Föhrenbergkreis Finanzwirtschaft

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

Mit ‘Spiegel’ getaggte Beiträge

Isolated in Brussels: Merkel Clashes with EU Commission

Geschrieben von hkarner - 6. Januar 2014

Date: 02-01-2014
Source: SPIEGEL

Merkel cc2The chancellor has become bogged down in her attempt to lead the Europe.

Even as the euro crisis grows less acute, Europe is stuck. The European Commission is resisting any loss of its power, and many member states are tired of German dominance. Opponents of Europe, including those in Merkel’s camp, sense an opportunity.

On page 157 of the coalition agreement between Germany’s center-right Christian Democratic Union (CDU) and the center-left Social Democratic Party (SPD), at the beginning of the section on Europe, there is an oldie that many German governments have crooned in the past. It has to do with the German language — that is, its use in the European institutions. “German must be put on equal terms, in practice, with the other two procedural languages, English and French,” the document reads. Den Rest des Beitrags lesen »

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Geplante EU-Richtlinie: So hat die Energiewende noch eine Zukunft

Geschrieben von hkarner - 20. Dezember 2013

Date: 18-12-2013
Source: SPIEGEL

Gekappte Industrierabatte, strenge Regeln zur Förderung von Ökostrom:
Die EU-Kommission will in die deutsche Energiewende hineinregieren. Die Branche ist entsetzt. Doch kreative Firmen entwerfen schon Produkte, mit denen sich erneuerbare Energien auch ohne Förderung lohnen – selbst für Mieter.

Solar WohnhausanlagenSolaranlage für Mieter: Eigenverbrauch kann Experten zufolge irgendwann die Förderung von Ökostrom überflüssig machen. Den Rest des Beitrags lesen »

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Not Fit for the Next Crisis: Europe’s Brittle Banking Union

Geschrieben von hkarner - 19. Dezember 2013

Did anyone expect something different? We definitely did NOT! This is not even a compromise. Why is it being called a banking UNION? (hfk)

Date: 19-12-2013
Source: SPIEGEL

Frankfurt Skyline CCThe Frankfurt skyline: Many have accused the German government of watering down the euro zone’s new banking union.

German Finance Minister Wolfgang Schäuble has negotiated a European banking union suited perfectly to his country’s tastes. It looks like a victory, but it could prove to be very expensive if Europe or Germany face another financial crisis.

Lawyers are often sharp people, but they sometimes live dangerously — with a tendency to gloat so much that they lose track of what is actually right.

When German Finance Minister Wolfgang Schäuble, a trained lawyer, announced an agreement on Wednesday night in Brussels on the long negotiated EU banking union, observers might have been left thinking that he is precisely this type of lawyer. Den Rest des Beitrags lesen »

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The Banking Lobby Obviously Wants to Torpedo Any Regulation

Geschrieben von hkarner - 17. Dezember 2013

Date: 16-12-2013
Source: SPIEGEL
Subject: Complaint to EU: German Banks Try to Torpedo Transaction Taxes

German banking associations have sent letters to the European Commission urging it to forbid the new financial transaction taxes imposed by France and Italy. Insiders believe the letters are an attempt by the banking lobby to block a planned EU-wide financial transaction tax.

Germany’s banks have launched a campaign against new financial transaction taxes introduced by France and Italy. According to information obtained by SPIEGEL ONLINE, six leading German financial industry groups have lodged an official complaint with the European Commission against both countries. The taxes are “a breach of European law,” according to two confidential, almost identical letters dated Sept. 23 that SPIEGEL ONLINE has seen. The groups are headed by all the relevant business associations of the German financial sector, including the savings and cooperative banks and the investment fund industry. They also include the Federal Association of Public Banks, which represents state-owned promotional banks and the regional Landesbanken. Den Rest des Beitrags lesen »

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Tepid Welcome: Germany Struggles to Lure Skilled Workers

Geschrieben von hkarner - 13. Dezember 2013

Date: 12-12-2013
Source: DER SPIEGEL

Uphill Battle for Skilled Immigrants
Germany must look abroad to make up for its shortage of highly skilled workers. But a series of obstacles, including daunting bureaucracy, stand in the way of foreign specialists looking to relocate.

At first glance, immigrating to Germany seemed rather straightforward to Enio Alburez. When the engineer from Guatemala heard last spring that he could acquire a visa to look for work in Germany, he booked a flight to Berlin and went to the German embassy in Guatemala City.

There, Alburez asked for the special visa — but the embassy staff members merely shrugged their shoulders. They had never heard of the “jobseeker visa,” which has existed since August 2012 for non-EU citizens, but promised to look into the matter. A week went by, then another. For six long weeks, Alburez waited in vain for news from the embassy. Then the 25-year-old, who had learned German at the Austrian School in Guatemala, traveled to Germany as a tourist. After all, his flight was booked. Den Rest des Beitrags lesen »

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EU Wrangling: Berlin Plays It Safe on Banking Union

Geschrieben von hkarner - 11. Dezember 2013

I would agree with the German position: Schäuble has the best economic think-tank in his ministry and they must recognize, how huge the risk would be if accepting a common Eurozone wide banking liquidiation fund, especially with the Southern European banks. The assets of the banks in the EZ are approx. 30 trillion €, if the ECB’s Asset Quality Review next year requires e.g. a minimal increase of the provisions by 3%, then we are talking already about 900 bio €, which is 15 times the provisons for banking resolution in the ESM. Even after 10 years the liquidation fund wouldy be ridiculously low with a capital of 55 bio €.  (hfk)

Date: 11-12-2013
Source: SPIEGEL

German Finance Minister Wolfgang Schäuble met with his EU colleagues until midnight on Tuesday to discuss Europe’s planned banking union. Berlin is playing it safe in the talks, but its hesitancy threatens to derail the project’s core ambitions.

If there’s one notion at the core of the planned European banking union, it’s that of playing it safe. The union has been designed to ensure that the financial markets will become more stable, that shareholders and creditors will be held more liable than taxpayers. And it is meant to ensure that Europe will be better armed if the European Central Bank comes across unexpected holes in balance sheets when it conducts stress tests this spring on the euro zone’s 130 largest banks.

But when German Finance Minister Wolfgang Schäuble of the conservative Christian Democratic Union (CDU) party appeared before journalists just before midnight in Brussels on Tuesday, it became clear that things, once again, are anything but secure. Schäuble negotiated for close to 14 hours with his counterparts in Europe over the banking union, which many champions of the European Union believe is as epochal an event as the launch of the euro. Den Rest des Beitrags lesen »

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Like so many things, this can’t be solved by national regulatory agencies (but we never learn)

Geschrieben von hkarner - 10. Dezember 2013

A well researched study about the current status of regulation and why the problem can’t be resolved through regulaation only (except by seperating banks into basic banks (commercial banks) and investment banks (hfk)

Date: 10-12-2013
Source: SPIEGEL
Subject: Cartel Power: Megabanks Gain Ground Despite Fines

Authorities around the world are taking action against large banks for questionable practices including collusion and rate manipulation, but the power of these financial institutions continues to grow. Germany’s Deutsche Bank in particular finds itself under fire.

German Finance Minister Wolfgang Schäuble recently gave a German banker the most brutal lesson to date — delivered in a series of apparently incidental comments. At a press conference last Thursday afternoon, Schäuble launched into one of his notorious lectures on sound fiscal policy in times of crisis.

But then, finally, he had an opportunity to air his frustration over the incorrigible banker caste. A journalist asked Schäuble about his response to recent comments by Deutsche Bank co-CEO Jürgen Fitschen. The previous day, Fitschen had accused Schäuble of irresponsibility and populism, because the finance minister had insinuated that the banks were still bypassing financial industry regulations. Den Rest des Beitrags lesen »

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Weapons of Last Resort: ECB Considers Extreme Crisis Measures

Geschrieben von hkarner - 6. Dezember 2013

Date: 05-12-2013

Source: SPIEGEL

EZB ccThe ECB’s headquarters in Frankfurt: What weapons does the central bank still have at its disposal for combatting the euro crisis?

The European Central Bank wants to spur lending by banks in Southern Europe, but conventional methods have shown little success so far. On Thursday, ECB officials will consider monetary weapons that were previously considered taboo.

From Mario Drahgi’s perspective, the euro zone has already been split for some time. When the head of the powerful European Central Bank looks at the credit markets within the currency union, he sees two worlds. In one of those worlds, the one in which Germany primarily resides, companies and consumers are able to get credit more cheaply and easily than ever before. In the other, mainly Southern European world, it is extremely difficult for small and medium-sized businesses to get affordable loans. Fears are too high among banks that the debtors will default.

For Draghi and many of his colleagues on the ECB Governing Council, this dichotomy is a nightmare. Den Rest des Beitrags lesen »

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Feeding the Bubble: Is the Next Crash Brewing?

Geschrieben von hkarner - 4. Dezember 2013

Date: 03-12-2013
Source: DER SPIEGEL

Central banks around the world are pumping trillions into the economy. The goal is to stimulate growth, but their actions are also driving up prices in the real estate and equities markets. The question is no longer whether there will be a crash, but when.

When 42-year-old hedge fund manager Mark Spitznagel wants to forget about his high-stakes business for a while, he heads to the goat farm he and his wife Amy purchased in the bucolic hills of Michigan. There, he produces cheese according to environmentally sustainable methods, because he views modern agriculture, with its large-scale pesticide use and automated factory farms, as degenerate. In fact, he says, factory farming is “an ideal metaphor” for the economy.

In Spitznagel’s view, the world’s financial and equities markets are also dysfunctional, and what happens there is unhealthy and anything but sustainable. As a money manager, he has also opted for an alternative business model of sorts: He’s betting on a crash.
For his customers, Spitznagel’s multi-billion-dollar fund acts as an insurance policy against the next meltdown in the financial system. When the market is doing well, they lose modest amounts of money. But they cash in as soon as prices take a nosedive, even when all other investments are going up in smoke.

The hedge fund manager has made a lot of money in the past with his prognoses, and he is convinced that substantial turbulence is on the cards for the near future. “The setup is there for it,” says Spitznagel.

‘It Might Go Badly’ Den Rest des Beitrags lesen »

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Billions from Beijing: Africans Divided over Chinese Presence

Geschrieben von hkarner - 3. Dezember 2013

Spiegel Online, 29/11
Everything is as it has always been: decayed rows of houses, weathered doorframes with
intricate carvings, potholed dirt roads, fishing boats rotting on the beach and, in the middle of
it all, the Boma, a stone fortress built by the former German conquerors in Bagamayo, a sleepy
coastal town in Tanzania.
Bagamayo was the capital of the colony of German East Africa from 1888 to 1891, when the
administrative seat was moved to Dar es Salaam because the shore in Bagamayo was too
shallow for a real seaport. Since then, time seems to have stood still.
“But soon nothing will be as it once was in Bagamayo,” says Marie Shaba, “because now the new
rulers of the world, the Chinese, are coming.”
The 65-year-old radio journalist is wearing a bright, mango-yellow kitenge, the traditional
dress worn by Tanzanian women. She calls herself a cultural activist. For years, Shaba has been
fighting to have Bagamayo, an important arena for the slave trade in the 19th century and for
colonial history, declared a United Nations World Heritage Site.
But now Shaba fears that the sleepy town will disappear in the waves of progress.
This spring, Bagamayo was the focus of a story in international business news, when more than
400 newspapers worldwide reported that China was making a low-interest loan of $10 billion
(€7.4 billion) available for the construction of a modern container terminal 15 kilometers (9
miles) south of the city, and also planned to fund the establishment of a special economic zone
in the hinterlands behind the port. Den Rest des Beitrags lesen »

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