Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 6. Juli 2019

A change of direction under Christine Lagarde is unlikely

Posted by hkarner - 6. Juli 2019

Date: 04-07-2019
Source: The Economist

A new boss at the ECB

When christine lagarde was asked last year whether she was interested in a job in Europe, the head of the imf made an emphatic denial. “No, no, no, no, no, no,” she told the Financial Times. “I have a very important job here that I want to do and I’m not going to leave that beautiful vessel when there might be rough waters out there.” But the vagaries of European politicking are such that on July 2nd she was anointed successor to Mario Draghi at the European Central Bank (ecb), as part of the package for top eu jobs.

The decision comes as a surprise to bank-watchers. Ms Lagarde’s name had been floated as a possible candidate but, her denial aside, she had been thought an unlikely choice because of her lack of an economics pedigree. Like Jerome Powell, the head of America’s Federal Reserve, Ms Lagarde is a lawyer by training. Unlike Mr Powell when he was appointed chairman, she has no central-banking experience, though she held various ministerial positions in France—including the finance portfolio—before she moved to the fund. Den Rest des Beitrags lesen »

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China’s maritime expansion reflects a curious mix of ambition and paranoia

Posted by hkarner - 6. Juli 2019

Date: 04-07-2019
Source: The Economist

Chinese strategists urge Westerners to understand that their country’s rise as a naval power is guided in part by deep insecurity

Geographical good luck gave Wu Zhaozong a front-row seat as China opened to the world. As a boy he watched his grandfather steer a horse-drawn cart through the docks of Tianjin, on China’s northern coast. Poor neighbours, living in courtyard homes shared with four families, would follow carts to pick up horse dung and fallen coal-lumps for fuel. Coal was a Tianjin export, as was garlic for Japan. “I very rarely saw cars,” Mr Wu recalls.

Today Tianjin is one of the world’s ten busiest ports, and Mr Wu is operations director of a ship-supply company. The firm’s work includes securing giant wind turbines on ships bound for Chinese partners in Africa. Earlier this week Mr Wu gave Chaguan a lift in his bmw to Tianjin’s passenger terminal. There he oversaw crisply uniformed Filipino sailors loading fresh produce onto a cruise ship, before it carried newly affluent Chinese tourists to Japan. The changes witnessed by Mr Wu—driven by Tianjin’s location as a gateway to Beijing and other northern cities—have been both dramatic and astonishingly rapid. For Mr Wu, an amiable father of two little girls, is just 38 years old. Den Rest des Beitrags lesen »

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Boris Johnson, illusionist

Posted by hkarner - 6. Juli 2019

Date: 04-07-2019
Source: The Economist: Bagehot

The would-be prime minister’s greatest strengths may vanish in a puff of smoke

A few weeks ago the received wisdom in Westminster was that “only Johnson can defeat Johnson.” Now it is that “not even Johnson can defeat Johnson.” The front-runner’s campaign has lurched from one crisis to another—a fiery row with his girlfriend, an ill-thought-out tax break for the rich, a succession of weird interviews—but the race still looks pre-determined. Boris Johnson leads Jeremy Hunt by an apparently unbridgeable margin.

Conservative Party members know very well that they are not electing a saint or a details man. Over the past few weeks even Tory-friendly journalists have called him “epically unreliable”, “all flaw and no character” and a “habitual liar”. But members are convinced that Mr Johnson’s negatives are more than outweighed by his positives. Are they right? Let us examine Mr Johnson’s four great qualities in turn. Den Rest des Beitrags lesen »

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Borrowing against art is growing at a stunning rate

Posted by hkarner - 6. Juli 2019

Date: 05-07-2019
Source: The Economist

Behind the world’s most beautiful paintings lies a borrowing binge

Few art collectors are as liquid as Patrick Drahi, a French telecoms magnate, who purchased Sotheby’s, an auction house, for $3.7bn in cash last month. Selling art can take months, even years. The only way to unlock its value quickly is to borrow against it. And indeed the number of owners doing so is rising. Deloitte, an accounting firm, estimates that the outstanding value of loans against art in America reached $17bn-20bn in 2017, up 13% from the previous year. Industry insiders say such lending has continued to grow at double-digit rates since then.

“Ten or 20 years ago it never crossed your mind to leverage your art collection. But the word is out now,” says Evan Beard of Bank of America Private Bank, the institution with the highest outstanding value of art-secured loans. As interest rates have fallen, borrowing has become more attractive. Open public registers make it easy to check if art is encumbered. Price estimates and auction results available online since the early 2000s have made underwriting easier. In America collectors can even keep encumbered art on their wall. Den Rest des Beitrags lesen »

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