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Archive for 15. Mai 2019

German Failure on the Road to a Renewable Future

Posted by hkarner - 15. Mai 2019

Date: 14-05-2019
Source: DER SPIEGEL

In 2011, German Chancellor Angela Merkel announced the country was turning away from nuclear energy in favor of a renewable future. Since then, however, progress has been limited. Berlin has wasted billions of euros and resistance is mounting.

It’s a fantastic idea. The energy landscape of tomorrow. There are 675 people in Germany working every day to make it a reality — in federal ministries and their agencies, on boards and panels, in committees and subcommittees. They are working on creating a world that on one single day in April became glorious reality. Here in Germany. It was April 22. Easter Monday.

That day, it was sunny from morning to evening and there was plenty of wind to drive the turbines across the entire country. By the time the sun went down — without the need of even a single puff of greenhouse gases — 56 gigawatts of renewable energy had been produced, almost enough to cover the energy needs of the world’s fourth-largest industrialized nation.

Unfortunately, it was only for that day. Den Rest des Beitrags lesen »

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Democratic Lessons from the EU

Posted by hkarner - 15. Mai 2019

Maciej Kisilowski

Maciej Kisilowski is Associate Professor of Law and Public Management at Central European University

Wojciech Przybylski is the editor in chief of Visegrad Insight and chairman of the Res Publica Foundation in Warsaw.

Highly centralized political systems in Poland and other countries create a pernicious winner-take-all dynamic and polarize debate. The European Union’s governance system, by contrast, offers an appealing practical model for more decentralized democratic decision-making.

WARSAW – Criticizing European Union institutions, and demanding that they be reformed, is a popular pastime. But as the EU’s unified front in the never-ending Brexit negotiations has made clear, European institutions are remarkably effective in managing political diversity. Perverse as it may sound to some, nation-states can learn from Europe in addressing their own democratic deficits.

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America’s Illusions of Growth

Posted by hkarner - 15. Mai 2019

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.

Many commentators have interpreted buoyant GDP and unemployment data in the United States as vindicating President Donald Trump’s economic policies, and some suggest that his re-election chances have improved as a result. But these indicators fail to measure what really counts for the public.

NEW YORK – National politics in the United States has become enslaved to macroeconomic indicators that have little bearing on true wellbeing. For many commentators, the snapshot growth rate of 3.2% for the first quarter of 2019, coupled with a decline in the unemployment rate to 3.6% in April, implies that President Donald Trump’s economic policies have been vindicated, and some suggest that his re-election chances have improved as a result.

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UniCredit treibt Planungen für Commerzbank-Übernahme voran

Posted by hkarner - 15. Mai 2019

14. Mai 2019, 15:45 derstandard.at

Nach dem Scheitern der Übernahme durch die Deutsche Bank, steht die Commerzbank nun im Visier der italienischen UniCredit

Frankfurt/Mailand – Die italienische Großbank und Bank-Austria-Mutter UniCredit treibt ihre Planungen für eine mögliche Übernahme der deutschen Commerzbank Insidern zufolge voran. UniCredit habe die Investmentbanken Lazard und JP Morgan als Berater für ein mögliches Übernahmeoffert engagiert, sagten drei mit der Angelegenheit vertraute Personen am Dienstag. Der Mailänder Finanzkonzern, der 2005 bereits die Münchener HypoVereinbank (HVB) schluckte, ist schon seit längerem an einem Ausbau seines Deutschland-Geschäfts interessiert. Ein Zusammenschluss mit der Commerzbank würde zu dem Ziel von UniCredit-Chef Jean Pierre Mustier passen, die Abhängigkeit vom italienischen Heimatmarkt weiter reduzieren.

Staat redet mit

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Stocks Post Their Worst Day in Months on Trade Anxiety

Posted by hkarner - 15. Mai 2019

Date: 14-05-2019
Source: The Wall Street Journal

Dow drops more than 600 after China says it will raise tariffs on some U.S. imports

Stocks posted their biggest drop in months Monday after officials in Beijing and the White House exchanged fresh threats in a trade fight that many observers fear could crimp growth.

The Dow Jones Industrial Average fell 617.38 points, or 2.4%, to 25324.99 and the S&P 500 dropped 69.53 points, or 2.4%, to 2811.87, with both indexes posting their biggest one-day losses since Jan. 3. The Nasdaq Composite declined 269.92 points, or 3.4%, to 7647.02 in its worst showing since December.

The moves showed investors that one of the biggest assumptions many had held this year could be in danger of falling apart. Many money managers had credited the stock market’s 2019 rally to a combination of easy monetary policy, steady growth in the U.S. and signs of progress in trade negotiations.

There is still time for the U.S. and China to carve out a trade agreement, analysts said, noting the two countries’ increased tariffs won’t hit goods in transit immediately. And U.S. indexes are still up solidly for the year: The S&P 500 and Nasdaq are up by double-digit percentages in 2019, rebounding from a fourth-quarter rout. Stocks pared some of Monday’s losses after President Trump said he would meet with Chinese President Xi Jinping at the coming G-20 summit.

Still, investors and analysts say a breakdown of trade talks risks damaging business and consumer confidence, potentially crimping spending at a time when growth is already widely expected to moderate.

UBS analysts estimate U.S. growth could drop by 0.75 to 1 percentage point and stocks could fall by double-digit percentages if the U.S. hits all Chinese exports with 25% tariffs. Den Rest des Beitrags lesen »

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The Cost of China Tariffs

Posted by hkarner - 15. Mai 2019

Date: 14-05-2019
Source: The Wall Street Journal By The Editorial Board

Border taxes are an economic loss, as markets are saying.

President Trump often cites the stock market as proof of his economic-policy success, so let’s hope he was watching the Dow Jones Industrial Average on Monday. The Dow fell 2.38%, and the Nasdaq and Russell 2000 fell even more, on the escalating tariff dispute between the U.S. and China.

Stocks are volatile, but there’s no denying that markets are rising or falling these days in substantial part on the prospects of a U.S.-China trade deal. They fell Friday morning after Mr. Trump raised tariffs to 25% on $200 billion in Chinese exports to the U.S., then rose later that day on word that bilateral talks had been “constructive.” Equities fell again Monday when China retaliated with tariffs up to 25% on $60 billion of U.S. goods.

The Dow is now nearly 1300 points lower than it was in January 2018 when Mr. Trump began his tariff offensive—despite the best 12 months for economic growth since 2005 and healthy corporate profits. The stock market isn’t the only measure of economic health, and it can send false signals, but in this case the clear market message is that tariffs will subtract from economic growth. Den Rest des Beitrags lesen »

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