Föhrenbergkreis Finanzwirtschaft

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Archive for 15. September 2018

Milliarden für die Banken: Wurden nach Lehman nur die Reichen gerettet?

Posted by hkarner - 15. September 2018

Gute Analyse. Szigetvari wird immer mehr zum Star-Analytiker. Gratulation dem Standard! (hfk)

András Szigetvari, 15. September 2018, 08:00 derstandard.at

Unzählige Finanzinstitute wurden aufgefangen. Die Rettungsaktionen gelten als teuer unpopulär. Wer so denkt, macht es sich zu einfach

In den zehn Jahren seit Lehman hat sich in weiten Teilen der Gesellschaft die Ansicht durchgesetzt, dass in der Finanzkrise nur die Reichen gerettet wurden. Den Banken wurden milliardenschwere Notpakete nachgeworfen, um Spekulanten und Gläubiger aufzufangen, während die Steuerzahler die Verluste umgehängt bekamen, so der Vorwurf. Und tatsächlich waren Geldgeber der großen Finanzinstitute lange Zeit tabu: Ihre Forderungen wurden beglichen, ganz gleich, wie viel Steuergeld dafür verwendet wurde. Ein Blick zurück auf die entscheidenden Wendepunkte zu Beginn der Finanzkrise 2008 zeigt, dass sich diese Geschichte für die handelnden Akteure etwas anders darstellte. Chaotisch und improvisiert liefen die Rettungsaktionen in der Finanzwelt an. Oft hatte niemand den Überblick – und gerettet wurden eben nicht „nur“ die Reichen. Der Epilog zu Lehman beginnt am 11. März 2008 mit der Investmentbank Bear Stearns. Das Haus zählt nicht zu den größten an der Wall Street, gerät aber an diesem Dienstag in die Schlagzeilen.

Ein Investmenthaus etabliert sich

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The unlikely survival of May’s Chequers plan for Brexit

Posted by hkarner - 15. September 2018

Date: 13-09-2018
Source: The Economist
Subject: The Brexit negotiations

Despite being shot down from all sides, Theresa May’s Chequers plan for Brexit refuses to die

COMPROMISES have few friends. So it has proved with the Chequers plan for Brexit, which proposes staying in the single market for goods along with a complex “facilitated customs arrangement” chiefly designed to avert a hard border in Ireland. Brexiteers hate being tied closely to Brussels. Pro-Europeans think the plan is worse than continuing membership. And the EU sees both of its main features as unworkable and undermining the integrity of its single market.

The noisiest attacks come from hardline Tory Brexiteers. Two ministers, Boris Johnson and David Davis, quit the cabinet in July over Chequers. They want Brexit to be based on a Canada-style free-trade deal instead. Yet this week the Brexiteers failed to come up with the detailed alternative plan that they had long promised. A paper claiming that a no-deal Brexit would boost the economy attracted much ridicule. So did a purported plot by Tory MPs to oust Theresa May as prime minister. Yet Tory hardliners believe that, even if they cannot topple Mrs May, they have enough votes to scupper a Chequers deal in Parliament. Den Rest des Beitrags lesen »

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The clown prince: Boris Johnson’s bid for the Tory leadership

Posted by hkarner - 15. September 2018

Date: 13-09-2018
Source: The Economist

Will the support of the party membership be enough to make him prime minister?

ONE of Boris Johnson’s favourite phrases is aut homo aut mus: are you a man or a mouse? The former foreign secretary, classicist and contender for the Conservative Party leadership is going out of his way to prove that he is no rodent. Barely a week passes without his lobbing a missile at Theresa May in the form of a newspaper article, speech, bon mot (or faux pas). He uses his weekly column in the Daily Telegraph to explain why she is making a mess of things. On September 9th he took to the pages of the Mail on Sunday to deliver his most incendiary one-liner yet: “We have wrapped a suicide vest around the British constitution and handed the detonator to Michel Barnier,” he wrote, referring to the EU’s chief negotiator.

Never a strong leader, Mrs May has been weakened by her travails over Brexit. On September 11th members of the European Research Group (ERG), an 80-strong collection of Brexit-supporting MPs, met in Westminster to discuss the mechanics of bringing down the prime minister. Mr Johnson is the prime contender to replace her. But what are his chances?

She will be at her most vulnerable in November or December when (and if) she returns from Brussels with a deal—presumably a modified version of her Chequers proposal—on which the House of Commons will vote. Steve Baker, the shop steward of the Brexiteers, claims that he has 80 votes gainst Chequers. That could trigger a confidence vote on the prime minister.

Mrs May might well win such a vote, if only because Mr Johnson is so unpopular among Tory MPs. His problem is not just that the majority of Tory MPs voted “remain” in the referendum, and hate him as leader of the Brexiteers. MPs of all political persuasions regard him as a cad. One senior Tory says that “it’s 100% inconceivable that he’ll become leader of the Conservative Party…He’s a media clown, not a serious politician.” “He’s a shit who doesn’t give a shit about anything but himself,” says another. The list of charges against him is long: he doesn’t believe in anything but his own advancement; he doesn’t lift a finger to help his colleagues; he was a disaster as foreign secretary. Den Rest des Beitrags lesen »

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China’s tech founders mostly keep an iron grip over their firms

Posted by hkarner - 15. September 2018

Date: 13-09-2018
Source: The Economist
Subject: Command and control

Jack Ma’s graceful exit from Alibaba is unusual

A WRY joke has been circulating on China’s internet. The founders of the country’s three most prominent technology firms—Jack Ma of Alibaba, Pony Ma of Tencent and Robin Li of Baidu—go for a stroll. One drowns. How would their stocks react? If it were Mr Ma of Alibaba, its shares would fall. If it were Mr Ma of Tencent (no relation), they would remain unchanged. And if it were Mr Li of Baidu, they would rise.

The joke is one small indication of how China’s entrepreneurs-turned-billionaires, symbols of the rise of its internet, engross citizens. They publish collections of their speeches and pen books, such as “Intelligence Revolution” by Mr Li and “China At Your Fingertips” by Tencent’s Mr Ma, and their various pronouncements on how to succeed are memorialised as quotes.

Lately China’s corporate superstars have given social-media crowds plenty more to parse. The joke proved partially correct about Jack Ma (pictured above): a report that he would abruptly retire, later clarified by the company to explain that Mr Ma would be stepping down as chairman in a year’s time, prompted a decline of 3.7% in Alibaba’s share price. But mostly investors took the news in their stride. To focus on his philanthropic foundation, he will hand over to Daniel Zhang—who lacks Mr Ma’s star quality, certainly, but who has been an adroit chief executive for Alibaba since 2015.

All of which makes for a striking contrast with events at JD.com, Alibaba’s arch-rival in e-commerce. Early this month it emerged that Richard Liu, JD.com’s founder and boss, had been briefly arrested in the American state of Minnesota on a rape allegation. His mugshot circulated and Chinese internet users swapped information on details of America’s legal process. In two days of trading JD.com’s shares fell by 16%, their biggest drop since listing on America’s Nasdaq in 2014, losing $7.2bn of market value. The police investigation is ongoing (Mr Liu has denied any wrongdoing, through his lawyers). Den Rest des Beitrags lesen »

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As regulators circle, China’s fintech giants put the emphasis on tech

Posted by hkarner - 15. September 2018

Date: 13-09-2018
Source: The Economist

Conflict with banks has made them shift their focus

FOR those still trying to work out what exactly “fintech” involves, we are sorry to bring you this update from China, a world leader in mixing finance with technology.

Fintech is passé; the hot new thing is “techfin”. This ungainly portmanteau was coined by Jack Ma, the chairman of Alibaba, an e-commerce giant, who announced on September 10th that he plans to step down in a year’s time. It is not mere semantics, but indicative of the way that China’s fintech upstarts—firms that have excited investors, frightened banks and attracted legions of users—are adjusting as their reach is limited by regulators.

The landscape of Chinese fintech is dominated by two players: Ant Financial, an affiliate of Alibaba, and Tencent, best known for WeChat, its social-media network. Ant is estimated to be worth $150bn, only a little less than HSBC, putting it among the world’s most valuable financial firms. Tencent’s financial services are wrapped inside Tencent Holdings, which has a $400bn market capitalisation. They will, if left unchecked, grow much bigger. China’s government must now decide whether to try to slow their rise. Den Rest des Beitrags lesen »

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