Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 21. Dezember 2017

Das hat die Schweizer Notenbank seit Jahrzehnten nicht mehr gemacht

Posted by hkarner - 21. Dezember 2017

Die berechtigte Angst, Papier für die Geldscheine könnte knapp werden, treibt die Währungshüter zu einem ungewöhnlichen Schritt.

Schweizer Nationalbank übernimmt ein Unternehmen 

Die Schweizer Notenbank (SNB) sieht sich zu einem ungewöhnlichen Schritt gezwungen, damit das Papier für die neuen Geldscheine nicht knapp wird. Die Hersteller-Firma des speziellen dreischichtigen Papiers stand nach Angaben der SNB kurz vor dem Aus. Also habe sich die Zentralbank entschlossen, die Firma Landqart zu übernehmen. „Mit dem jetzigen Schritt bleibt die Bargeldversorgung sichergestellt und damit die Erfüllung des gesetzlichen Auftrags der SNB gewährleistet“, erklärte die Zentralbank am Donnerstag.

Sie übernimmt 90 Prozent des Unternehmens, das Druck- und Verlagshaus Orell Füssli die restlichen zehn Prozent. Zusammen bezahlen sie für Landqart insgesamt 21,5 Millionen Franken. Für die Zentralbank ist es die erste Übernahme seit Jahrzehnten. Den Rest des Beitrags lesen »

Advertisements

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Home runs: An experiment with in-home deliveries is under way

Posted by hkarner - 21. Dezember 2017

Date: 19-12-2017
Source: The Economist

Amazon and other firms want people to trade a little privacy and security in return for online shopping ease

AFTER staying at home one afternoon for a delivery of discounted toilet disinfectant that never came, Valentin Romanov, a Stockholm IT manager, installed a special lock on his flat’s entrance. When no one is in, deliverymen unlock the door and slip packages inside. Four months on, Mr Romanov has doubled his spending online and says he cannot imagine life without in-home deliveries. These are sweet words for delivery firms and online retailers, Amazon included, that are setting up partnerships with lock manufacturers to overcome a big hurdle for e-commerce.

Conventional deliveries fail so often that a parcel is driven to a home an average of 1.5 times in the Nordic region, says Kenneth Verlage, head of business development at PostNord, a logistics giant operating in Denmark, Finland, Norway and Sweden. It is an expensive inefficiency made worse, he says, by the fact that recipients have still often had to wait for a failed delivery. Some couriers leave packages on doorsteps, but this invites theft. Of 1,000 Americans surveyed this year by Shorr, a packaging firm, nearly a third had been victims of “porch piracy”, as this is known. Two-fifths avoid certain online purchases for fear of it. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »

Emerging markets: Countries rarely default on their debts

Posted by hkarner - 21. Dezember 2017

Date: 19-12-2017
Source: The Economist

Venezuela is the exception to the rule

VENEZUELA is an unusual country. It is home to the world’s largest reserves of oil and its highest rate of inflation. It is known for its unusual number of beauty queens and its frightening rate of murders. Its bitterest foe, America, is also its biggest customer, buying a third of its exports.

In defaulting on its sovereign bonds last month (it failed to pay interest on two dollar-denominated bonds by the end of a grace period on November 13th), Venezuela is also increasingly unusual. The number of governments in default to private creditors fell last year to its lowest level since 1977, according to the Bank of Canada’s database. Of the 131 sovereigns tracked by S&P Global, a rating agency, Mozambique is the only other country in default, having missed payments on its Eurobond (and failed to make good on guaranteed loans to two state-owned enterprises). Walter Wriston, a former chairman of Citibank, earned ridicule for once declaring that “countries don’t go bust”. But they don’t much anymore. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Intangible assets are changing investment

Posted by hkarner - 21. Dezember 2017

Date: 19-12-2017
Source: The Economist: Buttonwood

Forecasting profits is not as helpful as it used to be

WHEN you work as an equity analyst at an investment bank, your task is clear. It is to comb all the statements made by corporate executives, to scour the industry trends and arrive at an accurate forecast of the company’s profits. Achieve this and your clients will be happy and your bonus cheque will have many digits.

But is all this effort worthwhile? Not as much as it used to be, according to Feng Gu and Baruch Lev, writing in a recent issue of Financial Analysts Journal*. The authors imagined that investors could perfectly forecast the next quarter’s earnings for all companies. They then assumed that investors bought all the stocks that they expected to meet or beat the consensus of analysts’ forecasts; and that investors could short (ie, bet on a declining price) the stocks of those that were predicted not to reach their estimates. They made their investment two months before the end of a quarterly reporting period and got out of their positions one month after the quarter ended (by which time the earnings have been reported).

In the late 1980s and 1990s, this would have been a highly successful strategy, achieving excess returns (over those achieved by stocks of similar size) of 4% or more every quarter. But these abnormal returns have dropped: in recent years they have been only 2% a quarter. A similar effect appeared when examining the returns that would have been achieved by perfectly predicting those companies that achieved annual earnings growth. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

There are no good options for dealing with Poland’s government

Posted by hkarner - 21. Dezember 2017

Date: 19-12-2017
Source: The Economist: Charlemagne

When Eurocrats urge Poland to respect the rule of law, the Polish ruling party dismisses them as meddling foreigners

AMONG the many delights of Christmas Eve (Wigilia) in Poland is the custom of setting an empty place for an unexpected friend, relative or stranger who happens to drop in. The tradition is grounded, depending on whom you ask, in Biblical practice, remembrance of deported compatriots in war or pagan ancestor-worship. It emerged centuries ago, but survives at many carp-laden Wigilia tables across the world.

Inside the European Union, though, Poland’s populist-nationalist government is coming close to empty-chairing itself. Driven by the views of its leader, Jaroslaw Kaczynski, the ruling Law and Justice (PiS) party has spent two years sucking the independence from public institutions in a bid to reverse perceived wrongs of the post-1989 settlement. The European Commission, which as the guardian of EU treaties monitors such things, has spent the same period impotently wringing its hands. Having already defanged the constitutional tribunal, the Polish parliament passed laws in July that would, among other things, have obliged many Supreme Court judges to resign. (The government claims the court is riddled with communist holdovers.) Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »