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Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘WSJ’

The Economy Needs Amazons, but It Mostly Has GEs

Posted by hkarner - 23. Juni 2017

Date: 22-06-2017
Source: The Wall Street Journal By Greg Ip

GE wrote the rules of corporate finance, Amazon broke them. To end economic stagnation we need more Amazons.

When Amazon.com Inc. announced Friday it was buying Whole Foods, the stock market got a taste of something long missing: volatility.

The turmoil, however, was confined to retail. While the two companies’ stocks rose sharply and their competitors’ tanked, the rest of the market remained placid. Indeed, months of historically low market volatility has begun to look like dangerous complacency.

Yet there is another, potentially more troubling explanation: stagnation. Muted markets may be the inevitable product of steady, sluggish growth, low and predictable interest rates, declining business startups and failures, and decreased competition. In other words, the problem is, there aren’t enough Amazons disrupting the stock market and the economy. Den Rest des Beitrags lesen »

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Globalism’s Great French Hope

Posted by hkarner - 22. Juni 2017

Date: 21-06-2017
Source: The Wall Street Journal by Greg Ip

French president Emmanuel Macron has exposed a hole in the nationalist agenda,

For global elites left dispirited by Britain’s vote to leave the European Union and Donald Trump’s presidency?, France has provided a shot of adrenaline. Emmanuel Macron won the presidency last month on a proudly pro-European platform, and Sunday, French voters gave him a solid legislative majority.

It is premature to say the nationalist wave has crested. But after establishment victories in the Netherlands and Austria and a setback to Brexit champion Theresa May, it appears globalism—whether the European Union specifically or open borders more generally—is not as politically poisonous as feared.

Still, the message of the last few months is not that voters are in love with globalism again: Turnout in the French elections was historically low. Rather, it’s that nationalists have been far better at spurring anger at the status quo than offering a coherent replacement, as Britain’s Brexit confusion and Mr. Trump’s stalled agenda demonstrate. The public unhappiness that fueled their rise remains, although it increasingly is being felt on the left, not just the right. Den Rest des Beitrags lesen »

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Merkel Signals Openness to Eurozone Reforms

Posted by hkarner - 21. Juni 2017

Date: 20-06-2017
Source: The Wall Street Journal

German chancellor says she could envision supporting French proposal for common finance minister and budget

BERLIN—German Chancellor Angela Merkel for the first time sketched out the outlines of a bargain with France on fixing the governance of Europe’s single currency, in the clearest sign yet that the two biggest eurozone countries are inching closer toward reconciling sharply different views on the matter.

Germany could support two central French demands—the appointment of a eurozone finance minister and the creation of a common budget—if some conditions were met, Ms. Merkel told business leaders in Berlin on Tuesday.

“We can of course think about a eurozone budget as long as it’s clear that this is really strengthening structures and achieving sensible results,” she said.

In a striking softening of previous language opposing money transfers and joint liabilities among member states, Ms. Merkel said “we could think about a common finance minister…if we aren’t pooling liabilities in the wrong place.” Den Rest des Beitrags lesen »

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Embattled at Home, Theresa May Now Faces Tricky Brexit Talks

Posted by hkarner - 20. Juni 2017

Date: 18-06-2017
Source: The Wall Street Journal

After a weaker-than-expected election, U.K. prime minister is also under pressure over London tower fire

British Prime Minister Theresa May and her husband, Philip,

LONDON—A day before negotiations between the U.K. and the European Union begin, Prime Minister Theresa May faced a ballooning crisis at home, with critics accusing her of fumbling the government’s response to a London apartment tower fire that left at least 58 people dead.

Mrs. May, already weakened by an election setback less than two weeks ago, over the weekend pledged to make more funding available to victims of the Grenfell Tower fire, after saying the government’s initial response was “not good enough.” On the back of a string of government policy reversals, Mrs. May heads into the talks with plummeting public support amid questions about her Brexit strategy.

Keir Starmer, the Brexit spokesman for the main opposition Labour Party, said Mrs. May’s diminished standing and her approach to negotiations has put the U.K. in the “worst possible starting position.”

“I think the prime minister has got us into a complete mess,” Mr. Starmer told the British Broadcasting Corp., saying she has alienated Britain’s allies in Europe and weakened its position with the EU. “She’s got no mandate here, and she’s got no authority abroad.” Den Rest des Beitrags lesen »

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Macron Deals a Crippling Blow to France’s Establishment

Posted by hkarner - 19. Juni 2017

Date: 19-06-2017
Source: The Wall Street Journal

Scale of traditional parties’ defeat is a measure of collective failure to reinvigorate the country

PARIS—The resounding victory of President Emmanuel Macron’s fledgling political force in parliamentary elections crushed the traditional parties that have governed France since the end of World War II.

The French president’s party La République en Marche, founded barely a year ago, bulldozed into the National Assembly with its centrist ally, taking 350 of the 577 seats.

In its wake was the rubble of France’s former left-right divide—the Socialist Party and the center-right Les Républicains—that had taken turns governing the country for decades. Den Rest des Beitrags lesen »

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EU Says Brexit Talks to Assume U.K. Still Wants Complete Break

Posted by hkarner - 19. Juni 2017

Date: 17-06-2017
Source: The Wall Street Journal

Softer options can be discussed if British government wants

BRUSSELS—European Union officials will start Brexit negotiations Monday based on the assumption that the U.K. still wants to leave the bloc completely as outlined by Prime Minister Theresa May before her election setback.

But softer Brexit options have been worked out and are ready to be negotiated if London changes its mind later this year, according to a senior EU official.

Mrs. May’s loss of a parliamentary majority earlier this month has raised questions about whether she will be able to push through the tough Brexit stance she laid out before the election. Den Rest des Beitrags lesen »

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Robo Advisers’ Latest Foray: Socially Responsible Investing

Posted by hkarner - 18. Juni 2017

Date: 18-06-2017
Source: The Wall Street Journal

Digital investment services focus on niches to stand out from crowd

Charles Schwab has $16 billion in its Intelligent Portfolios service, making it one of the biggest players in the robo adviser field.

As the millennial investor comes of age, two youthful trends are converging: socially responsible investing and robo-advisory services.

Over the past year, a small but growing number of firms have introduced automated—or “robo”— investment services that include socially responsible investments. Driving the interest is a desire on the part of individuals to spend and invest in ways that are consistent with their values. Data also show that socially responsible investments can outperform over the long run; since 1990, the MSCI KLD 400 Social Index has returned an average of 8.4% a year, versus 7.6% for the S&P 500 index.

“There is a fair amount of evidence from investor surveys that millennials and women are especially interested in sustainable and impact investing,” says Jon Hale, director of sustainability-investing research at Morningstar Inc. Given that millennials are also the target market for many robo-advisory services, “it seems like a natural combination.” Den Rest des Beitrags lesen »

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Now Britain, Not France, Risks Being ‘Sick Man’ of Europe

Posted by hkarner - 16. Juni 2017

Date: 15-06-2017
Source: The Wall Street Journal By Simon Nixon

Despite the triumphalism of Brexit advocates, the U.K.’s cross-Channel rival is better placed for growth

It is often underappreciated just how quickly a country’s fortunes can change. In 2004, Germany was considered the sick man of Europe. Five years later, after some judicious reforms to its labor market, it was Europe’s economic powerhouse. Four years ago, Spain was widely dismissed as an economic basket case, one step away from national bankruptcy and euro exit. Yet since mid-2013, it has been growing at around 3% a year and created two million jobs.

That points to a second aspect to economic turnarounds: They are rarely obvious at the time, even to the economists, policy makers and pundits paid to spot these things. Famously, 364 distinguished economists—among them Mervyn King, who later became governor of the Bank of England—wrote to the Times in 1981 to warn that Prime Minister Margaret Thatcher’s policies were doomed to fail. Yet history shows that Britain’s recovery began at almost exactly that moment, and five years later its economy was booming. Den Rest des Beitrags lesen »

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World Coal Output Fell by Record Amount in 2016

Posted by hkarner - 16. Juni 2017

Date: 15-06-2017
Source: The Wall Street Journal

Coal accounted for 28% of energy production last year in a ‘marked shift toward lower-carbon fuels,’ BP says in annual energy review

An excavator moves rocks Coal production world-wide fell by the biggest amount ever last year, according to BP PLC’s annual energy review.

Global coal production saw its largest decrease on record in 2016, as China and the U.S. dug up less of the commodity and burned less of it for electricity, BP BP -1.83% PLC said in the U.K. oil and gas giant’s annual energy review.

Coal made up only 28% of the world’s energy production last year, its lowest level since 2004 and a reflection of what BP said was “marked shift toward lower-carbon fuels as renewable energy continues to grow strongly.” BP, as a major producer of natural gas, stands to gain from less production of an energy source such as coal.

Global coal production fell 6.2%, the most ever recorded, said BP’s Statistical Review of World Energy, a closely watched compendium of information about global energy trends. U.S. output declined 19% and Chinese production fell almost 8%. Den Rest des Beitrags lesen »

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Letting these countries in was a mistake

Posted by hkarner - 15. Juni 2017

Date: 14-06-2017
Source: The Wall Street Journal
Subject: EU Raises Stakes Over Refusal to Take Asylum Seekers

European Commission launches legal proceedings against Poland, Hungary and the Czech Republic

BRUSSELS—The European Union’s executive launched legal proceedings against Poland, Hungary and the Czech Republic for refusing to take in asylum seekers, reigniting a fight that is likely to widen as the bloc seeks unity in Brexit negotiations with the U.K.

A majority of EU states voted in 2015 to distribute around the bloc up to 160,000 asylum seekers who had arrived in Italy and Greece, infuriating many in Central Europe who saw it as an unfair imposition from Brussels.

By mid-June, near the planned two-year end date of the program, just 20,869 people were relocated.

“When it comes to relocation, let me be crystal clear: [it] is a legal obligation, not a choice,” said EU migration commissioner Dimitris Avramopoulos in announcing the European Commission’s decision. Den Rest des Beitrags lesen »

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