While Germany backs rescue fund____Renminbi tops euro for bond issuance
The Chinese renminbi was a more popular currency for company bond sales than the euro for the first time in the thirdBy Robin Wigglesworth in London
Chinese watchdogs see silver lining in property sector’s financial woes ….With property transactions slowing dramatically and prices starting to fall, some investors think it is only a matter of time before Beijing backs down and reopens credit channels for developers. But the officials said such a volte face was unlikely.
UK fears defeat on regulation London faced with derivatives vote loss Majority in EU opposes objections..... Britain is braced for defeat in Brussels on a critical piece of financial regulation, which would force it to cede control over the shape of key markets in the City of London, home to more than three-quarters of Europe’s derivatives trading.
Pharma sales begin to cure Irish ills “About three-quarters of Irish exports are driven by foreign multinationals,” says John Whelan, chief executive of the Irish Exporters Association. Exports by Pfizer and other high-tech multinationals are driving the Celtic Tiger’s recovery, writes Jamie Smyth Figures last week showed the Irish economy grew 1.6 per cent between the first and second quarters of 2011 – the eurozone’s second fastest rate behind Estonia.
Spanish steps offer pathway to help inspire Italian reforms The simplest explanation is that, in cleaning up the public finances and introducing reforms to boost long-term economic growth, Mr Zapatero’s socialist government has acted in a more consistent and determined way than the centre-right coalition of Silvio Berlusconi, prime minister, in Rome.
China property developers start to feel jittery ConstructionHalf-ready housing complexes in every city spell danger for nation’s 50,000 builders, writes
Jamil Anderlini
Population surge curbs Kenya’s ambitions Failure to solve the problem is hitting hopes of becoming a middle-income country, writes
Katrina Manson
A show of force Beijing’s assertive policing of its sphere of influence is fuelling fears of a growing hold over foreign policy of a hawkish and increasingly well equipped army.
By Kathrin Hille
Debt swap needed to cauterise Greece Aim for snug enough haircuts to make this rescue stick This discount should be captured to benefit Athens and its partners. The bond swap now in the works envisages a 21 per cent net present value loss to investors, but a lesser cut in Greece’s debt at face value....Before a formal offer of a bond exchange is made, terms should be toughened. Many investors would still come out ahead and would accept. Holdouts can be discouraged by putting collective action clauses into Greek law: Ireland’s use of such against bank junior bondholders is a good model.
China bashing is back with a bang ...demagogues and scheduled a vote on legislation designed to punish China for manipulating its currency, various incarnations of which have...runner for the Republican presidential nomination, has adopted a China-baiting platform, further marginalising free-trade opinion
Europe needs to put flawed Tobin Tax to test
Transaction tax would curb useless high-frequency trades
Ancient solutions to age-old problems...Brian Garcia. Sir, History offers a useful guide to resolving the Greek sovereign debt crisis. As recently...The Senate sent Appius Claudius as commissioner to investigate the situation and to arrange a settlement. He censured the leaders...
Odd to blame Greece’s tragedy to groups that actually pay tax And it would also actualise the principle of isonomy, equality before the law, which the ancient Greeks invented even before they thought of democracy, which underpinned all their law, and which Herodotus said was “the most beautiful of all names” for a political order.
We need the spirit of Cavafy todayFrom Mr John Azarias. Sir, I trust that what Ralph M. Coury pointed out (that the Greek...quintessentially Alexandrian spirit is what the world needs more of today. John Azarias, Sydney, NSW, Australia Email link
How to stave off a second Great Depression , George Soros Financial markets are driving the world towards another Great Depression. The authorities, particularly in Europe, have lost control of the situation. They need to regain control and they need to…
THE LEX COLUMN Greece and PSI Until recently, PSI was banker shorthand for price sensitive information. Now it is the term given to a different sensitivity – private sector involvement in the second…
UBS: more details please Interim CEO needs to reassure investors that Swiss bank is not broken UNDER THE BRITISH SCUTINY
Yuan for the money History may not repeat itself, but in Chinese it definitely rhymes. The markets have been playing the tune of . Chinese yuan DEPRECIATING ONCE AGAIN?
Chinese property boom starts to wobble Real estate stocks and bonds have been hit by growing fears about defaults, writesRobert Cookson ___Chinese bonds and equities are flashing warning signs that suggest the booming mainland property sector is heading for a bust – the effects of which could ripple across financial markets…
Shanghai cheap versus earnings By Robert Cookson in Hong Kong___Shanghai equities are the cheapest they have ever been relative to forecast company earnings, highlighting the extent to which Chinese investors have lost their appetite for stocks.____The lure of double- or even triple-digit interest rates has attracted investors to place their money in underground lending markets or wealth management products, rather than in the stock market, says Mr Xie. If his view is correct, a downturn in the property market could provide the catalyst for a Chinese stock market rally as those investors who have been funding loans at high interest rates and betting on property price rises channel their funds back into the stock market.
1.10.2011
History of statistics that failed to add up
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Striking members of Elstat’s union blocked access to its building on Friday in support of Prof Georganta’s view. Until recently Greek statistics were viewed with derision by the country’s eurozone partners....____ Under pressure from the European Commission, however, Evangelos Venizelos , finance minister, last week sacked the five remaining members of Elstat’s board, leaving Mr Georgiou with full responsibility for running the agency on his own.
But the strike has prevented Elstat from meeting its deadline for sending updated data on Greece’s output, public debt and budget deficit in 2010 to Eurostat, as well as details of economic performance in the first two quarters – figures that are urgently needed for EU and IMF experts to approve the 2012 budget before a first draft is presented to parliament on Monday.
World has turned to US dollar by default
¨
3.10.2011
Goldman set to be LME sale winner while being pursued in wall street as the new morgan, gs may cash in 15x its invetsment
Irish emigration rises as celtic tiger loses growl
Health fears rise as plutonium found 40km from Fukushima___Officials play down radiation risks
Wall Street protest policing criticised Arrest of more than 700 demonstrators NYPD says many ignored warnings....The movement is fuelled by continuing anger at the profitability of Wall Street following government bailouts in 2008 and 2009 at a time when the US is suffering 9.1 per cent unemployment. But the goals of the demonstrations are vague and united only by anger at corporate United States.
Cattle industry suffers huge losses as US drought lingers, Prices are rock bottom in Texas, home to 16 per cent of the nation’s beef cows, reports Sheila McNulty HOW IT WORKS IN THE USA
More things in heaven and earth From Mr Peter Cave.
Why business despairs of Obama, Mort Zuckerman Take a deep breath. The industrialised world, America included, seems stuck in one of those horror movies, where the monster, thought to be slain, morphs into something even more scary. ON OBAMA FAILURE, ANY LINK W/ WALL STREET PROTESTS? The era of frugality is back. Today it is not a stock market crash or a crash in residential real estate but a crash in confidence that will constrain the effectiveness of public policy and have a long-lasting impact on the consumer and the economy. The historic American optimism has dramatically eroded. The great American dream is no longer a house in the suburbs. It is a secure job, but almost any job will do.
04.10.2011
Property price raises doubts over Irish ‘bad bank’ ireland real estate prices down
Republican leaders reject Obama’s jobs plan headwinds in washington, obama lameduck
Fears of US double-dip recession recede thex recede but still political stalemate weighs in
Banking: Lightning strikes twice one page on ubs
Have we learnt anything at all? History and economic crisis, from brian garcia livius quote pon how to extend debt maturities to pericles and rome on how to start public works
Curing Europe’s banking ills the european crisis, the sensation is that financial markets are imposing the agenda calling now for the long due fiscal union, even a reactionary anti European mathematician like Munchau has embraced this with zealot devotion to counter the arguments of collateral lending form the EFSF. The question is where is the legitimate democratic process which so far failed in its quest for stronger integration.
Evo’s locution the right of amerindians stumped by Evo
Debt, deficits and deadlock: welcome to 2012, Kenneth Rogoff, The end of 2012 will mark a once in 20-year overlap of a presidential election in the US with a leadership transition in China. France chooses its president in the…Hisortrical comparison w/ Nixon electoral spending which ushered into 70s inflation, today nit possible given divisions. Reckons world at risk of japanese lost decade. Ultimately Obama failed in the political field.
Gold bugs beware – the bubble is finally bursting warning on gold
London Metal Exchange low earnings and high multiples offered for LME explained
Dexia’s multiple woes dexia break up linked to Greece
Semiconductors’ bell American GDP and semiconductors
Hedge funds eye outright bet against France hedge funds love eu patchy negotiations and clumsy response. France is next. Meanwhile morgan stanley price collapses given rumour on france exposure. Barroso answer to the USA and Tim Geithner to mind their own business was symptomatic of being out of touch w/ current events displaying all his in competence and lack of power. Best resolution he could devise is to increase the eu brussels powers, the very same demanded by geithner. It's funny to see all these mp debating on the future of eu in Strasbourg while its walls are collapsing, sure they still cash in their cheque as members of parliament like immaculate licia ronzulli feeding her baby in the parliament to forgo all her crony sex heated involvements
‘Living wills’ force banks to think unthinkable banks demise has to be planned
investing in russia A ‘music discovery engine’ with applications elsewhere SR2-4
Rachel Morarjee talks to operators of an online service. On zvooq.ru
6.10.2011
Rambourg plans new hedge fund in Paris phantomas de l'opera
Trichet rejects ECB role as lender of last resort it is the job of political leaders to restore confidence
Putin calls for new ‘Eurasian Union’
Wall Street protests gather the disaffected OK, TARGET IS BANKS AS THE DEVIL, but they dont mind very much abt google and apple offshoring their profits. They are not aware.....“I think [the movement] reflects an inchoate anger and frustration at the failure of the Bush and Obama administrations to hold people to account for malfeasance over the last few years,” said Eric Foner, a Columbia University professor who teaches the history of American radicalism. “
Universe expansion experts win Nobel prize
US tax system: A return to reform ONE PAGE ANALYSIS ON US TAX SYSTEM TO EB REFORMED, BUT HOW TO do it 4 allowing growth?
On High frequency Trading (HFT), I don’t want the trading locomotive to derail the markets
I don’t want the trading locomotive to derail the markets
From Mr Bart Chilton.
Sir, Your report “Brodsky slams ‘absurd’ HFT curbs” (October 4) stated that I have floated the notion of “slowing down” high frequency traders (HFTs). I’ve never floated any such notion. I’ve called for better regulatory oversight of HFTs – what I call cheetahs because their trading is so very fast as they try to scoop up micro-dollars in milliseconds. It may surprise readers to learn that regulators don’t even require registration of these traders. We don’t know who many of them are, their locations, or if they can pass a basic due diligence test for trading. What we do know is that there are those who want to intentionally harm financial markets – financial terrorists, if you will. I’m not saying any cheetah is a financial terrorist, but that is surely an area of concern with regulators. That’s why I called yesterday for cheetahs to be registered, at the very least.
Better regulation won’t slow the cheetahs down. I want the trading business locomotive to be on the fast track. But I don’t want it to derail or unhitch markets whenever it goes around a curve.
Bart Chilton, Commissioner, US Commodity Futures Trading Commission
For those of us who recall how the LME was a beacon for the free-market trade in base metals during the cold war, we fear greatly for what will be lost. In the LME’s preoccupation with its own sale, its stewardship of a fair and free market has suffered, and the worrying suggestion is that the referee, not content with being a mere umpire, wants to score the goals.
Anthony Lipmann, Lipmann Walton & Co, Walton on Thames, Surrey, UK Chairman, Minor Metals Trade Association 2003-06
From Mr Stuart Bishop.
Sir, Politics were highly partisan in the Roman Republic for most of the nearly four centuries between the expulsion of the last of the Tarquin kings and the election of the first of the Gracchi. The partisan divide then was somewhat different from the one in Washington now, but was at least as deep. It did not keep the republic from concurrently accomplishing its goals in a conspicuous way.
During the following century the partisanship intensified and the Roman Republic perished in the Civil Wars. So it may be that eventually something will have to be done keep the partisanship in Washington politics from intensifying as much as that in Rome did, but if the American republic is as durable as the Roman one was, our descendants should have as much as five generations to decide how to deal with it.
Stuart Bishop, Payson, AZ, US
fog on the nile, will military grant democracy? Interesting electoral law now relented, 1/3 of parliament seats reserved to independents, end ef political parties,are they really representative of the change ad freedom? Not in egypt , what abt other countries. System currently I n crisis , see wall street protests article
tMartin wolf How to keep the euro on the road o paraphrase the Roman historian Tacitus, “they make a depression and call it stability”. It is the flows stupid, his r easoning releis on the btheory of the comunicating vases, biology and thermodynamics, chart on manufacturing labor costs , impressive , greece highest costs.
What Europe can learn from Kissinger-style ambiguity on ambiguity of financial vback up, china kissinger , fredi mack and eu efsf
How to avoid choosing the wrong partner avoid litigious ppl
Ardagh Glass, yield spread btw eur and usd, Junk bond price gap points to European distress
UBS loss throws light on ‘synthetic’ problem ,Concern grows over dangers of ‘synthetic’ ETFs , are synthetic etf used as a source of liquidity by the banks
beyondbrics; mark Mobius, the middle east bull
coco bonds credit suisse http://www.businessweek.com/news/2011-02-14/credit-suisse-to-test-appetite-for-coco-bonds-with-dollar-sale.html
6.10.2011
Global gloom places Latin America on alert
Karzai picks partnership with India over Pakistan
China tests US with currency move renimbi apprciation rate slowed down
IMF urges swift action on Europe banks IMF urges swift action on Europe banks
Ireland stakes claim to eurozone rescue fund
How to recapitalise a continent’s banks
US shale gas bonanza: New wells to draw on us gas shale industry: renaissance in America, huge reserves under soil exploited by new technology. Fissures in the shales contain gas amid sand particles
against hedge funds utopia of protecting against risk and hft propaganda that they create liquidity.
http://www.ft.com/intl/cms/s/0/cc7c5292-ef55-11e0-918b-00144feab49a.html#axzz1Zz9DT4A7
Save the sovereigns to save the banks
save the sovereigns not the banks, lagarde analysis countered , a timely response would have been less costy. By then the cost of action is greater than it might have been with a more timely response. It is a mistake to draw down the EFSF’s ammunition to fund bank bail-outs – the same mistake that Ireland made in sacrificing the solvency of the sovereign for the sake of that of banks.
If the run on eurozone government debt is not stemmed, no bank bail-out will help. If it is, the pressure on banks will lift, and raising capital for those that still need it – those with bad non-sovereign investments – should be easier.
http://www.ft.com/intl/cms/s/2/dc7b2fbe-ef42-11e0-918b-00144feab49a.html#axzz1Zz9DT4A7
defence of europe from a british , finally !
Even the UK, long an opponent of deeper European integration, has rallied around and now supports more fiscal harmony among eurozone nations. One of those present said the ministers were particularly heartened when George Osborne, the UK chancellor, jetted in with some really valuable constructive advice including “get a grip”, “sort it out” and “do whatever it takes as long as you leave us out of it”.
One idea gaining traction is for the eurozone to leverage up its emergency facility, the EFSF, so that it can offer far more guarantees than it can actually afford. One insider noted: “The attraction of this fund is that it’s fireproof as long as we never have to use it.”
Time for plain-speaking to Europe’s voters upsurge in favor of EU rising
In praise of Wall Street protesters
There are some anarchists among the young protesters who have worked their way into the headlines during the past week – notably when 700 of them were arrested for blocking the Brooklyn Bridge last weekend – but the ones I met were a sweet-natured and gentle bunch. The noisiest they got was when one group sat in a circle and sang
That would be a pity because there is something powerful in their idealism. We must live with Wall Street and the banks on which economies rely to finance growth, but they express an undeniable truth. There is something wrong when a fresh round of bail-outs looms in Europe while citizens on both sides of the Atlantic remain alienated by the last one.
The protest’s strength comes less from its aims than its form – its adherence to a cumbersome type of popular democracy in which anyone in the “general assembly” in Zuccotti Park is not only consulted on all decisions but can block those that he or she dislikes. ,,,,High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/d59518f2-ef3f-11e0-918b-00144feab49a.html#ixzz1ZzezhD6C
The wonder is not that the protesters lack an agenda but that they are still cheerfully trying to hammer one out.
They cite influences from the Arab spring to popular protests against austerity in Greece and Spain, and the way the Seattle anti-globalisation demonstrations were organised in 1999. A recent, more domestic model was the “netroots” digital uprising that led to the election of Howard Dean as chair of the Democratic National Committee in 2005.
They cite influences from the Arab spring to popular protests against austerity in Greece and Spain, and the way the Seattle anti-globalisation demonstrations were organised in 1999. A recent, more domestic model was the “netroots” digital uprising that led to the election of Howard Dean as chair of the Democratic National Committee in 2005.
There are historical precedents for this kind of thing, such as The Diggers, a group of English agrarians who believed in economic equality (they called themselves True Levellers to distinguish them from another nonconformist group) and dug up St George’s Hill in Surrey and planted vegetables in 1649 to protest at the enclosures.
That was shortly after the Puritans had sailed to the Massachusetts Bay Colony in search of liberty and Occupy Wall Street’s encampment has a prelapsarian quality, as if wanting to return to the shining city upon a hill. It shares this with the Tea Party, although it blames the country’s ills on high finance and corporate greed rather than federal government over-reach.
It also has the strength of non-violence, even if that made it harder at first to gain attention from the “mainstream media” that it both courts and distrusts. Protests in Greece have turned violent and the London riots featured arson and looting. In contrast, it has gained authority from resolute peacefulness – its most disruptive act so far was the Brooklyn Bridge sit-down.
Messy rule is a must for modern America f4rom the fletcher school, bad governancre is alos good if it stimulates debate and counterweights, on the impotence of Obama.
The process ought to be, like the dispensation of justice, adversarial but not partisan. Reflexive partisanship whereby, for example, the right favours more defence spending and anti-terrorism laws, while the left favours transfer payments and union rights, suppresses real debate. By contrast,
the fierce battles of the past pitted interests that cut across party lines.
The brinkmanship over the debt ceiling that so flustered the world’s financial markets in August produced a compromise that goes the wrong way. It charges a special committee to propose spending cuts to Congress by November. If Congress rejects the proposals, cuts will be made. But using swift, behind the scenes bargains or mindless formulas to avoid messy intervention is not the answer. The government got into its current mess because important questions were not adequately debated. The hostility of so many to the remoteness of their government cannot be removed quietly, from afar, by a few. We need broad, fierce and yes, unsettling, case-by-case, debate.
Dry-bulk shipping China super power shipping, baltic index down
European bank capital again , bank bail out
US economy: bullish Buffett buffet vs economic cycle research institute, an upside cycle is forecatsed
China labour costs push jobs back to US
Obama says protests born of ‘frustration’ adding fuel to fire ? Populist strategy? Where is ur iphone mr president,
Putin’s Eurasian push challenges west another blunt failure? EU foreign policy
Products proud to be ‘made in America’ back to america, manufacturing
A disruptive digital visionary on steve jobs, a mercurial visionary
Committed to the safe development of shale gas shale gas , an answer to the article
Funds of confusion etf, regulators .1624 billion indutry, black rock calling 4 regulation,
Europe’s crisis is all about the north-south split
Yao Yang america currency wars
Outcry over Fiat may end with a debt of gratitude confindustria fiat marchionne berlusconi moody's downgrade marcegaglia
Apple’s mystery men line up to fill the void left by Jobs nice chart on appl
America’s six key lessons for a ‘euro Tarp’ a tarp in europe, american lessons
America’s six key lessons for a ‘euro Tarp’
Strong revival in Irish bond markets
EM stocks hit harder by Europe’s crisis
Banks: Neither a forex borrower nor a lender be, chf lending
FUW, 5.10.2011
on elections, popper vs platon, volksherrschat gegen volksrecht, und unblutige entlassen...Zurück zur Demokratie als Instanz des Entlassens. ...Der in Wien geborene, nach der Flucht vor den Nazis in London wirkende liberale Denker hält Platons seit bald zweieinhalb Jahrtausenden scheinbar auf der Hand liegende Fragestellung für unzureichend – sie werfe bloss ein Scheinproblem auf. Wichtig sei weniger, wer eine Weile regiere, sondern dass der- oder diejenigen ohne Blutvergiessen durch eine Abstimmung entlassen werden könnten.
Die Wurzel des Übels sieht Popper im Proporzsystem. Dieses schaffe «die Gefahr, dass der Wahlentscheid der Mehrheit bagatellisiert wird und damit auch der Einfluss einer Wahlniederlage auf die Parteien» («Zur Theorie der Demokratie», 1987). ...sondern bloss den Einfluss der Parteien und ihrer Propaganda am Wahltag. Daher verkümmere der Wahltag in der Funktion als «Tag des Volksgerichts über die Tätigkeit der Regierung». ...Vor Volksinitiativen graut ihm. Schon das Etikett sei irreführend, denn es handle sich jeweils um die Initiative weniger, die bestenfalls dem Volk zur kritischen Beurteilung vorgelegt werde; in solchen Fällen sei zu prüfen, «ob die vorgeschlagenen Massnahmen nicht hinausgehen über die Kompetenz der Wählerschaft, sie zu beurteilen». ...atsache ist: Initiativen haben geringe Chancen auf Annahme, das Volk regiert insofern nicht. Viel wichtiger sind Referenden. Weil sich paradoxerweise just in der basisdemokratischen Schweiz die Regierung an einem Wahltag kaum austauschen lässt, ist das «Volksgericht» über Sachgeschäfte, die der Apparat von Verwaltung, Exekutive und Legislative hervorbringt, umso wichtiger. ...Auch die amerikanische Präsidialdemokratie, in der sehr wohl abgewählt wird, ist mit ihren «checks and balances» gerade derzeit nicht austariert, sondern blockiert. ...Kann heissen: Auf der gewohnten Liste Kandidaten streichen, die zur zweiten, dritten, x-ten Legislatur antreten, ohne einen überzeugenden Erfolgsnachweis zu erbringen. Neuen Kräften eine Chance geben – das haben wir alle in der Hand. ...Pompöses Getue sesshafter Parlamentarier, so gehe Erfahrung verloren, die Bundesverwaltung werde übermächtig, riecht nach Selbstschutz, nach verfehlter Auffassung des Mandats als Sinekure. Sicher, neue Köpfe bewirken keine Instant-Wunder. Versagen sie, wählen wir in vier Jahren eben wieder frische. Eine raschere, ungnädigere Rotation hätte heilsame Signalwirkung: Entschlossene Politik ohne Rücksicht auf persönliche Verluste ist die beste Wiederwahlkampagne.
http://epaper.fuw.ch/front/detail/55222_15 dental market innovation strauman nobel
http://epaper.fuw.ch/front/detail/55242_19 Gerangel um definitive Nachfolge auf dem Posten des Konzernchefs – Kaspar Villiger gefordert
http://epaper.fuw.ch/front/detail/55241_19 boerse china six ipo
http://epaper.fuw.ch/front/detail/55118_23 liechtenstein new tax law, similar to malta ?
Es ist keine Frage, dass sich Liechtenstein damit eines der in Europa attraktivsten Unternehmenssteuergesetze geschaffen hat, das gleichzeitig – nach den bisherigen Erkenntnissen – EU-kompatibel ist. Für die lokale Industrie ist dieser erste Schritt auf jeden Fall begrüssenswert.
http://epaper.fuw.ch/front/detail/55228_26 utilites down bcs politics , oulook bad
http://epaper.fuw.ch/front/detail/55224_27,text credit easing uk banks circumvented to help companies, behavioral eocnomics
http://epaper.fuw.ch/front/index/17348 faelscher und iphone , the history continues , China bietet Chancen nach extremen
http://epaper.fuw.ch/front/detail/55235_34 japanese pension system well funded , stock market down
http://epaper.fuw.ch/front/detail/55236_34
8.10.2011
http://epaper.fuw.ch/front/detail/55280_1,text
Selbstverständlich wäre es vorzuziehen, wenn das demokratische System die disziplinierende Kraft des Finanzmarktes nicht benötigen und kraft der eigenen Autorität den Märkten trotzen würde.
«Kernproblem sind Staaten» Philipp Zieschang European Banks Analyst der UBS
09.10.2011
Merkel and Sarkozy hold talks on crisis german, french and italian federation urge quantum leap in crisis resolution
Berlusconi seeks comfort at Putin’s party forza gnocca, merkel vulgarities, putin absolute friendship
Young Libyans celebrate their new freedom
White House feeds off protest anger, disappointment in parties,
Cain surge defies sceptics in Republican race , balack republican surging in the polls, blasting the irs ...our tax code is the 21st c version of slavery....calling it “the overseer of the american people”
…. The trigger for the administration’s renewed burst of criticism of the financial sector was seemingly trivial: the decision by the Bank of America to impose a $5 monthly fee on debit accounts.
Russians in London: Super-rich in court russian oligarchs in london courts
The pre-eminent Islamic language CHRISTIAN ARAB SPEAKERS quoted by kuran as reading the gospel, waraqa bin naufal
Russia is following its natural path lutetia express sharp comment on russi history, nothing new but worth to be red , particularly on remarks such as the closeness of russian personality.
Hero of our time
On putin , brezhnev and sense of humor
Sir, following the article of Christopher Caldwell on Russia, I retained the interesting remarks on the Russian identity problem by one of your readers described as “ the intrinsic fear of the other because no natural frontiers protect the gigantic nation state”. Although it is always difficult to judge foreign people and states, I can confirm from my experience the fear of others felt by Russians when they are abroad. From my side I have always been welcomed very warmly by simple and interesting people in Russia, making me reflect on the international love of freedom well represented in the folk traditions of both Europe and Russia. Nevertheless my impression varied when meeting members of a wealthy class who were closed and opaque both abroad and at home making me wonder on the universal traits of ruling oligarchies.
Visionary, genius, game-changer ... but also a freak on Steve Jobs
10.10.2011
FRONT PAGE
Swedish experience colours Basel chairman’s views
Cameron voices eurozone frustration
Congress must take care to fix the deficit larger economy larger tax revenue
The economics of the Arab spring retribution against business is damaging
Save Europe’s unity now british getting desperate
http://epaper.fuw.ch/front/detail/55360_6 bns foreign reserves up, 7.5 chf depreciation explains it, hence snb did not yet intervene according to unicredit. No imported inflation. Chf/Huf 65% appreciation weighs in, eur/ huf 180 fixed rated and 25% hair cut on chf loans ( 64% total loans). Impressive figures.
http://epaper.fuw.ch/front/detail/55415_21,text
Umstrittene Verschärfung des Kartellgesetzes
Kritik an Teilverbot in der Vernehmlassung – Drei sehr unterschiedliche Vorlagen – Weiteres Vorgehen unklar – Hektik fehl am Platz
Peter Morf
Die Kritik im Sommer war laut und heftig: Aus dem starken Franken resultierende Währungsvorteile würden von den Importeuren nicht an die Konsumenten weiter gegeben – der Staat, die Wettbewerbskommission (Weko) und der Preisüberwacher wurden zum Handeln aufgefordert. Seither haben die sinkenden Preise in gewissen Bereichen und die Fixierung einer Kursuntergrenze von 1.20 Fr. je Euro durch die Nationalbank der Kritik einiges an Brisanz genommen. Dennoch stellte die Weko an einer Medienkonferenz klar, dass sie nicht beliebig in die Preisbildung eingreifen kann, weil sie Preisdifferenzen nicht einfach verbieten kann, wie Kommissionspräsident Vincent Martenet festhielt.
Hände gebunden
Sie kann nur eingreifen, wenn ein im Kartellgesetz vorgesehenen Tatbestand erfüllt ist, also wenn es um Preisabreden oder um den Missbrauch von Marktmacht geht. Martenet hielt zudem fest, dass die vorgeschlagene Revision des Kartellgesetzes hin zu einem Teilverbotsgesetz mit Rechtfertigungsmöglichkeit an den Eingriffsmöglichkeiten nicht viel ändern würde. Die Revision würde zwar eine Verschärfung bringen und die Verfahren straffen, eine Erweiterung der Eingriffsmöglichkeiten ist aber nicht vorgesehen. Die Weko unterstützt die Revision.
Die vom Bundesrat vorgeschlagene Revision von Artikel 5 des Gesetzes will fünf Tatbestände grundsätzlich verbieten: horizontale Preis-, Mengen- und Gebietsabreden sowie vertikale Preisbindungen und Gebietsabschottungen. Das Verbot ist allerdings kein totales, es wird eine Rechtfertigungsmöglichkeit eingeräumt: Wenn die betroffenen Unternehmen belegen können, dass die Abreden aus Gründen der wirtschaftlichen Effizienz gerechtfertigt sind, bleiben sie zulässig.
Dieser Vorschlag ist in der am Mittwoch durchgeführten konferenziellen Vernehmlassung offenbar nicht gut angekommen. Kritisiert wurde zunächst, dass die ökonomischen Auswirkungen zu wenig genau abgeklärt worden seien. Auf geringe Zustimmung stiess zudem die Gleichbehandlung von horizontalen und vertikalen Abreden.
Unklare Auswirkungen
Während horizontale Abreden (Absprachen auf derselben Stufe des Marktes, also beispielsweise im Handel) in aller Regel schädliche Wirkungen entfalten, sieht die Situation im Fall von vertikalen Abreden (zwischen Produzenten und Händlern) anders aus. Sofern der Wettbewerb zwischen den verschiedenen Marken spielt, können vertikale Absprachen effizient sein und die Intensität des Wettbewerbs noch steigern. Eine zu restriktive Regelung könnte in diesen Fällen dagegen kontraproduktive Wirkungen entfalten.
Mit dieser einen, die Kartellgesetzgebung verschärfenden Vorlage, ist es aber nicht getan. Hängig sind zwei weitere Revisionen. Wegen einer vom Parlament angenommenen, vom Bundesrat aber abgelehnten Motion von Ständerat Rolf Schweiger hat der Bundesrat im Frühjahr eine entsprechende Vorlage in die Vernehmlassung geschickt. Demnach sollen Unternehmen, die ein glaubwürdiges Programm zur Einhaltung der kartellrechtlichen Vorschriften implementiert haben, in den Genuss einer Strafmilderung kommen. Es ist allerdings nicht einleuchtend, warum ein Unternehmen, das sich an die gesetzlichen Vorschriften hält, belohnt werden soll – das Einhalten von Gesetzen muss eine Selbstverständlichkeit sein.
Zudem verlangt die Motion, dass Mitarbeiter, die für eine kartellistische Abrede verantwortlich sind, persönlich bestraft werden können. Damit besteht die Gefahr, dass sich Unternehmen aus der Verantwortung stehlen und diese auf einen Mitarbeiter abschieben. Diese Gefahr wird noch durch die Bestimmung vergrössert, wonach Unternehmen, die den eigenen Mitarbeiter anzeigen, ganz von Sanktionen befreit werden können.
Wie diese zweite Vorlage ist auch die grosse, im Juni letzten Jahres lancierte Revision noch hängig. Diese will in erster Linie eine rechtsstaatlich saubere institutionelle Lösung. Das heisst, die ermittelnde Funktion, die heute das Sekretariat wahrnimmt, soll klar von der richtenden Funktion, jener der heutigen Weko, getrennt werden. Die Einheit von ermittelnder und richtender Behörde ist rechtstaatlich fragwürdig, besonders mit Blick auf das Sanktionen-Regime. Neu soll die Funktion der Wettbewerbskommission von jener des Sekretariats getrennt werden. Die Weko würde demnach als Wettbewerbsgericht dem Bundesverwaltungsgericht angegliedert. Gleichzeitig soll eine Professionalisierung stattfinden, Verbandsvertreter hätten in diesem Gericht richtigerweise nichts mehr verloren.
Koordination
Diese institutionelle Revision, zu der die Vernehmlassung längst abgeschlossen ist, schlummert in einer Schublade des Staatssekretariats für Wirtschaft. Derzeit ist unklar, wie es mit diesen drei Vorlagen weiter gehen soll. Der Bundesrat tut gut daran, die Anliegen zu koordinieren und möglichst in eine grosse Vorlage zu verschmelzen. Der Zeitaufwand dafür ist zwar erheblich, aber es besteht auch kein Anlass zur Hektik, zumal die Auswirkungen des Teilverbots, vor allem für vertikale Absprachen, in der Tat noch zu wenig sauber abgeklärt sind.
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