Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘USA’

Tech’s Titans Go From Big to Bigger

Posted by hkarner - 29. April 2017

Date: 28-04-2017
Source: The Wall Street Journal

Scale of Amazon, Microsoft and Google hard to combat as tech industry shifts to new markets

Today’s high-tech giants may not be monopolies in the most classic sense. But their outsize prominence is hard to deny, as demonstrated during the tech-earnings-palooza Thursday afternoon.

The day’s closing bell saw quarterly reports from Amazon.com Inc., Microsoft Corp., Intel Corp. and Alphabet Inc., the parent company of Google. Their combined revenue for the period—about $97.4 billion—comprises about 4% of the cumulative revenue projected for companies in the S&P 500, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Yet, the combined market capitalization of the four companies makes up about 8% of the Index’s total. Throwing in Apple Inc. AAPL 0.08% and Facebook Inc. FB 0.78% —both of which report results next week—puts about 13% of the S&P 500’s combined market cap into the hands of just six companies. And note that two of those companies—Microsoft and Intel—were written off by some as being past their prime, given that both still rely on sales of personal computers for a substantial portion of their business. Den Rest des Beitrags lesen »

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Trumps Steuer-„Riesending“ beruht auf dem Prinzip Hoffnung

Posted by hkarner - 27. April 2017

Donald Trumps groß angekündigte ganz große Steuerreform – das vom US-Präsidenten als „Riesending“ bezeichnete Vorhaben – stößt bei Experten auf Skepsis.

Zwar begrüßten insbesondere Konzernchefs die am Mittwoch vorgelegten Eckpunkte der US-Steuerreform, die etwa eine deutliche Senkung des Steuersatzes für Unternehmen vorsehen. Strittig blieb jedoch, ob die Maßnahmen tatsächlich die Wirtschaft ankurbeln und Arbeitsplätze schaffen würden. Unklar ist zudem, wie die Entlastungen ohne einen neuen, für die Republikaner heiklen Anstieg des Defizits vollzogen werden sollen. Die US-Börsen ließen Trumps Steuerpläne jedenfalls kalt. Sollte der Plan tatsächlich Erfolg haben, dürfte die US-Notenbank gegensteuern, um eine Überhitzung der Wirtschaft zu verhindern.

Die grundsätzliche Notwendigkeit einer Steuerreform ist in den USA kaum strittig. Die Körperschaftsteuer von 35 Prozent und regionale Abgaben ergeben zusammen eine Belastung für Unternehmen, die mit fast 40 Prozent das Land zum Spitzenreiter der G20-Staaten macht. Durch Trumps Plan einer Körperschaftsteuer von 15 Prozent würden die USA schlagartig nicht nur vor Deutschland mit etwa 30 Prozent liegen, sondern nach Angaben der OECD auch eine bessere Quote für Unternehmen bieten als die Nachbarstaaten Kanada (insgesamt etwa 27 Prozent) und Mexiko (30 Prozent). Den Rest des Beitrags lesen »

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Why Companies Should Refuse Trump’s Deregulation

Posted by hkarner - 27. April 2017

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Trump’s Diplomatic Deficit

Posted by hkarner - 27. April 2017

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Inconvenient Truths About the US Trade Deficit

Posted by hkarner - 26. April 2017

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Nationalbankchef: „Der Brexit wird unterschätzt“

Posted by hkarner - 25. April 2017

Interview András Szigetvari25. April 2017, 07:00 derstandard.AT

Politische Orientierungslosigkeit in den USA und die Folgen eines Brexits sieht Ewald Nowotny als die Bedrohungen für Europas Wirtschaft

Bei der Tagung des Internationalen Währungsfonds in Washington wurden Finanzminister und Notenbanker am vergangenen Wochenende über die größten Bedrohungen für die Weltwirtschaft unterrichtet. Politische Risiken standen dabei im Vordergrund. Nebenbei versuchte die österreichische Delegation mit Nowotny Klarheit über den Kurs der Trump-Regierung zu bekommen.

STANDARD: Welche Entwicklungen bereiten Ihnen derzeit am meisten Sorgen: der Brexit, die protektionistischen Tendenzen in den USA, der Nationalismus in Europa?

Nowotny: Beunruhigend sind aktuell vor allem die Unsicherheiten, die in Bezug auf künftige Maßnahmen der US-amerikanischen Regierung bestehen. Einer unserer Gesprächspartner in Washington hat uns gesagt, dass Trump und sein Team gar nicht erwartet haben, dass sie gewinnen. Sie haben also Wahlprogramme, sind aber nicht darauf vorbereitet, wie es weitergehen soll, und müssen sich das erst mühsam erarbeiten. Das heißt, die größte Ökonomie der Welt könnte für einige Zeit orientierungslos dahinschlingern. Den Rest des Beitrags lesen »

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Liberalism in the Trenches

Posted by hkarner - 25. April 2017

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Angst in America, Part 5: The Crisis We Can’t Muddle Through

Posted by hkarner - 25. April 2017

Thoughts from the Frontline, By John Mauldin

April 23, 2017

– Grover Cleveland, the 22nd and 24th president of the United States

“It is your concern when your neighbor’s wall is on fire.”

– Horace

The biggest mistake investors make is to believe that what happened in the recent past is likely to persist. They assume that something that was a good investment in the recent past is still a good investment. Typically, high past returns simply imply that an asset has become more expensive and is a poorer, not better, investment.

– Ray Dalio, Founder, Bridgewater Associates

When you spend a couple of decades writing weekly letters to hundreds of thousands of people you think of as friends, your readers naturally come to associate you with a few key ideas. I have certainly become known for at least one. My longtime regular readers think of me as the “Muddle Through” guy. That’s not an image I have tried to cultivate, but I have it anyway.

I have to confess that it’s usually accurate. In a typical letter I will describe some sort of potentially scary problem, explain what might happen, then conclude that we’ll probably avoid the worst and muddle through. That has almost always been the right call. The worst doesn’t happen, and we all survive. “Muddle Through” can mean widely varying outcomes for individuals, but for the world at large, things generally work out OK.

As a statistical matter, this stance makes sense. The extreme tails of any distribution curve comprise outcomes that almost certainly won’t occur. The most probable outcomes cluster around the fat middle. Den Rest des Beitrags lesen »

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The Liberal Order Is Rigged: Fix It Now or Watch It Wither

Posted by hkarner - 24. April 2017

Date: 23-04-2017
Source: Foreign Affairs

Prior to 2016, debates about the global order mostly revolved around its structure and the question of whether the United States should actively lead it or should retrench, pulling back from its alliances and other commitments. But during the past year or two, it became clear that those debates had missed a key point: today’s crucial foreign policy challenges arise less from problems between countries than from domestic politics within them. That is one lesson of the sudden and surprising return of populism to Western countries, a trend that found its most powerful expression last year in the United Kingdom’s decision to leave the EU, or Brexit, and the election of Donald Trump as U.S. president.

It can be hard to pin down the meaning of “populism,” but its crucial identifying mark is the belief that each country has an authentic “people” who are held back by the collusion of foreign forces and self-serving elites at home. A populist leader claims to represent the people and seeks to weaken or destroy institutions such as legislatures, judiciaries, and the press and to cast off external restraints in defense of national sovereignty. Populism comes in a range of ideological flavors. Left-wing populists want to “soak the rich” in the name of equality; right-wing populists want to remove constraints on wealth in the name of growth. Populism is therefore defined not by a particular view of economic distribution but by a faith in strong leaders and a dislike of limits on sovereignty and of powerful institutions. Den Rest des Beitrags lesen »

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How to Maintain America’s Edge

Posted by hkarner - 23. April 2017

Date: 22-04-2017
Source: Foreign Affairs

Increase Funding for Basic Science

In February 2016, scientists from the Massachusetts Institute of Technology (MIT) and the California Institute of Technology, or Caltech, joined with the National Science Foundation (NSF) to share some remarkable news: two black holes 1.3 billion light-years away had collided, and the resulting gravitational waves had been “heard” by the twin detectors of the Laser Interferometer Gravitational-Wave Observatory (LIGO). This was the first time such waves—ripples in the space-time continuum caused by the violent acceleration of massive objects—had ever been directly observed. Albert Einstein had predicted such waves a century ago, but it was long doubted that instrumentation sensitive enough to confirm their existence could ever be created. It took more than four decades of work by a vast team of scientists to make the impossible possible. Den Rest des Beitrags lesen »

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