Föhrenbergkreis Finanzwirtschaft

Nach den kristallklaren Aussagen des Föhrenbergkreises zur Finanzwirtschaft aus dem Jahr 1999 gibt es jetzt einen neuen Arbeitskreis zum Thema.

Mit ‘BBC’ getaggte Beiträge

Global dip in renewable energy investment

Geschrieben von hkarner - 8. April 2014

Date: 08-04-2014
Source: BBC

Solar panelsFalling costs led to a rise in renewables’ share of global generation capacity, even though Global investment in renewables fell by 14% during 2013, but the percentage of electricity generated by renewable sources still grew, a report shows.

It said investment fell for the second year in a row because of cheaper technology, but also as a result of uncertainty surrounding energy policy.

However, falling costs meant renewables accounted for 8.5% of the global electricity mix, up from 7.8% in 2012.

Renewables accounted for 43.6% of newly installed generation capacity in 2013.

The report – Global Trends in Renewable Energy Investment 2014 – was produced by the United Nations Environment Programme (Unep) and Bloomberg New Energy Finance. Den Rest des Beitrags lesen »

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IMF boss Lagarde warns economy ‘too weak for comfort’

Geschrieben von hkarner - 3. April 2014

Date: 03-04-2014
Source: BBC

Lagarde CCIMF managing director, Christine Lagarde
The global economy is “too weak for comfort”, Christine Lagarde said

The global economy could be heading for years of “sub-par growth”, according to the head of the International Monetary Fund (IMF).

Christine Lagarde warned that without “brave action” the world could fall into a “low growth trap”.

She said the global economy would grow by more than 3% this year and next, but that market volatility and tensions in Ukraine posed risks.

Ms Lagarde also urged more action to tackle low inflation in the eurozone.

‘Unconventional measures’
Low inflation in the eurozone has been caused by the presence of a greater level of spare capacity in the economy, meaning it is not growing to its full potential due to underinvestment, ompared to the US or UK. Den Rest des Beitrags lesen »

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US regulator sues 16 banks for alleged Libor rigging

Geschrieben von hkarner - 17. März 2014

Date: 16-03-2014

Source: BBC

Some of the world’s biggest banks have been accused of colluding to fix Libor

A US regulator has sued 16 banks for allegedly manipulating the London interbank offered rate (Libor). The Libor rate is used to set trillions of dollars of financial contracts, including mortgages and financial transactions around the world.

The regulator said the manipulation caused substantial losses to 38 US banks which were shut down during and after the 2008 financial crisis.

The sued banks include Barclays, HSBC, Citigroup and Royal Bank of Scotland.

The British Bankers’ Association (BBA) has also been sued by the regulator – the US Federal Deposit Insurance Corporation (FDIC).

“BBA participated in the alleged scheme to protect the revenue stream it generated from selling Libor licenses and to appease the Panel Bank Defendants that were members of the BBA,” it was quoted as saying by the AFP news agency.

The FDIC alleged that the banks mentioned in its lawsuit rigged the rate from August 2007 to at least mid-2011.

Other banks named in the lawsuit include Bank of America, JPMorgan Chase, Deutsche Bank, Lloyds Bank, Credit Suisse, UBS, and Rabobank.

Libor is the average rate at which banks lend money to one another and is decided on a daily basis.

Most of the world’s biggest banks contribute estimates to form the Libor.

But there have been allegations that some have looked to profit from it by understating or overstating their submissions.

Over the past two years, regulators across the globe have been investigating the manipulation of the rate and there have been $3.7bn (£2.26bn) in fines to date.

A string of international banks and brokers, including Barclays and the Royal Bank of Scotland, have faced both criminal and civil penalties for their involvement in the scandal.

Some banks have also been found to have understated their submissions in the period during and after the financial crisis.

They did so in order to avoid the perception that they were having to borrow at higher interest rates than their peers and might therefore be in financial difficulty.

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Global dividends pass $1 trillion, says Henderson

Geschrieben von hkarner - 26. Februar 2014

Date: 25-02-2014
Source: BBC

The dividends paid to shareholders around the world reached $1.03 trillion last year, according to research by Henderson Global Investors.

The City investment management firm said worldwide dividend payments grew very slowly in 2013, at just 2.8%.

But there has been a 43% rise in the value of global dividends since 2009.

Shareholder payouts have risen fastest in the past four years in the emerging markets, including China, though they have slowed down recently.

A third of all dividends were paid by firms listed on US stock markets, with European-listed companies in second place.


North America – 37%
Europe excluding UK – 22%
Emerging markets – 14%
UK – 11%
Asia Pacific – 11%
Japan – 5% Den Rest des Beitrags lesen »

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Federal Reserve initially failed to grasp 2008 crisis

Geschrieben von hkarner - 24. Februar 2014

Date: 22-02-2014
Source: BBC

Bernanke EarthThe transcripts of the meetings show the Fed’s struggles to cope with the financial crisis under Mr Bernanke

During the 2008 financial crisis, the US Federal Reserve struggled to grasp the scope of the problem and how to adequately respond, transcripts reveal.

After a five-year wait, the central bank released the records of a total of 14 meetings from 2008.

The transcripts offer the clearest insights yet into the central bank’s thinking during the crisis.

“Frankly, I am decidedly confused and very muddled” said former chair Ben Bernanke during a September meeting.

Overall, the documents paint a picture of the Fed that shows that it worried perhaps more than it should about inflation risks, and failed to grasp initially the full impact of the housing market crisis.

However, once the extent of the problems were known, the central bank was largely in agreement about moving decisively to prevent the next Great Depression from occurring.

It is becoming abundantly clear that we are in the midst of a serious global meltdown”
Janet Yellen Den Rest des Beitrags lesen »

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Will China shake the world again?

Geschrieben von hkarner - 18. Februar 2014

Date: 18-02-2014
Source: BBC Robert Peston

View video at: http://www.bbc.co.uk/news/business-26225205

China’s exceptional growth has been fuelled by massive debt and government subsidies as Robert Peston reports from Wuhan

Unless you are an aficionado of the great moments of Chinese Communist history, you probably won’t have heard of Wuhan (it is the site of Chairman Mao’s legendary swim across the Yangtze).

But perhaps more than any other Chinese city, it tells the story of how China’s remarkable three decades of modernisation and enrichment, its economic miracle, is apparently drawing to a close, and why there is a serious risk of a calamitous crash.

In Wuhan I interviewed a mayor, Tang Liangzhi, whose funds and power would make London’s mayor, Boris Johnson, feel sick with envy. He is spending £200bn over five years on a redevelopment plan whose aim is to make Wuhan – which already has a population of 10 million – into a world mega city and a serious challenger to Shanghai as China’s second city. Den Rest des Beitrags lesen »

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Austria: the laboratory of the Apocalypse

Geschrieben von hkarner - 8. Januar 2014

Dancing over the edge: Vienna in 1914

By Bethany Bell, Austria correspondent BBC NewsBell BBC

One hundred years ago, Vienna was at the epicentre of a world on the brink of war. Bethany Bell reflects on a century of changes in the Austrian capital.

On my first visit to Vienna in the early 1990s, I wanted, most of all, to see the paintings by Gustav Klimt. I didn’t know much about them.

My studies in England hadn’t exposed me to the art of fin-de-siecle Vienna. But a postcard of The Kiss with its golden, geometric splendours fascinated me.

The picture conjured up a vanished world of lavish beauty and daring experimentation that was both unfamiliar and exciting.

And so, once in Vienna, I went straight to see the collection at the Belvedere museum, a baroque palace on a hill, which, I was interested to discover, had been the home of the ill-fated Habsburg Archduke, Franz Ferdinand, whose assassination in Sarajevo in 1914 sparked the First World War.  Den Rest des Beitrags lesen »

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The Rise of the Global Middle Class

Geschrieben von hkarner - 4. Juli 2013

Date: 03-07-2013
Source: BBC

Describing the shift as historic, the United Nations reports that the global middle class in China, India and Brazil will have propelled their countries’ economies to account for nearly half of world output by 2050. Defined by the Organization of Economic Co-operation and Development as people who earn or spend between $10 and $100 per day, the global middle class is set to grow exponentially in developing areas of the world. Such a change is already being driven by industrialization and improved communications in emerging economies, allowing them to take advantage of existing knowhow. This helps in attracting investment and innovation in ways not available to poorer countries until the 1990s. The UN also notes that this new middle class is set to demand better environmental policies and more transparency from their governments, further helping lift people out of abject poverty. – YaleGlobal

A growing middle class in China, India and Brazil will propel their economies to account for nearly half of world output by 2050

The United Nations describes it as a historic shift not seen for 150 years.

The new global middle class in China, India and Brazil have propelled their economies to equal the size of the industrialised G7 countries. By 2050, they are forecast to account for nearly half of world output, far surpassing the G7.

Plus, within a decade, the middle class in Europe and North America will be less than a third of the world’s total, down from more than half now.

The Brookings Institution estimates that there are 1.8 billion in the middle class, which will grow to 3.2 billion by the end of the decade.

Asia is almost entirely responsible for this growth. Its middle class is forecast to triple to 1.7 billion by 2020.

By 2030, Asia will be the home of 3 billion middle class people. It would be 10 times more than North America and five times more than Europe.

There is also substantial growth in the rest of the emerging world. The middle class in Latin America is expected to grow from 181 million to 313 million by 2030, led by Brazil. And in Africa and the Middle East, it is projected to more than double, from 137 million to 341 million.

So who counts as middle class?
According to organisations like the United Nations and the Organisation for Economic Co-operation and Development (OECD), it’s someone who earns or spends $10 to $100 per day.

That’s when you have disposable income and enough money to consume things like fridges, or think about buying a car.

As the UN suggests, the growth is being driven by industrialisation. The industrial revolution of the 19th Century transformed the economies of Britain, the US and Germany. The move from agrarian to industrial societies generated income rises that created the middle class.

Now it’s the turn of emerging economies, particularly in Asia. In Indonesia, for instance, investment now exceeds 30% of GDP, a sign that there is more manufacturing.

How the new middle class is growing around the world

Much of the growth in the region is due to China. It is undergoing a re-industrialisation process. As the economy was industrialised in 1978 after decades of central planning, it is upgrading its industry, which has hastened the move out of agriculture.

The tough question is, why are the major changes happening now? For most of the post-war period, the surprise was why poorer countries didn’t grow more quickly than rich ones.

Economic theory says that because they are further from the technology frontier, these countries can benefit from existing know-how, and thus can grow more quickly than rich ones, which grow only by innovating.

One of the reasons was hinted at by the Feldstein-Horioka paradox. The economists Martin Feldstein and Charles Horioka observed a positive correlation between national savings and national investment.

It’s a paradox because, if capital truly flowed to where returns were greatest – it should go to low-stock countries because investment experiences diminishing returns. So, there shouldn’t be a correlation.

It has helped to explain why investment and therefore know-how wasn’t getting to developing countries – one of the reasons why they didn’t “catch up”.

But, there was a notable change in the early 1990s.

Richard Freeman of Harvard describes it as the “great doubling.” The global labour force doubled to 3 billion people when China, India and Eastern Europe re-joined the world economy.

China’s “open door” policy took off in 1992, India turned outward after a 1991 balance of payments crisis and communism fell in the Soviet Union.

Those investment funds helped to generate the savings needed for emerging economies to industrialise. They also embodied the know-how that can help the catch-up process.

It is why the 2000s were the first time in which global GDP growth significantly outpaced the EU and US, and was driven increasingly by emerging economies.

Will the trend last?
One of the most remarkable feats in the world has been the lifting of about a billion people out of abject poverty in the past couple of decades.

If the industrialisation trend continues, then this century could witness some of the rapid improvements in living standards seen in the West during the 19th Century.

But, there are a number of challenges.

The UN notes that the new global middle class is likely to demand better environmental protection and more transparency in how government operates.

The importance of global integration is also why protectionism is warily watched by many.

The prize, which many will hope is in reach, is that global poverty is eliminated entirely within another couple of decades.

It is the reason why the Nobel Laureate Robert Lucas said that once you start thinking about economic growth and the improvements in standards of living, it is hard to stop.

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Shale oil ‘to boost world economy by up to $2.7tn’

Geschrieben von hkarner - 14. Februar 2013

Date: 14-02-2013
Source: BBC

Fracking has been blamed for the pollution of water supplies and causing earth tremors

Shale oil production could boost the world economy by up to $2.7tn (£1.7tn) by 2035, according to a report.

The extra supply could reach up to 12% of global oil production, or 14 million barrels a day, and push global oil prices down by up to 40%, PricewaterhouseCoopers said.

Shale oil and gas have emerged as a viable way to boost energy supplies.

However, there are concerns over the process by which the gas is extracted, known as fracking.

In fracking, a mixture of water, sand and some chemicals is pumped into a well under high pressure to force the gas from the rock. It has been linked to minor earthquakes, and there are concerns about its impact on the environment.

In its report, PwC said that the level of global growth could increase by around as much as 3.7% by the extra supply of shale oil, which is the equivalent of adding an economy roughly the size of the UK to the total world economy by 2035.

But the benefits of oil price reductions due to shale oil will vary significantly by country.

Current major oil exporters, such as Russia and the Middle East, could be “significant net losers in the long term unless they can develop their own shale oil resources on a large scale”, it said.

Last month, China stepped up its efforts to explore shale gas reserves by awarding exploration rights on 19 shale gas areas to 16 firms.

Demand for energy in China has surged in recent years as its economy has expanded. The country is now the world’s biggest energy consumer.

In December, the UK government gave the go-ahead for a firm to resume fracking to exploit gas in Lancashire, which was stopped after two tremors near Blackpool.
Shale Gas extraction method


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Eurozone crisis explained

Geschrieben von stgara - 21. Juni 2012

Super story telling, visualized (hfk)

BBC, 19 June 2012 Last updated at 13:10 GMT

World leaders probably spend more time worrying about the eurozone crisis than anything else nowadays.

But as eurozone governments struggle to agree the best way out of the crisis, are they missing what caused it?

Continue reading the main story

  • The eurozone has agreed a new “fiscal compact”
  • Eurozone parliaments are in the process of ratifying a tough set of rules – insisted on by Germany – that will limit their governments’ “structural” borrowing (that is, excluding any extra borrowing due to a recession) to just 0.5% of their economies’ output each year. The pact, which will come into force once 12 out of the 17 eurozone member states have ratified it, will also limit their total borrowing to 3%. These rules are supposed to stop them accumulating too much debt, and make sure there won’t be another financial crisis.


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