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Archive for 14. März 2018

Raiffeisenbank International will wieder wachsen

Posted by hkarner - 14. März 2018

14. März 2018, 16:10 derstandard.at

Die RBI will wieder eine Dividende zahlen und wachsen. 2017 lief gut, nur in Polen gibt es Brösel

Wien – Jahrelang hat sie ihre Aktivitäten gedrosselt, nicht zuletzt um ihr Eigenkapital aufzupolstern, nun soll sie wieder wachsen: die Raiffeisen Bank International. Beim Pressegespräch zum Jahresergebnis 2017 erläuterte RBI- Chef Johann Strobl, flankiert von Finanzvorstand Martin Grüll und Risikovorstand Hannes Mösenbacher, die Pläne für das Institut. Es sei „ein schöner Tag, wir alle drei freuen uns“, moderierte Strobl die Präsentation an. Die Gründe dafür in Zahlen: Das Konzernergebnis verdoppelte sich auf 1,1 Milliarden Euro, die notleidenden Kredite (NPL) sanken, was die NPL-Quote um drei Prozentpunkte auf 5,7 Prozent gedrückt hat. Mittelfristig wollen die Banker drei bis fünf Prozent erreichen. Die Kernkapitalquote (CET 1) ist leicht auf 12,7 Prozent gestiegen, angepeilt sind da 13 Prozent. Die Aktionäre sollen angesichts der Gewinne und erstmals seit 2013 wieder eine Dividende sehen, vorgeschlagen werden 62 Cent je Aktie.

In 14 Ländern Osteuropas aktiv

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Trump bereitet riesige Strafzölle gegen China vor

Posted by hkarner - 14. März 2018

Thomas Mayer aus Straßburg, 14. März 2018, 18:03 derstandard.at

Mit Zöllen auf Computerwaren will US-Präsident Donald Trump gegen das riesige US-Handelsbilanzdefizit mit China angehen

Nach einer ersten Welle von Strafzöllen der USA im Stahl- und Aluminiumbereich, die sich vor allem gegen Europa richtete, bereitet US-Präsident Donald Trump offensichtlich ein noch viel größeres Paket von Handelsbeschränkungen vor – gegen China. Eine offizielle Bestätigung aus dem Weißen Haus gab es dazu zunächst nicht. Aber das Außenministerium in Peking kündigte am Mittwoch jedenfalls bereits „energische Gegenmaßnahmen“ an, sollte Washington Zölle auf chinesische Waren einheben. Handelsbeziehungen könnten kein Nullsummenspiel sein, bei dem die Gewinne auf der einen Seite die Verluste auf der anderen Seite seien, sagte ein Sprecher. China werde „seine legitimen Interessen zu verteidigen wissen“. Er bezog sich dabei auf Insiderinformationen, wonach Trump Importzölle im Telekom- und Technologiesektor auf Waren im Volumen von bis zu 60 Millionen Dollar (48 Milliarden Euro) ins Auge fasst. Er will damit geistiges Eigentum von US-Konzernen verteidigen. Vor zehn Tagen hatte der US-Präsident via Twitter überraschend Schutzzölle von 25 Prozent auf Stahl und zehn Prozent auf Aluminium aus Europa angekündigt. Das Exportvolumen beträgt dabei nur sechs Milliarden Euro.


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Guido Franzinetti – What went wrong in Eastern Europe? Orbán, Kaczyński and the demise of European Liberalism

Posted by hkarner - 14. März 2018

Thanks to M.R.
It is difficult to find an objective analysis concerning the political developments in the Eastern EU nations. Guido Franzenetti is one of the few authors who provides one.

Guido Franzinetti has carried out research and worked in Poland, Hungary, Uzbekistan and Kosovo. He teaches European Contemporary History at the University of Eastern Piedmont, Vercelli, Italy. <guido.franzinetti@gmail.com>

The consolidation of the governments of Viktor Orbán in Hungary and Jarosław Kaczyński in Poland, their apparently unshakable grip on political power (through methods fair or foul) has given rise to a wave of “europessimism”. This pessimism often translates into a simple formula: “eastern European democracies are being hijacked by unpleasant politicians who are intent on creating illiberal democracies, or worse”. This may well be the case, but it does not explain much. Den Rest des Beitrags lesen »

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Richard Murphy – Guess who won from the Global Financial Crisis?

Posted by hkarner - 14. März 2018

Thanks to M.R.
We have one tax scandal after the other. Not only do things not improve, they get worse.

Richard Murphy is Professor of Practice in International Political Economy, City University of London. He campaigns on issues of tax avoidance and tax evasion, as well as blogging at Tax Research UK

The FT reported yesterday:

Big multinationals are paying significantly lower tax rates than before the 2008 financial crisis, according to Financial Times analysis showing that a decade of government efforts to cut deficits and reform taxes has left the corporate world largely unscathed.

Companies’ effective tax rates — the proportion of profits that they expect to pay, as stated in their accounts — have fallen 9 per cent (two percentage points) since the financial crisis. This is in spite of a concerted political push to tackle aggressive avoidance. Governments’ cuts to their headline corporate tax rates only explain around half the overall fall, suggesting multinationals are still outpacing attempts to tighten tax collection. Den Rest des Beitrags lesen »

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Germany’s Dangerous Political Marriage

Posted by hkarner - 14. März 2018

Helmut K. Anheier

Helmut K. Anheier is President and Professor of Sociology at the Hertie School of Governance in Berlin.

Germany’s new grand coalition – the third in Merkel’s long chancellorship – is a good outcome for Germany’s short-term stability, especially with regard to Europe. But it is a bad outcome for democracy, especially at a time when populist forces are a growing threat.

BERLIN – More than five months after Germany’s federal election last September, a new grand coalition government – comprising Chancellor Angela Merkel’s Christian Democratic Union, the CDU’s Bavarian sister party, the Christian Social Union (CSU), and the Social Democratic Party (SPD) – has finally been formed. But there is little reason to celebrate.

Germany has endured nearly six of months under a caretaker government (the longest in the Federal Republic’s history), a failed coalition agreement, weeks of arduous negotiations, painful internal party rumblings, and much politicking. Moreover, a recent national poll dealt yet another blow to the center-left SPD, indicating that if elections were held today, the party would be outperformed by the far-right Alternative for Germany (AfD). Den Rest des Beitrags lesen »

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The Trade Warrior

Posted by hkarner - 14. März 2018

Date: 12-03-2018

Donald Trump’s Attack on German Prosperity

U.S. President Donald Trump seems intent on launching a trade war. He is ignoring appeals to common sense coming from Europe and Asia, but one country stands to lose more than any other: Germany.

Starting last Thursday, automobile manufacturers once again began presenting their newest attractions. But this year, the executives are having a more difficult time than usual in exuding confidence. It’s not that their bottom lines are in bad shape; on the contrary. It’s not that they are weighed down by the ongoing diesel scandal; they’ve more or less become used to that. Rather, their collective mood was crushed by just a few words pecked out on the screen of the mobile phone of the most powerful man in the world.

On March 3, U.S. President Donald Trump announced on Twitter that he would be slapping a punitive tariff on automobiles „which freely pour into the U.S.,“ as he complained. Prior to that, Trump had announced that he intended to introduce a 25-percent import tariff on steel and 10 percent on aluminum — and signed the corresponding executive order last Thursday. It was a move that threw a significant share of the automobile and metal industries into turmoil.

If Trump also fulfills his threat against foreign carmakers, it would be a painful blow to German producers, particularly Porsche. The VW subsidiary is heavily dependent on sales in the United States, with every fourth vehicle sold in America. Were tariffs introduced, Porsche would likely be forced to raise its prices and risk taking a hit on sales. Den Rest des Beitrags lesen »

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The Next Phase of Finance

Posted by hkarner - 14. März 2018

Bertrand Badré

Bertrand Badré, a former managing director of the World Bank, is CEO and Founder of Blue like an Orange Sustainable Capital and author of Can Finance Save the World? 

Today’s strengthening economic recovery has not overcome the understandable but devastating loss of trust in the financial system that followed the crisis a decade ago. Restoring trust will require reasserting control over the financial sector, to ensure that it is serving the economy, not the other way around.

WASHINGTON, DC – The decade since the global financial crisis has been tumultuous, to say the least. True, no great war has erupted, and we have more or less avoided the mistakes of the Great Depression, which led in the 1930s to greater protectionism, bank failures, severe austerity, and a deflationary environment. But renewed market tensions indicate that these risks have not been eradicated so much as papered over.

In a sense, the story of the 2008 financial crisis begins when the global order was created from the ashes of World War II. Initiatives like the Bretton Woods institutions (the World Bank and the International Monetary Fund), the Marshall Plan, and the European Economic Community supported the reconstruction of significant portions of the world economy. Despite the Cold War (or perhaps because of it), they also re-started the globalization that WWII had brought to a halt. Den Rest des Beitrags lesen »

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