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Archive for 20. Juli 2018

Cloud-Boom bescherte Microsoft kräftige Geschäftszuwächse

Posted by hkarner - 20. Juli 2018

Die Quartalszahlen übertrafen die Erwartungen deutlich. Der Konzern will nun weiter auf Innovationen setzen.

Der Software-Riese Microsoft hat Umsatz und Gewinn dank seines brummenden Cloud-Geschäfts kräftig gesteigert. Im vierten Geschäftsquartal (bis Ende Juni) legte der Überschuss im Jahresvergleich um knapp zehn Prozent auf 8,9 Milliarden Dollar (7,67 Mrd. Euro) zu, wie Microsoft am Donnerstag nach US-Börsenschluss am Konzernsitz in Redmond (US-Staat Washington) mitteilte.

Die Erlöse stiegen um mehr als 17 Prozent auf 30,1 Milliarden Dollar. Die Erwartungen der Analysten übertrafen die Quartalszahlen klar. Die Marktreaktion fiel dennoch relativ verhalten aus – nachbörslich drehte die Aktie nach anfänglichen Kursverlusten zwar rasch ins Plus, konnte aber keine großen Sprünge machen. Allerdings hatte der Kurs seit Jahresbeginn auch schon um rund 22 Prozent zugelegt. Den Rest des Beitrags lesen »

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What Trump Gets Wrong About EU Defense

Posted by hkarner - 20. Juli 2018

Javier Solana was EU High Representative for Foreign and Security Policy, Secretary-General of NATO, and Foreign Minister of Spain. He is currently President of the ESADE Center for Global Economy and Geopolitics, Distinguished Fellow at the Brookings Institution, and a member of the World Economic Forum’s Global Agenda Council on Europe.

Donald Trump is not the first US president to demand that European countries spend more on their own defense, but he is the first to ignore the value of America’s alliances. In fact, with NATO’s European pillar recently strengthened, the US will have an even more reliable defense partner.

MADRID – The annual NATO summit this month was the latest installment in a long series of disagreements between US President Donald Trump and America’s European allies. At last year’s summit, Trump refused to affirm the principle of collective defense under Article 5 of the North Atlantic Treaty – the keystone of the transatlantic alliance. And, after derailing a G7 summit last month, Trump added further tensions this week by refusing to utter even the mildest criticism of Russian President Vladimir Putin at their Helsinki meeting.

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Europe Fights the Last Google War

Posted by hkarner - 20. Juli 2018

Date: 19-07-2018
Source: The Wall Street Journal

By the time this case is over, markets will be on to the next technology.

European Union Competition Commissioner Margrethe Vestager.

It’s uncanny how the antitrust czars in Brussels never miss an opportunity to fight the last war. So it is with the record-setting €4.34 billion ($5 billion) fine they levied against Google Wednesday in a case that will seem quaint five years from now, if it doesn’t already.

Antitrust Commissioner Margrethe Vestager whacked Google for insisting that smartphone handset makers preload Google’s search and web browser apps in phones using Google’s Android operating system. Brussels also frets that Google paid some manufacturers to preinstall the search app. These arrangements, Brussels says, are illegally intended to protect Google’s popularity in search, which the company exploits to sell advertising.

Google wants as many people as possible to use its apps, but this case makes you wonder if the EU learned anything from its decade-plus wrangle with Microsoft over browsers on desktop computers. That fight involved objections to Microsoft making its Internet Explorer the default browser on new computers using Microsoft Windows. You may have forgotten because as that legal tussle was wrapping up, a smartphone-and-tablet market dominated by Apple and Google was emerging to challenge Microsoft’s dominance in PC software. Den Rest des Beitrags lesen »

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Wie man Arbeitnehmer ohne Handelszölle schützen kann

Posted by hkarner - 20. Juli 2018

Robert J. Shiller, a 2013 Nobel laureate in economics, is Professor of Economics at Yale University and the co-creator of the Case-Shiller Index of US house prices. He is the author of Irrational Exuberance, the third edition of which was published in January 2015, and, most recently, Phishing for Phools: The Economics of Manipulation and Deception, co-authored with George Akerlof.

NEW HAVEN – Laut einer am 11. Juli veröffentlichten Meinungsumfrage der Washington Post und der Schar School unter US-Amerikanern stimmten nur 39% der Umfrageteilnehmer der Verhängung von Zöllen gegenüber anderen Ländern durch US-Präsident Donald Trump zu; 56% waren dagegen. Doch während es eine gute Nachricht ist, dass die Mehrheit der Amerikaner sich in dieser entscheidenden Frage gegen ihren Präsidenten stellt, zeigt sich Trump unbeirrt; er glaubt anscheinend, dass die Bevölkerung die Zölle besser finden wird, wenn sie erst einmal eingeführt sind.

Es ist ein Rätsel, warum selbst 39% diese Politik unterstützten. Seit der Großen Depression und dem Zweiten Weltkrieg, und dem Allgemeinen Zoll- und Handelsabkommen von 1947, haben die USA – und zwar Regierung wie Bevölkerung – konsequent den freien Handel unterstützt.

In seinem Buch Der Wohlstand der Nationen aus dem Jahr 1776 argumentierte Adam Smith in beredsamer und überzeugender Weise für den Freihandel und gegen handelsverzerrende Zölle: Beim Freihandel prosperiere die Wirtschaft, weil Waren und Dienstleistungen aus den Ländern bezogen werden, die bei ihrer Erzeugung am produktivsten sind. Den Rest des Beitrags lesen »

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Open Future: Europe’s civil war of sovereignty is tearing its soul apart

Posted by hkarner - 20. Juli 2018

Date: 19-07-2018
Source: The Economist

Goodbye illiberal democracy, hello authoritarian kleptocracy

EUROPE has slipped into a form of “civil war,” fears Emmanuel Macron, France’s president. The trenches have been dug, the weapons loaded, the front lines drawn. On one side stand the defenders of Europe’s liberal order, fighting for progress, openness and the values embodied in the mission of the European Union.

Opposing them stand supporters of an earthier politics, grounded in tradition, wedded to nation and suspicious of change, especially if it is delivered by outsiders. These warriors band under the standard of “illiberal democracy,” a term created in the 1990s by Fareed Zakaria, an Indian-American pundit, but given political life by Viktor Orban, Hungary’s anti-immigration prime minister.

The antagonists do not fall neatly into geographical camps. Here in the liberal platoon is Donald Tusk (pictured above left at the European Council leaders’ summit), a former prime minister of Poland, shoulder-to-shoulder with Angela Merkel, Germany’s chancellor. Glaring at them across no man’s land, alongside Mr Orban, stand Geert Wilders, the Dutch anti-Islam fanatic, and Marine Le Pen, the French nationalist. Several eastern European countries, such as the three Baltic states, have built robust democracies, largely free from graft. And the societies of Hungary and especially Poland are streaked with political division. Indeed, Mr Orban and Jaroslaw Kaczynski, Poland’s de-facto leader, thrive on such polarisation, denouncing their domestic opponents as traitors, cretins or effete vegetarian cyclists. Den Rest des Beitrags lesen »

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EU-Kommission warnt vor Brexit-Desaster

Posted by hkarner - 20. Juli 2018

Date: 19-07-2018
Source: SPIEGEL Von Markus Becker

Zusammengefasst: Die EU-Kommission hat die Behörden in den EU-Staaten und die Wirtschaft dringend ermahnt, sich auf alle Szenarien des Brexits vorzubereiten – auch auf einen Austritt Großbritanniens ohne Abkommen. Der Grund: Die britische Regierung ist nach wie vor tief zerstritten, der Ausgang der Verhandlungen mit der EU ist offen.

Großbritannien und die EU versuchen verzweifelt, einen chaotischen Brexit zu verhindern – doch die Zeit läuft. Die EU-Kommission fordert nun Behörden und Firmen auf, sich auf das Schlimmste vorzubereiten.

EU-Kommissionschef Jean-Claude Juncker

Ein EU-Austritt Großbritanniens ohne Abkommen galt lange als kaum denkbares Horrorszenario. Doch das ist spätestens seit Donnerstag anders: Die EU-Kommission hat die Behörden der Mitgliedsstaaten und die Wirtschaft ermahnt, sich auf alle Szenarien vorzubereiten – und damit auch auf einen chaotischen Brexit ohne Austrittsabkommen.

„Die Vorbereitungen müssen auf allen Ebenen sofort beschleunigt werden und alle möglichen Ergebnisse in Betracht ziehen“, heißt es fettgedruckt in dem entsprechenden 18-seitigen Papier. Zwar tue man weiterhin alles, um rechtzeitig ein Abkommen über einen geordneten Brexit hinzubekommen. Doch ob das gelinge, sei keineswegs sicher, betont die Kommission.

Die Verhandlungen zwischen London und Brüssel kommen seit Monaten nicht vom Fleck. Zwar hat die britische Premierministerin Theresa May vergangene Woche ihr Weißbuch vorgestellt, in dem sie erstmals ihre Vorstellung über die Beziehungen zur EU nach dem Brexit formuliert hat. Doch zentrale Details des Austritts selbst sind nach wie vor offen, allen voran die Frage, wie eine harte Grenze zwischen Irland und Nordirland verhindert werden kann. Den Rest des Beitrags lesen »

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Trump May Kill the Global Recovery

Posted by hkarner - 20. Juli 2018

Nouriel Roubini, a professor at NYU’s Stern School of Business and CEO of Roubini Macro Associates, was Senior Economist for International Affairs in the White House’s Council of Economic Advisers during the Clinton Administration. He has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank.

In a sharp departure from this time last year, the global economy is now being buffeted by growing concerns over US President Donald Trump’s trade war, fragile emerging markets, a slowdown in Europe, and other risks. It is safe to say that the period of low volatility and synchronized global growth is behind us.

NEW YORK – How does the current global economic outlook compare to that of a year ago? In 2017, the world economy was undergoing a synchronized expansion, with growth accelerating in both advanced economies and emerging markets. Moreover, despite stronger growth, inflation was tame – if not falling – even in economies like the United States, where goods and labor markets were tightening.

Stronger growth with inflation still below target allowed unconventional monetary policies either to remain in full force, as in the eurozone and Japan, or to be rolled back very gradually, as in the US. The combination of strong growth, low inflation, and easy money implied that market volatility was low. And with the yields on government bonds also very low, investors’ animal spirits were running high, boosting the price of many risky assets. Den Rest des Beitrags lesen »

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A second Brexit referendum is back in play

Posted by hkarner - 20. Juli 2018

Date: 19-07-2018
Source: The Economist

Parliamentary deadlock means it may be necessary to go back to the people

SINCE the vote to leave the European Union in June 2016, the more optimistic among those on the losing side have been lobbying for a rematch. Some argue for a re-run on the basis that Brexiteers lied during the campaign and broke election law (on July 17th the Electoral Commission fined the official Vote Leave campaign £61,000, or $80,000, for deliberately exceeding spending limits). Others say the public deserves a chance to vote on the final deal, which will bear little resemblance to the glittering one they were promised. Yet the idea of a second vote has never taken off. Polls have shifted only slightly in favour of remaining, and there is no great enthusiasm for another plebiscite, which would be the fourth nationwide vote in as many years.

But the idea of revisiting the referendum is back in play. By law, Theresa May’s government cannot sign a Brexit deal without MPs’ approval. And in the past couple of weeks it has begun to look as if Parliament will reject any deal. The Labour opposition has set six tests for the agreement, which look designed to be unpassable. The Conservative Party, meanwhile, is in a rebellious mood. This week hardline Tory Brexiteers forced the government to toughen its approach to customs, before a faction of Tory Remainers forced it to soften its policy on medical regulation. More defeats were avoided by as few as three votes. It is hard to imagine MPs agreeing to the unappealing deal that Mrs May is likely to bring back from Brussels later this year. And if they don’t, Britain could crash out of the EU on March 29th with no deal at all. Den Rest des Beitrags lesen »

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