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.

However intense fraternal relationships are

However intense  fraternal relationships are, they are severed by chance and exigencies of modern life , men do not seek to retrieve them in the face of loss , Seth moglen, mourning modernity

hungarians allowed to close their chf mortage at 180 instead of 230 current rate. Austrian banks furious, appealed to european comission and court of justice, a chf 6 bio of leoans in Hungary by kester eddy. turkey macro picture, high growth and currency devaluation to reduce 9% deficit . AUD 6% correction reflects slowing world economy and concerns on overexposed domestic banks

Britain banking reform, ring fencing btw retail and invetsment banking, welcome back glass steagal act, + new capital requirements.FHFA and refusal of refinancing at lower rates on the argument that they are an income based business.

Martin Wolf on EU crisis , Germany stop being a small competitive economy

The extent of the breakdown was not brought home to me by the resignation of Germany’s Jürgen Stark from the board of the European Central Bank, nor by the looming Greek default, nor by new constraints imposed by the German constitutional court. What brought it home to me was a visit to Rome...In the absence of strong institutions, the attitudes and policies of the core country have become crucial. Along with everybody else, I admire the political and economic reconstruction of Germany after the second world war and again after unification, the commitment to economic stability and its first-class manufactured exports. Unfortunately, these are insufficient. German policymakers persist in viewing the world through the lens of a relatively small, open and highly competitive economy.

Chinese sovereign fund run by Lou Jiwei decreased its cash form 30 to 4% to enhance returns investing in Italy, previously w/ Spain and Portugal in 2010 in exch of ham and olive oil exports! european banks capitalised by china, while ecb divided on policy to adopt and in waiting for efsf. Stark dismissal, the last of the teutonics mohicans may be positive at times of unorthodox policies. Only oneleft, munchau from european intelligence always wrting for the FT. Nigeria diversifying currency reserves from oil into renimbi.

a crisis of undercapitalisation as well as policy muddle, john Penders

Many continental European bankers called the recent complaint by the head of the International Accounting Standards Board to the European Securities and Markets Authority about poor provisioning unhelpful. Then they wonder why French banks, which have been marking to make-believe models rather than to more realistic market-based prices, have seen share prices collapse. ….Note, though, that the only way the world seems able to deal with the misaligned exchange rates that contribute to the global imbalances at the root of this long running saga is by having China and other emerging markets run higher rates of inflation than those in the developed world, causing their real exchange rates to rise. As the economist Andrew Smithers argues, rapid inflation can lead to crises in emerging markets, so very low inflation in the developed world is essential to achieve a suitable gap in relative inflation rates to permit a crisis-free convergence of living standards between the emerging markets and the mature economies. IDEA REPEATED IN MY ARTICLES, CONCEPT OF CENTRAL BANKS COLLABORATION DURING THE 1920'S , COMEPTITTIVE MOVE OF SNB FREE FROM ANY POLITICAL BONDS REGAINING ITS waning

Juergen Stark resignation, asmussen replacing him, right hand of schaeuble in charge of crisis management for german gvmnt, funnily enough triggering ire of cdu since he is is spd. Power fight undergoing in ecb , end of economics as the ultimate and rigorous science, germans in minority when voting at ecb. Munchau on the german court ruling, simply a loser comments since he is against against EU.

Renimbi / China , when does it become a reserve currency?

In other words, loyalty to the dollar and China’s lack of the policy prerequisities seem to make the renminbi’s rise a distant possibility. How wrong that is. First, the usual historical analogy is misleading. Great Britain ceded its economic dominance much later, and sterling its dominance much earlier, than is believed. Economic dominance, in the sense of the factors that determine reserve currency status, is affected not just by the size of an economy but by its trade and external financial strength. On this metric, the US overtook the UK not in the 1870s but only around the first world war: in fact, the UK was the world’s largest exporter and net financier until the 1920s.

Jami dimon wants to step out of basel III,too heavy a regulation for american banks

jeff jarvis book “public parts”, on praise of transparency by thomas more and juergen habermass....where they quote robert putnam erosion of social society , margaret tatcher “there is no such thing as society”, atomisation of civil society and brandeis supreme cout judge ruling on right to be let alone.

Novo nordisk , diabethes treatment , good review

fuw,

Analogy with gbp exit from ems wrong, since it is easier to depreciate than to appreciate given the unlimted domestic supply of money. Good point. Loose chf monetary policy , analogy with Israel , can it hold ?

obama's economic package comes too late, sic FUW in the aftermath of negative market reaction, easy is it not?

usual study on switzerland sme competitiveness by credit suisse. Chinese reminbi convertible by 2011, sic davide cucino Chinese EU Chamber of commerce..

Interview to hans werner sinn , ifo president who opposes eu and large debts, calls ecb intervention discriminatory for german banks.

Canadian banks good results , expanding in the usa

Hiildebrand at snb in march 2003, joined ubp in october 2001 as responsible/ specialist of hedge funds. Apparently ubp started to buy madoff in 2002 with m investment feeder fund. Madoff was detected by Markopolos already 1999 but was ignored in 2000 and 2001 by SEC.

ft

Quentin on germany and merkel, midlle way, not ready to back euro bonds before eu treaty change , efsf only ad hoc solution, backing from german supreme court. European monetary fund proposed believe it or not by schauble

notz stucki , gheddadi jewel

Tax Havens Onshore

Published: May 22, 2009

Few here in Switzerland have been other than disgusted by the behavior of UBS and many of us have moved money away from that bank in protest. However, your editorial ''The Swiss and their secrets'' (May 16) supports demands that are of dubious legality.

Were the Americans to practice what they preach, the I.R.S. would investigate its own tax havens of Delaware, Wyoming and Nevada, the latter having allowed some 80,000 dummy companies to be anonymously registered in 2008 alone, presumably for U.S. tax evasion reasons.

Moreover, a long overdue overhaul of tortuous U.S. tax laws might prove more productive than attacks on a foreign bank; many of the 52,000 U.S. customers of UBS whose names your editorial asks for might then be happy to head home.

James Hanshaw, Zurich

Philip stephens on the dangers of american retreat

topical clothing, niche market

megan murphy on ivestment banking reshaping , future of banking

hal weitzman a nd problem of skilled labor force in usa manufacturing forced to retire

Gilian tenet say nothing , only air

HK and the peg, quotes of its architect Greenwood now invesco chief economist, pros and cons

Switzerland , interview to bernholz and reference to jordan statements in august ?,giro konto ie liquidity banks= 200 bio, unicredit calcualtes fair value of eur/chf at 1.20 based on produtivity rather than consumer index. Textile and metal federation ask for a1.40 eur/chf via Michael Bernegger ( do u remember! former snb analyst) who criticises the snb passivity( o yeah, finally) http://www.letemps.ch/Page/Uuid/2937de24-d7f6-11e0-bb3b-242652408a2f/LUSS_sen_prend_%C3%A0_la_Banque_nationale

ft

future of banking

philip augar , the perisl of attacking banks

robert reich , jobs and depression

interview to passera from intesa

yahoo ceo dismissal , several comemnts

Kenneth rogoff happy abt latest declaration of new imf president lagarde to recapitalise banks. Former head of McKenzie law firm and beautiful swim ballerina strikes a chord with American words to steal the spotlight. When she was appointed finance minister she claimed that it was abt time for Paris to raise above London. It tells a lot abt the rhetoric and objectivity of this kind of personality and disregard the imf may fall into. Usa country review article http://epaper.fuw.ch/front/index/16865#

Bucher industries sees no slow down,ready to internationalise more with strong CHF leaving behind its swiss suppliers while bobst less resilient hit heavily, stock price at its lowest since 1987. straumann and nobel at its lowest, usa dental implants market weighs in hevaily. Pernord rcihard liquors sales higher in emerging markets, increases dividend. AT6T merger enquiry by DOJ and FHFA 200 bio law suit does not help orchestrate economy take off under Obama admin. Canada mining titles in copper and uranium+ banks doing well,gold mines with nem up. goldcorp recommendation. U blox well positzioned with its microchips technology for gps.abb will build intelligent power management for clouding computers servers after buying validus dc. Normally server locations in cold areas like Finland. Power management test for green.ch in CH. Noma group long term investment.

In fight against strong chf swiss gvmnt proposes only 850 mio instead of 2 billions while snb steps up its fight against chf appreciation. In the country of consensual regime this is yet a grave misstep showing the lack of synchrony and dividing forces behind the current turmoil. no suprise since minister of finance and economics occupied by renegade udc widmer sclumpf and liberal party bear aman schneider . Seat was lost by the socialists with the emerging udc. Journalist claims carry trades are too expensive , worng staement , carry trades are not options. Other tool to fioght currency appreciaiton is swaps. Meanwhile nice anecdote on chf : Während des Zweiten Weltkriegs war der Franken die einzige konvertierbare Hartwährung in Europa, was mitunter auch für unschöne Geschäfte sorgte. Seit der Einführung flexibler Wechselkurse 1973 wertet er sich tendenziell stetig auf, dieses Jahr beängstigend rapide. Trotz alledem sind anscheinend nicht mal mehr die hiesigen GenossInnen Euro-Anhänger; der Franken ist nun selbst ihnen lieb und teuer. Zu teuer ist er etwa den Deutschen. Die kommen kaum noch in die Alpen, sondern bleiben daheim. Weshalb unsereins sie eben heimsucht, im Kaufhaus zu Konstanz, Waldshut, Lörrach. MR. Article on exchange of information with USA authorities revolving around the bilateral agreement on UBS ,difficult interpretation that requires great analytical philosophical tools to prove one thing and its contrary at the same time, contradicting statements of the former justice minister Schlumpf http://epaper.fuw.ch/front/detail/53606_19,image concluding that ubs data were given in spite of American authorities not having clear indications bcs they fullfilled the following definition of tax fraud Der Anhang definiert auch, was im Amtshilfeabkommen unter «Steuerbetrug und dergleichen» zu verstehen ist. Demnach liegt ein amtshilfefähiges betrügerisches Verhalten dann vor, wenn der Steuerpflichtige falsche oder gefälschte Unterlagen verwendet oder wenn er die Steuerbehörden durch die Errichtung von Lügengebäuden oder andere schwer durchschaubare Machenschaften täuscht. Als «dergleichen» gelten fortgesetzte und schwere Steuerdelikte. Diese Interpretation des Anhangs geht gemäss Widmer-Schlumpf zwar über die bisherige restriktive Amtshilfepraxis hinaus: Sie bewege sich aber «innerhalb des bestehenden rechtlichen Rahmens»

decreasing marginal returns and monopolistic behaviors w/ karl marx empirical analysis of 19th c feodal Europe transition to industrialism are used by a highly paid economist of a bankrupt institute which should have been nationalised , UBS, to puff some air and draw attention. He barely knows Marx work and he is totally out of context,showing why today we have so many problems, precisely bcs of parasytes like Magnuson who keep writing stuff with no serious analytical content while cashing their cheque at the end of the month. the misery of economists, too late to get seriuous , Marx is used as a fashionable iconic reference to whom they recurr when they have nothing more to say.

Ftimes

Switzerland row with usa , sclumpf proposes reinterpretation of bilateral agreement to allow irs to grab more data on private banking clients

electoral defeat for merkel, her risk aversion is key, criticised of taking a parochial view by kohl and spd, of selling out by electors , she needs to do more than behave like a greater Switzerland. Munchau very pessismit , the worst of euro crisis has yet to come, uncoordinated system of policies is an incentive to a contagious austerity with a contagious downturn, while crook calls obama to be more brave. Kishore Mahbubani, dean of singapore school of public policy and author of the irresistible shift of power to the east compares dictators such as Gaddafi to democracy failures on the ground that both tell lies, they lie on the euro, they lie on sacrifices required in the usa, in short a defence of his buddy at S&P and a lot of inconsistencies and superficiality on liberal democracies.

Didier cossin, imd finance prof, financial models create a false sense of security, financial education has misled a generation of manager encouraging bad behaviour under the pretext of pseudoscientific principles. The great attack on finance and economics has started within its own hard core. Attack of Modigliani Miller theorem of perfect information, self regulatory system that contributed to financial expansion. Cantor firtzgerald benefiting of quantitative easing, buying bonds by gvmnts.

Agrifirma farm fund ready to invest in brasil by listing shares in bhk stock amrket, back up of hk tycoons http://www.ft.com/intl/cms/s/0/47fb58bc-d617-11e0-8215-00144feab49a.html#axzz1X4RLwG5x , tankers left to idle as growth in fleet outstrips global oil demand

it is hard to read a coherent pattern of thought in the current market gyrations

At this stage of the typical expansion we expect above- average growth and instead we are barely seeing any growth at all,” said James Hamilton, an economics professor at the University of California, San Diego, who has advised Federal Reserve banks and studied what tips the U.S. into downturns. “We have to be more worried. Overall, the economy is in a delicate position and another shock could send us down.”

in exchange of a free floating , germany proposes to add China renimbi 2 IMF special drawing rights currently composed of eur, gbp, usd and jpy . power politics in display. Ireland going in2 surplus, EU rescue plan working, budget cuts, yields fall form 14 to 9%. there is hope after all. martin wolf and the self-fulfilling prophecies of doom, weak UK demand stalls recovery, longest depression since a century!P. Stephens the historian emphasizes geopolitical tension with rising China and Asia blaming lack of focus from Sept 11 on. china social housing program supports demand for iron ore. Mackintosh the trader , if Europe manages to do few things right then fear of recession could prove overdone. Helas China slow down affecting markets

ft summary

at&t deutsche telcom merger blocked by department of justice and w/ it repatriation of call centres. they re blind, while google, apple &CO monopolise the market they react to their dna instincts triggered by lobbysts and consumer lobbysts who0 funnily enough dont bother abt facebook and advetsing monopoly. doj wants concessions rather thanm breaking the deal to appease the electoral base. but is it only abt politics? perverse marriage of interests. bienenstock research analyst at bernstein points out that telecom deals alwys made at local level, national likely to fail. does he show historic ignorance? history changed , dare to overhaul the whole regulatory system following latest technological developments rather than waste time and resources like this w/ mature companies. sympotom of malaise w/ administrative machine at times of economic slump. obama has a real issue with growth and market economics, he should address it not sharpen it. usa consumer crisis epitomised by las vegas , incapable of bouncing back after 20 years of construction boom unemployment rate at 20% with gambling to no avail. Yet Obama comes up w/ his bipartisan plan for job creation, as if they cared about it.us foreign cash reserves abroad, article, csco 89%, used to finance share buy backs with cheap funding. transfer pricing techniques disclosed 2 SEC w/ by msft : sales via singapore, puerto rico and ireland, yielding less than 35% tax rate 4 us domestic companies. tax holydays and repatriation should be linked to a relaxation of emigration visas for qualified labor force in sharp demand right now. solar energy company solyndra goes bankrupt after usd 530 mio gvmnt loan. third bankrupcy in a row.

merkel and schauble have embraced marxism to t extent that they do want to socialise private losses of the great capital, ie buying greek assets from eu private banks.normal, since germany is a land of serious workers who want an affordable price living in exch of higher firms productivity. domestic priorities are therefore viewed outside as utter myopic foreign economic policy and stopping wary merkel from accepting eurobonds straight away. but was it not the same at the time of bismark and protectionism with grain price. crisis, Germany exceptionalism reflected on its economic machine, a victim of its own success? lagarde calls for recapitalsation of bank equity calculated at 90 bio , ie 1% of total eu sovereign debt. also, berlusconi government postpones budget proposal to the parliament, being loved is more important than blood and tears for the nation, austerity budget watered down. meanwhile portugal brings in austerity measures.also, proposal of creating junior and semior tranches of eurobonds, given market voracity for fixed income demand and triple A would not be a problem.

Hans Olaf Henkel proposal to create a north euro rebuffed by readers as dangerous to export industry, I add it would trigger another competitve devaluation by southern countries joined by France. Deutsche bank to reiterate that sovereign debt for all its problems is much easier to understand than synthetic subrpime debt. But as the say goes, sell in May and go away and stay away till St leger day: behavioral psychology and crowding effects have a strong impact on market trends linked to historical repetead distress. Short volumes at its peak, bullish contrarian signal?

Resource rich south china sea declared exclusive territory by china and international waters by neighbors among others Vietnam . Chinese war ship stops Indian vessel. new geopolitical tensions designing.

Rosneft wants global exploration w/ exon, will bureaucratic state controlled group succeed ? History of russian industry intermigling w/ partners since Nobel and Rothschild, Mendeleev was one of the pioneers of petrochemical plants and management always been utter failure. In fact Yukos wa expropiated by Rosneft. the excuse back then was among others a merger w/ exon. Now Yukos lawsuits against Rosneft stop an equity swap btw 2, something that parodixically was proposed by BP. Doors r closed 4 BP? not yet , Arctic very high oil exploration costs need more than one player.

page on israel tech start ups, jewish mothers want theirs children to be serial entrepreneurs after thosuand of years 4 medical vocation. importance of publicly funded research.www.ft.com/techhub

merkel and schauble have embraced marxism to t extent that they do want to socialise private losses of the great capital, ie buying greek assets from eu private banks.normal, since germany is a land of serious workers who want an affordable price living in exch of productivity. domestic priorities are therefore viewed outside as utter myopic foreign economic policy. but was it not the same at the time of bismark and protectionism with grain price crisis, Germany exceptionalism reflected on its economic machine, a victim of its own success? lagarde calls for recapitalsation of bank equity calculated at 90 bio , ie 1% of total eu sovereign debt. also, berlusconi government postpones budget proposal to the parliament, being loved is more important than blood and tears for the nation, austerity budget watered down. meanwhile portugal brings in austerity measures.

germany , parliament to have veto powers on rescue plans, makes things more complicated, in comments lagarde praised for her remarks critical of stress tests, was the eu bluffing?bank write down insecurity on portugal,ireland , italy and spain bonds. french banks use mark to model valuations given lack of liquidity 4 bailed out greek bonds, 21% rather than real value 50% write down. confusion reigns, sign of inconsistent regulation, esma criticised. benni berni declares in jackson hole that most economic policies that support robust economic growth in the long run are outside the province of central banks. france and usa rich beg 4 paying more taxes , italy scratches plans on wealthy tax and spain complains they did not receive any request, the same as uk.martin wolf does not say anything new abt crisis ( back from holydas), private demanb problem in the usa and politcal stallmate,while emrging markets drag demand w/ surplus accounts ( see j.plender insight and eswar prasad). Wolf hints 2 central bank action but fed is divided as noted by ft, meanwhile an indian reader reminding how structural problem concentrated on lack of skills in us economy , the very necessary ones and in demand right now, ie open the gates of emigration OF indians it and forget latinos and education for americans? Asian bonds in the current western turmoil faring very well decreasing dependency on foreign currency denominated liabilities that triggered 1997 criris. See Yuan issuance.

Commodity prices hikes , driven by market speculation, K Singleton nobel prize proves it in a paper for air transport, excuse 4 regulation

rusrating, richard hainsworth, oversight banks, russia moscow bank unleashes regulation overhaul, yet again.

lex, hon hai, very good piece on microeconomics and company analysis, declining margins with higher costs paid off by higher sales intially positive for earnings but eventually ushering in2 lower profit and missed targets with new economic downturn and end of product cycle. new investments makeeps growth less visible for investors.

short view , cape cyclically adjusted p/e ratio, bearish comments, stocks 23% overpriced against average since 1881

ft

international accounting standards ias criticises accounting rules for greek bond losses b european banks

china and island, turn picke for asian cargos with antartic melting down?

alan kruger next economic adviser of obama, inequality and wages background preludes to labor economics , see lex and 1970s unemployment figures from 1 in 1976 to 6% in 19885 in oecd countries= structural problem

lagarde imf chief starts very well as she did w/ safrkozy when she defended paris as the new financial capital of the world competing w london. she criticises european banks ignoring stress tests and forcing rehn and trichet to come to rescue of belaguered financial institutions

brown lloyd james , best man of john lennon and gaddafi family advisor, engineered vogue profile of syrian first lady, luxury reigns over western magazines

uk ch agreement criticised since accounts will be closed and transferred as in the German deal before may 2013, deadline agreed

frivolities such as legal challenge of egrman courts against greece rewscue package are discussed. remember germany bundesbank racist book, it was to be expected.

gideon rachamn, political world in turmoil w/ rising inequalities howevr america keep protests out of the street in2 official representation circuit. Why ? No answer, just praise.

maurice levy, tax resident of switzerland joins warren buffet 2 ask 4 the rich top mpay more taxes, then poorer will endure reforms to revive growth. u r understtimating racaille factor , have u ver been in paris outskirts while u were enjoying fiscal exile in gstaadt?

irene is over, damage less, nature analogy, violent market turmoils similar 2 disrupted clinate change, r we in a new age?

risk appettite revives w/ consumer figures, chf down, finally, chf is not financial platform of 70s 80s.

ft

lagarde misuses words, she does nto get a damn of finance, confusing funding with capitalisaiton problems, welcome 2 the affirmative acxtion

world

snb fight against chf appreciation through sterilisation forex operations and 0 interest rates, refuses 2 peg exchange rate but 4 introduction of controls on banks credit supply through higher or lower capital ratios according to the cycle. joins austrian theory on credit cycles. the quesiton, why did they nbot follow themselves this policy be4 when eur/chf was at 1.65 by raising ratessimlar 2 Europe? Menawhile negative artes means lower real estate price in future and funding gap for pension funds linked 2 property? plausible.see fuw

Quote : "Zudem soll der Puffer generell einem übermässigen Kreditwachstum entgegenwirken. In der Aktivierung und Deaktivierung des antizyklischen Kapitalpuffers soll neben dem Finanzdepartement (EFD) und der Finma die Nationalbank eine zentrale Rolle einnehmen."

meanwhile, the glacial era is starting 4 the swiss eocnomy, read this report

Strong franc and growth concerns

Dear Reader,

Equities: The strong franc and significant economic concerns have greatly diminished expectations for corporate earnings in francs. The striking yield gap between Swiss equities and franc bonds should not narrow again until economic expectations have stabilized. Switzerland is not currently our equity market of choice. Bonds: The Swiss bond market was supported by economic concerns and the possibility that the European debt crisis could spread to other countries. We favor bonds issued by broadly diversified, internationally active companies with limited exposure to European peripheral states. Real estate: Real estate investments have limited upside potential. Economy and Swiss franc: The strong franc is stifling parts of the Swiss economy. The government and the Swiss National Bank are taking more aggressive action to weaken the franc. We expect the franc to weaken moderately. swiss fund industry lost market share. Why ? Mangers operate from London w/ Luxembourg domiciled societies EU compliant. Towers watson and Diana Mackay in Chancen für Schweizer Anbieter die zu den profiliertesten Kennern der Fondsbranche in Europa zählt, believe that w/ lots of chf in deposits chf investments will increase. really , r u the specialist?

Karl Marx and Roubini

Roubin can speak only of capitalism , of course 4 somebody trained in economics and with no solid tenets in political theory and history, it is fancy and vaguely hippy in the French anti establishment spirit of the 68s to quote Marx. I guess Marxism came 2 his mind while sipping some champagne at one of his multi billionaires meetings. After pronouncing the term with his usual defiance everybody knelt with awe and admiration. Last time divo hysteria was w/ Greenspan, since then fallen in disregard. definetively Roubini filled the gap while Bernanke perseveres with humility and difficulty to help readdress US economy

Sembra quindi che Karl Marx avesse ragione nel sostenere che la globalizzazione, l’intermediazione finanziaria fuori controllo e la ridistribuzione del reddito e della ricchezza dal lavoro al capitale potrebbero portare il capitalismo all’autodistruzione (la sua idea che il socialismo sarebbe stato migliore si è invece rivelata errata). Le aziende stanno tagliando posti di lavoro a causa di un’insufficiente domanda finale. Ma tagliare posti di lavoro riduce il reddito dei lavoratori, aumenta la diseguaglianza e diminuisce la domanda finale.

Le recenti manifestazioni di massa, dal Medio Oriente a Israele fino al Regno Unito, e la crescente paura in Cina – e ben presto in altre economie avanzate e nei mercati emergenti – sono tutte spinte dalle stesse problematiche e tensioni: diseguaglianza, povertà, disoccupazione e disperazione. Anche i ceti medi del mondo stanno provando le ristrettezze economiche legate alla riduzione di reddito e opportunità.

Per consentire alle economie orientate al mercato di funzionare nel modo corretto, dobbiamo ritornare al giusto equilibrio tra mercati e fornitura di beni pubblici. Ciò significa abbandonare il modello anglosassone del laissez-faire e dell’economia-vodoo e il modello dell’Europa continentale di welfare state (o Stato del benessere) spinto dal deficit. Entrambi i modelli sono risultati fallimentari.

Il giusto equilibrio richiede oggi la creazione di posti di lavoro, in parte mediante nuovi stimoli fiscali volti a incentivare le infrastrutture. Serve altresì una maggiore tassazione progressiva, maggiori stimoli fiscali nel breve periodo attraverso una disciplina fiscale nel medio e nel lungo periodo, l’appoggio di un prestatore di ultima istanza da parte delle autorità monetarie per prevenire rovinose corse agli sportelli, una riduzione del peso debitorio per le famiglie insolventi e altri agenti economici in difficoltà, nonché supervisione e regolamentazione più severe per combattere un sistema finanziario fuori controllo, mettendo fine a banche troppo grandi per fallire e a imprese oligopolistiche.

Nel tempo le economie avanzate dovranno investire in capitale umano, competenze e reti di sicurezza sociale per aumentare la produttività e consentire ai lavoratori di competere, essere flessibili e vivere bene in un’economia globalizzata. Come negli anni 30, le alternative sono stagnazione, depressione, guerre valutarie e commerciali, controlli sui capitali, crisi finanziarie, insolvenze sovrane, instabilità sociale e politica.

Copyright: Project Syndicate, 2011 www.project-syndicate.org Traduzione di Simona Polverino

ft 26.08.2011

Lybia , SAS sent 2 hunt Gaddafi & avoid Iraq scenario, country revival difficult gioven lack of institutions , how to build a working state from nothing.South Africa Zuma opposed to release of funds to rebels.

Jackson Hole, is Hildebrand a guest ? Tbhis year the cause of market turbulence are governments, cdntral banks are more relaxed unlike last year.

CH EU tax bilateral continue with Greece next, Switzerland becoming informally a member of the EU, end of fiscal priviledges favored by its federalistic decentralised institutions seeking 4 fiscal advantage even within Switzerland. However Brussels not fond of these bilateral agreements because dont include companies in a quest of fiscal harmonmisation

On economic theory demise after crisis, John Kay and epistemological thinking 4 an FT editor and LSE lecturer, notes the fragmented debate with missing consensus even on empirical data. The latter should be foundation for a new start. Quote « Consistency and rigour are features of a deductive approach, which draws conclusions from a group of axioms – and whose empirical relevance depends entirely on the universal validity of the axioms. ....For many people, deductive reasoning is the mark of science: induction ....not just in applied subjects such as engineering and medicine but also in more theoretical subjects including physics – is frequently the result of observation that something does work, which runs far ahead of any understanding of why it works. .... In 1995 Prof Lucas was awarded the Nobel prize for economics, and in his prize lecture he provides a succinct summary of his central model. This simplification method is very different from the physicist’s simplification, which abstracts to focus on a single element of a problem. Prof Lucas has described his objective as “the construction of a mechanical artificial world populated by interacting robots”. An economic theory is something that “can be put on a computer and run”.

Structures such as these are “analogue economies”, complete systems that loosely resemble the world, but a world so pared down that everything is either known or can be made up »

Garry Silverman on New York risking 2 become Detroit

Samuel Brittan on Marx thinking propelled by Roubini and Magnuson quotes Marx himself, whatever else I am, I am not a marxist. Otherwise boring article , does not get to the point and does not show good udnesratnding of philosphy and history. Last quote more interesting and gives food for thought : Its most interesting development came from Rudolf Hilferding, an Austrian social democrat, whose lasting contribution came in his book, Das Finanzkapital. Here he drew attention to a new sinister feature, the rise of bankers and financiers behind the growing cartelisation of industry. He did not foresee the far greater importance of the mass of artificial money rushing across frontiers, which is surely highly relevant when central bankers are breaking their heads about how to restart the world economy. »Time 2 analyse roubini article and criticse it if necessary...http://laregione.ch/interna_new_coe.asp?art=analisi1&frmt=ca

Oeter Tasker on Gold, Gold generates nothing and can be valued on its right only as a revulsion for other assets, very questinable, looks like marxist staement against luxury

Tomorrow Jackson Hole and Bernanke conundrum, I believe he did his job and will ask gvmnt 2 do the rest althouugh some ask for irresponsible behavior to pop up inflation 4 pushing investment with lower real inetrest rates. Japan teaches.Great depression was fixed w/ a war after all.

Money markets and circuit breakers , risk of funds withdrawing counterbalanced by further ecb guarantees on lending.

25.08.2011

switzerland agrees w/ UK 2 tax secret bank accounts, safe haven banking officially over while law on secret banking still valid. genius 2 avoid class actions.secrecy fails only when there is an emergency situation like w/ ubs failure where Mr haltiner handed data of ubs clients 4 the sake of nation and in disregard of state of rule . I propose 2 make Haltiner a national hero unlike that scoundrel of a captain who let jews in during the IIWW and was called traitor or more recently Chritopher Meili, a security clerk who handed over bank details of lost accounts from persecuted jews and had himself 2 seek refuge in the USA given criminal persecution @ home. These are the contradictions of secret banking law in Switzerland. A real cucoo country

after Bundesbank President, Germany's president joins critics of purchase of italy and spain debt by frankfurt based ecb. confusion and undecisiveness continue, geithner leit motif shock and awe turns in2 wagnerian drama flirting w/ tragedy.

QE3 not worth if leveraged creditors do not invest . question: to cut or not 2 cut? Denmark is at the forefront w/ 2d public spending program. lack of coordinated answer by industriual countries may make things worst.

u dont need to be big to be a mulitnational, on micro enteprising

hp restructuring vs Louis Gestner IBM " who says we cant be elephants", HPQ Apotheker no conservative, schumpeterian revolution instead w/ stock losing 20%, baffled analysts by sudden mature hardware unit spin off, happy consultants and investment bankers . lots of articles.

uk and eurozone bond , they may benefit themselves while supporting it. at critical moment, time 4 bold decisions in europe but as j mackintosh argues inflation fear stucks germany in2 statuquo. I quote: " But Britain’s economy and financial system are inextricably linked to the eurozone and there is little sign that without a dramatic intervention, the single currency area will avoid a nasty mess. Britain prides itself on coming to the aid of continental Europe at times of crisis. Now is one of those moments. With a proposal for Britain’s limited involvement in eurobonds, Mr Osborne has the chance to demonstrate leadership. Anything less and he will be as culpable for a double-dip as anyone"

jpy appreciates while moody downgrades its debt rating, opposite outcome than w/ usa downgrade

s&p new ceo affable and at ease w regulators, precious japanese regulators experience@ citibank

nokia, usd 40 bio spent in r&d , comes up w new symbian os, positive analysts review, will they really phase it out in favor of windows? I bet they will keep their options open depending on msft strategy

24.8.2011

salomon lerner behind humsala in peru
US chamber of commerce supported bank bail out+800 bio stimulus package, now 4 spendiong cuts, iun favoir only of infrastructure programs backed by gvmnt, what is their stance with Romey , Perry and tea party radicals dangerous stance?
article on rare earth materials, environment rules push up prices, interesting map
french wealthy tax, l'oreal and total de margiere join buffet for tax on wealthy. sarkozy elections approaching, concertation and timing r impressive, not all wealthy agree on recipee 2 reduce government edficit
J Sachs reply to the FT, following his article^: scandinavian countries are the example tio follow, investment in skills, infrastructure,environment and equalitarian affirmative action policies 2 counterbalance excessive disparity and business power,whereas usa plutocracy increases gap btw rich and poor w/ federal power in the hands of rich.
dewen sharma stepping down as s&p president
notebook Jamil Anderlini, chinese netizens not surpised that PLO army players stomp on innocent American students , basket match finished 64-64, which means June 4 June 4, date of Tienanmen massacre. Authoritan unpolished behavior w/ journalists and diplomatic staff as well kicked out form the rpess room while London riots are a new cult 4 chinese state tv which bans all other domestic violent images.

deven sharma steps down, pitty , he should have done it after hearings at the congress that could highlight his biased political views pumped by anti colonialist spirit againt the white man

bad loans rise in india banks,
ft line, merkel call right, fix first domestic budgets , launch later eurobonds, usual EU institutional problem underlined,

sheer force of will

we live with dreams, demons and fears. The only way forward when we wake up is sheer force of will. For a good reason

ft 23.8.11

crumbling of 3rd regime reinvigorates arab spring, finnish deal 4 colalteral threatens greece rescue package, eu again shows its limits
sunflowers will bhelp decontaminate radioactive soil in japan.
4 their health banks need a holyday from basel. US savings and loan crisis in 1980s, resurrection failed henc eloose regulation may divert healthy lending practices ^2 local businesses.

arab spring moving 2 India w/ anti ciorruption social movement.
philip zelikow exclnt analysis of arab spring and possible federalist outocme in multiethinc context where failed unitary state of colonial legacy is falling apart, menawhile gulfstate channel funds 2 back authoritarian rulers.
michael lind, Please see The intellectual collapse of left and right on Page 7 of Tuesday, August 23, 2011, " Supporters of the ownership society and the knowledge economy alike have emphasised economic aspiration above economic security. That might have seemed plausible during the bubble years, but it does not fit the conditions of distressed workers in today’s post-crash, slow-growth economy. Whatever forms the next conservatism and the next liberalism take in the US, they may be based as much on a politics of security as the politics of aspiration"
interesting point on managerial responsibilities and titanic captain analogy jumping on the lifeboat b4 passengers." Easy conditions of employment, overgenerous pensions and pay, insufficient emphasis on the risks (operational and ethical) rather than the rewards of the job – these are the corporate equivalent of the lifeboat Ismay stepped into. As long as these safeguards are provided in such abundance, the public will have to stomach seeing many business leaders simply float away from the wreckage they helped create. "
family offices regulation and the SEC
US railways , good revire and chart on traffic
on uk manufacturing, praise spectris , specialist precision engineer towards china

ft,22.8.2011

merkel sticks 2 the eu national model, bout of m nationalism 2 increase competitiveness. politicians look distanced from real dangers of crisis, in a bubble like gaddafi. politics wont follow markets. 2 quote Kant : Da un legno storto come’è quello di cui l’uomo è fatto non può uscire nulla di interamente diritto” Out of the crooked timber of humanity, no straight thing was ever made.
Idea for a General History with a Cosmopolitan Purpose (1784), Proposition 6
Variant translations: Out of timber so crooked as that from which man is made nothing entirely straight can be built.
Fiscal Union, difficult to get there and yet is the only viable solution

obama, members of his economic team have left, lack of authoritative skills 4 new policy proposals?lack of clear plans and boldness, he did not presen5t6 any plan, he left 4 holydays and bus tour, hee looks pale. mortimer zuckermann, business has lost confidence in admin. diamond jpm decliend to succeed geithner.
one of the problems of the current crisis is to use conventional economic tactics. see merkel declarations, crporatist state, rigidity, statu quo may prevail also w/ obama,
vito tanzi review by samuel brittain, 70k usa tax code pages, outcome of state cature lobbying process
viktor veksleberg and skolkovo program
banks shift unwanted assets into pension funds to fill deficit gap
uk insureres over scr tripleB ( solvcency capital requirment) may pay div idends 2 investors
article on ftmanagement, no 2 a higher frequency flash crash

ft

austria and netherlands ask collateral 4 loans 2 greece
sarkozy, gaullist cure fails 2 impress, barroso eu commission failkure, it took a back seat, national gvmnts on charge, clumsy efforts 2 create a
economic gvmnt w/ ad hoc institutions which do not breach the european treaty

belgium minister proposes eurobonds in exch of economic gvmnt enshrined in constitution
fera that us econom stalling bcs w/ insufficient speed losing traction and falling as an aircraft uncapable of taking off,
like gvmnt stalemate, truth is aircraft still on the runway and if no inflation then what do u do w/
monetary policy, pump it up. analogy w/ 2d term of roosevelt before entering war, recession kiked inw/ republicans callinbg 4
balanced budget

following google motoroala, is rimm twice its value?

anna harare a threat 2 democracy , sic pm singh,negotiating terms w/ parliament 4 anti corruption rules, spectacular development

ussr analysis
ancient greeks help explain the rioting of London, refreing 2 incohate rage beneathour global cities + ft series the squeezed middle, mind abt soirit and watch less
amy , kate or khardazian appetite 4 lust , rioters were motivated by material gain, ie celecrity status as a benchmark unleashes violent instincts, celebrity seeking was
a realuty show as w/ police confrontation mutated in greek self esteem , spirit quest, recipee btw appetite and spirit quest lies reason, modusrebus agaton akatos, this is the real challenge
in this fast shifting structure that reached its critical limit ( see napoleon theory on critical points and kant preoccupation on french revolution as well as black swan theory
in 1st crisis and structural change in this one, theora of science)

funny anecdote, londion looting had no equal in lagos , south african gvmnt issued a travel warning , decline of western influence more evident in africa itself, where russians, turks, chinese and brazilians
r making business while western democracies remain largetzs donors trying to lecture poor africans on democracy and governance

Art is so often a tug of war between the accidental and the predetermined. And so often – hurrah for happenstance –
the first is victorious. Self-importance and self-consciousness can pass into dust. The most beautiful,
touching things can frequently be the least “worked”: a passing phrase in music, a painter’s unthought brushstroke . .

fuw

fuw, editorial on poland , great business opportunity but no mention of chf mortgages

germany slows down, is not an island as some think . eurobond idea still rejected.

editorial : switzerland punished for having good nunmbers, not trues, see sgp.c, braun poor idio obsessed by the left.
import rices, study of snb shows only 50% change based on forex, vertical cartles problem in switzerland, consumer basket in ch 21.5% more expensive than in eu average
straumann , good results

succwessfull economic system with low taxes , however chf appreciation is a new tax/ cost on economic system which stems from it svery own success, switzerland is vicitm of itself.
can a country w/ services compete w/ an expensive labor force in lack of natural resources ?

what south europe can learn from baltic countries after rigorous saving plans, article in favor of eurobonds, mr yen forecats usd/jpy at 60
defence indutry ,budget cutting ahead
POwer corp canadadian insurance and investment group controlled by Paul desmarais performed betetr than warren buffet, interesting: holding period of stocke decreased from 15 years to 7 months

nissan successul story

metals, prefer platinum over gold, more on silver , industrial metals

18 aug 11

I just wonder why the ft publishes on first page failed attempts to stem chf currency appreciation by relying on lena komileva opinion who barely knows the mechanics of swiss economy except for few charts on her bloomberg and having visited geneva for buying a rolex. I subscribed 2 ur newspaper & already disappointed from a journalistic point of view. no wonder banking system is broke, ask lena komileva on Swiss economy! pls, improve the source of your quotes, I dont give a damn abt global stratetigist Komileva quoted everywhere, I want quality.

franco german snub on tobin tax that could raise eur 215bio with 0.05% transaction tax given 115xEU GDP markets volume, some countries claim their fiscal indeoendence,risk offree rider problem ft suspects Merkel of helping Sarkozy's electoral agenda . soros&co eurobond call skipped, EU is not a political union to grant common fiscal powers according 2 some.Besides, spaon proves that balance busget do not restore market confidence, stability pact under stress
Rahul Jacob, China boosts HK as Renimbi safe haven issuing new DIM SUM bonds rtanche ( see details) + Jamil Anderlin to reiterate that China rapid grwoth makes it prone to political unrest while PM Singh backed by Sonia Ghandi approves arrest 4 hunger strike of anti corruption activist. The largest demiocracy ruled by Sonia Gandi , ill in an undisclosed location
jeffrey sachs reiterates the cncepot of atlantic leadership failure amig globalisation, need of stronger fiscal policiy and education+infrastructure investments, africa development financed by very clever China loansreport on arctic sea.
Mark leonard, director of European council on foreign affairs, Eu is branded comatose and geriatric
sensuous odes to logic and form , sol lewitt
basel II clashed w/ insuranmce solvency II,if not harmonised outcome will be dearth of capital and icnreased deleveraging for banks stifling eco growth.
europe and usa gdp = 31k bio, ch= 550bio @ current exch rate, Bejing and Bern both start w/ B and r part of the assymetrical equation.

ft titles

Agri-business battles claims of abuse and unhealthy food
Buffett’s remarks energise tax debate
Chinese rating agency comes under fire
The slowdown will make Berlin still twitchier about extending help to
eurozone countries
In the absence of political leadership, Belgium has been among the few European
countries not to enact meaningful austerity measures, despite a public debt
just short of 100 per cent of its GDP.
By contrast, neighbouring governments have cut swaths of public spending
or pushed through tax rises, which stymie domestic demand and slow the economy in the short term.
Ghost of Keynes haunts eurozone/Europe’s fiscal saints can do more to help fiscal sinners
Taxing Buffett, A plutocrat is sick of being coddled and wants to pay up
If Edinburgh is Hellenic then London is Vespasian’s Rome
The inchoate rage beneath our global cities
Innovative US cities have the highest protest levels and among the lowest levels of social capital, London’s riots are about class and the growing divide between the classes. This dynamic is not unique to London but is at work in many of the world’s great capitals. Instead of reducing and flattening economic distinctions, globalisation has made them sharper.




The global era and the end of foreign policy
By Philip Zelikow is commonplace to read that America is going through a period of retrenchment, with a focus on domestic policy. But the same could be said of other major powers, including China, India, Japan, and all of Europe. Yet today foreign policy need not recede. Instead, foreign policies should focus on how to harmonise “domestic” policies.INTERESTING ARTICLE ON DEVELOPMENT HISTORY , FDI EVOLUTION FORM PRIVATE TO PUBLIC TO PRIVATE AND NEED TO COOPERATE ON A GLOBAL SCALE RATHER THAN DOMESTIC ONE London was a traditional clearing house. After the Great Depression, private capital flows were inhibited, and public capital took on a greater role, including income transfers between countries. Institutions and habits of thought changed, while capital controls and Cold War rivalries reinforced reliance on foreign aid. But in the last 20 years, the traditional flows have returned on far larger scales.
Europe need not wait for Germany, Martin Sandbu, us and japoan downgraded yet lower rates compared to fragmented europe, proposes to create own euromarket w/out germany
John Kay, hair and dear analogy pof Rousseau, together w/ gang grabbing entitlement aand marginal distribution rewards 2 explain how UK kids expectations tilt towards celebrity rather than honorable jobs. Does it explain london riots? a biot confused though daring.

switzerland poland chf loans, 2006 somebody paid 300k zloty, @ today forex losses against chf woould pay 550k , 700k ppl borrowed in chf, 250k out of 400k owners

HK CHINA safe haven, DIM SUM Bonds in Yuan laucned in HK, plans to strengthen financial paltform by China

ft titles

Agri-business battles claims of abuse and unhealthy food
Buffett’s remarks energise tax debate
Chinese rating agency comes under fire
The slowdown will make Berlin still twitchier about extending help to
eurozone countries
In the absence of political leadership, Belgium has been among the few European
countries not to enact meaningful austerity measures, despite a public debt
just short of 100 per cent of its GDP.
By contrast, neighbouring governments have cut swaths of public spending
or pushed through tax rises, which stymie domestic demand and slow the economy in the short term.
Ghost of Keynes haunts eurozone/Europe’s fiscal saints can do more to help fiscal sinners
Taxing Buffett, A plutocrat is sick of being coddled and wants to pay up
If Edinburgh is Hellenic then London is Vespasian’s Rome
The inchoate rage beneath our global cities
Innovative US cities have the highest protest levels and among the lowest levels of social capital, London’s riots are about class and the growing divide between the classes. This dynamic is not unique to London but is at work in many of the world’s great capitals. Instead of reducing and flattening economic distinctions, globalisation has made them sharper.




The global era and the end of foreign policy
By Philip Zelikow is commonplace to read that America is going through a period of retrenchment, with a focus on domestic policy. But the same could be said of other major powers, including China, India, Japan, and all of Europe. Yet today foreign policy need not recede. Instead, foreign policies should focus on how to harmonise “domestic” policies.INTERESTING ARTICLE ON DEVELOPMENT HISTORY , FDI EVOLUTION FORM PRIVATE TO PUBLIC TO PRIVATE AND NEED TO COOPERATE ON A GLOBAL SCALE RATHER THAN DOMESTIC ONE London was a traditional clearing house. After the Great Depression, private capital flows were inhibited, and public capital took on a greater role, including income transfers between countries. Institutions and habits of thought changed, while capital controls and Cold War rivalries reinforced reliance on foreign aid. But in the last 20 years, the traditional flows have returned on far larger scales.
Europe need not wait for Germany, Martin Sandbu, us and japoan downgraded yet lower rates compared to fragmented europe, proposes to create own euromarket w/out germany
John Kay, hair and dear analogy pof Rousseau, together w/ gang grabbing entitlement aand marginal distribution rewards 2 explain how UK kids expectations tilt towards celebrity rather than honorable jobs. Does it explain london riots? a biot confused though daring.

swituzerland poland chf loans, 2006 somebody paid 300k zloty, @ today forex losses against chf woould pay 550k , 700k ppl borrowed in chf, 250k out of 400k owners

patrick odier/ economie suisse/ banking association: swiss banking vs singapore

http://epaper.fuw.ch/front/index/16291

swiss business association on chf strength/ cut salaries

«Alle sindgefordert» Valentin Vogt Präsident Arbeitgeberverband
ePaper dieses Artikels lesen

▪ Herr Vogt, die Hausse des Frankens nimmt kein Ende, die Exportwirtschaft leidet unter der Aufwertung. Droht nun die grosse Verlagerung der Arbeitsplätze ins Ausland?
Nein, das sehe ich nicht als die geeignete Antwort auf die Frankenstärke. Es ist wichtig, dass eine Volkswirtschaft über eine ausgewogene Struktur verfügt, also eine Mischung des Industrie- und Dienstleistungssektors. Die vergangene Krise hat gezeigt, dass einseitig ausgerichtete Länder wie zum Beispiel Irland am verwundbarsten sind.
▪ Mit dem aktuellen Frankenkurs ist doch der Werkplatz Schweiz in Gefahr!
Nein, das sehe nicht so. Seit Jahrzehnten tendiert der Franken aufwärts und trotzdem hat der Produktionsstandort Schweiz weiterexistiert. Doch die jüngste Aufwertung ist derart rasch vorangeschritten, dass den Unternehmen keine Zeit blieb, sich den neuen Bedingungen anzupassen.
▪ Was können die Exportunternehmen tun, um konkurrenzfähig zu bleiben?
Alle sind nun gefordert, ihren Beitrag zu leisten. Je nach Unternehmen sind unterschiedliche Massnahmen gefragt. Die Erhöhung der Arbeitszeit beispielsweise ist eine davon. Allerdings ist sie nur dort sinnvoll, wo die Auftragsbücher voll sind. Eine weitere Möglichkeit, Kosten zu sparen, ergibt sich im Einkauf. Wir bezahlen heute noch deutlich mehr für ausländische Produkte als unsere Konkurrenten, nur weil wir als Hochpreisinsel gelten. Da muss vermehrt Druck auf die Importeure und Hersteller gemacht werden.
▪ Reicht das aus, um die Mehrkostender Frankenhausse zu kompensieren?
Das hängt vom Unternehmen ab. Es gibt viele, die dank Innovation und Technologievorsprung weltweit eine Spitzenposition einnehmen und daher eher in der Lage sind, den steigenden Franken mindestens teilweise an ihre Kunden weiterzugeben. Es ist von Vorteil, wenn Unternehmen über ein finanzielles Polster verfügen, um in aller Ruhe die nächsten Schritte zu überlegen und nicht kurzfristig Schnellschüsse machen zu müssen, die langfristig das Potenzial haben, grossen Schaden anzurichten.
▪ Wie kann die Politik helfen?
Die Politik soll dort eingreifen, wo sie die Rahmenbedingungen verbessern kann, beispielsweise durch ein Freihandelsabkommen mit Indien und China. Immerhin werden pro Jahr 9 Mrd. Fr. nach China exportiert, Tendenz steigend.
▪ Der Ruf wird immer lauter, die Schweizerische Nationalbank müsse endlich etwas tun. Selbst Wirtschaftsvertreter fordern das zunehmend.
Die Nationalbank soll sich aus meiner Sicht auf ihre Kernaufgabe die Erhaltung der Preisstabilität beschränken. Würde sie erneut ins Währungsgefüge eingreifen, wäre das gewiss für einige Unternehmen kurzfristig eine Erleichterung. Doch für das langfristige Wohl der Schweizer Volkswirtschaft wären Interventionen der Schweizerischen Nationalbank kontraproduktiv. Die Nationalbank wird abwägen müssen, und tut das auch sicher, zwischen dem volkswirtschaftlichen Schaden, den der rasante Zerfall des Euros und des Dollars für die Schweiz bringt und den langfristigen Folgen einer Intervention am Währungsmarkt.
Interview: Corina Drack

swiss business association on chf strength/ cut salaries

«Alle sindgefordert» Valentin Vogt Präsident Arbeitgeberverband
ePaper dieses Artikels lesen

▪ Herr Vogt, die Hausse des Frankens nimmt kein Ende, die Exportwirtschaft leidet unter der Aufwertung. Droht nun die grosse Verlagerung der Arbeitsplätze ins Ausland?
Nein, das sehe ich nicht als die geeignete Antwort auf die Frankenstärke. Es ist wichtig, dass eine Volkswirtschaft über eine ausgewogene Struktur verfügt, also eine Mischung des Industrie- und Dienstleistungssektors. Die vergangene Krise hat gezeigt, dass einseitig ausgerichtete Länder wie zum Beispiel Irland am verwundbarsten sind.
▪ Mit dem aktuellen Frankenkurs ist doch der Werkplatz Schweiz in Gefahr!
Nein, das sehe nicht so. Seit Jahrzehnten tendiert der Franken aufwärts und trotzdem hat der Produktionsstandort Schweiz weiterexistiert. Doch die jüngste Aufwertung ist derart rasch vorangeschritten, dass den Unternehmen keine Zeit blieb, sich den neuen Bedingungen anzupassen.
▪ Was können die Exportunternehmen tun, um konkurrenzfähig zu bleiben?
Alle sind nun gefordert, ihren Beitrag zu leisten. Je nach Unternehmen sind unterschiedliche Massnahmen gefragt. Die Erhöhung der Arbeitszeit beispielsweise ist eine davon. Allerdings ist sie nur dort sinnvoll, wo die Auftragsbücher voll sind. Eine weitere Möglichkeit, Kosten zu sparen, ergibt sich im Einkauf. Wir bezahlen heute noch deutlich mehr für ausländische Produkte als unsere Konkurrenten, nur weil wir als Hochpreisinsel gelten. Da muss vermehrt Druck auf die Importeure und Hersteller gemacht werden.
▪ Reicht das aus, um die Mehrkostender Frankenhausse zu kompensieren?
Das hängt vom Unternehmen ab. Es gibt viele, die dank Innovation und Technologievorsprung weltweit eine Spitzenposition einnehmen und daher eher in der Lage sind, den steigenden Franken mindestens teilweise an ihre Kunden weiterzugeben. Es ist von Vorteil, wenn Unternehmen über ein finanzielles Polster verfügen, um in aller Ruhe die nächsten Schritte zu überlegen und nicht kurzfristig Schnellschüsse machen zu müssen, die langfristig das Potenzial haben, grossen Schaden anzurichten.
▪ Wie kann die Politik helfen?
Die Politik soll dort eingreifen, wo sie die Rahmenbedingungen verbessern kann, beispielsweise durch ein Freihandelsabkommen mit Indien und China. Immerhin werden pro Jahr 9 Mrd. Fr. nach China exportiert, Tendenz steigend.
▪ Der Ruf wird immer lauter, die Schweizerische Nationalbank müsse endlich etwas tun. Selbst Wirtschaftsvertreter fordern das zunehmend.
Die Nationalbank soll sich aus meiner Sicht auf ihre Kernaufgabe die Erhaltung der Preisstabilität beschränken. Würde sie erneut ins Währungsgefüge eingreifen, wäre das gewiss für einige Unternehmen kurzfristig eine Erleichterung. Doch für das langfristige Wohl der Schweizer Volkswirtschaft wären Interventionen der Schweizerischen Nationalbank kontraproduktiv. Die Nationalbank wird abwägen müssen, und tut das auch sicher, zwischen dem volkswirtschaftlichen Schaden, den der rasante Zerfall des Euros und des Dollars für die Schweiz bringt und den langfristigen Folgen einer Intervention am Währungsmarkt.
Interview: Corina Drack

switzerland, strong franc, buy ur car abroad

switzerland, strong franc, buy ur car abroad

various / finma not guilty/ once again law in favor of companies not individuals

Finma und UBS gedeckt Kundendatenpreisgabe zulässig – Bundesgericht korrigiert Urteil
ePaper dieses Artikels lesen

Urs-Peter Inderbitzin
Die Eidgenössische Finanzmarktaufsicht (Finma) hat den US-Behörden 255 Dossiers von UBS-Bankkunden übergeben dürfen. Für das Bundesgericht ist der vor zwei Jahren umstrittene Datentransfer zulässig. Angesichts der damals kritischen Situation der UBS sei das Vorgehen der Behörde gestützt auf die allgemeine Polizeiklausel in Ordnung gewesen.
Im Dezember 2008 wurde der Druck der Vereinigten Staaten auf die UBS wegen illegaler Geschäfte mit US-Staatsbürgern immer stärker. Der Bundesrat sah sich gezwungen, die damalige Eidgenössische Bankenkommission (heute Finma) zu bitten, «im Interesse der Stabilität sowohl des schweizerischen als auch des globalen Finanzsystems alle notwendigen Massnahmen zu treffen», um eine Klage gegen die UBS abzuwenden.Im Februar 2009 erhöhten die US-Behörden den Druck auf die UBS und kündigten unverzüglich eine Klage an, falls nicht postwendend Kundendaten den Weg nach Amerika fänden. In dieser Situation befahl die Finma der UBS am 18. Februar 2009, ihr 255 Kundendossiers auszuhändigen. Die Finma leitete diese Angaben noch am selben Tag in elektronischer Form an die US-Behörden weiter.Gegen die Herausgabe der Daten gelangten verschiedene Kunden der UBS an das Bundesverwaltungsgericht. In einem Pilotprozess hiessen die Richter in Bern eine Beschwerde von drei US-Unternehmen gut. Das Gericht befand, die Herausgabe der Dokumente sei unzulässig gewesen. Die Finma könne diese Aktion weder auf das Bankengesetz noch auf Notrecht, das nur dem Bundesrat zustehe, stützen. Dagegen rief nun die Finma mit Erfolg das Bundesgericht an.In ihrer fast fünf Stunden dauernden öffentlichen Sitzung kamen die Richter in Lausanne am Freitag zum Ergebnis, dass das Vorgehen der Finanzmarktaufsicht letztlich nicht zu beanstanden ist. Der Eingriff in das Bankgeheimnis war aufgrund der Anweisung des Bundesrats gestützt auf die allgemeine Polizeiklausel zulässig. Nur auf diese Weise war es möglich, eine Anklageerhebung gegen die UBS, die mutmasslich zum Konkurs der Bank geführt und kaum kontrollierbare ökonomische Konsequenzen für die Schweiz gehabt hätte, abzuwenden.Da die Aushändigung der 255 UBS-Kundendaten nun vom höchsten Schweizer Gericht für rechtmässig angesehen wird, dürften Schadenersatzklagen der betroffenen US-Bürger gegen die UBS bzw. gegen die Finma kaum mehr Erfolg haben. Heikler ist allerdings die Frage, ob das Urteil des Bundesgerichts nun die US-Justizbehörden animieren könnte, im kürzlich bekanntgewordenen Verfahren gegen die Credit Suisse mehr Druck zu machen, um auf diese Weise – in Umgehung der Amtshilfe und ohne Umwege über weitere Gerichtsverfahren – zu Bankdaten zu kommen. Klar ist: Ohne Rückendeckung durch den Bundesrat wäre eine erneute Datenherausgabe durch die Finma unzulässig.
http://epaper.fuw.ch/front/index/16247
switzerland, strong franc, buy ur car abroad

12.08.2011

12.08.2011
interview to mr gysi on abgeltungssteur , germany , fishing expedition. by the way, gysi was appointed on march 2011 at the snb board replacing konrad hummler. thanks hildbrand. continues w/ artcile by peter morf on swiss page on details of state secretary international finance michael embuehl w/ germany agreement under attack now by sp oppostion cause like an amnesty. switzerland pay chf 2 bio collected w/ a bank levy!
ansteckung, contagion, editoriaL FUW
chf pegegd to eur, peg rumors invert the trend , finally, rumors, rumors, snb and hilderbrand understood that rethroic is an important war tool. yuppi!
Peter bernholz, economic prof basel, specialist of currency history, in favor of peg, disocunt rate @ 0% increases balance sheet liquidity to chf 120 bio, swaps operations to fight appreciation.
peter morf,applauds the snb intervention ( was there any or was it simple words?) and warns against public spending indicating it wrongly as the cause of recession while suggesting that there is no solution to market liberalisation, sic, the paradox of switzerland! the stock market adjusted will the domestic economy follow? impossible, there would be social wars.
chflibor in negative territory, zkb changes tones and declares no interest rates increase sic david marmet, no currency targets, only highlight is threat of recession in switzerland

zurich insured its total stocks w/ 2.2% of the portfolio!

china vcurrency appreciated to 6.4 vs usd , not seen sinvce 1994 , wow duds , what r u up to?

10.08.2011
kenneth rogoff blasts debt as hindering growth
canada experience after lsing triple a and recovering soon after
german utilities and withdrawal from nuclear
7.08.2011
preter bernholz, prof basel, specialised in currency history , makes it clear , snb lacked the guts, ideas and will to enact a coherent policy to defend the chf, a reflection of its president philippe hildebrand who prefers to attend international conferences for lobbying rather than doing the dirty job in bern.he did not anything control the expectations on chf. this happened in 1970s w/ president leutwyler following leo schuerman proposal and setting negative rates and eventiually forex intervention. according to chris woods from clsa however this would not work and stands for nhegative rates . nota bene , chris woods is just bull sheeter abt switzerland

real estate speculation in CH , not really according 2 sarasin bank specialist who states that funding costs for inevstors= 5%. really but where did u come up with this figure ? further, interesting point, finma, snb and gvmnt set up advisor comittee , self regulartory banking rules should not benefit owners.

summary switzerland news

12.08.2011
interview to mr gysi on abgeltungssteur , germany , fishing expedition. by the way, gysi was appointed on march 2011 at the snb board replacing konrad hummler. thanks hildbrand. continues w/ artcile by peter morf on swiss page on details of state secretary international finance michael embuehl w/ germany agreement under attack now by sp oppostion cause like an amnesty. switzerland pay chf 2 bio collected w/ a bank levy!
ansteckung, contagion, editoriaL FUW
chf pegegd to eur, peg rumors invert the trend , finally, rumors, rumors, snb and hilderbrand understood that rethroic is an important war tool. yuppi!
Peter bernholz, economic prof basel, specialist of currency history, in favor of peg, disocunt rate @ 0% increases balance sheet liquidity to chf 120 bio, swaps operations to fight appreciation.
peter morf,applauds the snb intervention ( was there any or was it simple words?) and warns against public spending indicating it wrongly as the cause of recession while suggesting that there is no solution to market liberalisation, sic, the paradox of switzerland! the stock market adjusted will the domestic economy follow? impossible, there would be social wars.
chflibor in negative territory, zkb changes tones and declares no interest rates increase sic david marmet, no currency targets, only highlight is threat of recession in switzerland

zurich insured its total stocks w/ 2.2% of the portfolio!

china vcurrency appreciated to 6.4 vs usd , not seen sinvce 1994 , wow duds , what r u up to?

10.08.2011
kenneth rogoff blasts debt as hindering growth
canada experience after lsing triple a and recovering soon after
german utilities and withdrawal from nuclear
7.08.2011
preter bernholz, prof basel, specialised in currency history , makes it clear , snb lacked the guts, ideas and will to enact a coherent policy to defend the chf, a reflection of its president philippe hildebrand who prefers to attend international conferences for lobbying rather than doing the dirty job in bern.he did not anything control the expectations on chf. this happened in 1970s w/ president leutwyler following leo schuerman proposal and setting negative rates and eventiually forex intervention. according to chris woods from clsa however this would not work and stands for nhegative rates . nota bene , chris woods is just bull sheeter abt switzerland

real estate speculation in CH , not really according 2 sarasin bank specialist who states that funding costs for inevstors= 5%. really but where did u come up with this figure ? further, interesting point, finma, snb and gvmnt set up advisor comittee , self regulartory banking rules should not benefit owners.

26.7.2011
fuw editorial defending chf strength with flawed arguments, no proof that strong chf is not affecting exports, they look backward not forward as w/ stock market . It looks the real ideological arm of economie suisse and the financial lobby while the stock market is freezing because of the chf strength. We re hostages of this ricola men, of their pride 2 b perfect island. Sooner or later they will be hit by an avalanche falling down the alps.
According to oecd big mac criteria chf 50% appreciated big mac ratio where 1 ch big mac buys 2 american ones. In case of sovereign crisis ch banks have a total balance sheet of 2700 billions.this will bring down siwssies too.
UBS, fuw recommends to avoid shares! Not good sign , investment banking and regulatory pressure constrain expectedearnings. Stoxx bank 2x higher from their lowest , ubs and csgn at their lowest, owing to chf strength and the us irs pressure.
Yale University endowment fund targets 7% return w/ HF, Private Equity and Real Estate, avoids stocks
thematic investment, sociological study top down approach . Stephen cheetam comes up with these typologies, emerging middle class, heightened cyclicality,energy transformation, web2.0, genomic age, financial reformation. Thisd what should be called, the AGE OF FINANCIAL REFORMATION.
article on gold mining stocks, better positioned than gold, barrick gold and nem, among others. Nem expensive, Yamana Gold , Kinross from CAD cheap. Goldcorp, Barrick ,all from CAD. RBC study

value underperforming growth, similarity w/ tech bubble end of 90s

thanks to social media, aapl and goog sucking all available capitals in an unregulated market controlled by discriminate distribution of advertisng revenues through monpolistic manipulation of digital technology

“Value” stocks have underperformed in Q2’11 by 7.1%. The size of this move is greater than any other time since at least 2005. Furthermore, in July this trend dramatically accelerated, with Value underperforming by as much as 6.3% at the worst point last week. If this pace of underperformance continued for the whole quarter, it would amount to 28%, which is multiples greater than seen in any other quarter since ’05 and comparable only to Q4’99, the eye of the Tech Bubble.
At sector level, we note a significant ytd outperformance of Autos, by 12% vs the market. Our analyst believes that Q2 results will be robust for the sector, but we think this is widely anticipated, and in the near term Autos appear overowned, overbought and running out of positive catalysts. We take profits in Autos, moving from OW to N. We see this as a tactical downgrade given that the fundamentals of the sector remain resilient in our view.
 We would use the funds to add to Banks and to other Cyclicals, in particular Construction Materials, which we upgrade to OW. The subsector has underperformed ytd and is attractively priced. Our analyst notes challenging US construction market, but we think a lot has been discounted already. JPM economists expect EM activity, which accounts for 2/3rds of sector revenues, to pick-up in 2H.
 In terms of our market outlook we continue to believe that a bullish stance will prevail, despite high volatility and elevated tail risks. We find investors do not want to commit because they fear the repeat of ’08, but in our view it is exactly because people remember ’08 that one should be invested now. Recent newsflow suggests policymakers arelikely to stumble towards a solution and 35% of MSCI Europe names are trading below 10x forward P/E. We think Financials have to perform in the event of market stabilisation