Föhrenbergkreis Finanzwirtschaft

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Archive for 5. April 2019

European demolishers meet…..

Posted by hkarner - 5. April 2019

Date: 04-04-2019
Source: The Guardian
Subject: Salvini aims to forge far-right alliance ahead of European elections

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Italian deputy PM holding gathering of far-right parties including Germany’s AfD next week as he seeks to create bloc of populists

Shaun Walker in Budapest, Angela Giuffrida in Rome and Jon Henley in Paris

Italy’s deputy PM, Matteo Salvini, is hosting a gathering of European far-right parties in Milan next week.

Matteo Salvini, Italy’s deputy prime minister and leader of its far-right League party, will host a gathering of European far-right parties in Milan next week aimed at building an alliance before elections in May.

Salvini is attempting to position himself as the informal leader of Eurosceptic, populist forces in Europe, but it remains unclear whether any kind of formal coalition will work, given policy differences between parties and the tangled web of alliances already at play inside the European parliament.

Europe’s rightwing populists are in power in Italy, Hungary, Austria and Poland and are riding high in several countries including France and the Netherlands, and, according to polls, will make significant advances in May’s elections. However, they are not predicted to form a majority and most analysts believe they will struggle to present a united front. Den Rest des Beitrags lesen »

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6 Takeaways From The Times’s Investigation Into Rupert Murdoch and His Family

Posted by hkarner - 5. April 2019

Date: 04-04-2019
Source: The New York Times

USING 150 INTERVIEWS ON THREE CONTINENTS, THE TIMES DESCRIBES THE MURDOCH FAMILY’S ROLE IN DESTABILIZING DEMOCRACY IN NORTH AMERICA, EUROPE AND AUSTRALIA.

https://www.nytimes.com/interactive/2019/04/03/magazine/murdoch-family-investigation.html?module=inline

Rupert Murdoch, the founder of a global media empire that includes Fox News, has said he “never asked a prime minister for anything.”

But that empire has given him influence over world affairs in a way few private citizens ever have, granting the Murdoch family enormous sway over not just the United States, but English-speaking countries around the world.

A six-month investigation by The New York Times covering three continents and including more than 150 interviews has described how Mr. Murdoch and his feuding sons turned their media outlets into right-wing political influence machines that have destabilized democracy in North America, Europe and Australia. Den Rest des Beitrags lesen »

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The Transatlantic Regulation Rift

Posted by hkarner - 5. April 2019

Howard Davies, the first chairman of the United Kingdom’s Financial Services Authority (1997-2003), is Chairman of the Royal Bank of Scotland. He was Director of the London School of Economics (2003-11) and served as Deputy Governor of the Bank of England and Director-General of the Confederation of British Industry.

European governments have seemingly concluded that hosting large, risky, and volatile financial firms and markets is not worth it, while the US administration still regards the financial sector as a comparative advantage for New York. Which side has made the wiser choice?

LONDON – US President Donald Trump made his intentions on financial regulation clear from the very start of his administration. He issued an executive order requiring that, for every new regulation imposed, at least two should be targeted for repeal. No such deregulatory zeal is evident in Europe.

The Economic Growth, Regulatory Relief, and Consumer Protection Act, signed by Trump in May 2018, has, in practice, emphasized the second part of its title over the third. According to a set of regulatory principles issued by the administration, regulators must consider the competitiveness of US firms and advance American interests in international financial forums. The Treasury was instructed to produce four reports, covering banks, capital markets, asset management and insurance, and non-banks and fintech, to show how the principles could be realized through a variety of deregulatory initiatives. All four reports have now been issued. Den Rest des Beitrags lesen »

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A First German ECB Chief? It Looks Increasingly Likely

Posted by hkarner - 5. April 2019

Date: 04-04-2019
Source: The Wall Street Journal

Prospect of a hawkish central bank leader coincides with an economic slowdown in Europe, potentially spooking markets

German Chancellor Angela Merkel, would leave her imprint on a critical European institution if she succeeds in naming Bundesbank President Jens Weidmann, or another German to the lead the European Central Bank.

Germany is edging toward a prize it has coveted for two decades: The presidency of the European Central Bank.

With Europe’s economy stumbling and its traditional political alliances threatened by left- and right-wing populism, the region’s leading economies—France and Germany—are zeroing in on a possible deal in which Berlin clinches the ECB job, say European officials.

Naming a German to succeed Italian Mario Draghi in November would be a significant coup for Chancellor Angela Merkel, helping to placate critics in her own conservative camp and leaving her imprint on a critical European institution long after she steps down. Den Rest des Beitrags lesen »

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Does China Have Feet of Clay?

Posted by hkarner - 5. April 2019

Joseph S. Nye, Jr., is a professor at Harvard University and author of Is the American Century Over? and the forthcoming Do Morals Matter? Presidents and Foreign Policy from FDR to Trump.

No one knows what China’s future holds, and there is a long history of faulty predictions of systemic collapse or stagnation. Neither outcome is likely, though the country is facing several challenges that are far more serious than many observers seem to think.

CAMBRIDGE – Chinese President Xi Jinping seems to be on a roll. He has sent a rocket to the dark side of the moon, built artificial islands on contested reefs in the South China Sea, and recently enticed Italy to break ranks with its European partners and sign on to China’s Belt and Road Initiative. Meanwhile, US President Donald Trump’s unilateralist posture has reduced America’s soft power and influence.

China’s economic performance over the past four decades has been truly impressive. It is now the main trading partner for more than a hundred countries compared to about half that number for the United States. Its economic growth has slowed, but its official 6% annual rate is more than twice the American rate. Conventional wisdom projects that China’s economy will surpass that of the US in size in the coming decade.

Perhaps. But it is also possible that Xi has feet of clay. Den Rest des Beitrags lesen »

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Tackling Corruption in Government

Posted by hkarner - 5. April 2019

By Vitor Gaspar, Paolo Mauro and Paulo Medas

No country is immune to corruption. The abuse of public office for private gain erodes people’s trust in government and institutions, makes public policies less effective and fair, and siphons taxpayers’ money away from schools, roads, and hospitals.

While the wasted money is important, the cost is about much more. Corruption corrodes the government’s ability to help grow the economy in a way that benefits all citizens.

But the political will to build strong and transparent institutions can turn the tide against corruption. In our new Fiscal Monitor, we shine a light on fiscal institutions and policies, like tax administration or procurement practices, and show how they can fight corruption.

Political will can turn the tide against corruption.

Corruption helps evade taxes

We analyze more than 180 countries and find that more corrupt countries collect fewer taxes, as people pay bribes to avoid them, including through tax loopholes designed in exchange for kickbacks. Also, when taxpayers believe their governments are corrupt, they are more likely to evade paying taxes. Den Rest des Beitrags lesen »

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