Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘SME’

ING, a Dutch bank, finds a winning digital strategy

Posted by hkarner - 17. November 2017

Date: 16-11-2017
Source: The Economist

An approach that came unstuck in the crisis has provided the foundation for success

GERMANY’S third-biggest retail bank has no branches. It is also Dutch. And it is highly profitable. ING-DiBa, an online bank owned by ING, the Netherlands’ biggest lender, looks after €133bn ($154bn) of deposits for over 8m customers. In a fragmented market—most Germans entrust their savings to small, local banks—that means a share of around 6%. ING-DiBa’s lack of branches keeps costs down, allowing it to resist charging for current accounts and offer savers a tad more than rivals, despite a recent cut; and it has won a name for good service in a country not renowned for it. While other banks struggle after years of ultra-low interest rates, ING-DiBa thrives. Its return on equity exceeds 20%.

ING as a whole is in fair shape, too. On November 2nd it reported net third-quarter earnings of €1.4bn, slightly more than a year earlier. The group’s return on equity was a healthy 11%, nearly two percentage points up. Since 2014 the number of “primary” customers (with an active current account and another product) has climbed by 25%, to 10.5m. By 2020 ING aims to have 14m. They are especially valuable because they want further services and because frequent transactions yield reams of data. Den Rest des Beitrags lesen »

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German ‘Economic Juggernaut’ Sends Domestic Stocks Surging Above Exporters

Posted by hkarner - 3. September 2017

Date: 02-09-2017
Source: The Wall Street Journal

While a stronger euro weighs on Germany’s export champions, companies exposed to the domestic economy are having a stellar year

The German economy is famous as an export powerhouse–but this year, in the country’s stock markets, the companies closest to home are outperforming their internationally-focused peers by a mile.

The country’s flagship equity index, the DAX, is up by just 5% for 2017 so far. Meanwhile, the FTSE Local Germany has returned 23% since the year began.

The growing strength of the euro and the still-improving picture for the German domestic economy have both helped drive a wedge between the two indexes. Den Rest des Beitrags lesen »

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France, Germany and the EU: The European Motor Sputters to Life

Posted by hkarner - 11. Juli 2017

Date: 11-07-2017
Source: SPIEGEL

Chancellor Angela Merkel and President Emmanuel Macron hope to reinvigorate the Franco-German partnership. Yet even as military cooperation moves forward, the two countries are still far apart on eurozone reforms.

French President Emmanuel Macron and German Chancellor Angela Merkel.

When Angela Merkel and Emmanuel Macron talk about their relationship, it’s easy to get the impression that they are a pair of lovers. „There’s a bit of magic in every new beginning,“ warbled the German chancellor during Macron’s visit to Berlin. The French president, for his part, wasn’t at a loss for ardor when he went before the press with Merkel at the end of the last EU summit. „When France and Germany speak with one voice, Europe makes headway,“ he gushed.

It’s hardly surprising that Brussels no longer speaks of two people when the pair comes up in conversation. „Mercron“ or „Emmangela“ is how the two are now referred to in the European Union capital, names that reflect the hope that Merkel and Macron, the German chancellor and French president, will re-start the German-French EU motor and finally bring the bloc forward. And the current situation is propitious: The election of Donald Trump in the United States and the ongoing political disaster unfolding in Britain has recently reminded many Europeans of just how important the EU really is. Den Rest des Beitrags lesen »

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Mittelständler weichen nach Deutschland aus

Posted by hkarner - 11. April 2017

43 Prozent der mittelständischen Unternehmen sagen, dass die Kreditvergabe der Banken restriktiver geworden ist, so eine Umfrage von EY. Immer mehr Firmen begeben daher Schuldscheine nach deutschem Recht.

Wien. Gibt es eine Kreditklemme, oder ist schlicht die Nachfrage der Unternehmen nach frischem Geld zu gering? Die Antwort auf diese Frage fällt sehr unterschiedlich aus – je nachdem, ob sie von einem Vertreter einer Bank oder von einem Vertreter eines Unternehmens kommt. Fakt ist, dass viele Firmen das Gefühl haben, dass die Kreditvergabe der Banken restriktiver geworden ist. In einer Umfrage der Unternehmensberatung EY sagen 43 Prozent der Befragten, dass es in den vergangenen drei Jahren schwieriger geworden ist, einen Kredit zu erhalten.

Natürlich hänge die Kreditvergabe immer sehr stark von der Bonität des Unternehmens ab, sagt Andreas Steiner-Posch von EY. „Seit Mitte 2015 gibt es wieder kräftigen Wettbewerb um jene Firmen mit guter Bonität. Diese erhalten die Kredite nun wieder relativ leicht.“ Anders jedoch die Situation bei Firmen, die vielleicht nicht ganz so gut dastehen. Diese hätten oft ordentliche Probleme, Investitionen mit Fremdkapital zu finanzieren. „Und dabei trifft es auch Unternehmen, die es eigentlich nicht treffen sollte“, so Steiner-Posch. Den Rest des Beitrags lesen »

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Smaller German Firms Rethink Foreign Investments

Posted by hkarner - 15. März 2017

Date: 14-03-2017
Source: The Wall Street Journal

‘Mittelstand’ companies see challenges with political and economic instability in core markets

Bottling-equipment maker Krones is rethinking its overseas plans because of rising uncertainty.

Krones AG, a German packaging and bottling-machine manufacturer, planned to invest up to €20 million ($21.1 million) abroad over the next two years, with a strong focus on China, the U.S. and sub-Saharan Africa.

However, the increased amount of global uncertainty has led Krones to reconsider.

“Firms like us always struggle with making decisions for overseas investments,” said Klaus Gerlach, head of international operations at Krones. “In times like these, this is even more so the case,” he said.

A mixture of political and economic instability in core international markets present a challenge for Germany’s “Mittelstand” firms, or small and medium-size companies. Britain’s Brexit vote, tighter capital controls in China and expected changes to U.S. trade policy are forcing executives of these companies to revise their plans. Some are simply putting investment decisions on hold until further notice. Den Rest des Beitrags lesen »

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KMU-Kredite: Kooperation EU-UniCredit

Posted by hkarner - 18. Januar 2017

Der Europäische Investitionsfonds (EIF) und die UniCredit unterzeichneten ein Abkommen über 160 Mrd. für KMU.

Wien. Der Europäische Investitionsfonds (EIF) und die italienische Bank-Austria-Mutter UniCredit haben in Wien ein Abkommen zur Finanzierung von Krediten für Klein- und Mittelbetriebe (KMU) unterzeichnet. Wie die EU-Kommission in Brüssel am Mittwoch weiter mitteilte, sind Darlehen im Umfang von 160 Mio. Euro umfasst.

Sie sollen innovativen Klein- und Mittelbetrieben in Bulgarien, Kroatien, Tschechien, der Slowakei, Ungarn, Rumänien, Bosnien-Herzegowina und Serbien zugute kommen. Die Banken in Bosnien und Herzegowina und in Serbien profitieren von Haftungen des EIF und durch das EU-Forschungsprogramm Horizon 2020.

Abkommen für Frankreich

Die Garantien in Bulgarien, Kroatien, Tschechien, der Slowakei, Ungarn und Rumänien werden durch den EU-Investitionsplan getragen, erklärte die EU-Kommission. Den Rest des Beitrags lesen »

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Banken: Bei den Krediten klemmt es doch

Posted by hkarner - 22. Dezember 2016

Also mich überrascht das Ergebnis der Studie wirklich nicht: das ist doch betriebswirtschaftlich realistisch, hat mit Kreditklemme in guten bzw. schlechten Zeiten nichts zu tun. (hfk)

22.12.2016 | 18:20 | Von Karl Gaulhofer (Die Presse)

Weniger Kredite seit der Krise? Nur weil die Nachfrage fehle, behaupten die Banken. Stimmt nicht, weist nun das Wifo nach: Ob eine solide Firma Kredit erhält, hängt von der Kapitalquote der Hausbank ab.

Wien. Es war bis jetzt eine offene Frage: Hat die strengere Regulierung der Banken als Folge der Finanzkrise zu einer Kreditklemme für Österreichs Wirtschaft geführt? Viele Unternehmer sind davon überzeugt. Die heimischen Banken haben das immer bestritten: Sie würden liebend gern mehr Kredite vergeben, aber leider sei eben die Nachfrage zu schwach. Tatsächlich spielen beim Kreditwachstum Angebot und Nachfrage zusammen, und Ökonomen tun sich schwer, diese Effekte zu trennen. Dazu müsste man konkrete Firmen und ihre Banken über die Zeit beobachten, wofür meist die Daten fehlen. Das Wifo hat diese Übung nun – erstmals weltweit – geschafft. Und dabei die Behauptung der Banker widerlegt. Denn das Fazit lautet: Gleich kreditwürdige Unternehmen erhalten in Österreich einen Kredit oder auch nicht – je nachdem, wie gut die Kapitalausstattung ihrer Hausbank ist. Den Rest des Beitrags lesen »

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Sluggish Business Investment in the Euro Area: The Roles of Small and Medium Enterprises and Debt

Posted by hkarner - 4. August 2016

Posted on by iMFdirect

By John C. Bluedorn and Christian Ebeke

Small businesses could be the lifeblood of Europe’s economy, but their size and high debt are two of the factors holding back the investment recovery in the euro area. The solution partly lies in policies to help firms grow and reduce debt.

Our new study, part of the IMF’s annual economic health check of the euro area, takes a novel bottom-up look at the problem. We analyze the drivers of investment using a large dataset of over six million observations in eight euro area countries, from 2003 to 2013: Austria, Belgium, Germany, France, Finland, Italy, Portugal, and Spain.

Small firms, big problems

Gross investment by non-financial corporations for the euro area as a whole fell after the global financial crisis, from about 24 percent of GDP in 2007 to a low of about 21 percent in 2009. The prevalence of small and medium enterprises—SMEs—partly explains why investment by companies has remained weak (Chart 1). SMEs produce most of the value added in the euro area and their weak performance accounts for a large part of the drop in investment during the crisis and the slow recovery afterwards. Smaller firms tend to experience tighter access to credit, and so struggle more to invest and expand output quickly when demand picks up. They also tend to be more reliant on financing from banks, which makes them more vulnerable to banking distress. Den Rest des Beitrags lesen »

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Venture Capital: Driving Economic Growth

Posted by hkarner - 4. August 2016

By , and on August 3, 2016, RGE EconoMonitor

Venture Capital: Driving Economic Growth

 Startups and scale-ups create the vast majority of jobs in the formal economy, providing, on average, 66 percent of jobs worldwide and the greatest share of jobs in low-income countries. Moreover, small and medium-sized enterprises are important not just for job creation, but also for economic growth, thanks to their outstanding capacity to increase productivity through innovation.

Looking back, some 85 percent of growth between 1900 and 1950 is attributable to innovation, rather than increased usage of inputs. As for generating innovation, financing of small businesses via risk capital—most notably venture capital, which is also called smart capital because it combines financing with active hands-on support—has been found to be three to four times more effective than other alternatives, such as corporate research or development funding.

However, young companies with business models that aren’t fully proven, or those that haven’t reached break even, often have difficulty accessing funding. It is estimated that they face a financing gap of more than $2.1 trillion worldwide, and that bank loans to small businesses represent only 3 percent of gross domestic product in emerging market countries.

Each dollar invested in venture capital can generate up to $6.45 in economic activity through wages, payment to providers and taxes, according to a 2012 study by Dalberg Global Development Advisors of the venture capital portfolio of the Inter-American Development Bank’s Multilateral Investment Fund (MIF), which operates in Latin America and the Caribbean.

Another 2016 study by Bella Research Group of three funds supported by the MIF also showed similar results, finding that venture capital investments can be very effective in fostering economic development, producing both direct and indirect impacts. In particular, venture capital funds can provide vital funding in equity- and credit-constrained environments, and they usually offer substantial networking opportunities and business training to the companies in their portfolios. Den Rest des Beitrags lesen »

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What’s Wrong With Negative Rates?

Posted by hkarner - 14. April 2016

Photo of Joseph E. Stiglitz

Joseph E. Stiglitz

Joseph E. Stiglitz, recipient of the Nobel Memorial Prize in Economic Sciences in 2001 and the John Bates Clark Medal in 1979, is University Professor at Columbia University, Co-Chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and Chief Economist of the Roosevelt Institute. A former senior vice president and chief economist of the World Bank and chair of the US president’s Council of Economic Advisers under Bill Clinton, in 2000 he founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. His most recent book is Rewriting the Rules of the American Economy.

APR 13, 2016, Project Syndicate

NEW YORK – I wrote at the beginning of January that economic conditions this year were set to be as weak as in 2015, which was the worst year since the global financial crisis erupted in 2008. And, as has happened repeatedly over the last decade, a few months into the year, others’ more optimistic forecasts are being revised downward.

The underlying problem – which has plagued the global economy since the crisis, but has worsened slightly – is lack of global aggregate demand. Now, in response, the European Central Bank (ECB) has stepped up its stimulus, joining the Bank of Japan and a couple of other central banks in showing that the “zero lower bound” – the inability of interest rates to become negative – is a boundary only in the imagination of conventional economists. Den Rest des Beitrags lesen »

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