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Archive for 3. Februar 2019

Jeremy Corbyn is having a bad Brexit

Posted by hkarner - 3. Februar 2019

Date: 31-01-2019
Source: The Economist: Bagehot

The issue is driving a wedge between Labour’s leader and his activists

Theresa may’s slow progress through the great mangle of Brexit has been so gruesome that it has distracted attention from another political flattening: that of Jeremy Corbyn. The leader of the opposition put in another fumbling performance in the House of Commons this week in proposing that the government should be forced to put off Britain’s departure from the European Union if it doesn’t reach a deal. But lacklustre rhetoric and a feeble grasp of detail mark only the beginning of his problems.

The Labour Party is even more divided over Brexit than the Conservatives. Most Labour members disagree with their party’s official support for leaving, whereas most Tory party members support their party’s position. Mr Corbyn is much farther away from his party’s centre of gravity than Theresa May is from hers. He is a long-standing Eurosceptic who believes that the eu is a capitalist club that stands in the way of building his socialist Jerusalem. He voted against Britain’s membership in 1975, opposed the single market in the 1980s and only pretended to campaign for Remain in the referendum of 2016. He is surrounded by an inner circle of Eurosceptic advisers who do their best to steer a Europhile party in a Eurosceptic direction.

Mr Corbyn has tried to manage these contradictions by resorting to grand banalities. He has claimed that Labour supports a “jobs-first Brexit” that will magically provide all the benefits of Brexit with none of the costs. He has headed off calls for a second referendum by saying that he wants a general election instead. That strategy is wearing thin. With Brexit less than two months away, Mr Corbyn is being forced to make real and urgent decisions. This week he lent his support to Yvette Cooper’s amendment requiring the government to delay Brexit if Parliament hasn’t agreed on a deal by a certain date (the measure failed, in part because Mr Corbyn’s backing was so late and his advocacy so feeble). Den Rest des Beitrags lesen »

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Are Multinationals Eclipsing Nation-States?

Posted by hkarner - 3. Februar 2019

Date: 02-02-2019

Source: Independent

When they choose to act, rather than surrender, elected governments may still have a matchless resilience against corporate tax dodgers

31 January 2035: “Kali Sustainable Robotics of Hyderabad has completed its takeover of the remnants of Apple after the fallen giant of consumer electronics filed for Chapter 11 bankruptcy in the US.

“At a mere 100bn New Rupees, the knockdown price brings a final humiliation for a company that two decades ago commanded the world’s most valuable brand. Kali plans to manufacture and market vintage-style ‘tablets’ and ‘smartphones’ as premium-priced legacy products to nostalgic users in China and the West who wish to revisit their youth in the early 21st-century heyday of ‘Chimerica’.

“The company’s chief executive, Draupadi Pandava, vowed that these retro devices would conform to all the environmental standards of the South Asian Federation. Den Rest des Beitrags lesen »

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Value investing is long on virtue but has been short on reward

Posted by hkarner - 3. Februar 2019

Date: 31-01-2019
Source: The Economist: Buttonwood

Value indices can seem like dumping grounds for problem industries

In a comedy sketch from the 1980s, Rowan Atkinson plays the devil as a cross between a package-holiday guide and a louche English bureaucrat. Dressed in a smoking jacket, he welcomes the damned to Hell and, consulting his clipboard, sorts them into groups. Lawyers? Join the thieves and murderers over there. The French? Come down here with the Germans. Atheists? You must be feeling pretty silly. And finally, Christians? I’m sorry, your faith was an error.

Even if they are not confronted by hard evidence, everyone is occasionally troubled by the thought that their beliefs are misplaced. A bad run of stockmarket returns is such a test of faith. Investors who favour “value” stocks—those with a low price relative to the book value of a firm’s assets—have had to wrestle more than most with doubt. If you buy value, and are patient, your reward should be superior returns. But for much of the past decade, value has seemed a damned strategy (see chart).

Is redemption at hand? Value stocks fell less hard than others at the end of last year and have bounced in the early weeks of this year. Even so, don’t expect too many sudden converts to the value religion. Look in the basket of low price-to-book stocks and you find it heavy with troubled carmakers, banks and energy firms. Few are enticed by this lot. Only the faithful can bear the discomfort that is part of value investing. If you seek its promise, it is hard to avoid the suffering that goes with it. Den Rest des Beitrags lesen »

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