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Archive for 1. Mai 2019

To make a comeback, Europe’s center-left is leaning more … left

Posted by hkarner - 1. Mai 2019

Date: 30-04-2019
Source: The Wall Street Journal

Move paid dividends in Spanish elections, where Socialists trounced conservative rivals in fragmented field

Europe’s center-left parties, faced with falling support, are shifting left to win back working-class voters lost to hard-left and populist movements—a move that paid off in Spain’s national elections on Sunday, where the Socialists trounced their conservative rivals.

The Socialists, who have governed since last summer, came first in a fragmented field after pitching a platform of workers’ rights, higher taxes on the wealthy and environmental protection—issues central to the party’s social-democratic roots. The party will need to form a coalition with smaller allies to reach a majority, however.

“People don’t make ends meet,” said Antonio Benítez, a 57-year-old employee of Spain’s health service, who lives in Andalusia. “It’s about time they speak about the fundamental pillars of the left, of being socialist, with none of these deviations to the center.” Den Rest des Beitrags lesen »

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Google shows first cracks in years

Posted by hkarner - 1. Mai 2019

Date: 30-04-2019
Source: The Wall Street Journal

Parent company Alphabet posts slowest revenue growth since 2015

Google’s once-untouchable online-advertising operation took a body blow, hurt by mounting competition and struggles within its increasingly high-profile YouTube unit.

Google parent Alphabet Inc. in the first quarter posted its slowest revenue growth since 2015. The poor results highlight the risks for one of Silicon Valley’s biggest names in effectively leaning on one massive, if lucrative, business.

For all its myriad arms and efforts to diversify, Google remains essentially an old-fashioned billboard operation with a high-tech gloss—and it now faces more rivals.

The company’s results are an outlier amid what has otherwise been a steady earnings season in the technology sector. Peers like Facebook Inc. and Twitter Inc. previously posted strong earnings, while Amazon.com Inc. last week reported record profit that will allow it to pour fresh cash into improving its Prime membership program.

Alphabet shares fell 7% Monday after hours, with the drop picking up during the earnings call as executives declined to answer direct questions about the flagging growth. Nearly an hour in, one analyst, Ross Sandler of Barclays, audibly sighed. “I guess I’ll beat a dead horse on the deceleration,” he said.

“We are very excited about the opportunities across the board,” responded Chief Financial Officer Ruth Porat.

If Alphabet shares drop in regular trading on Tuesday to match the after-hours decline, that would wipe more than $60 billion from the company’s market capitalization and mark the worst single-day session in nearly seven years. Before the earnings report, shares were up 24% this year.

Alphabet reported first-quarter revenue of $36.3 billion, roughly $1 billion short of forecasts. Per-share earnings of $9.50 also disappointed, and were a substantial fall from a year earlier, when results were supercharged by the conglomerate marking up its stakes in private technology companies.

Growth slowed across the board. Revenues were up 17% year-over-year, compared with 26% in last year’s first quarter. The company’s margin, a constant concern for analysts and investors, fell to 18%, compared with 25% last year.

The crimped margin can in part be blamed on last month’s $1.7 billion fine from European regulators for abusing the dominance of its search engine and limiting competition. Excluding the fine, the company’s margin came in at 23% and its per-share earnings were $11.90. Den Rest des Beitrags lesen »

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Brexit: Labour braced forshowdown over second referendum

Posted by hkarner - 1. Mai 2019

MPs call on party to support European election manifesto that campaigns for second vote on any Brexit deal

Party sources suggested Labour was likely to agree a compromise option where it would support a referendum in order to prevent Theresa May’s Brexit deal or leaving without a deal, describing that wording as “the path of least resistance”.

However, a public drive for a stronger line has been led by the party’s deputy leader, Tom Watson, who has urged remain-supporting members to write to the national executive committee’s members, including Jeremy Corbyn.

Den Rest des Beitrags lesen »

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USA: Ausfallraten bei Kreditkarten steigen deutlich

Posted by hkarner - 1. Mai 2019

Dank an H.G.

Deutsche Wirtschafts Nachrichten | Veröffentlicht: 29.04.19 17:18 Uhr
In den USA ist ein wichtiger Indikator zu Forderungsausfällen bei Kreditkarten auf den höchsten Stand seit fast sieben Jahren gestiegen.
Die Abschreibungsrate ist der Anteil der Kredite, bei dem die Kreditkartenunternehmen nicht mehr erwarten, dass die Schulden jemals wieder zurückgezahlt werden. Dieser Indikator ist Daten von Bloomberg zufolge in den ersten drei Monaten des laufenden Jahres auf 3,82 Prozent gestiegen. Das ist der höchste Wert seit dem zweiten Quartal 2012.

Zudem sind jene Kredite, bei denen die Rückzahlung schon seit mindestens 30 Tagen überfällig sind, bei den
sieben größten US-amerikanischen Kartenherausgebern angestiegen. Diese überfälligen Kredite sind ein Vorbote
zukünftiger Abschreibungen. Den Rest des Beitrags lesen »

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The past decade has brought a compliance boom in banking

Posted by hkarner - 1. Mai 2019

Date: 30-04-2019
Source: The Economist

Staff trying to keep banks on the right side of regulators are in high demand

COMPLIANCE OFFICERS are the killjoys of finance. To bankers and traders keen to let rip, they are the po-faced types who, while generating no revenue themselves, frown at any transaction that might breach this rule or contravene that regulation. A recent episode of “Billions”, a television drama about Wall Street, captured the rainmakers’ frustration: so fed up is “Dollar” Bill Stern with having his wings clipped by Ari Spyros that the veteran trader rams the side of the compliance chief’s Porsche (pictured above) when he pulls out of the car park of their hedge fund, Axe Capital.

But pity not finance’s in-house policemen, for they have had a golden decade since the crisis. While swathes of banking has laboured under cutbacks and stiff capital requirements, compliance departments’ headcount and clout have grown. Banks clobbered by fines for aiding corruption, money-laundering and sanctions-busting have beefed up their compliance, risk, legal and internal-audit teams. Compliance officers will never be the rock stars of finance, but they have moved from drums to rhythm guitar. And though some banks hint at having reached “Peak Compliance”, staffing and investment are likely to remain well above pre-crisis levels. Den Rest des Beitrags lesen »

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