Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘WSJ’

‘Apartheid Without the Racism’: How China Keeps Rural Folks Down

Posted by hkarner - 26. April 2017

Date: 25-04-2017
Source: The Wall Street Journal

Old ‘hukou’ registration system blocks millions from benefiting from China’s continuing property boom

YANJIAO, China—An epic property boom restricted to city dwellers has opened a wealth gap that continues to widen in China, setting back a state campaign to ease poverty and shunting rural dwellers from the middle-class dream.

China’s system of hukou, or household registration, a decades-old legacy of the planned economy, binds most Chinese to their place of birth, and denies those outside China’s booming megacities the right to buy property inside them.

That has largely shut them out of one of history’s biggest wealth transfers: 98% of Chinese housing is now in private hands from virtually none a generation ago. Over the past decade, housing prices have increased as much as 700% in cities like Beijing and Shanghai. Property now accounts for 70% of personal wealth in the country. Den Rest des Beitrags lesen »

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French Vote Fuels Hopes for Growth

Posted by hkarner - 26. April 2017

Date: 25-04-2017
Source: The Wall Street Journal

Emmanuel Macron’s rise as heavy favorite in race spurs investors to set aside political worries

The ascension of centrist Emmanuel Macron as the heavy favorite in France’s presidential race spurred investors to set aside the political worries that have long plagued European markets and to make new bets on economic growth.

Mr. Macron is now seen as the leader in May 7’s runoff against second-place finisher Marine Le Pen, whose pledge to dismantle the euro had damped prices of euro assets and the common currency itself.

The former investment banker’s good showing sent stocks and the euro sharply higher while triggering a sharp selloff in German government bonds, which investors had bought as a haven from populist politicians such as Ms. Le Pen. Mr. Macron won the first round with 24% of the vote, according to an official tally, ahead of Ms. Le Pen with 21.3%. Den Rest des Beitrags lesen »

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The Challenge of Our Disruptive Era

Posted by hkarner - 24. April 2017

Date: 23-04-2017
Source: The Wall Street Journal

It is arguably the largest economic transformation in recorded history. Can our politics adapt?

I am a historian, and that usually means I’m a killjoy. When people say we’re at a unique moment in history, the historian’s job is to put things in perspective by pointing out that there is more continuity than discontinuity, that we are not special, that we think our moment is unique because we are narcissists and we’re at this moment. But what we are going through now—the past 20 or 30 years, and the next 20 or 30 years—really is historically unique. It is arguably the largest economic disruption in recorded human history. And our politics are not yet up to the challenge.

There have been four kinds of economies: hunter-gatherers, agriculture (settled agrarian farmers in their villages), industry (mass urbanization and immigration), and whatever we’re entering now. Sometimes we call it the information-technology economy, the knowledge economy, the service economy, the digital economy. Sociologists call it the “postindustrial” economy, which is another way of saying “we don’t have anything to call it.”

What it really means is that jobs are no longer permanent. It used to be that you did whatever your parents and grandparents had done. Hunter-gatherers and farmers never even thought about it. There was no such thing as job choice, only becoming 7 and 10 and 12 years old and taking on more responsibilities to earn your keep. Den Rest des Beitrags lesen »

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Sterling’s Move Suggests a Softer Ride in Brexit

Posted by hkarner - 20. April 2017

Date: 19-04-2017
Source: The Wall Street Journal

Pound had a fine day against dollar after Prime Minister Theresa May called for snap election

British Prime Minister Theresa May

It is hard to put probabilities on political outcomes, but the reaction of sterling on Tuesday to the calling of a snap U.K. election offers one rough measure: It is now about 10% less likely that British politicians will take the economy outside and shoot it in the head.

The pound had its second-best day against the dollar since last summer’s vote to leave the European Union, after Prime Minister Theresa May on Tuesday went back on repeated promises not to call a sudden election. At a time when investors are obsessed with politics, this calls for some explanation.

It starts with the slim majority Mrs. May commands in Parliament, and the fractious nature of many of the Leave members of her party. They have been calling for a “hard Brexit,” leaving the EU quickly even if it means falling back on unfavorable World Trade Organization tariffs and cumbersome customs procedures. The smaller her majority, the more power held by these backbenchers and like-minded ministers. Den Rest des Beitrags lesen »

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Does Steve Bannon Have Something to Offer?

Posted by hkarner - 17. April 2017

Date: 16-04-2017
Source: The Wall Street Journal

In 2014 the beleaguered White House aide raised important moral questions about today’s capitalism.

My late friend Bill Safire, the tough and joyous New York Times columnist, once gave me good advice. I was not then a newspaper columnist, but he’d apparently decided I would be. This is what he said: Never join a pile-on, always hit ’em when they’re up. Don’t criticize the person who’s already being attacked. What’s the fun in that, where’s the valor? Hit them when they’re flying high and it takes some guts.

So, in the matter of Steve Bannon :

I think we can agree he brings a certain amount of disorder. They say he’s rough and tough, and there’s no reason to doubt it. They say he leaks like a sieve and disparages his rivals, and this can be assumed to be correct: They all do that in this White House. He is accused of saying incendiary things and that is true. A week into the administration he told Michael Grynbaum of the Times the media should “keep its mouth shut and just listen for a while.” “I love a gunfight,” he reportedly said in the middle of his latest difficulties. When he tried to muscle members of the Freedom Caucus to vote for the ObamaCare replacement bill, a congressman blandly replied, “You know, the last time someone ordered me to do something I was 18 years old, and it was my daddy, and I didn’t listen to him, either.” When I said a while back that some of the president’s aides are outlandish, and confuse strength with aggression, he was in mind. Den Rest des Beitrags lesen »

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What We Really Need Is Fake Good News

Posted by hkarner - 16. April 2017

Date: 14-04-2017
Source: The Wall Street Journal By Joe Queenan

Some proposals: Elvis is alive. Several teams won the Super Bowl 

Fake news is a huge problem, but not for the reason people think. Fake news isn’t harmful because it spreads lies. It’s harmful because it’s bad news. It depresses us and makes us feel threatened. What’s the point of fake news if it makes us feel worse than the real news?

Fake Rolexes and fake fur don’t make their owners feel bad. A fake Monet painting, if well done, can cheer a viewer immensely. Turkey burgers, artificial sweeteners and I Can’t Believe It’s Not Butter rarely ruin anybody’s day. Fake medications can be good for you—look it up, it’s called the placebo effect. Just because something is fake doesn’t mean it can’t be useful or life-affirming or fun. Without fake friends, fake resumes and fake emotions, life couldn’t go on. Den Rest des Beitrags lesen »

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Trump and Xi: Tensions Turn to Friendship

Posted by hkarner - 14. April 2017

Date: 13-04-2017
Source: The Wall Street Journal

President talks of ‘great chemistry’ with China’s president in Journal interview

President Donald Trump was expansive on Wednesday about his relationship with a world leader he has gotten to know since taking office.

“We have a very good relationship,” he said in a Wall Street Journal interview in the Oval Office. “We have a great chemistry together. We like each other. I like him a lot. I think his wife is terrific.”

The leader who came in for those warm words? Chinese President Xi Jinping.

It’s safe to say very few people saw that coming. China was, as much as any country, the target of Trump broadsides during the 2016 presidential campaign—for not playing fair in the world economy, for taking advantage of the U.S., for stealing American business, for intimidating its neighbors.

Meantime, of course, Russian President Vladimir Putin was the great-power leader who was supposed to emerge as the Trump favorite, the one who would develop a close relationship and be forgiven for past transgressions.

Yet somehow in the five months or so since Mr. Trump’s election victory, almost the reverse has happened. Now it appears the Trump-Xi relationship may be emerging as the world’s most important. Den Rest des Beitrags lesen »

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Tesla “is one of the great Ponzi schemes of all time”

Posted by hkarner - 13. April 2017

Date: 12-04-2017

Source: The Wall Street Journal

Subject: Tesla Value ‘Inexplicable,’ Says AutoNation CEO

Mike Jackson’s remarks come after electric-vehicle maker briefly overtook GM as largest U.S. auto maker

The head of the U.S.’s largest car-dealership chain called Tesla Inc.’s TSLA -1.18% market value “inexplicable,” a day after investors pushed the Silicon Valley auto maker ahead of General Motors Co.

Tesla “is either one of the great Ponzi schemes of all time” or will eventually work out for investors, said AutoNation Inc. Chief Executive Mike Jackson during an interview at a New York automotive event held by J.D. Power and the National Automobile Dealers Association on Tuesday.

Mr. Jackson, among the auto industry’s more outspoken executives, called Tesla overvalued and GM undervalued at roughly $33 a share, arguing the former will continue to struggle to make money selling electric vehicles despite a loyal following. Den Rest des Beitrags lesen »

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Banks Moving to EU Post-Brexit Could Need a Year to Get License, ECB Says

Posted by hkarner - 12. April 2017

Date: 12-04-2017
Source: The Wall Street Journal

Central bank says establishing a shell company in the eurozone wouldn’t be acceptable

London’s Canary Wharf financial district could see some of its residents moving their headquarters to the EU after Brexit.

FRANKFURT—Banks relocating to the eurozone as a result of Brexit will probably have to wait six months to secure a license, and the process could take up to a year, the European Central Bank said.

The comments, from the eurozone’s top banking supervisor, underline the pressure on U.K.-based banks to move quickly ahead of Britain’s expected departure from the European Union by March 2019.

In a document published Tuesday to address banks’ Brexit-related queries, the ECB said it usually takes six months to decide whether to grant a banking license. That period may be shorter if a bank already operates in the eurozone and simply wants to extend its license, the supervisor said. Den Rest des Beitrags lesen »

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China Emerges as Powerhouse for Biotech Drugs

Posted by hkarner - 11. April 2017

Date: 10-04-2017
Source: The Wall Street Journal

Global drugmakers join with local Chinese startups to test and create new cancer treatments

SUZHOU, China—A new cancer drug licensed by Eli Lilly & Co.
was discovered by a six-year-old startup on the outskirts of Shanghai, and derived from the ovary cells of Chinese hamsters. Lilly now is planning to test it on Americans.

Rival Merck & Co. aims to test a separate cancer drug in the U.S. this year, created by another startup near the border with Hong Kong.

Those aren’t outliers. China, long the world’s supplier of cheap pharmaceutical ingredients and copycat pills, is emerging as a major producer of important new medicines: biotech drugs. China now boasts the second-largest number of clinical trials involving biologic treatments—produced using biological matter such as animal cells or bacteria—after the U.S., according to data from the National Institutes of Health.

The world’s biggest drug companies have taken notice. Den Rest des Beitrags lesen »

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