Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘UK’

No Hope: The Nation States are Killing the EU

Posted by hkarner - 16. März 2018

Date: 15-03-2018
Source: The Wall Street Journal By Simon Nixon
Subject: The Dark Underbelly of Europe’s Financial System

The EU has rules to guard against money laundering, but members must ensure the law is enforced

The EU has introduced a single rule book to cover customer protection and anti-money laundering, but it is up to domestic agencies to ensure the law is enforced

Something is rotten in the European financial system.

The U.K.’s status as a global capital of money laundering is once again back in the spotlight following the attempted murder of former Russian spy Sergei Skripal and his daughter, which the British government has blamed on Russia. The scandal has revived concerns about the U.K.’s remarkable openness to the mysteriously amassed fortunes of Russian oligarchs with links to Russian President Vladimir Putin and the extraordinary role that U.K.-registered companies have played in some of the biggest money-laundering scandals that have surfaced in Europe in recent years.

But the current focus on London follows a string of disturbing stories that has exposed the dark underbelly of the financial system across the continent. Den Rest des Beitrags lesen »


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Milking it: bosses’ pay

Posted by hkarner - 5. Januar 2018

Date: 04-01-2018
Source: The Economist
Today has been dubbed “Fat Cat Thursday”, at least by those critical of the bumper salaries Britain’s business chiefs enjoy. According to the High Pay Centre, a think-tank, this is the date by which bosses at FTSE 100 companies will have already earned more in the new year than the typical full-time worker can expect in the entirety of 2018.

The HPC calculates that the executives’ median pay was £3.45m ($4.66m) in 2016 (the latest available data); that of an average worker in 2017 just £28,758. Fat Cat day has caught a populist mood in austere times.

Scandals at businesses like BHS, a retailer whose boss pocketed millions in 2016 while its pension pot dwindled, have not helped. Under public pressure, in that year corporate pay actually fell. Politicians have responded too. Theresa May’s government is expected soon to force listed companies to publish the ratios between the highest and lowest earners. Expect the fattest cats to diet.

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The machine age is upon us. We must not let it grind society to pieces

Posted by hkarner - 30. Dezember 2017

Date: 29-12-2017
Source: The Guardian by Chuka Umunna

Chuka Umunna, the Labour MP for Streatham, is a former shadow business secretary

What good is glittering technology if it robs us of jobs and rips communities apart? We need to work out how humans will prosper in a world of robots.

We need to talk about work. The new machine age will transform our understanding of it. Work is the way we contribute to society, part of a reciprocal social contract – the giving of our effort and our taking when in need – that holds our society together. We work, we build our society, and we share in its prosperity.

But our social contract around work is broken. Back in the 1980s parts of our country were devastated by de-industrialisation. This wave of globalisation and the first fruits of technological innovation destroyed industrial jobs or exported them to low-wage economies.

The loss of work had a devastating impact. We must never forget the value of work because without it people are denied a sense of dignity and of community. When you lose work, the meaning and purpose of life are taken away from you, and isolation can set in. Research shows you are at greater risk of sickness, substance abuse and other challenges. Families can start breaking apart under the pressure, mental illness rises, and educational achievement collapses. Den Rest des Beitrags lesen »


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UK’s poorest to fare worst in age of automation, thinktank warns

Posted by hkarner - 30. Dezember 2017

Date: 29-12-2017
Source: The Guardian

Machines threaten jobs generating £290bn in wages and could widen inequality gap, according to IPPR

The IPPR suggests factory workers are likely to be among those losing their jobs or facing fewer hours due to automation.

The rise of the machine economy risks social disruption by widening the gap between rich and poor in Britain, as automation threatens jobs generating £290bn in wages.

Jobs accounting for a third of annual pay in the UK risk being automated, according to the study by the IPPR thinktank. Warning that low-paid roles are in the greatest danger, it urged ministers to head off the prospect of rising inequality by helping people retrain and share in the benefits from advances in technology.

The study for the IPPR’s commission on economic justice, which features senior business and public figures including the archbishop of Canterbury, called on the government to take a greater role in managing the adoption of robotics, artificial intelligence and other methods of job automation in the workforce. Den Rest des Beitrags lesen »


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Brexit und die Wirtschaft: Der Abstieg hat begonnen

Posted by hkarner - 18. Dezember 2017

Großbritannien spürt die Folgen des anstehenden EU-Ausstiegs. Die Wirtschaft lahmt, die Preise steigen. Lässt sich der Brexit doch noch rückgängig machen?

Eine Kolumne von

Im Englischen gibt es ein paar deutsche Lehnwörter, die ein nicht eben schmeichelhaftes Licht auf uns werfen. Schadenfreude gehört dazu. Ebenso Katzenjammer. Und natürlich Angst. All diese Worte sind fehl am Platz, wenn es um den Brexit geht.

Der britische Ausstieg aus der EU ist eine Tragödie. Ein politisches Schockereignis, das eigentlich nie hätte stattfinden dürfen. Doch so wird es wohl geschehen: Mit knapper Mehrheit per Volksabstimmung bei geringer Wahlbeteiligung entschieden, ist Britannien auf dem Weg, die EU zu verlassen. Etwa die Hälfte der Verhandlungsfrist ist bereits verstrichen. Was am Ende dabei herauskommt, ist offen.

Nach wie vor ist ein harter Brexit möglich, also ein Ausstieg Britanniens ohne Abkommen mit der EU – womöglich in heftigem Streit, mit offenen Rechnungen und zerbrochenem Porzellan. Aber immerhin: In der abgelaufenen Woche sind die Chancen auf eine freundschaftliche Trennung gestiegen. Der EU-Gipfel hat die Weichen gestellt, sodass die zweite Phase der Brexit-Verhandlungen beginnen kann. Den Rest des Beitrags lesen »


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Stresstest: Britische Banken können mit „hartem“ Brexit umgehen

Posted by hkarner - 28. November 2017

Sieben britischen Großbanken mussten sich dem bisher härtesten Stresstest unterziehen. Keine fiel durch.

Die britischen Banken können einen „harten“ Brexit verkraften. „Die Bank von England kommt zu dem Urteil, dass das Bankensystem die Realwirtschaft selbst in dem unwahrscheinlichen Fall eines ungeordneten Brexit weiterhin unterstützen kann“, sagte Notenbankchef Mark Carney am Dienstag in London bei der Vorlage des Finanzstabilitätsberichts der Zentralbank.

Derzeit verhandeln in Brüssel Unterhändler der britischen Regierung mit der Europäischen Union über die Modalitäten eines Ausstiegs aus dem Staatenbund. Dieser Schritt soll im März 2019 vollzogen werden. Carney forderte abermals eine „rechtzeitige Vereinbarung“ über den Brexit und plädierte für eine großzügige Übergangszeit, um die Risiken für die Finanzstabilität des Landes zu reduzieren. Den Rest des Beitrags lesen »


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Inconvenient Truths About Migration

Posted by hkarner - 23. November 2017

Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.

Standard economic theory says that net inward migration, like free trade, benefits the native population after a lag. But recent research has poked large holes in that argument, while the social and political consequences of open national borders similarly suggest the appropriateness of immigration limits.

LONDON – Sociology, anthropology, and history have been making large inroads into the debate on immigration. It seems that Homo economicus, who lives for bread alone, has given way to someone for whom a sense of belonging is at least as important as eating.

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Bank von England will Steuerzahler vor Bankpleiten schützen

Posted by hkarner - 2. Oktober 2017

Mit höheren Kapitalanforderungen will die Bank of England verhindern, dass bei einem Zusammenbruch einer britischen Bank erneut die Steuerzahler zur Kasse gebeten werden.

Bis 2022 müssten die britischen Institute für diesen Zweck insgesamt noch vier Milliarden Pfund (4,5 Milliarden Euro) an zusätzlichen Eigenmitteln und Anleihen einsammeln, teilte die Notenbank am Montag mit. Damit werde sichergestellt, dass selbst große Banken nicht mehr zu groß sind, um sie untergehen zu lassen („too big to fail“), sagte der Vize-Gouverneur der Bank of England, Jon Cunliffe. Allein zur Rettung der Royal Bank of Scotland sowie Lloyds waren während der Finanzkrise umgerechnet rund 74,7 Milliarden Euro an Steuergeldern geflossen.

Die europäischen Regeln zur Bankenabwicklung sehen vor, dass bei einem Banken-Kollaps Anteilseigner und Gläubiger zuerst für die Verluste gerade stehen müssen („bail-in“), bevor Geld der Steuerzahler fließt. Die Banken müssen deutlich machen, welches Eigen- und Fremdkapital im Pleitefall zur Verfügung steht. 116 Milliarden Pfund an Fremdkapital, das die Banken bereits aufgenommen haben, müssten klar als „bail-in“-Mittel (MREL) ausgewiesen werden, erklärte die Bank of England. Den Rest des Beitrags lesen »


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Theresa May Finds Threats to Her Brexit Vision Within Her Own Cabinet

Posted by hkarner - 19. September 2017

Date: 19-09-2017
Source: The Wall Street Journal

Foreign Secretary Boris Johnson publishes article playing down transition period at heart of prime minister’s exit plan

LONDON—As Brexit negotiations hit a critical juncture, Prime Minister Theresa May is finding some of her biggest adversaries are in London, not Brussels.

Mrs. May is struggling to quell dissension from cabinet ministers as she prepares to deliver a major policy speech on Britain’s departure from the European Union, underscoring her tenuous position after a failed election gamble in June left her without a majority in Parliament.

Boris Johnson, Britain’s colorful and unpredictable foreign secretary, over the weekend outlined his own vision, undercutting Mrs. May ahead of her closely watched speech in Florence—her first on Brexit in six months—and fueling speculation he is positioning himself to succeed her.

In a 4,000-word piece in the Daily Telegraph, Mr. Johnson said Britain “will succeed mightily” outside the bloc. He made no mention of a transitional period in which EU rules would continue to apply and revived a discredited referendum promise that a post-Brexit Britain would be able to spend £350 million ($475 million) more a week on its public health-care system. Den Rest des Beitrags lesen »


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For the first time since the crisis, more Britons are going bust

Posted by hkarner - 26. August 2017

Date: 24-08-2017
Source: The Economist
Subject: The no-longer-managings

Credit-card borrowing has soared. As households are squeezed, a growing number can’t keep up

IN THE window of an electrical-goods shop in Stoke-on-Trent, in the English Midlands, is a television worth ten times the local weekly wage. Though most passers-by could not afford such goodies, the retailer offers a generous credit plan. “0% FREE CREDIT: £500 MIN SPEND” is painted in large letters on the window. In a shopping centre nearby, easy finance is available on everything from furniture to jewellery. Local wages have stagnated in recent years, yet consumer lending in Stoke galloped up by 10% in 2016.

Stoke’s taste for credit is typical of the country as a whole. In the year to June, overall consumer debt (such as borrowing on credit cards) grew by 10%. The stock of outstanding consumer debt recently passed the £200bn ($260bn) mark for the first time since 2008. Finance to buy cars has been on a tear. In the past four years it has more than doubled, and now makes up over a quarter of the total. Den Rest des Beitrags lesen »


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