10-2017
Source: YaleGlobal

Over the past decade, France as Europe’s third largest economy has not pursued an ambitious agenda as a member of the European Union. Likewise, resistance to political reforms has led to tepid economic growth hovering around 1 percent with only a few countries faring worse. President Emmanuel Macron, rejecting nationalism and embracing the potential of the European Union, may revitalize the French role. “Macron has moved to a dual strategy,” explains François Godement, a senior policy fellow with the European Council on Foreign Relations. “Use European needling to push domestic reforms, leverage these reforms to lobby the entire European Union for deeper integration, and needle Germany in the direction of federal economic governance for Europe.” Moving swiftly, Macron offers numerous policy proposals, pointedly avoiding treaty changes or mutualizing members’ past debts. Critics grumble about a jumble of policies, and Godement concludes that careful diplomacy is required in convincing other EU members, including Germany, that sticking with the status quo, avoiding reforms, will lead to Europe’s failure. – YaleGlobal

Macron, avoiding treaty changes, moves swiftly in proposing reforms to revitalize the European Union and France’s role
François Godement Den Rest des Beitrags lesen »

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Out of the traps: Emerging markets are up and running

Posted by hkarner - 7. Oktober 2017

Date: 05-10-2017
Source: The Economist

After a rocky few years, emerging markets have become more mature and resilient, says Simon Cox. But along with the drama, some of their dynamism has gone

IN 1875 THE Ottoman Empire defaulted on half its foreign debt, a victim of the “first major debt crisis of the developing world”, according to one account of the mess. Its creditors, led by the Imperial Ottoman Bank, forced the empire’s grand vizier to accept a humiliating solution. Rather than wait to be repaid out of tax revenues, they won the right to collect half a dozen taxes themselves, including stamp duty and duties on alcohol. After 15 years of tax farming, the Imperial Ottoman Bank was comfortable enough to build impressive new headquarters in Istanbul, neo-orientalist in style on one side and neoclassical on the other.

Since long before the term was invented, emerging markets have provided a rich source of both peril and profit. That financial crisis in 1875 was followed by many others, including a hatful in Turkey. And like the Imperial Ottoman Bank, investors with strong stomachs have often profited the most from emerging markets at their worst. Hedge funds that bought impaired Argentine debt for roughly 20 cents on the dollar after its default in 2001 extracted a handsome settlement from its new government last year, worth perhaps ten times what they paid, according to some estimates. Den Rest des Beitrags lesen »

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The Seven Deadly Sins of AI Predictions

Posted by hkarner - 7. Oktober 2017

Date: 06-10-2017
Source: Technology Review by Rodney Brooks

Mistaken extrapolations, limited imagination, and other common mistakes that distract us from thinking more productively about the future.

We are surrounded by hysteria about the future of artificial intelligence and robotics—hysteria about how powerful they will become, how quickly, and what they will do to jobs.

I recently saw a story in ­MarketWatch that said robots will take half of today’s jobs in 10 to 20 years. It even had a graphic to prove the numbers.

The claims are ludicrous. (I try to maintain professional language, but sometimes …) For instance, the story appears to say that we will go from one million grounds and maintenance workers in the U.S. to only 50,000 in 10 to 20 years, because robots will take over those jobs. How many robots are currently operational in those jobs? Zero. How many realistic demonstrations have there been of robots working in this arena? Zero. Similar stories apply to all the other categories where it is suggested that we will see the end of more than 90 percent of jobs that currently require physical presence at some particular site. Den Rest des Beitrags lesen »

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Three Ways Ahead for the Eurozone

Posted by hkarner - 7. Oktober 2017

Kemal Derviş, former Minister of Economic Affairs of Turkey and former Administrator for the United Nations Development Program (UNDP), is a vice president of the Brookings Institution.

With German Chancellor Angela Merkel still forming her new coalition government, it is impossible to say for certain what approach to integration Europe will take in the coming years. But reform of the EU and the eurozone will almost certainly not follow the highly ambitious path favored by European Commission President Jean-Claude Juncker.

WASHINGTON, DC – After a tumultuous year, politics seem to be stabilizing across Europe. Though the far-right Alternative für Deutschland (AfD) gained almost 13% of the vote in Germany’s recent federal election, it does not pose a serious threat to Chancellor Angela Merkel’s leadership. In France – the other pillar of the European project – President Emmanuel Macron can count on a solid parliamentary majority. And, despite the uncertainty surrounding the details of Brexit, there is little doubt that, whatever plans the European Union makes, it will be doing so without the United Kingdom as a member. 

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U.K. Prime Minister Theresa May Grapples With Public Split in Party Over Her Leadership

Posted by hkarner - 7. Oktober 2017

Date: 06-10-2017
Source: The Wall Street Journal

Senior Conservative lawmaker says he has sounded out colleagues about unseating her

Britain’s Prime Minister Theresa May responds to claims that Conservative Party members wanted her to step down, saying she is providing “calm leadership” with the “full support” of her cabinet.

LONDON—Prime Minister Theresa May’s shaky hold on power was underlined Friday as a senior lawmaker said he has been sounding out colleagues about unseating her.

The unusual public statement, by Grant Shapps, a former co-chairman of her Conservative Party, came just days after Mrs. May’s keynote speech calling for unity at the party’s annual conference was overshadowed by a prankster’s interruption, a coughing fit and a malfunctioning stage set.

Senior colleagues rallied to Mrs. May’s defense, and analysts said she will probably hang on for now, given the risk that a leadership contest could disrupt talks on Britain’s exit from the European Union or culminate in an election that would give a resurgent Labour Party a shot at power. Den Rest des Beitrags lesen »

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Commodities are not always bad for you

Posted by hkarner - 7. Oktober 2017

Date: 06-10-2017
Source: The Economist
Subject: A drag, not a curse

Raw materials need not undermine the countries that export them

THE LAMP POSTS in Kliptown, South Africa, do not all stand up straight. One lists awkwardly, laden with cables carrying stolen electricity to a squatters’ settlement nearby. Many families in this suburb of Soweto, a formerly black township in greater Johannesburg, are still crammed into makeshift housing. When it is hot outside, the temperature inside is “times two”, says one resident, who shares six rooms with 20 others. And when it turns cold, the chill inside is also “times two”.

On the other side of the railway tracks the government is investing heavily in Walter Sisulu Square, where in 1955 the African National Congress (ANC) and its allies adopted the Freedom Charter, a statement of principles for a post-apartheid nation. The charter’s commitments, written in stone on a monument in the square, include demolishing slums and building well-lit suburbs. They also include transferring ownership of the mineral wealth beneath the soil to the people. The contrast between what the charter says and what the slum itself reveals tells you how broken the system is, says one squatter. Den Rest des Beitrags lesen »

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