Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for November 2018

London to lose €800bn to Frankfurt as banks prepare for Brexit

Posted by hkarner - 30. November 2018

Date: 29-11-2018
Source: The Guardian

Lobby group says up to 37 finance firms are relocating to Germany, taking assets with them

City firms are in the process of moving operations to Frankfurt before Britain exits the EU.

London will lose up to to €800bn (£700bn) in assets to rival financial hub Frankfurt by March 2019 as banks start to transfer business to the German city before Brexit day.

The lobby group Frankfurt Main Finance released the figure after it was confirmed that 30 banks and financial firms had chosen the city as the site of their new EU headquarters.

But with several banks – including JP Morgan, Goldman Sachs and Morgan Stanley – planning to spread their operations across a number of cities including Dublin and Paris, the lobby group believes the number of firms committed to expanding or setting up offices in Frankfurt will be closer to 37.

Ultimately it will mean draining billions of pounds worth of assets from London to companies’ German operations within months. Den Rest des Beitrags lesen »

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Geldwäscherazzia bei Deutscher Bank – Aktie fällt

Posted by hkarner - 30. November 2018

29. November 2018, 13:50 derstandard.at

170 Beamte durchsuchten laut Staatsanwaltschaft mehrere Objekte der Bank. Es geht um Geldwäscheverdacht

Die Staatsanwaltschaft Frankfurt und das Bundeskriminalamt haben am Donnerstag Geschäftsräume des größten heimischen Geldhauses durchsucht. Grund seien Ermittlungen wegen des Verdachts der Geldwäsche, teilte die Staatsanwaltschaft Frankfurt mit. Etwa 170 Beamte der Staatsanwaltschaft, des Bundeskriminalamts, der Steuerfahndung und der Bundespolizei durchsuchten seit dem Morgen sechs Objekte in Frankfurt, Eschborn und Groß-Umstadt. Die Ermittlungen richten sich den Angaben zufolge gegen zwei Mitarbeiter im Alter von 46 und 50 Jahren sowie andere bislang nicht identifizierte Verantwortliche des Unternehmens. Beim Hauptquartier des Instituts in der Frankfurter Taunusanlage waren am Vormittag mindestens zehn Mannschaftswagen der Bundespolizei zu sehen, zudem mehrere Zivilfahrzeuge mit Blaulicht. Die Deutsche Bank erklärte, sie arbeite vollumfänglich mit den Behörden zusammen. Die für die Aufsicht über die Deutsche Bank zuständige Europäische Zentralbank (EZB) wollte die Razzia nicht kommentieren. Auch die deutsche Bundesanstalt für Finanzdienstleistungsaufsicht (Bafin) wollte keinen Kommentar abgeben. Die Aktien des immer wieder von Rechtsverstößen gebeutelten Instituts gingen auf Talfahrt: Sie verloren binnen weniger Minuten fast fünf Prozent an Wert. „Das bedeutet einen immensen Vertrauensverlust und kann sehr teuer werden für die Bank“, sagte ein Aktienhändler.

Zwei konkrete Verdachtsfälle

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Isle of Madness: A Series of Miscalculations Has Brought Britain to the Brink

Posted by hkarner - 30. November 2018

If you want to understand the whole issue of Brexit, then red this story! (hfk)

Brexit was to allow the United Kingdom to reclaim its former glory. Instead, the country’s leaders have bumbled their way into catastrophe. Built on a false premise from the start, the UK’s move away from the EU has been dominated by mistakes and miscalculations.

By Peter Müller and Jörg Schindler, spiegel.de

Boris Johnson

November 28, 2018 05:34 PM

On Saturday of last week, the sun was rising over London when a blue bus set off along the shore of the Thames. Lucy Swale and Matilda Allan were on board, one with red hair, the other brunette. They managed to get themselves out of bed at 5:45 a.m. and jog through half the city from Islington to catch the double-decker. The bus, they believed, would carry them into the future.

„Dear MPs,“ its exterior read, „77 percent of us don’t want Brexit — signed, Young people.“ Lucy and Matilda will turn 18 in December. For their birthday, they want a vote. It would be their first.

And perhaps also the most important of their lives.

„We have to live with this the longest time,“ says Matilda. „But nobody asked us.“ She was 15 years old when a narrow majority of her compatriots voted to try their luck outside of the European Union. Several members of Matilda’s family voted for Brexit. But „not everybody understood what they were voting for,“ she says.

She claims that it is only now, two-and-a-half years later, that many people realize the degree to which they were misled, lied to and manipulated. She argues that not only her, but also the almost one-and-a-half million young people who have reached adulthood since the referendum, have earned the right to a new vote. And Matilda is certain what the result would be. „I am angry.“

That sentence can currently be heard, in different variations, across the United Kingdom. If there’s anything uniting the generally indulgent Brits right now, it’s anger. Den Rest des Beitrags lesen »

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Can We Avoid the Potential Dangers of AI, Robots and Big Tech Companies?

Posted by hkarner - 29. November 2018

Date: 29-11-2018
Source: Scientific American By Karl Frederick Rauscher

We can if we’re proactive enough about anticipating what could go wrong

If you plan to live another 10 years, you should expect to live in a world with machines doing things you don’t like doing today. Shooting for another 20? Even more will be done without your lifting the proverbial finger. It’s not only menial tasks such as cleaning, laundry and dishes. High-end services previously not accessible to you will now be in your economic grasp. Your personal robot will know you better than you know yourself. This almost unimaginable lifestyle could become routine for the masses, given the tangible achievements of artificial intelligence (AI) and robotics to date and the low-latency-coupled-with-high-bandwidth-connectivity that 5G is on track to provide.

Despite the excitement of the likely new reality, however, AI, robots and big companies are three things a lot of people are afraid of. While the last one has been around for a long time, the former are things we’ll have to learn to live with. The imminent rollout of 5G infrastructure could usher in a technology revolution perhaps greater than any that have preceded it. The new networks will be a thousand times faster than 4G, which means that an entire HD film, for example, could be downloaded in seconds. High-bandwidth uploads will also be possible, which will mean that what the robot sees—constituting a massive amount of data—can be sent to, and interact in real-time with, a brain in the cloud. Robots will also be able to communicate at high speeds with each other, and network delays will be so tiny that they’ll be comparable to the unnoticeable delays within our bodies between nerve cells and our brain. Major network operators are beginning 5G rollouts in select cities by end of 2018—just around the corner. Den Rest des Beitrags lesen »

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Trump lässt kein gutes Haar an seinem Notenbankchef

Posted by hkarner - 29. November 2018

US-Präsident Donald Trump teilt schon seit Monaten gegen die Währungshüter aus. „Bisher bin ich mit meiner Wahl von Jay noch nicht mal ein kleines bisschen glücklich“, sagt er jetzt.

Präsident Donald Trump verstärkt den Druck auf die US-Notenbank Fed mit einer neuen Welle von Vorwürfen. In einem Zeitungsinterview bekräftigte er seine Kritik an dem von ihm selbst ins Amt gehievten Fed-Chef Jerome Powell. Trump hält diesem vor, mit Zinserhöhungen der amerikanischen Wirtschaft zu schaden. „Ich mache Deals, und ich erhalte keine Unterstützung der Fed“, sagte der Präsident der „Washington Post“. Die Notenbank mache einen Fehler. Das sage ihm sein Bauchgefühl. „Mein Bauch sagt mir manchmal mehr, als das Gehirn von jedem anderen mir sagen könnte.“

Angesichts der boomenden Wirtschaft erhöht die Fed derzeit schrittweise die Zinsen, um die Inflation in Schach zu halten. Damit will sie ihr Mandat erfüllen, Vollbeschäftigung und stabile Preise zu befördern. Sie untersteht nicht der Regierung. Powell hat angesichts der mehrfachen Attacken Trumps die Unabhängigkeit der Fed unterstrichen. Nach der jüngsten Zinsanhebung Ende September sagte er, bei geldpolitischen Entscheidungen spielten „politische Faktoren oder ähnliches“ keine Rolle. Den Rest des Beitrags lesen »

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Microsoft Closes In on Apple as World’s Most Valuable Company

Posted by hkarner - 29. November 2018

Date: 28-11-2018
Source: The Wall Street Journal

The move represents a stunning reversal for the tech titan, which last held top spot in 2003

Microsoft Corp. briefly unseated longtime rival Apple Inc. on Tuesday as the world’s most valuable company, reflecting investors’ faith in its revival under Chief Executive Satya Nadella while the iPhone maker adjusts to slowing momentum for its most profitable product.

Shares in Microsoft opened at $106.27, pushing its market capitalization to $815.75 billion, elbowing past Apple’s opening value of $813.88 billion. After the first minute of trading, Apple was back on top. The two swapped spots several times later in the day before Apple at the close reclaimed the title it has held for most of the past seven years.

Apple finished with a market value of $826.84 billion while Microsoft was at $822.43 billion. Market values are calculated using data provided by FactSet, which draws information from public filings.

The move comes nearly four months after Apple became the first U.S. company to surpass $1 trillion in market value, an achievement since matched by Amazon.com Inc. Both companies’ shares fell below that mark in recent weeks as investors dealt tech a sharp blow. Apple peaked at $1.103 trillion on Oct. 3, but has shed nearly $300 billion in market value since, in part to do with investors’ concerns about the future of the iPhone. Den Rest des Beitrags lesen »

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Chancellor admits UK will be worse off under all Brexit scenarios

Posted by hkarner - 29. November 2018

Date: 28-11-2018
Source: The Guardian

As vote on Brexit deal looms, Philip Hammond says there is no version of leaving the EU that will increase prosperity

Philip Hammond, UK chancellor of the exchequer

Philip Hammond has admitted that the UK will be worse off “in pure economic terms” under all possible Brexit outcomes – including the prime minister’s own deal.

Speaking on Wednesday morning, the chancellor gave strong hints the government had begun its contingency planning should it lose the vote in parliament on Theresa May’s Brexit deal negotiated with the EU.

The latest Guardian analysis suggests 94 Tory MPs have confirmed they will vote against the deal, with numbers likely to tip into three figures in the coming days.

Hammond suggested the economic hit would be mitigated if the deal was clinched, rather than the UK leaving with no deal.

Asked if all scenarios would have a cost, Hammond said: “If you look at this purely from an economic point of view, yes there will be a cost to leaving the European Union because there will be impediments to our trade.”

Hammond said the deal would “absolutely minimise those costs” and would offer political benefits of being able to sign new trade deals and having new controls over fishing waters. “The economy will be slightly smaller in the prime minister’s preferred version,” he said.

He said if the government loses the vote in parliament on 11 December, it would be in “uncharted political territory”. More than half of backbench Tory MPs who are not on the government payroll have committed to voting down the deal. Den Rest des Beitrags lesen »

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Finanzierung der internationalen Zusammenarbeit

Posted by hkarner - 29. November 2018

Jeffrey D. Sachs, Professor of Sustainable Development and Professor of Health Policy and Management at Columbia University, is Director of Columbia’s Center for Sustainable Development and of the UN Sustainable Development Solutions Network. His books include The End of Poverty, Common Wealth, The Age of Sustainable Development, Building the New American Economy, and most recently, A New Foreign Policy: Beyond American Exceptionalism.

NEW YORK – Die Bereitstellung öffentlicher Güter und Dienstleistungen auf globaler und regionaler Ebene ist heute gefährlich unzureichend. Das System der Vereinten Nationen, die Europäische Union und andere multilaterale Organisationen stehen unter enormem Stress, weil ihre Haushalte nicht ausreichen, um ihre Zuständigkeiten zu erfüllen.

Während einige wirtschaftsliberale Ideologen noch immer argumentieren mögen, dass gewinnmotivierte Konzerne ohne Regierungen die Welt lenken sollten, belegt die Erfahrung das Gegenteil. Regierungen sind unverzichtbar, um einen allgemeinen Zugriff auf lebenswichtige Dienstleistungen wie Krankenversorgung und Bildung, Infrastruktur wie das Schnellstraßen-, Eisenbahn- und Stromnetz sowie die Finanzierung wissenschaftlicher Forschung und in den Kinderschuhen steckender Technologien zu gewährleisten. Regierungen sind außerdem nötig, um die Reichen zu besteuern und Einkommen an die Armen zu übertragen. Ansonsten werden unsere Gesellschaften gefährlich ungleich, ungerecht und instabil werden – so wie das heute in den USA geschieht. Den Rest des Beitrags lesen »

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Trump schaffte bei Industriejobs Trendwende – doch dann kam GM

Posted by hkarner - 29. November 2018

András Szigetvari, 28. November 2018, 06:00 derstandard.at

Kurze Zeit sah es so aus, als würde Donald Trump seine Wahlversprechen wahrmachen. Jetzt ist alles anders

In Lordstown Ohio wird gerechnet. Ein Arbeitsplatz in der Industrie schafft zwei weitere Jobs in einem anderen Sektor. So lautet die alte Faustregel. In der Kleinstadt mit 3.500 Einwohnern sorgt sie derzeit für Angst und Verunsicherung. General Motors hat zu Wochenbeginn angekündigt, fünf seiner Werke in Nordamerika schließen zu wollen. Betroffen ist auch die Fabrik in Lordstown, wo der Chevrolet Cruze hergestellt wurde. Für die rund 1.500 Arbeitnehmer ist bis spätestens 1. März 2019 Schluss. „Für die Region ist das eine Tragödie, die gerade erst beginnt“, sagt John Russo, ein US-amerikanischer Arbeitsforscher, der aus der Gegend stammt.

Folgen für Zulieferer

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The Eurozone Economy’s Coming Downturn

Posted by hkarner - 28. November 2018

Lucrezia Reichlin, a former director of research at the European Central Bank, is Professor of Economics at the London Business School.

Until recently, the prevailing narrative in Europe was that the economic crisis was over. But there are signs that the eurozone may be facing an economic slowdown – a development that could change significantly the discourse leading up to next May’s European Parliament election.

MILAN – Next May’s European Parliament election is likely to be haunted by Europe’s inner demons, from the clash with Italy’s populist government over its budget to the xenophobic front that has formed in the Visegrád countries. The crisis of the traditional centrist parties, which have been essential to building and maintaining consensus in the European Union – even as they have struggled to implement needed reforms – is also far from resolved. But if, as current indicators suggest, Europe is facing an economic slowdown, the pre-election discourse could change significantly.

Until a few months ago, the prevailing narrative was that the economic crisis was over, even for the hard-hit countries of the eurozone’s periphery. As a result, Europeans had shifted their attention to other issues, such as refugees and security, that were threatening political stability and eroding consensus for the European project. Den Rest des Beitrags lesen »

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