Ebook Gratuito - Piccolo Mondo antico di Antonio Fogazzaro - booksandbooks - Letteratura Ebooks Recensioni

S&P under scrutiny by SEC over subprime mortgage and US downgrade S&P faces SEC threat over its rating of $1.6bn CDO

rich r taxed quietly in Japan Tokyo tackles taxation for tsunami reconstruction

Russia feels the pain as investors take flight preoccupying trend 22% russsian population wants to emigrate. Igor Sechin , Energy Tsar, strong position

BP plans gas pipeline to Europe from Azerbaijan by Russia vilified BP proposes a gas pipeline straight from Azerbaijan to Europe escaping Russia control

EU urged to probe Hungary mortgage move CHF sage in Eastern Europe, but what can Switzerland do?

Europe thinks the unthinkable to solve crisis funny,experts on EU are Indian graduates, Sony Kapoor and Rawi Amjan

Germany and the eurozone: Besieged in Berlin , too little too late, could have avoided major damage muche earlier

Taxing problem of foreign credits on international tax arbitrage, IRS finally acting

How at last my fellow Italians fell out of love with Silvio severigni beppe on ft

J’aurais voulu être égyptien, Théâtre Nanterre-Amandiers, Paris al aswany, yacoubian building

Mass sell-off hammers metals gold at 1600, industrial metals sharply down

Tax wars: the accidental billion-dollar break second apt of special report on offshporing corporate income. Switzerland 5^th place, 1^st netherlands Tax policymakers consider global crackdown Even the FT becomes more sensible to the issue

Ermotti temporarily steps into Grübel’s shoes at UBS attack against Swiss passport ermotti, no indication of his career UBS urged to use a much sharper axe investment banking has the largest spending for a miserable income

Hallowed gold haven succumbs to sell-off metals sell off

BAUSPARINTIATIVE / REAL ESTATE IN SWITZERLAND http://epaper.fuw.ch/front/detail/54615_13 : , aber für all diejenigen, die sich Wohneigentum nur leisten können wegen der tiefen Zinsen und weil sie das geforderte Eigenkapital von 20% über den Vorbezug von Pensionskassengeld bringen – dies zum Preis aber, dass sie dereinst eine tiefere Rente haben. Das sehen nicht nur die Pensionskassen so, die letztes Jahr insgesamt 3 Mrd. Fr. für Wohneigentum ausgezahlt haben, davor warnt auch die SNB. Sie drängt Bankenaufsicht und Politik, Massnahmen zur Beruhigung am Immobilienmarkt einzuleiten. Eine dürfte die Einschränkung des Vorbezugs sein. Man kann eben einen Franken nicht zwei Mal ausgeben, für das Haus und die Rente.

http://www.hev-schweiz.ch/home/politik-uebersicht/artikel/?tx_ttnews%5Btt_news%5D=2841&cHash=8cddccfb8c

Das Bausparmodell des HEV Schweiz sieht vor, dass die Bauspargelder und die aufgelaufenen Zinsen während maximal zehn Jahren von der Einkommens- und Vermögenssteuer befreit werden. Jede in der Schweiz steuerpflichtige Person soll während dieser Dauer für den erstmaligen Erwerb von Wohneigentum bis zu 10 000 Franken jährlich vom steuerbaren Einkommen abziehen können (gemeinsam steuerpflichtige Ehegatten: maximal 20'000 Franken).http://www.bausparen-schweiz.ch/data/praes/080929/communique.pdf

good review on colgate http://epaper.fuw.ch/front/detail/54616_13

thomas wyss contorted explanations on tax negotiations btw iusa and switzerland http://epaper.fuw.ch/front/detail/54721_19

Der Entscheid des Ständerats, das Thema auf Dezember zu verschieben und weitere Verhandlungen abzuwarten, hilft der Sache nicht. ….Und dass die auf der Hand liegende Lösung – die Einlösung des im Zusammenhang mit dem UBS-Vertrag gemachten Versprechens – mit zunehmend obskuren Argumenten bekämpft wird, wirft kein gutes Licht auf die Beteiligten in Regierung und Verwaltung. ….Davon wollen Regierung und Verwaltung nun nichts mehr wissen. Die Verwaltung stellt sich auf den Standpunkt , diese Erklärung sei nur im damaligen Kontext (Doppelbesteuerungsabkommen von 1996, Verstoss gegen Schweizer Bestimmungen zur schweren Steuerhinterziehung) gültig. Bundesrätin Widmer-Schlumpf begründete ihre Ablehnung in der Ständeratsdebatte, ohne die Erklärung namentlich zu erwähnen. «Die erste Variante (...) ist diese: Wir hängen dies an den UBS-USA-Vertrag, an diese Lösung, an», sagte sie. …...das könne der Bundesrat machen, ohne das Parlament zu begrüssen, der Bundesrat solle endlich Verantwortung übernehmen.» Das habe der Bundesrat beim UBS-Vertrag versucht. Damals sei die Situation jedoch noch eine andere gewesen. «Das Bundesverwaltungsgericht hat uns dann auf den parlamentarischen Weg verwiesen. Das haben wir selbstverständlich akzeptiert.» ….Wie dem auch sei: Der Entscheid des Ständerats unterstreicht, dass die Schweiz nicht an einer raschen Lösung des Konflikts interessiert ist.

ZKB under fire by USA http://epaper.fuw.ch/front/detail/54719_19,image

on central banks intervention and snb http://epaper.fuw.ch/front/detail/54605_21

Das frühere Direktoriumsmitglied der tschechischen Notenbank, Jan Frait, schreibt dies der erfolgreichen Geldpolitik der Schweizer Währungshüter zu: Ihnen sei es gelungen, das inländische Zinsniveau stets tiefer zu halten als die Sätze im Ausland. Dank der daraus resultierenden Zinseinnahmen auf den Fremdwährungsaktiven liessen sich die Wechselkurseinbussen ausgleichen.
Dieser Ertragspuffer «rettete» die Gewinn- und Verlustrechnung der SNB auch später immer wieder. Nur heute kommt er nicht zum Tragen: Die Zinsen sind sowohl im In- als auch im Ausland nahe null (vgl. Grafik oben). Die Ertrag auf den Zentralbankreserven fällt minimal aus. Währungsschwankungen schlagen voll auf die Ergebnisse durch. Wird berücksichtigt, dass die Volatilität im Wechselkurs grösser ist denn je und die ausgleichenden Gewinne aus der Differenz in- und ausländischer Zinsen fehlen, wird offensichtlich, warum der SNB-Ausweis gegenwärtig derart schwankungsanfällig ist.

Zu freigiebig ausgeschüttet........Sie hätte es besser wissen müssen. Um künftig ihr Eigenkapital erneut zu stärken, muss die Nationalbank die Ausschüttungszusagen drastisch verringern. Gegenwärtig laufen die Gespräche mit Bern. Man darf gespannt sein.

US real estate market liability http://epaper.fuw.ch/front/detail/54662_31

http://epaper.fuw.ch/front/detail/54642_33,image singapore description

ETF raw materials http://epaper.fuw.ch/front/detail/54595_39

Merkel backed by SDP and Greens to approve new ESFF budget while communists and some CDU rebels are against. Numbers don’t come. Left wins majority in French senate. Tide is turning for the right amid the crisis? Meanwhile talk of a Brady plan by Rogoff and Eichengreen squashed by Mr Brady himself. Greece & Portugal lack growth. Ireland not quoted. Keltic spirit.

Putin presidential opposed by surging Russian middle class? So what

NYC, occupy wall street movement intensifying.

Tax wars: A fight worth billions tax optimisation in the global age, from Delaware to the uk, trusts set up to claim foreign tax credits and other benefits with asset swaps. IRS finally investigating.

Kant discussion continues , this time w/ an authoritative reader. It shows how some fancy quotes sometimes are misquoted. Safe even in a ‘society of devils’

Confidence Men on barack obama, it's the management stupid

somebody attempting to revolutionise Capitalism ? Not Marx but Michael Porter , An academic who shares his values 2011 HBR, creating shared value

Housing finds no shelter with UK pension funds residential property less volatile than commercial, Switzerland situation and UK pension funds preference for commercial property.

New route opens up for suing defaulting states Argentina may be liable in front English court vis a vis Hedge Fund in attempt to recover assets

best of fuw

The flop of biotech shares http://epaper.fuw.ch/front/index/17190

the current bilateral agreement should be used by the parliament for providing information to American authorities rather than the law project asked by the government which is far from being clear in particular concerning fish expeditions. Thomas Wyss http://epaper.fuw.ch/front/index/17192

with 5.8 yield isntitutionas buy swiss real estate allthough abroad may be even higher http://epaper.fuw.ch/front/detail/54545_19

http://epaper.fuw.ch/front/detail/54571_25 intel and microchip stocks , long trend intact , buy

negative rating on equipment makers, AMAT, http://epaper.fuw.ch/front/detail/54459_25,image

rare metals article http://epaper.fuw.ch/front/detail/54440_39

best of the FT

Markets reveal limits to Fed’s $400bn ‘twist’ SMALL CAPS WONT BENEFIT FROM BANK LOANS, ONLY LARGE CAPS. CREDIT RISK ISSUE.

Brazil blames Fed move on fiscal inaction MANTEGA FINANCE MINISRTER BLAMES LACK OF US TAX POLICY OVEREXTENDING MONETARY EXPANASION

WTO says trade growth has slowed sharply TRADE DEPENDS ON TRUST

Pakistan warns US it could ‘lose an ally’ ACCUSATIONS THAT PAKISTANI INTELLIGENCE SERVICE FOMENTING TERRORISM IN AFGHANISTAN

Russia’s banks: Collateral damage ANALYSIS OF SCANDAL AROUND BANK OF MOSCOW AND LACK OF RELIABLE DATA

On rogues, risk-taking and restoring trust in banks WILL VOLCKER LAW REGULATE RISK TAKING? NOTUNLESS CRIMINAL RESPONSIBILITIES INTRODUCED FOR SENIOR MANAGER LIABLE OF NEGLIGENCE

China: manufactured gloom HOW CHINA GDP SHIFTS FROM EXPORT TO DOMESTGIC LED GROWTH

Grand Prix provides little traction for UBS NO ANALYTICAL NEWS BUT WELL WRITTEN ARTICLE BY PARIS FT CORRESPONDENT ON UBS, HIGHLIGHTINTG WITH BRITISH HUMOUR SAME CONCERNS A SWISS MAY PROVE WITH DISMAL SHOW OF UBS F1 APPROACH. I MAY ADD THAT OSWALD GRUEBEL CAN BE COMPARED TO SCHUMACHER, HE CAME BACK FROM SLEEPY RETIREMENT TO ENJOY F1 RACING.

Back office upgrades confirmed as lagging UBS SCANDAL EXPOSES BACK OFFICE FRAILTY COMAPRED TO TRADING STATE OF THE ART TECHNOLOGY. THIS TRIGGERS MANIPULATIONS. SYMPTOM OF LACK OF IT / CAPEX EXPENDITURES AND INNER POLITICS TO DOPE BUDGET ALLOCATION IN FAVOR OF BONUS DRIVEN BSUINESS LIKE TRADING

US mortgages: strings attached fed repurchasing housing agency debt helps push yields lower, will it trickle down to mortgage rates. This is what they wish

the best of FT

Fed launches $400bn ‘Operation Twist’ BUY LONG TERM RATES W/ SHORT TERM LOANS

IMF warns on global financial system IMF stands by its bank analysis , O YEAH, LAGARDE NEW STYLE FAR FROM STRAUSS KAHN STRATEGY, SPECIALISTS PUSHInG AHEAD WITH THEIR VIEWS , LACK OF CONCERTED VISION

Eurozone crisis rocks Dutch government EVERYBODY IN CRISIS,FIRST GERMANY COALITION, NOW DUTCH ONE. THE GLOBAL CRISIS IS ALL ABT REGIONAL ELECTIONS. DEFINITIVELY CENTRALIST COMMUNIST CHINA FARES BETTER.

China’s censors clamp down on watchblogger HOW THEY SHUT DOWN A BLOG BC THEY ASSESSED VALUE OF EXPENSIVE WATCHES ON THE WRIST OF CHINESE COMUNIST HIGH RANKING OFFICIALS

International Monetary Fund: Into the fire GOOD ANALYSIS OF IMF INNER WORKINGS AND DYNAMICS. INCOMPETENCE OF LAGARDE IN ECONOMIC AFFAIRS TRANSLATES INTO LACK OF LEADERSHIP ( SEE ABOVE). DIFFICULTY IN NEGOTIATING GREECE RESCUE W/ EUROPEAN PARTNERS ADDS TO COMPLEXITY

Kant fares well in critique of philosophical hubris FUNNY READERS LETTERS ON FINANCE AND PHILSOPHY, RANGING FROM MARX, TO HEGEL, KANT AND KIERGKERGARD

Let readers decide who’s in the soup GROUCHO, WHO IS RUFUS, BERLUSCONI IN FREEDONIA ? http://www.youtube.com/watch?v=Dsw9jYU_rJI The wealthy Mrs. Teasdale (Margaret Dumont) insists that Rufus T. Firefly (Groucho Marx) be appointed leader of the small, bankrupt country of Freedonia before she will continue to provide much-needed financial assistance. Meanwhile, neighboring Sylvania is attempting to take over the country. Sylvanian ambassador Trentino (Louis Calhern) tries to foment a revolution, woos Mrs. Teasdale, and attempts to dig up dirt on Firefly by sending in spies Chicolini (Chico Marx) and Pinky (Harpo Marx).

Politicians repeat mistakes of 1920s

US and Europe face disastrous recession BACK TO 1937 , 2D FAILED ATTEMPT TO GOWTH, BCS OF EUROPE? BORING ARTICLE FROM EVERCONE CHAIRMAN

Brazil will fight back against the currency manipulators BRAZIL LOST AND ANACHRONISTIC BATTLE ON CURRENCY WARS, PATHETIC PR ATTACK BY THE PRESIDENT IN PERSON, WHAT'S THE GOAL ?

Postmodernism: Style and Subversion 1970-1990, V&A Museum, London THEY QUOTE DAVID BYRNE, 80S AND MY MIND GOES TO THE MOVIE "THIS MUST BE THE PLACE" OF SORRENTINO. INTERESTING REMARK ON ARCHITECTURE, WE WENT FROM NEUBAU MODERNIST WORK CLASS NON BOURGEOIS STYLE COMMISSIONED BY RICH FELLOWS AS IN TOM WOLFE NOVELS TO A DECORATIVE EXPLOSION DURING THE 80S THAT QUESTIONNED MODERNITY AND PROGRESS AS IN THE RUINS OF BLADE RUNNER MOVIE WHILE SAMPLING DIFFERENT STYLES, MODERNISN,BAROQUE, CONSTRUCTIVISM AS IN A HIP HOP SWING. ALL OF THIS WAS EPITOMISED BY DESIGN FOR THE EXHIBITIONIST RATHER THAN UTILITARIAN SAKE , FITTING THE MAGAZINE PAGES OF CONSUMERIST CORPORATE CULTURE, DESCRIBED BY THE AUTHOR " AS AN INCESSANT RECYCLING PERFECTLY SUITED TO THE DEMANDS OF CYCLICAL CAPITALISM, COMMODIFICATION"

IMF: monetary policy is part of the problem IMF REPORT ON CREDIT QUALITY IS SNUBBED, LARGE GROUPS ARE FUNDED SMALL ARE NOT. INTERESTIGN HISOTRICAL FIGURES ON THE NATURE OF RECOVERY, THE SLOWEST SINCE 1927, DEFINETIVELY LACK OF HEGEMONICAL POWER DENTING THE ODDS UNLIKE ASIAN RECOVERY THANKS TO USA INTERVENTION IN 1998

TNK-BP shareholders raise claim against BP LEGAL CRAZINESS IN RUSSIA FACED BY BP

Online and foreign expansion aids Inditex MOST SUCCESSFULL SPANISH COMPANY IN BACKWARD GALICIA

Bank of China shuns European lenders SIGN THAT WE ARE GOING BACK TO NEOLITHIC EUROPE INSTEAD OF GOING FOWARD. LACK OF NEGOTIATIONS AND LEADERSHIP MAKE REGIONAL INTERESTS PREVAIL OVER eu RESOLUTION. THE TRIBAL SPIRIT IS BACK.

FT

Doubts remain over Berlusconi’s will to reform

Eurozone crisis has making of horror sequel, complete crisis of divided europe

High-end house prices soar in Asia opposite to united china

European court faults Russia over Yukos

Marked by a miracle

good article on Germany, concept of ordo liberists, free market thinking i n a tight regulated economy, conservative social economy stops the elite from embracing more risky approach w/ euro cause welfare state benefits would be endangered ....Stark resignation, Philip Roessler FDP economic minister, , Hans Sinn attack on ECB operations and fear of improvisation that reminds you joke of Germans paying a train ticket to go to a comunist revolution in Munich, Schauble schwabian frugal wife and moral principles underpinning economy are opposed by a small group of Gernman econbomists like Thomas Biebricher of Frankfurt’s Goethe university. Gustav Horn of the Düsseldorf-based Hans-Böckler institute. “In the end, Germany will come around – it has to.” backstopping role for the ECB. .., Peter Bofinger of Würzburg university or Gustav Horn of the Düsseldorf-based Hans-Böckler institute, a small group of German economists who argue against mainstream “ordo-liberal” thinking. “displaying a clash in the dominant way of economic teaching....... concept of Ordnungspolitik – the practical application of ordo-liberalism – was combined with the idea of a Soziale Marktwirtschaft, an economy requiring income redistribution and generous welfare safety nets. ...

A crisis is the only way to test your value on entepreneurship, priortising and character

Industrial commodities: Europe burns, China cooks

After all, urbanisation continues apace. Steelmakers have had to boost production to cope with the state housing programme. That spells continued demand for iron ore and coking coal for Anglo American, BHP Billiton, Rio Tinto and Vale.

ommodity prices, even after the summer sell-off, remain well above marginal production costs.

US mortgages: strings attached

UBS and Citi eye Asia to get back on track

Regulators take aim at exchange-traded funds

Benchmark obsession undermines investor returns good article on the stupidty of absolute returns

Lost in the sands

By Javier Blas

The effort to revive Libya’s oil industry will have global consequences

Singapore and the historic city states singapore xenophobic sentiment opposed to GDP growth by demographic inflows particularly with today low fertility rate unlike Venice and Athens in the 13thc. Interesting historical analogy... quote:comparison with the city states of 12th to 15th century Italy and Athens is useful. In these states a liberal approach to immigration helped both to raise gross domestic product and to create jobs for citizens, which, in turn, was conducive to the political stability fundamental to the successful city state....History’s great city states lacked Singapore’s difficulty that affluence reduces the desire for children. They forged from polyglot, ethnically diverse populations the common identities of strong nationalisms. Until that happens in Singapore it is likely to have the “them and us” problem of 3.2m Singaporeans proper and 1.8m foreigners.

Britain vs the ECB , A GENTLEMAN SOLUTION WITH BRITISH FLAIR

quote: and it is hard to see why the London operations of, say, LCH.Clearnet in euro-related business could not be handled via a co-operative oversight framework, a well established procedure, in which primary responsibility is assigned to the Bank of England. This is, then, an odd combination of a legitimate concern and a land grab. It must not be allowed to reach the European Court of Justice, which lacks the technical competence to resolve an issue of huge systemic importance.
This is, then, an odd combination of a legitimate concern and a land grab. It must not be allowed to reach the European Court of Justice, which lacks the technical competence to resolve an issue of huge systemic importance.

Lagarde must rebalance her biased Fund

quote:Consider the evidence. About 80 per cent of IMF credit outstanding for all members has been allocated to European countries. ....greece, ireland , portugal,. Moreover, if the Fund were eventually to lend to Spain and Italy such operation would consume the lion share of its resources, ......The fund has so far preferred to use only direct lending because, by controlling significant resources, it enhances its clout and power. But a Fund-backed guarantee scheme, in addition to leverage fund financing, has many advantages over this approach. Fund lending does not necessarily reduce spreads, or assure liquidity when there is a flight to quality. Guarantees, on the other hand, reduce borrowing costs, do not substitute private creditors, and are more effective in attracting foreign capital and facilitating rollovers.

These proposals may be controversial, but the current IMF orientation is indeed highly questionable and should be open to debate. Revamping its facilities and its legal privileges is one step towards regaining the fund’s credibility with markets, developing economies, and with its membership at large.

The A-List: Greece should default and abandon the euro

quote:The recent experiences of Iceland, and many emerging markets in the past 20 years, show that the orderly restructuring and reduction of foreign debts can restore debt sustainability, competitiveness and growth. The collateral damage to Greece of a euro exit will be significant, but it can be contained.

Like a broken marriage that requires a break-up, it is better to have rules that make separation less costly to both sides. Make no mistake: an orderly euro exit will be hard. But watching the disorderly implosion of the Greek economy and society will be much worse.

http://blogs.ft.com/businessblog/2011/09/a-rogue-trader-at-ubs-or-a-rogue-bank/

http://ftalphaville.ft.com/blog/2011/04/11/541181/delta-one-the-special-ops-of-equity-trading/

China growth fears boost Hendry’s fund

Overview: China is emerging as a force

As delegates from the world’s payments, custodial, asset servicing and post-trade industries attend this year’s Sibos By Jeremy Grant and Sharlene Goff

Lost in the sands

UBS loss 2 bio

If regulatory control is desired it will only be effective if it wields a very heavy stick, directed squarely at the banks’ management and boards, making them personally liable to civil and criminal proceedings where they negligently fail to supervise their staff. Patrick Allan, Southend, Essex, UK.

..........
Mr Grübel, 67, hit back in a Swiss newspaper on Sunday at mounting speculation about his future, saying he had no intention of resigning: “If you ask me if I feel responsible, then I say no.” HE ARGUES ATTACKS ARE POLITICALLY MOTIVATED.

Kengeter investment banking head in trouble, ermotti possible successor ?

http://www.ft.com/intl/cms/s/2/5eaa83dc-dfca-11e0-b1db-00144feabdc0.html#axzz1YNjhNCSz

criticism on eu institutions slowness in taking decisions by Larry Summers in

person, a disillusionment called grudging incrementalism, call to surrender some of the sovereignity powers by member states The European Monetary Union has been a classic case of the late economist Rudiger Dornbusch’s dictum: “In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.” So it has been with the build-up of pressures on the eurozone system. MISSQUOTE, THE DICTUM IS PRESENT SINCE CENTURIES, A PHISICAL LAW APPLIED ALSO BY NAPEOLEON REFERRING TO CRITICAL MASS FOR EVENTS TO CHANGE.....failure would be what Churchill called “want of foresight, unwillingness to act when action would be simple and effective, lack of clear thinking, confusion of counsel until the emergency comes, until self- preservation strikes its jarring gong – these are features which constitute the endless repetition of history”.

Munchau the euro sceptic conservative mathematician turned brilliant journalist to say that eurobonds and fiscla union a re the only way out given Italy and Spain peripherical liabilities

Editorial on large banks fragility, small is beautiful ? UBS focus on private banking

TOO BIG TO FAL, FUW, http://epaper.fuw.ch/front/detail/54212_2

auferlegt. Wie kein anderer beklagte er den Wettbewerbsnachteil, der der UBS daraus entstehe. Noch im Frühjahr sprach Grübel die unkaschierte Drohung aus, die UBS werde die Schweiz verlassen, sollte das regulatorische Korsett zu eng werden....Herbst 2008 hatte die Schweiz ihr Nahtoderlebnis. Nur dank einer Mischung aus Glück und Mut – seitens der SNB – schrammte sie damals an der Katastrophe vorbei. Es ist erschreckend, wie rasch diese Tatsache in der öffentlichen Diskussion vergessen gegangen ist.......Erstens ist es falsch, wie das Beispiel Grossbritannien zeigt, wo die Errichtung einer Brandmauer zwischen Investment- und Geschäfts-Banking diskutiert wird. Zweitens: Seit wann ist es intelligent, bewusst ein hohes nationales Risiko einzugehen, bloss weil andere es auch tun?

NOWERGIAN AND SWEDISH CRON IN DEMAND http://epaper.fuw.ch/front/detail/54217_6

Norwegens Bondmarkt hat ein Volumen von rund 250 Mrd. Fr. Da der Staat über ausreichende Einnahmen verfügt und kaum neue Anleihen emittiert, ist das Angebot an Staatstiteln limitiert. Am Kapitalmarkt finanzieren sich meist Unternehmen aus den Bereichen Industrie, Ölförderung und -service, die mehrheitlich nicht dem Bonitätssegment Investment Grade (IG) angehören. So haben 2011 über fünfzig Unternehmen Bonds emittiert, achtzehn von ihnen erstmals.
Die letzten IG-Bonds begaben Versorger: Ostfolg Energi (BBB+) kam zweifach, mit einer 14-jährigen Tranche zu 5,64% über 400 Mio. nKr. sowie mit einem 10-jährigen Inflation-linked Bond über 300 Mio. nKr. Eidsiva Energi (A–) nahm 400 Mio. nKr. mit Laufzeit bis 2016 zu Nibor plus 105 Basispunkte (Bp) auf, und Sogn og Fjordane Energi (BBB) plazierte 150 Mio. nKr. mit Laufzeit bis 2019 zu Nibor plus 125 Bp.

Im Gegensatz zu Norwegen verfügt Schweden über einen breiten und liquiden Markt an Staatsanleihen. Die internationale Flucht in Qualität hat in diesem Segment zu höheren Preisen geführt.

THE FACT IS that REAL ANTICAPITALISM TODAY is FOUND IN CONSERVATIVE GOVERNMENTS NATIONALISM REJECTING EU AND REFUSING TO UNDERTAKE MORE DEBT AND SOCIALISING BANK LOSSES. THIS PROVOKES A FREEZING OF THE MARKETS

http://epaper.fuw.ch/front/detail/54357_25 VW PLAN C ON PORSCHE

http://epaper.fuw.ch/front/detail/54171_25

DIAMONDS FEVER http://epaper.fuw.ch/front/detail/54257_29

SME IN USA , 10 TOP POSITIONS OF GENESIS FUND http://epaper.fuw.ch/front/detail/54172_30

UBS 2 BIO LOSS AND CENTRAL BANKS CONCERTED ACTION ON EUROPE

Un courtier londonien déstabilise UBS

La banque a annoncé une perte de 2 milliards de dollars. Elle accuse un de ses employés d’avoir mené des transactions illicites. Le monde de la finance ne s’explique pas ce dérapage et s’interroge sur la fiabilité des systèmes de contrôle des risques de la banque. Moody’s menace d’abaisser la note d’UBS

• Une agence de notation menace déjà d’abaisser la note d’UBS

• Editorial.L’accident de trop

• «Absence totale» de changement de culture des banques

• Christian Levrat: «Ils n’apprendront jamais rien»

• Infographie. - 10,8% sur la séance d’hier

A STARK AND TRICHET AT ODDS

sic transit gloria mundi, Stark limelight overshadowed by trichet unorthodox intervention after Basel meeting. Reminds me bundesbank director Thilo Sarazin , conservativism bordering w/ bigotry in search of world glory

GREEK CRISIS UNSOLVED, NO SOCIALISED LOSSES, FRENCH PRIVATE PLAN FAILURE , BIASED ACCOUNTING RULES DISCLOSED , LACK OF US MONEY FUNDS, FRENCH BANKS PRECIPITOUS DIVESTMENT, CENTRAL BANKS USD FUNDING IN CONCERTED ACTION,

What have central banks done? The European Central Bank, Bank of Japan, Bank of England and Swiss National Bank have all announced they will hold three auctions of unlimited dollar funding against collateral for periods of 84 days each, starting in mid-October and straddling the year-end. The agreement was finalised when central bankers met in Basel at the weekend.
Banks can now be sure they can fund themselves with as many dollars as they need so long as they have sufficient collateral.

Markets cool as reality of measures sinks in By Patrick Jenkins, Banking Editor

Barclays Capital on Thursday highlighted the €800bn that matures in 2012. Unless markets reopen, banks would be faced with the swift and dramatic reduction in the assets that their balance sheets could support – implying a dramatic squeeze on the supply of credit.

The issue is not a significant problem in 2011 because most banks, conscious that markets might close in the second half of this year, completed the bulk of their long-term issuance by the summer.

Analysts and regulators, such as the European Banking Authority, believe only a radical policy shift, such as a pledge by an enlarged European Financial Stability Facility to guarantee bank debt, could settle markets fundamentally. But others, including the IMF, have suggested EFSF capital injections would be a surer-fire way of convincing markets that banks would be robust enough to withstand eurozone sovereign defaults or restructurings.

http://www.ft.com/intl/cms/s/0/3bd53518-df9e-11e0-845a-00144feabdc0.html#axzz1Y6549E3N

IRELAND HUNG TO ITS CORPORATE TAX COMPETITIVE ADVANTAGE ,Ireland asks EU to amend treaties By Jamie Smyth in Dublin

provide specific legal assurances that the country can continue to control its own corporate tax rate.

The request, which comes against a backdrop of growing calls for greater fiscal union in the EU, reflects Ireland’s concern that it could be forced to raise its ultra-low 12.5 per cent corporate tax rate – a move the government says would undermine its competitiveness and ability to attract inward investment.

IMF POLICE OFFICER, STICK RARTHER THAN CARROT

http://www.ft.com/intl/cms/s/0/b6ded476-dfb2-11e0-8e15-00144feabdc0.html#axzz1Y6549E3N

, Ms Lagarde said Athens appeared to have scaled back its commitment to promised austerity measures and warned the IMF, which provides a third of Greece’s €110bn bail-out, would not pay out unless more action was taken. ...On Thursday Olli Rehn, the Commission’s economic chief, gave the clearest indication yet that he is satisfied with the Greek concessions ..... Poul Thomsen, the IMF’s lead negotiator, has yet to return to Athens, with the IMF still concerned about whether Greece has adequately closed budget gaps and made sufficient commitments to reform. “The IMF is difficult to read because they have internal factions,” said the senior European official. ....David Lipton, the IMF’s number two official, will attend today’s eurozone meeting, as is routine for such gatherings. But it remains unclear whether the IMF will sign off this week or wait until its annual meeting next week.

BRITISH ORIENTALISM ALWAYS AHEAD, Erdogan brand is invaluable asset for Arabs and the west David Gardner in London

So far he is wiping the floor with a noxious competitor; the aggressive and sectarian Islamism of the mullahs in Iran. The outcome of this regional contest between Turkey and Iran will help determine the future of the Middle East, as the Arabs fight free of despotism and strive to create a new democratic order.

Can anyone doubt for one instant that the Turkish prospectus – a vibrant democracy and a dynamic economy led by Islam’s equivalent to Christian Democrats – is a better bet than the breast-beating bigotry of the theocrats in Tehran? Few Arabs do. ...... More recently, as the contest with Turkey sharpens, Iran has even called for reform in Syria, where President Bashar al-Assad, its ally, is trying to crush a menacing civic uprising – and Turkey is becoming the organising hub for the opposition.

Iran’s Shia theocrats used to feel complacent when all they had to compete with was the quasi-theocracy of Sunni Saudi Arabia, built on the twin pillars of Wahhabi sectarianism and absolute monarchy. But the pluralist and modernising Sunni brand of Turkey’s AKP is a threat of a different order – literally – and it is devouring Iran’s market share

PROKHOROV, A REPLICA OF KHODORKOVSKI ? GOOD ARTCILE ON RUSSIAN POLITICS, GULEMAN A RT GALLERSIT CONNECTION 2 KREMLIN ( SEE U IN BASEL, GOT IT NOW WHY ROSE SO FAST IN ART WORLD IN SPITE OF BAD TASTE), ROLE OF BOHEMIAN DOSTOEVSKY OBSESSED SURKOV AND DISMAL END OF INVESTIGATIVE JOURNALIST TREGIUBOVA EXPELLED FROM RUSSIA AFTER PUBLISHING TALES OF A KREMLIN DIGGER Oligarch takes on Kremlin ‘puppeteer’ http://www.ft.com/intl/cms/s/0/236b093e-df90-11e0-845a-00144feabdc0.html#axzz1Y6549E3N

Party leader says ousting ‘engineered’ Prokhorov wants his money back Mikhail Prokhorov, the owner of the New Jersey Nets basketball club and Russia’s third richest man, led Right Cause since June, called Vladislav Surkov, the Kremlin’s enigmatic chief of domestic political operations a “puppeteer” who stifles political debate, and vowed to have him sacked. Mr Prokhorov accused the Kremlin of “a raiders’ attack” on the party. It was “just like a raid on a business in the 1990s”, he said. “You are all waiting for me to step down,” he said. “Keep waiting.” However, by Thursday morning, 73 of 75 party delegates had voted to exclude Mr Prokhorov. ...He briefly became Russia’s richest man in 2008 after being coerced into selling his stake by his business partner. This followed a scandal in which he was jailed for 88 hours in France and accused of trafficking prostitutes at Courchevel ski resort. He was not charged and the French government apologised. That sale proved fortuitous, as the stock market lost three-quarters of its value later that year. “Luck is an important part of business,” he chuckled to a CBS

60 Minutes interviewer last year. Soon afterwards, he bought the New Jersey Nets for $200m, less than he paid the Russian government that year in taxes.

Besides the Nets, Mr Prokhorov, whose fortune is estimated by Forbes at $18bn, owns a 17 per cent stake in the world’s largest aluminium producer Rusal and a 30 per cent stake in Russia’s top gold miner, Polyus Gold.

Mr Prokhorov insisted, however, that the culprit in his removal was Mr Surkov, who has objected to a number of Mr Prokhorov’s picks for the Right Cause election list, particularly the popular anti-drug activist Evgeny Roizman.

“In this country, there is a grand puppet master, named Surkov. As long as he is around, it is impossible to practise politics,” Mr Prokhorov said on Thursday. Mr Surkov is credited as the mastermind of Russia’s “managed democracy”, where only officially approved political parties are allowed to compete in elections. However, he has seldom been attacked in public before.

“He has always been a grey man,” said Masha Lip-man, an analyst at the Moscow Carnegie Center, a think-tank. The party’s departure from the political scene means the parliamentary elections are now a three-way race between leftwing nationalist parties: Mr Putin’s United Russia, the Liberal Democratic party and the Russian Communist party.
“Against the backdrop of his Kremlin camouflage he was absolutely unnoticeable as a living person,” writes Elena Tregubova, author of Tales of a Kremlin Digger, the muckraking 2003 account of a Kremlin pool reporter. “Surkov blended in with office furniture and corridors and with other dark-suited officials”. High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. “All political forces in Russia work with the Kremlin, and the Kremlin in politics, it is Surkov,” said Marat Guelman, an art dealer who formerly worked as a political consultant to the Kremlin. ..

For the manager of an authoritarian political system, Mr Surkov is actually something of a bohemian – he has a poster of Che Guevara on his office wall, writes rock lyrics and fiction in his spare time under pseudonyms, and in general does not fit the mould of the dour Kremlin bureaucrat cultivated by most of the top echelon.

Ms Tregubova, who was expelled from Russia for her book, clearly had a soft spot for Surkov, who, she wrote, “was virtually the only Kremlin official who read any books”. He has a particular passion for collecting rare editions of Dostoevsky, especially The Possessed, the story of a clique of 19th-century revolutionaries driven mad by their obsession with philosophy.

BEAUTIFUL ANN RICH ARTICLE ON ARTS &USURY IN FLORENCE RENAISSANCE WHERE DANTE THE SON OF A BANKER RAISED TO HUMANIST AND COMPASSIONATE POET. YET A TOO NEGATIVE CLASSICIST COMPARISON W/ WALL STREET AND LONDON TODAY,, The art of the Medicis is a lesson in absolution for bankers,Harry Mount

2 BIO LOSS BY UBS. KWEKU ADO0BOLI, FROM A DEGREE IN ECOMMERCE AND DIGITAL BUSINESS TO DELTA ONE HIGH FREQUENCY ALGORITHM TRADER , WHERE IS THE NEXUS IF IT EVER HOLDS,WITH QUANTS, MECHANICAL ENGINEERING AND PHYSICS TAUGHT IN SWISS ETH RATHER THAN LOWER RANKING IMPERIAL. DEAR MR HEAD OF UBS INVESTMENT BANKING CARSTEN KENGETER, SNATCHED W/ MUTLIMIION CONTRACT FROM GOLDMANN SACHS , THE GOOD NEWS IS THAT ENGINEERS DO NOT ANYMORE FANCY INVETSMENT BANKS http://www.ft.com/intl/cms/s/0/278b0d8c-df97-11e0-845a-00144feabdc0.html#axzz1Y6549E3N

Search for responsibility brings other regulatory failures painfully to mind, By Haig Simonian in Zurich. THE QUESTION IS WHY SWITZERLAND NEVER HAD A REGULATORY CENTRALISED FRAMEWORK, THE ANSWER IS EASY, LOOK AT THIS HISTORY.

But division of responsibilities between banks and regulators remain opaque. Finma officials argued privately that detailed risk assessment procedures are up to banks, with the regulator focused on broader implementation. ... But as UBS says: “In the end, no one is protected against fraud or infringement of due procedures.” VOLATILITY OF MARKETS MAY HAVE AFFECTED TRADER.

VERY GOOD ARTICLE AND INSIGHTS ON CHINA Europe should not count too much on Chinese cash Henny Sender

There are rumours that the Chinese have been buying Bunds and will make a fortune when (not if) Germany leaves the eurozone and reinstates sound Deutschmarks for the ill-fated euro. But another is that China’s agenda is still overwhelmingly domestic. It is much less bothered about the rest of the world than one might expect from the world’s second-largest economy.

It is natural for China to focus inwardly at a time when the country is outgrowing the model that brought the country so far so fast in recent years. Thus, for example, China’s workers get negative real rates of interest on their deposits because of controls on interest rates at a time when inflation remains at more than 6 per cent, while state-owned enterprises get to borrow at artificially low rates.

In effect, that lets less wealthy households subsidise rich enterprises (which then go on to put the proceeds into the shadow banking system for far higher returns – and incidentally make serious money from their inappropriate financing activities). ..What is startling to a visitor to this ever more prosperous capital is how little trust for the rest of the world has come with the prosperit $

HONG kONG AND ITS PEG, SOMEBODY IS BETTING IT WILL BREAK, IF ONLY WAS SO EASY Hong Kong: calling the end of the peg beyondbrics, the FT’s emerging markets hub

Buñuel dans l'œil de Jean-Claude Carrière

Buñuel dans l'œil de Jean-Claude Carrière

Socgen and credit agricolerate cut, few day before they were divesting, was it a call ? Criticism of greek debt accounting rules takes its toll.

Edel Tully, precious metals strategist at UBS, wrote in a note to clients that the drop in lease rates suggested there was a lot of interest in exchanging gold for dollars.

After ban on short sales, London sues ECB in European Court of justice against decision to locate clearing houses such LHC.Clearnet in EU single currency countries. Paris and Frankfurt in pole position. Currency wars intensify when EU wants more control of crisis. Prophecy of Lagarde coming true ? Now we understand why , it s politics stupid ! 2010 quite different from Clinton motto , iot's the economy stupid ! British diplomats have long feared Paris was trying to rig market rules in an attempt to shift the centre of gravity for financial services to continental Europe. The UK fought off French attempts to make an EU directive require clearing houses to have access to central bank liquidity – in effect confining most euro-denominated clearing to the eurozone

Germay, FDP, currently low in opinion polls, may walk out of CDU coalition and become a eurosceptic party, grand coaliution with SPD would be a boost for euro. . Iif , global association of banks attacks european leaders weakness.

Eurobonds would have every economic merit but they hurt Germany which, having been left on its own to finance reunification, is understandably cold towards die Transfer-Union.......URGENCY OF LEVYING TAXES : It consists in coercing taxpayers to lend to their government. California did this in 2009 when it added a premium to the income tax withheld from paychecks, to be repaid the following year. In France, the first Mitterand government forced rich taxpayers to fund a two-year bond issue – and both the US and UK have used moral suasion in patriotic sales of war bonds. Compulsory lending is an unconventional weapon but it is high time it be used, even on a small scale, to remind investors that sovereigns are not private borrowers: they need never default because they can always force-feed debt issues to their own residents. GABRIELE GALATERI DI GENOLA, PRESIDENT OF GENERALI

Beware a Hegelian touch of regulatory hubris

Gillian Tett , THE ANHROPOLOGIST WRTING ON REGULATION, HEGEL AND BUREUCRATS. The conflict of interest in free news on Page 9 of Thursday, September 15, 2011

Two centuries ago, the philosopher Georg Hegel popularised the idea that history proceeds with pendulum swings. First there is a “thesis” (a political movement or idea); then “antithesis” (a violent reaction); finally – if you are lucky – a “synthesis”, or resolution.

This swing is not surprising; banker hubris was costly. But an age of bureaucrat hubris creates new risks.

ON MICHAEL ARINGOTN FORMER AOL EDITOR IN CHIEF OUSTED BY ARIANNA HUFFINGTON, how he set a new blog, techcrunch, where blatantly claims a conflict of interest to gain intelligence from the venutre deal community. Interesting analyogy w/ end of official paid investor research and advent of company paid research w/ IPO's frenzy in the 1990s

« The news business is experiencing a similar evolution to investment banking after deregulation on Wall Street in 1975, and in the City of London in 1986. The abolition of fixed commissions led to a squeeze on investment research, for which institutions had paid, and a search for a new source of revenue. Eventually, ignoring the conflicts of interest, investment banks came up with the idea of getting companies rather than investors to pay for the analysts by using the latter to market initial public offerings. That culminated in the IPO research scandal when the 1990s internet bubble burst.... » His argument is essentially the same as that of Goldman Sachs and other Wall Street banks: “Yes, we have enormous conflicts of interest but being on different sides of deals gives us privileged information flow that benefits our clients. And you can trust us to manage the conflicts, since we are decent people.”

Inera pro business president forced to heal the social gap created by economiuc growth

Banks use gold to get dollar funds , Fears of European liquidity crunch , Metal’s leasing rates at record lows By Jack Farchy in London

European banks are rushing to use their gold to access much-needed dollar funding, in the latest sign of the growing liquidity crunch for the continent’s financial institutions.

Gold dealers and analysts said that there had been a strong move to lend gold in the market in exchange for dollars in the past week, accelerating in recent days.

Edel Tully, precious metals strategist at UBS, wrote in a note to clients that the drop in lease rates suggested there was a lot of interest in exchanging gold for dollars.

report on amercian economy, sme hit hardly.

Ft shortlisted books A shortlist that looks beyond the financial crisis on Page 10 of Thursday, September 15, 2011, barry eichengreen exorbitant priviledge short listed on usd hegemony and its future

THE LEX COLUMN on Page 12 of Thursday, September 15, 2011

The European Central Bank can ease banks’ liquidity problems. But the best tool to address solvency concerns is the European financial stability facility; it would make bank risk a collective problem. It should take stakes in vulnerable banks equal to their sovereign writedowns. The model is the US troubled assets relief programme of 2008, which succeeded by shifting its focus from liquidity to solvency. It is time to launch euro-Tarp for eurozone banks.

CHF strength hits many in Eastern Europe

According to a comprehensive study by the Swiss National Bank

(2009), Swiss franc loans chiefly affected three countries in Eastern Europe:

Hungary, Poland and Croatia — which accounted for 95% of total CHF

lending in Eastern Europe. Based on the data from national banks the

outstanding amount of CHF loans in these three economies was around CHF

80bn at the end of 2010,

Jeffrey sachs on Germany German hotheads are close to destroying the euro on Page 9 of Thursday, September 15, 2011 USUAL STUF

Policymakers still face the next four stages of grief , Jerome Booth : NICE ARTICLE ON EXPLANATORY POTENTIAL OF BEHAVIORAL PSYCHOLOGICAL TYPOLOGY , The well-known Kübler-Ross model of grief has five stages: denial, anger, bargaining, depression and acceptance. Could these five, overlapping, stages be seen in reaction to other psychological shocks, including the prospect of significant economic hardships ahead? ....Jerome Booth is head of research at Ashmore Investment Management

Europe turmoil triggers rush for Yankee issuance ,France Telecom and Daimler lead dash across the Atlantic, say Robin Wigglesworth and Nicole Bullock ....“We’ll definitely see more Yankee issuance,” says Richard Dryer, head of European credit at Aberdeen Asset Management in London. “The dollar market is just so much healthier. Generally issuers prefer to tap stickier national or regional money rather than international markets, but if you need funding right now you can’t be too picky.”

One driver of the European Yankee bond rush is the level of the basis swap rate, which reflects the cost for European banks of swapping euros into dollars. This week the gauge slumped to the lowest since the wild fluctuations that followed Lehman’s collapse.