Föhrenbergkreis Finanzwirtschaft

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Posts Tagged ‘WSJ’

Where to Put Your Money in 2019

Posted by hkarner - 11. Dezember 2018

Date: 10-12-2018
Source: The Wall Street Journal

Don’t give up on stocks, despite their stumbles, and look beyond bonds when allocating assets for the new year. Even ‘cash’ investments might pay off.

It is time to position your portfolio to survive a volatile 2019.

Most veteran market observers agree than an array of factors, from trade disputes to rising interest rates, will create more turbulence as an aging bull market becomes more vulnerable to emotion-driven selloffs. Adding to the uncertainty is the fact that market strategists seem to have an array of forecasts for the markets in 2019—both positive and negative.

For instance, Morgan Stanley ’s chief equity strategist, Mike Wilson, has been calling for the S&P 500, now at 2633 after last week’s slide, to end next year at 2750, while Credit Suisse ’s David Golub says it could hit 3350 as investors are willing to pay more for corporate earnings.

The only point on which everyone seems to agree is that the path ahead will be bumpy. Den Rest des Beitrags lesen »

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Brexit Upends British Political System

Posted by hkarner - 10. Dezember 2018

Date: 09-12-2018
Source: The Wall Street Journal

Brexit divides both the country and Parliament, transcending the usual right-versus-left split

Prime Minister Theresa May spoke on Wednesday in the House of Commons.

LONDON—Brexit has turned Britain’s top-down political system on its head, with Prime Minister Theresa Mayin thrall to a fragmented parliament as she seeks to ratify a hard-won divorce agreement from the European Union.

The U.K. Parliament is expected to reject Ms. May’s Brexit deal on Tuesday, throwing plans for the U.K.’s departure from the bloc on March 29 into turmoil. The way out won’t be obvious.

Three factors have created chaos out of the 2016 referendum decision to leave the EU: The unique divisions sown by Brexit, Mrs. May’s rare minority government and an advisory referendum that didn’t spell out voters’ post-Brexit priorities.

Brexit divides both the country and Parliament, transcending the usual right-versus-left split in British politics. Den Rest des Beitrags lesen »

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Yes, this is the dumbest American president ever speaking

Posted by hkarner - 9. Dezember 2018

Date: 08-12-2018
Source: The Wall Street Journal
Subject: Tillerson Says President Was Undisciplined; Trump Calls Him ‘Dumb as a Rock’

President Trump reacted on Twitter to ex-aide’s remarks, also calling his former top diplomat ‘lazy as hell’

During his tenure as secretary of state, Rex Tillerson, left, appeared out of step with President Trump.

President Trump and his former secretary of state, Rex Tillerson, exchanged criticism and insults in full public view late this week.

Mr. Tillerson, speaking first in an interview nearly nine months after his firing as secretary of state, attributed his clashes with Mr. Trump during his time in office to differences in style and values, as well as to the president’s frustration with his guidance.

“Part of it was, obviously, we are starkly different in our styles. We did not have a common value system,” Mr. Tillerson told CBS News’ Bob Schieffer on Thursday. He also said Mr. Trump was undisciplined, didn’t read and didn’t like to delve into the details of issues.

Mr. Trump responded in a Twitter message Friday afternoon in which he praised current Secretary of State Mike Pompeo, adding: “His predecessor, Rex Tillerson, didn’t have the mental capacity needed. He was dumb as a rock and I couldn’t get rid of him fast enough. He was lazy as hell. Now it is a whole new ballgame, great spirit at State!” Den Rest des Beitrags lesen »

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All the Taxes in France

Posted by hkarner - 9. Dezember 2018

Date: 08-12-2018
Source: The Wall Street Journal By The Editorial Board

Even before the fuel tax, France had the highest burden in the West.

The world knows about the misbegotten fuel tax that has triggered the riots for which Paris is again preparing on Saturday. But the political wonder is that President Emmanuel Macron would think the French needed another increase in a country that is already the most heavily taxed in the developed world. This is a deeper cause of the political crisis engulfing Mr. Macron.

The Organization for Economic Cooperation and Development (OECD) released its annual Revenue Statistics report this week, and France topped the charts, with a tax take equal to 46.2% of GDP in 2017. That’s more than Denmark (46%), Sweden (44%) and Germany (37.5%), and far more than the OECD average (34.2%) or the U.S. (27.1%, which includes all levels of government).

France doesn’t collect that revenue in the ways you might think. Despite the stereotype of heavy European income taxes on the rich, Paris relies disproportionately on social-insurance, payroll and property taxes. Social taxes account for 37% of French revenue; the OECD average is 26%. Payroll and property taxes contribute 3% and 9%, compared to the OECD averages of 1% and 6%. Den Rest des Beitrags lesen »

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Arrest of telecom giant’s CFO escalates U.S.-China tech battle

Posted by hkarner - 8. Dezember 2018

Date: 07-12-2018
Source: The Wall Street Journal
Subject: U.S. Takes Aim at Huawei

Huawei founder Ren Zhengfei, second from left, with Chinese President Xi Jinping at the company’s London offices in 2015.

The Trump administration’s efforts to extradite the chief financial officer of China’s Huawei Technologies Co. over criminal charges mark the start of an even more aggressive phase in the technology rivalry between the U.S. and China and will increase pressure on Washington’s allies to shun the telecommunications company.

Armed with a U.S. extradition request, Canadian authorities arrested Meng Wanzhou on Dec. 1, the same day as President Trump was holding a summit with Chinese counterpart President Xi Jinping. But White House officials said Mr. Trump had no advance knowledge of the arrest, indicating the action was on a separate track from trade talks currently under way between Washington and Beijing.

Ms. Meng’s detention underscores a sense of urgency, at the Justice Department and other U.S. agencies, to address what they see as a growing threat to national security posed by China’s ambitions to gain an edge in the tech sector. For years, Washington has alleged the Chinese government could compel Huawei, which supplies much of the world with critical cellular network equipment, to spy or to disrupt communications. Den Rest des Beitrags lesen »

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Hacking Health Care: How Tech Will Drive Down Costs

Posted by hkarner - 7. Dezember 2018

Date: 07-12-2018
Source: The Wall Street Journal

Gary Shapiro, president and CEO of Consumer Technology Association, explains how robots, sensors and AI will keep us healthy for less

Artificial intelligence, sensors and even digital assistants like Amazon’s Alexa could help keep down medical costs and improve care.

Human beings are safer today than at any time in history. We live more than twice as long as we did in 1900 thanks, in large part, to advances in technology. But our increased lifespan comes at a price. The U.S. spends $3.5 trillion each year on health care, and the federal government shoulders more than 28% of that cost. The Census Bureau projects that 20.6% of Americans will be over the age of 65 by 2030, compared to 15.24% in 2016. The U.S. is facing a retirement wave that will strain our health-care system. As head of CTA for three decades, I’ve watched the medical community use new technology to make advances in everything from diet science to disease detection. Much of this technology has not been widely tested, and some of it raises difficult questions about privacy and cybersecurity. But AI, sensors and even digital assistants like Amazon’s Alexa could help keep costs down and improve care. Here’s how.

Sensors Will Show Us Ourselves Den Rest des Beitrags lesen »

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France Tops OECD Table as Most Taxed Country

Posted by hkarner - 7. Dezember 2018

Date: 06-12-2018
Source: The Wall Street Journal

Data comes a day after President Macron backed down from introducing a fuel tax increase following violent protests against the measure

France became the most heavily taxed of the world’s rich countries in 2017, according to figures published the day after President Emmanuel Macron backed off a fuel-tax increase that enraged much of the nation and sparked a grass-roots protest movement against his government.

The Organization for Economic Cooperation and Development’s annual review of taxes in its 36 members published on Wednesday showed the French government’s tax revenues were the equivalent of 46.2% of economic output, up from 45.5% in 2016 and 43.4% in 2000. The Danish government’s tax take, which was the highest among OECD members between 2002 and 2016, fell to 46% of gross domestic product from 46.2% in the previous year and 46.9% in 2000.

The U.S. government’s tax revenues also rose relative to the size of the economy as a result of a one-off tax on accumulated profits earned by American businesses overseas. But at 27.1% of GDP, only five countries had a lower tax take: Mexico, Turkey, Chile, South Korea and Ireland. The OECD’s figures include taxes collected at state and local levels.

Before Tuesday’s climb down, Mr. Macron’s government had planned to raise fuel taxes in an effort to cut automobile pollution.

Economists say such consumption taxes that reduce pollution and other harmful effects are an efficient way for the government to raise revenue. But the planned move sparked the worst riots to hit Paris in decades on Saturday, leaving the city’s shopping and tourist center dotted with burning cars and damaged storefronts. Protesters vandalized the Arc de Triomphe, rattling Mr. Macron’s administration and the country.

The rise in French tax revenues was in line with a longstanding trend across wealthy countries. The average tax take across the organization’s members edged up to 34.2% of GDP in 2017 from 34% in 2016 and 33.8% in 2000 as governments continued efforts to narrow their budget gaps and limit the rise in their debts that followed the global financial crisis.

Of the 34 countries for which 2017 figures are available, 19 saw a rise in tax revenues relative to the size of their economy, with Israel reporting the largest increase. Mexico continued to record the lowest tax take at 16.2% of GDP, down from 16.6% in 2016.

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Postal Service Review Proposes Sweeping Changes Likely to Hit Amazon

Posted by hkarner - 6. Dezember 2018

Date: 05-12-2018
Source: The Wall Street Journal

The report calls for raising prices for many types of commercial package deliveries

Among other things, a Trump administration review of the U.S. Postal Service says package deliveries “have not been priced with profitability in mind.”

WASHINGTON—A Treasury-led task force is proposing that the U.S. Postal Service charge more for certain package deliveries, going after Amazon.com Inc. and other online retailers that President Trump has said benefit at the post office’s expense.

The Postal Service hasn’t priced package deliveries with profitability in mind, according to the task force’s report released Tuesday. It said the agency should be able to charge market-based prices for mail and package items that aren’t deemed essential services. The report, requested by Mr. Trump in April, recommended raising prices for many types of commercial package deliveries, a growing business for the Postal Service.

Mr. Trump has often claimed on Twitter that the Postal Service has given a sweetheart arrangement to Amazon, which he blames for unfairly hurting bricks-and-mortar retailing. Mr. Trump also has clashed with Amazon founder Jeff Bezos over coverage of his administration in the Washington Post, which is owned by Mr. Bezos. Den Rest des Beitrags lesen »

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China’s Alibaba Takes On Amazon in European Cloud

Posted by hkarner - 6. Dezember 2018

Date: 05-12-2018
Source: The Wall Street Journal
Subject:

Competition shows how Chinese internet firms and Silicon Valley now view Europe as a battleground

Revenue at the business more than doubled to about $2.1 billion in fiscal 2018.

Alibaba Group Holding Ltd. and Amazon.com Inc. are squaring off in Europe—and not just in e-commerce but also in the quickly growing cloud-computing market.

The Chinese company’s competition with Amazon, the world’s biggest cloud-computing player, reflects how Europe is turning into a battleground between China’s tech giants and Silicon Valley.

“Europe is very strategic for us because a lot of European countries are quite advanced markets,” said Yeming Wang, who runs Alibaba’s European cloud business.

Cloud computing is an important growth engine for Alibaba and Amazon. Amazon Web Services is one of the U.S. company’s biggest profit drivers, while revenue at the Chinese company’s cloud business more than doubled to about $2.1 billion during fiscal 2018. Den Rest des Beitrags lesen »

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Press Is the Enemy of Climate

Posted by hkarner - 6. Dezember 2018

Date: 05-12-2018
Source: The Wall Street Journal By Holman W. Jenkins, Jr.

It’s easier to tell a story of good vs. evil than to understand the science. 

There are lessons in the media’s psychiatric moment last week over the newly published U.S. National Climate Assessment.

Let’s give the New York Times credit. It was braver than just about every other news organization when it said, in its lead sentence, the “damage will knock as much as 10 percent off the size of the American economy by century’s end.”

I can’t figure out where the Times got this, but it’s the difference between, say, 2% and 1.86% annual growth over the next 82 years and happens to be about right. How does this justify the dire adjectives it was swathed in? It doesn’t. I suspect that’s why every other news report, including the Journal’s, relied on adjectives alone rather than giving numbers—because the numbers just aren’t that alarming. Den Rest des Beitrags lesen »

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