Föhrenbergkreis Finanzwirtschaft

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Archive for 22. November 2019

Why Financial Markets’ New Exuberance Is Irrational

Posted by hkarner - 22. November 2019

Nouriel Roubini, Professor of Economics at New York University’s Stern School of Business and Chairman of Roubini Macro Associates, was Senior Economist for International Affairs in the White House’s Council of Economic Advisers during the Clinton Administration. He has worked for the International Monetary Fund, the US Federal Reserve, and the World Bank. His website is NourielRoubini.com.

Owing to a recent easing of both Sino-American tensions and monetary policies, many investors seem to be betting on another era of expansion for the global economy. But they would do well to remember that the fundamental risks to growth remain, and are actually getting worse.

NEW YORK – This past May and August, escalations in the trade and technology conflict between the United States and China rattled stock markets and pushed bond yields to historic lows. But that was then: since then, financial markets have once again become giddy. US and other equities are trending toward new highs, and there is even talk of a potential “melt-up” in equity values. The financial-market buzz has seized on the possibility of a “reflation trade,” in the hope that the recent global slowdown will be followed in 2020 by accelerating growth and firmer inflation (which helps profits and risky assets).

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Making America Mediocre

Posted by hkarner - 22. November 2019

WASHINGTON, DC – The private sector performs well when firms can compete on a level playing field. But if the state is willing to influence market outcomes for individual firms, politically connected parties can gain an advantage over their more efficient competitors.

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The world’s climate goals are not sufficient. They are also unlikely to be met

Posted by hkarner - 22. November 2019

Date: 21-11-2019
Source: The Economist

Governments‘ wholehearted support for the fossil-fuel industry is to blame

AT THE PARIS climate summit in 2015, 188 countries voluntarily committed themselves to plans to curb their greenhouse-gas emissions. Taken together, these pledges—known as “nationally determined contributions” or NDCs—fall well short of what is needed to achieve another part of the Paris agreement which aims to limit the rise in global temperatures to “well below” 2°C, compared with pre-industrial levels, by the end of the century.

However, a report published on November 20th by the United Nations Environment Programme and other research organisations finds that even these unambitious targets will probably be missed. The researchers arrive at this conclusion by combining the production plans of the eight biggest fossil-fuel-producing countries, which collectively cover 60% of global output, and applying conservative growth rates to the remainder of global production over the next 20 years. Den Rest des Beitrags lesen »

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Big Tech takes aim at the low-profit retail-banking industry

Posted by hkarner - 22. November 2019

Date: 21-11-2019
Source: The Economist

Silicon Valley giants are after your data, not your money

THE ANNUAL Web Summit in Lisbon each year is Woodstock for geeks. Over three days in November, 70,000 tech buffs and investors gather on grounds the size of a small town. Rock stars, like Wikipedia’s boss or Huawei’s chairman, parade on the main stage. Elsewhere people queue for 3D-printed jeans or watch startups pitch from a boxing ring. Money managers announce dazzling funding rounds. Panellists predict a cashless future while gazing into a huge crystal ball. A credit-card mogul dishes out company-coloured macaroons.

Yet the hype conceals rising nervousness among the fintech participants. After years of timidity Big Tech, with its billions of users and gigantic war chest, finally appears serious about crashing their party. “It’s the one group everyone is most scared about,” says Daniel Webber of FXC Intelligence, a data firm. Each of the so-called GAFA quartet is making moves. Amazon introduced a credit card for underbanked shoppers in June; Apple launched its own credit card in August. Facebook announced a new payments system on November 12th (its mooted cryptocurrency, Libra, however, has lost many of its backers and will face stiff regulatory scrutiny). The next day Google said it would start offering current (checking) accounts in America in 2020. Den Rest des Beitrags lesen »

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