Föhrenbergkreis Finanzwirtschaft

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Archive for 15. Januar 2018

Pensionskassen hoffen auf Steuerzuckerl durch Regierung

Posted by hkarner - 15. Januar 2018

2017 schafften die Pensionskassen, die die Zusatzpension für 925.000 Menschen verwalten, ein Ertragsplus von 6,13 Prozent.

Wien. Die heimischen Pensionskassen – sie verwalten die betrieblichen Zusatzpensionen von 925.426 Menschen – haben im Vorjahr im Schnitt einen Veranlagungsertrag von 6,13 Prozent erzielt. Das liegt über dem langjährigen Schnitt von 5,55 Prozent und ist zum Gutteil der positiven Entwicklung auf den Aktienmärkten zu verdanken.

23 Prozent der österreichischen Beschäftigten arbeiten in Betrieben mit Pensionskassenvertrag. Ihr Arbeitgeber zahlt regelmäßig ein (und sie selbst können freiwillig Zuzahlungen tätigen), dafür erhalten sie später eine Zusatzpension – zuletzt in Höhe von durchschnittlich 483 Euro im Monat. Derzeit sind es vor allem Großunternehmen, die Pensionskassenverträge abgeschlossen haben. Insgesamt verfügen nur 14.400 heimische Firmen über einen Pensionskassenvertrag. Bei Klein- und Mittelbetrieben (KMU) handelt es sich um ein Minderheitenprogramm. Die Mehrheit der Neuverträge gehe aber auf KMU zurück, berichtete Fachverbandsobmann Andreas Zakostelsky.  Den Rest des Beitrags lesen »

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BlackRock v Blackstone

Posted by hkarner - 15. Januar 2018

Date: 11-01-2018
Source: The Economist: Schumpeter

Mirror, mirror on the wall, who is the mightiest finance tycoon of them all?

THE two most successful entrepreneurs on Wall Street of the past two decades work on opposite sides of Park Avenue. Larry Fink, 65, is a Democrat whose hand is glued to a Starbucks cup and who runs BlackRock from 52nd Street. Stephen Schwarzman, 70, is a Republican who wears striped shirts with plain collars and runs Blackstone from between 51st and 52nd. The two are ex-colleagues, but have sharply opposing views on investment and management. Their trajectories illustrate how finance is changing. Mr Fink, once the underdog, is on top.

His firm, BlackRock, is the world’s largest asset manager, with $6trn of assets. It stands for computing power, low fees and scale, and is booming. Mr Schwarzman’s firm, Blackstone, is the largest “alternative” manager, focused on private equity and property, with $387bn of assets. It stands for a time-honoured formula of brain power, high fees and specialisation. Lately, it has trod water. Den Rest des Beitrags lesen »

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Investment banks’ cull of company analysts brings dangers

Posted by hkarner - 15. Januar 2018

Date: 11-01-2018
Source: The Economist

The baby of astute analysis risks being thrown out with the bathwater of corporate soft soap

THEY are not extinct, nor even on the endangered-species list. But company analysts, once among the most prestigious professionals in the stockmarket, are being culled. New European rules, with the catchy name of MiFID2, have just dealt analysts another blow. A study by Greenwich Associates estimates that the budget for the research they perform may drop by 20% this year.

In their heyday in the late 1980s and early 1990s, analysts could make or break corporate reputations. A “buy” or “sell” recommendation from the leading two or three analysts in an industry could move a share price substantially. Fund managers, and many financial journalists, relied on analysts to spot those companies that were on a rising trajectory, and those where the accounts revealed signs of imminent trouble. And the best analysts were very well paid. Den Rest des Beitrags lesen »

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Year of the Octopus, Part 2

Posted by hkarner - 15. Januar 2018

Only two weeks in and 2018 is already breaking records – mostly in a good way. But that leaves 50 potentially less enjoyable weeks to go. So rather than focus on promising current events, I think I’d better dip back into my annual forecast bag and share a few more highlights with you.

 

Last week I called 2018 “the Year of the Octopus” because it has so many tentacles. There are many more than eight, so I should probably have made it the Year of the Centipede. In any case, let’s run through a few more projections from my still-growing pile.

Optimism and Hong Kong

Two years ago, when I was at the same Bank of America Merrill Lynch investment conference that I attended last week in Hong Kong, the mood in the room was quite somber, even bearish. The sentiment, shared by many at that gathering, turned out to be wrong.

Last week (while still suffering mightily from jet lag) I had a good conversation with my host, Ajay Kapur (who could not have been more delightful), in which we noted the mood of this year’s conference, which was almost universally upbeat. There was a clear consensus among these very seasoned and powerful traders. Given how wrong the mood was last time, Ajay and I wondered whether we should perhaps be a little trepidatious about the Chinese, Hong Kong, and other Asian markets. I’m not sure what to make of the mood this year, but I just thought I would share that experience. Now let’s move on to the forecasts of some of my other friends. Den Rest des Beitrags lesen »

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What makes humans inventive?

Posted by hkarner - 15. Januar 2018

Date: 11-01-2018
Source: The Economist

Two new books probe the evolutionary roots of creativity

The Origins of Creativity. By Edward Wilson. Liveright; 198 pages; $24.95. Allen Lane; £20.

The Runaway Species. By Anthony Brandt and David Eagleman. Catapult; 287 pages; $28. Canongate; £20.

DOES science spoil beauty? John Keats, an English Romantic poet, thought so. When Sir Isaac Newton separated white light into its prismatic colours, the effect, Keats wrote, was to “unweave a rainbow”. By explaining how rainbows occurred, the mystery and the lustre were lost. The idea that science and the arts are distinct, incompatible cultures is an enduring one. Two new books seem to cut to the heart of the matter: human creativity.

Edward Wilson, 88 and the author of “The Origins of Creativity”, is the grand old man of Harvard biology. His speciality is myrmecology—the study of ants. For a short book, “The Origins of Creativity” is brimming with ideas, many of which wander, as Mr Wilson’s writing often does, beyond the brief of the title. Ultimately, though, everything in the book ties back to genetics and evolution—and a belief that culture and creativity have genetic roots.

Mr Wilson traces the source of creativity to human prehistory, on the African savannah. Man’s ancestors were, for a time, dull, relatively asocial vegetarians. The crucial step, Mr Wilson argues, came with the switch to eating meat. This meant having to hunt in groups, and that meant becoming more social: people had to co-operate in the foray, and share the rewards. This change put an evolutionary premium on communication and social intelligence. Eventually, by way of natural selection, it gave rise to symbolic language. And thus the birth of the humanities came about, in storytelling and the “nocturnal firelight of the earliest human encampments”. Den Rest des Beitrags lesen »

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Trust me, I’m a journalist

Posted by hkarner - 15. Januar 2018

Date: 12-01-2018
Source: The Economist

Distrust of news organisations is likely to erode trust in government, too. That bodes ill for America’s president

ON JANUARY 17th Donald Trump will announce the inaugural winners of his “Fake News Awards”, presented to the “most biased and corrupt” organisation in America’s mainstream media. Since he took office nearly a year ago, Mr Trump has waged a war of words against what he perceives as unfair treatment by the news elite. His principal targets are the “failing” New York Times and “fake news” CNN.

A poll by Pew Research, a think-tank based in Washington, demonstrates how successful Mr Trump has been in souring his fans’ attitudes towards the press. For a number of years Pew has asked a representative sample of Americans whether news organisations’ criticism of political leaders primarily keeps them in check or, conversely, prevents them from doing their jobs. In 2016 Republicans and Democrats were in broad agreement: around 75% thought that criticism was constructive for a healthy government. But by last year Mr Trump had created a chasm in that sentiment: 90% of Democrats, but just 42% of Republicans, said that criticism by journalists of political leaders was useful. Republican voters are now more likely to disagree with Democratic voters about whether news reporting is biased. About nine-tenths of Republicans believe the news media favour one political party over the other, compared with just over half of Democrats. Den Rest des Beitrags lesen »

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