Posted by hkarner - 24. September 2015
Popes, really. Francis owes a nonfinancial debt to his predecessors.
September 23, 2015 — 2:00 PM CEST
The pope’s take on the market economy boils down to three sentences, two of which don’t even belong to him. They do belong to the Vatican, which over the last 125 years has established a body of social doctrine intended to champion the poor and the vulnerable while protecting the natural environment. The positions of Pope Francis and his predecessors on economic matters are largely consistent and can be distilled into one statement from each of the last three popes.
Posted in Artikel | Verschlagwortet mit: BW, capitalism, Pope Francis | Leave a Comment »
Posted by hkarner - 5. September 2015
Some 3 billion people will enter the middle class by 2050, almost all of them in the developing world
Remember when emerging economies were supposed to save us all? After the 2008 financial crisis, the traditional engines of global growth—the U.S., Western Europe, and Japan—stumbled into recession. To the rescue came the once-poor developing world. China, India, Brazil, and other up-and-comers powered the global economy through the historic downturn. The meek were inheriting the earth.
Not completely, as it turns out. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BW, Emerging Markets | Leave a Comment »
Posted by hkarner - 16. August 2015
As crude tumbles in its worst summer ever, experts are lining up to forecast exactly how low it will go.
Among the lowest so far is $10 to $20 a barrel, which came from Gary Shilling, president of A. Gary Shilling Co., who spoke in a Bloomberg Television interview on Friday. Because fixed costs are already spent, drillers in a “price war” will keep pumping as long as prices are above the cash costs of production, which are below today’s levels of around $49 a barrel in London.
Posted in Artikel | Verschlagwortet mit: BW, oil price | Leave a Comment »
Posted by hkarner - 31. Mai 2015
The Greek government said it can survive another week without defaulting on the International Monetary Fund as European officials warned the window for accessing aid is closing.
Greece will be able to scrape together enough cash to make a payment of about 300 million euros ($329 million) due to the IMF on June 5, Economy Minister George Stathakis said in an interview with Real News newspaper published Friday.
“The country has been servicing its loans through internal resources for the past year,” Stathakis said. “It will do the same this time.” Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BW, Euro, Finanzkrise, Greece, IMF | Leave a Comment »
Posted by hkarner - 26. Mai 2015
The investment of choice for bulls seeking risk, value and domestic growth?
The shares have jumped 28 percent since a January low, but they’re still trading at a discount to their two-year average, making the industry among the cheapest in the region. The cost of options protecting against bank stock swings this month reached the lowest level in more than five years versus those on the Euro Stoxx 50 Index.
The lenders’ rally will trump even exporters, which have climbed with the weak euro, says Alex Altmann at Citigroup Inc., who recommends buying banks while shorting the broader index. As the economy recovers, investors are honing in on companies that most benefit from growth at home. And European Central Bank asset buying is also helping earnings, with firms such as Intesa Sanpaolo SpA saying profit doubled in the first quarter as it sold government bonds. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Banken, BW, Stock | Leave a Comment »
Posted by hkarner - 2. Mai 2015
The euro-area economy is riding the biggest wave of liquidity since the birth of the single currency to its fastest expansion in four years.
The long-term laggard of global growth is for now even outpacing the U.S as it cashes in on ultra-loose monetary policy, weakness in the euro and oil prices, fading fiscal austerity, surging stocks and renewed bank lending. Barclays Plc reckons such forces make overall monetary and financial conditions the easiest since the euro began trading in 1999.
Credit for the revival, mere weeks after talk was rife of deflation, is due in part to European Central Bank President Mario Draghi’s successful navigation of German opposition to quantitative easing. As always, the risk is of slippage, with Greece the chief wild card as its clash with creditors throws doubt over its membership of the 19-nation bloc. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BW, Deflation, ECB, Euro, Growth, Liquidity, QE | Leave a Comment »
Posted by hkarner - 24. April 2015
Euro-area finance ministers voiced their frustration with Greece after Prime Minister Alexis Tsipras tried to bypass their veto on financial aid with an appeal to Angela Merkel.
With Greece running out of money and stalling over commitments to reform, euro-zone finance chiefs meeting in Riga, Latvia, Friday said the country’s authorities still haven’t shown sufficient progress on plans to revamp the economy to justify a loan payout.
“I demand very urgently that we get results on the table,” Austrian Finance Minister Hans Joerg Schelling said before sitting down for talks. “If you follow the media of the past days you hear time and again that ‘Tsipras says’ and ‘Tsipras thinks’, so apparently this has been moved to leaders’ level.”
Tsipras sought to circumvent the finance ministers’ authority less than 24 hours earlier, pleading his case with German Chancellor and French President Francois Hollande on the sidelines of a summit on immigration in Brussels. Under euro-area procedures, it’s the finance ministers who have to sign off on any aid disbursement and Merkel said last month she’s not prepared to override those controls. Den Rest des Beitrags lesen »
Posted in weitere Artikel | Verschlagwortet mit: BW, Germany, Greece, Grexit | Leave a Comment »
Posted by hkarner - 16. April 2015
ECB Chairman Mario Draghi.
Here are five things to watch for from Mario Draghi on Wednesday. The European Central Bank president holds a press conference at 2:30 p.m. in Frankfurt, 45 minutes after the Governing Council’s announcement on interest rates.
Must we really start worrying about tapering?
The ECB began large-scale asset purchases in March and said national central banks scooped up 61.7 billion euros ($66 billions) of government and public-sector bonds as of April 10. With the economic recovery gaining strength and survey data showing that quantitative easing is spurring credit, Draghi will be able to vaunt the positive effects of its latest stimulus measure just five weeks after its start.
So much so, in fact, that the ECB president may be asked about the chances of an early exit from the program. ECB Executive Board member Yves Mersch hinted at the prospect in an April 8 interview. He also said purchases can be extended if needed.
Draghi is likely to dismiss talk of tapering at this stage, referring to the latest ECB economic projections as a reason to continue with the purchases until their intended end.
Are the March forecasts too optimistic? Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BW, Draghi, ECB, Euro | Leave a Comment »
Posted by hkarner - 26. Februar 2015
Bondholders who held their nerve as Greece sparred with the euro region are now reaping the rewards.
Sticking with Greek securities through the election of the anti-austerity Syriza party a month ago — and the turmoil of ensuing funding negotiations — handed investors the best returns globally this year, according to Bloomberg indexes of sovereign bonds.
Traders of Greek debt were relatively sanguine as they braved heightened volatility and warnings from strategists that the nation risked an exit from the currency bloc.
Their resilience kept the 10-year yield below its five-year average throughout the upheaval, and by Tuesday, when euro-area finance chiefs approved an extension of financial aid, it was more than a percentage point lower than its Dec. 31 close. Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: Bonds, BW, Euro, Finanzkrise, Greece | Leave a Comment »
Posted by hkarner - 4. Januar 2015
Thomas Piketty broke out of the pack of faceless economists in 2014 with an unlikely bestseller, Capital in the Twenty-First Century, which argued that capitalism accentuates inequality. He was recently presented France’s highest award, the Légion d’honneur (though he promptly turned it down). This weekend, though, Piketty faces a trial conducted by some of the world’s top academic economists—his peers. And from the looks of it, they won’t be going easy. Presiding over the session is N. Gregory Mankiw, a conservative economist at Harvard University who was a chief economic adviser to President George W. Bush.
Here’s a preview of the intellectual litigation courtesy of the website of the American Economic Association, which has posted preliminary versions of papers that will be presented on Saturday on the first day of the association’s annual meeting. Despite having “American” in the name, it draws top economists from around the world.
The first scheduled presenter, David Weil of Brown University, is the gentlest: Den Rest des Beitrags lesen »
Posted in Artikel | Verschlagwortet mit: BW, Piketty | Leave a Comment »