Geschrieben von hkarner - 13. Dezember 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 »
Veröffentlicht in Artikel | Getaggt mit: Employment, Germany, Immigration, Spiegel | Leave a Comment »
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)
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 »
Veröffentlicht in Artikel | Getaggt mit: AQR, Banking Union, ECB, Euro, Finanzkrise, Germany, liquidation fund, Regulieren, Spiegel | Leave a Comment »
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)
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 »
Veröffentlicht in Artikel | Getaggt mit: BAFIN, Bankster, Deutsche Bank, Euro, Fitschen;, Germany, Liikanen, Regulieren, Schäuble, Spiegel, Volcker | Leave a Comment »
Geschrieben von hkarner - 6. Dezember 2013
The 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 »
Veröffentlicht in Artikel | Getaggt mit: ECB, Euro, Finanzkrise, LTRO, QE, Spiegel | Leave a Comment »
Geschrieben von hkarner - 4. Dezember 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 »
Veröffentlicht in Artikel | Getaggt mit: Bubble, Crash, Finanzkrise, Shiller, Spiegel, Stocks, Tobin | Leave a Comment »
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 »
Veröffentlicht in Artikel | Getaggt mit: Africa, china, Spiegel | Leave a Comment »
Geschrieben von hkarner - 26. November 2013
H.F.Karner: The attached Spiegel article describes very well the approaching “time bomb” respectively the posssible/probable cheating by the ECB. I have studied both the ECB AQR document and the EBA rules to which it refers and they are very ambiguous, i.e. allowing multiple conclusions for the ECB, if it looks as bad as it is:
Analyse der EZB und EBA Standards für SSM/AQR und non Performing/forebearance loans
- Ich habe die frischen EBA Implementation Technical Standards On Supervisory reporting on forbearance and non-performing exposures vom 21/10 gelesen (siehe beiliegend). Auf diese Standards bezieht sich ja der EZB AQR SSM Prüfungsplan.EBA-ITS-2013-03+Final+draft+ITS+on+Forbearance+and+Non-performing+exposures
- Non-performing: past due more than 90 days and / or unlikely to pay (includes Impairment and Default) S.7.
- Non-performing exposures are those that satisfy either or both of the following criteria:
- material exposures which are more than 90 days past-due;
- the debtor is assessed as unlikely to pay its credit obligations in full without realisation of collateral, regardless of the existence of any past-due amount or of the number of days past due. S.13 Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: AQR, Banken, Bonds, EBA, ECB, Germany, Ghizzoni, Gros, Italy, Karner, Sovereign, Spiegel, Unicredit | Leave a Comment »
Geschrieben von hkarner - 1. November 2013
Subject: Exportstärke: USA üben scharfe Kritik an Deutschlands Wirtschaftspolitik
Affront mit schlechtem Timing: In einem Bericht nimmt das US-Finanzministerium Deutschlands Rekordhandelsüberschuss aufs Korn. Die ungewöhnlich scharfe Kritik dürfte die ohnehin gestörten Beziehungen zwischen Washington und Berlin zusätzlich belasten.
Die US-Halbjahresberichte über internationale Wirtschafts- und Wechselkurspolitik sind sperrige Lektüre. Seit 1988 nimmt das Washingtoner Finanzministerium darin die Währungsbewegungen der US-Handelspartner unter die Lupe, um Wettbewerbsnachteile für sich selbst zu vermeiden. Die lauteste Kritik hagelt es da meist an China, das immer wieder im Verdacht steht, den Yuan zu manipulieren.
Der jüngste Bericht nimmt allerdings ein ganz anderes Land ins Kreuzfeuer: Deutschland.
In ungewöhnlich offener Form kritisiert der am Mittwochabend veröffentlichte “Report to Congress on International Economic and Exchange Rate Policies” die Wirtschaftspolitik von Bundeskanzlerin Angela Merkel: Das Exportland Deutschland belaste mit seinem Rekordhandelsüberschuss die gesamte EU. Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Germany, Spiegel, trade surplus, USA | Leave a Comment »
Geschrieben von hkarner - 29. Oktober 2013
German Federal Chancellor Angela Merkel chats with European Parliament President Martin Schulz — an unexpected new friend.
In her third term, Chancellor Angela Merkel hopes to shape her legacy — by reforming the European Union and reinvigorating the Continent’s economy. Now she’s found an unexpected ally in Social Democrat Martin Schulz, but the two have a long road ahead of them.
It happened over dessert at a recent dinner in the European Council building in Brussels. Just before midnight, German Chancellor Angela Merkel did what European leaders have wanted her to do for months: She showed leadership. The chancellor said the euro countries must become more competitive, and argued the European Commission’s controls have been insufficient, that “a stronger commitment” is needed. Furthermore, the “social dimension” could not be ignored, she said. Europe needs a “qualitative leap.” Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Europe, Germany, Merkel, Schulz, Spiegel | Leave a Comment »
Geschrieben von hkarner - 25. Oktober 2013
Subject: EU Apathy: Leaders Fail to Make Progress at Summit
This week’s European Council summit was sidelined by new accusations of US spying in Europe. But despite the distraction, it’s clear EU leaders have deferred plans for greater integration, and lack the political will to address pressing concerns like migration.
Ahead of talks in Brussels this week, European Union leaders said they planned on tackling some tough issues. But as the event drew to a close on Friday, it was clear they had failed to push ahead with their once-bold agenda for deeper fiscal and political integration. The quarterly European Council summit also made little headway on data protection reform or creating a coherent policy to address the divisive issue of migration.
This is likely because, after four years of crisis, the embattled euro zone’s prospects are gradually improving and market pressures have abated — in no small part due to the European Central Bank’s commitment last year to “do whatever it takes.” As a result, experts say, European leaders have lost the incentive to tackle the politically sensitive issue of developing an authentic political and fiscal union to complement the monetary one.
“The political and fiscal plans are basically off the table. There would need to be another major crisis to bring them back,” says Zsolt Darvas, a senior fellow at the Brussels-based Bruegel think tank. Darvas suggests that a loss of market confidence in the highly-indebted Italian economy, the euro zone’s third largest, could be the one wild card that would force the EU to refocus on fiscal coordination. Den Rest des Beitrags lesen »
Veröffentlicht in Artikel | Getaggt mit: Euro, Europe, Finanzkrise, Spiegel | Leave a Comment »