Föhrenbergkreis Finanzwirtschaft

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Archive for 1. November 2019

China Is About to Switch On 5G. It’s Behind the U.S., but Not for Long.

Posted by hkarner - 1. November 2019

Date: 31-10-2019
Source: The Wall Street Journal

Three state-owned wireless carriers are set to open China’s 5G network for public use on Friday in about 50 cities

China’s three major wireless carriers say they have millions of pre-registrations for 5G subscriptions.

BEIJING—China plans to turn on its first 5G networks on Friday, setting up the country to leapfrog other nations in deploying the superfast cellular technology at the center of a technological arms race between China and the U.S.

China’s three major state-owned wireless carriers, China Mobile, China Telecom and China Unicom, will open the country’s 5G network for public use in about 50 major cities, including Beijing and Shanghai, said Chen Zhaoxiong, vice minister of the Ministry of Industry and Information Technology on Thursday at a Beijing conference. That will allow those with the few available 5G-compatible smartphones to buy a subscription to access the network. Den Rest des Beitrags lesen »

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A Labour government would radically transform Britain

Posted by hkarner - 1. November 2019

Date: 31-10-2019
Source: The Economist

How Jeremy Corbyn’s party is trying to woo British voters

SHORTLY BEFORE the financial crisis of 2008, a little-known Labour MP published a 64-page pamphlet. In “Another World is Possible: A Manifesto for 21st Century Socialism”, John McDonnell laid out an economic vision which clashed with the slick, pro-business mantra of Tony Blair’s New Labour. It praised participatory democracy in Venezuela and hailed co-ops in the Basque country, while calling for the sweeping nationalisation of industry.

The booklet was an attempt by Mr McDonnell, then on the backbenches, to scupper the coronation of Gordon Brown as leader of the Labour Party and prime minister in 2007. Mr McDonnell attracted the support of just 29 MPs. A little over a decade later, Mr Brown is long gone from politics. New Labour is history. Mr McDonnell is shadow chancellor and Jeremy Corbyn, his friend and socialist ally, is leader. Labour will campaign in Britain’s general election, to be held on December 12th, on the most left-wing platform in a generation. Den Rest des Beitrags lesen »

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What Happens to the United Kingdom Now?

Posted by hkarner - 1. November 2019

Chris Patten, the last British governor of Hong Kong and a former EU commissioner for external affairs, is Chancellor of the University of Oxford.

Even after the United Kingdom leaves the European Union, the country will face years of talks in which it will be negotiating from a position of weakness. The UK will be less prosperous and influential than before, and will be under increasing internal strain because of policies driven by malignant English nationalism.

LONDON – The United Kingdom’s Brexit psychodrama continues. Although the UK government and the European Union reached a revised withdrawal agreement in mid-October, Prime Minister Boris Johnson was unable to push the deal through Parliament so that the UK could leave the bloc by his hoped-for date of October 31. EU leaders have therefore granted a further three-month extension of the Brexit deadline until January 31, and the UK will now hold a parliamentary election on December 12, which may help to resolve the current impasse. 

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The Monetarist Era is Over

Posted by hkarner - 1. November 2019

Anatole Kaletsky is Chief Economist and Co-Chairman of Gavekal Dragonomics. A former columnist at the Times of London, the International New York Times and the Financial Times, he is the author of Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis, which anticipated many of the post-crisis transformations of the global economy. His 1985 book, Costs of Default, became an influential primer for Latin American and Asian governments negotiating debt defaults and restructurings with banks and the IMF.

Central bankers have been the first to recognize that the effectiveness of monetary policy in managing demand and stabilizing economic cycles has reached its limits. The problem is that many politicians and academic economists remain in denial.

LONDON – A mood of foreboding dominated this month’s annual meetings of the International Monetary Fund and World Bank in Washington, DC. But fear of a global recession was not the real cause. Although the latest update of the IMF’s World Economic Outlook showed economic activity slowing this year to its weakest level since 2009, the projected global growth rate of 3% is still far above levels associated with past recessions and would be consistent with decent economic conditions in most parts of the world – not a bad outcome for the 11th year of a sustained global expansion. And for next year, the IMF predicts that growth will accelerate to 3.4%, very close to the 3.6% estimate of the world economy’s long-run sustainable trend.

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