Weshalb ein Euro-Austritt der Griechen kein Tabu mehr ist
TAGES ANZEIGER: Bisher haben ihn die Europolitiker wie so vieles andere kategorisch ausgeschlossen, jetzt bereiten sie sich bereits darauf vor: Den möglichen Ausschluss Griechenlands aus der Eurozone.

Wieder drückt die Eurokrise auf die Kapitalmärkte und wieder ist der unmittelbare Auslöser Griechenland. Vor allem die Bankenwerte verlieren an den europäischen Börsen heute Morgen dramatisch weiter an Wert. Der europäische Stoxx-Bankenindex lag heute zeitweilig 7 Prozent im Minus.

Dass Griechenland seine Schulden im aktuellen Rahmen der Währungsunion nicht mehr bezahlen kann, davon geht man an den Kapitalmärkten seit längerem aus. Doch die offizielle Sparregelung der Europolitiker war bisher immer, dass man Griechenland auf keinen Fall fallen lassen werde. Auch ein möglicher Ausstieg aus der Eurozone war bisher kein Thema. Laut einem Bericht des deutschen Nachrichtenmagazins «Der Spiegel» findet nun aber ein Meinungsumschwung statt. Gemäss dem Bericht spielen sowohl das deutsche Finanzministerium wie der EU-Apparat bereits in Planspielen den Staatsbankrott Griechenlands durch, ebenso einen möglichen Austritt Griechenlands aus dem Euroraum. Auch niederländische Politiker haben bereits offen mit dem Gedanken eines griechischen Austritts aus der Eurozone gespielt. Weiter lesen und einen Beitrag abgeben » | Von Markus Diem Meier | Montag 12. September 2011

Investors Shy Away from Sharia Funds Following Arab Spring
FINANCIAL NEWS: Sharia-compliant funds had been proving increasingly popular until the global financial crisis and then the Arab Spring frightened off investors and stymied private equity activity in the Middle East.

Fundraising volumes have collapsed, with not a single sharia fund raised so far this year, acacording [sic] to data provider Preqin.

Sharia-compliant funds, which enable investors to comply with Islamic law, are simple to structure and are guided by certain principles relating to interest accrual and the types of investment they can make.

Funds could be restricted, for example, from investing in businesses related to alcohol, gambling, pornography, weapons, tobacco and pork-related products. The funds are overseen and approved by a sharia supervisory board.

Sharia funds have varying degrees of flexibility depending on their target investors, which can include ultra high net worth individuals, institutional investors and sovereign wealth funds, according to Richard Hughes, a senior fund services manager at fund administration specialist Vistra Group.

Private equity firms based outside the Middle East can target Muslim investors by offering side-vehicles set up alongside existing funds that are not sharia-compliant.

Before the onset of the financial crisis, interest in sharia funds had been on the rise, with private equity firms raising $5.6bn of capital through six such funds in 2006. » | Ayesha Javed | Monday, September 12, 2011

Fat Cats Come Out of the Closet! Bosses' Pay Rises at Top FTSE Companies
THE DAILY TELEGRAPH: The bosses of Britain's biggest companies have been awarded salary rises of as much as 7.5pc as well as record bonuses in the first bumper pay round since the financial crisis.

Research by Deloitte has found that the pay freeze imposed over the past two years has been lifted and remuneration has climbed.

Directors of FTSE 100 companies have been awarded an average pay rise of 4pc in 2011, with many taking much more.

FTSE 250 directors have also been given pay increases but at slower rate, of up to 5pc and at an average 3pc.

Traditionally bonuses have been paid out at between 70pc and 80pc of the maximum possible amount. But this year pay outs have increased to as much as 87pc for FTSE 100 companies and 86pc for FTSE 250 companies. Read on and comment » | Louise Armitstead | Monday, September 12, 2011

THE DAILY TELEGRAPH: Living standards to suffer as effects of recession bites: Families will suffer financially from the recession and banking meltdown for up to a decade, an economic forecaster warns today. » | Robert Winnett, Deputy Political Editor | Monday, September 12, 2011

Women in Positions of Power

Greece on Verge of Default as Doubt Grows over €8bn Bailout

THE GUARDIAN: Greek prime minister George Papandreou under fire amid rumours that creditors are about to pull the plug

Greece’s embattled prime minister, George Papandreou, has moved to counter growing fears that Athens is about to default on its debts, saying there was a clear route back to economic health.

Speaking amid high security as protesters converged on the northern city of Thessaloniki for its annual international trade fair on Saturday, the socialist leader said: "There are two paths. One is the path of major change that will lead to a productive and creative Greece.

"The other path, the supposedly easier one, does not look problems straight in the eye and leads to disaster. We insist on the path of change."

Despite strong denials that the country is heading for a default, rumours have grown that the end game is approaching. Wolfgang Schäuble, the German finance minister, has insisted that a sixth, €8bn (£6.8bn) instalment of aid will not be released unless Greece enacts corrective measures to kickstart its economy and improve competitiveness. Experts from Washington and Brussels will fly into Athens this week to assess whether Greece is sticking to its programme of drastic spending cuts and tax rises, amid fears that its creditors could be ready to pull the plug. Continue reading and comment » | Helena Smith and Heather Stewart | Saturday, September 10, 2011

EZB-Chefvolkswirt Stark tritt zurück: Die traurige Entwicklung der Geldpolitik

FRANKFURTER ALLGEMEINE ZEITUNG: Aus Frust über den Kauf von Staatsanleihen durch die EZB wirft nun auch deren Chefvolkswirt Jürgen Stark hin. Die Notenbank verliert immer mehr Glaubwürdigkeit. Die Vertreter der Schuldenstaaten möchten die Notenpresse anwerfen und sie gewinnen die Abstimmungen. Der Norden zahlt.

Der Rücktritt von Jürgen Stark ist ein Fanal. Niemand kann dem Chefvolkswirt der Europäischen Zentralbank nachsagen, er sei gegen den Euro. Er hat für die Währungsunion gekämpft, für die Einigung Europas. Als "Sherpa" diente er Bundeskanzler Helmut Kohl (CDU), für Finanzminister Theo Waigel (CSU) entwarf er den Stabilitätspakt. In den geldpolitischen Räten von Bundesbank und EZB trat er für eine harte D-Mark und später für einen stabilen Euro ein.

Jetzt wirft Stark hin. Der Grund hierfür liegt vier Wochen zurück. Es ist die umstrittene Entscheidung der EZB, italienische und spanische Staatsanleihen zu kaufen. Schon vor einem Jahr stimmte er gemeinsam mit dem damaligen Bundesbankpräsidenten Axel Weber gegen den Ankauf griechischer Staatsanleihen. Damals trat er noch nicht zurück, weil die EZB einen drohenden Kollaps der Finanzmärkte verhindern wollte. Heute springt die EZB ein, weil Regierungen versagen und Italien nicht sparen will. » | Von Holger Steltzner | Samstag 10. September 2011

THE DAILY TELEGRAPH: Markets tumble after ECB's Ju[e]rgen Stark resigns: World stock markets tumbled after the shock resignation of Ju[e]rgen Stark, a key member of the European Central Bank (ECB), provided an unwelcome backdrop to the crucial G7 meeting in Marseilles. » | Angela Monaghan, Bruno Waterfield and Philip Aldrick | Friday, September 09, 2011

Barack Obama's $447 Billion American Jobs Act: 'Stop the Political Circus'
THE DAILY TELEGRAPH: Barack Obama threw down the gauntlet to Republicans, demanding they "stop the political circus" and back a new $447 billion (£280 billion) jobs plan to help revive the "stalled" American economy.


"There should be nothing controversial about this piece of legislation," he said. "Everything in here is the kind of proposal that's been supported by both Democrats and Republicans, including many who sit here tonight. And everything in this bill will be paid for. Everything."

The White House had briefed beforehand that the jobs package, to be called the American Jobs Act, would cost more than $300 billion. But Obama administration sources disclosed just before the address that the figure would be well over $400 million.

"It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services," Mr Obama said. "You should pass this jobs plan right away."

The centrepiece of the plan was a deeper than expected $240 billion payroll tax cut for employers and employees meant to keep money in the pockets of those most in need. The plan's $447 billion price tag contains $175 billion to cut employee payroll taxes in half, to 3.1 percent in 2012.

Denying that the speech was "political grandstanding", he sought to shame Republican into action. » | Toby Harnden, US Editor | Friday, September 09, 2011

Nach SNB-Intervention: Anleger flüchten in skandinavische Währungen
SCHWEIZER FERNSEHEN: Nach der Festlegung einer Kursuntergrenze des Euro gegenüber dem Franken durch die Schweizerische Nationalbank (SNB) sehen sich Anleger nach Alternativen zur Schweizer Währung um. Gefragt sind vor allem Norwegische und Schwedische Kronen.

Laut Ralph Weidenmann, Partner beim Vermögensverwaltungsunternehmen Swisspartners, wenden sich Devisenspekulanten und Hedge-Fonds vom Franken ab. «Wer als Spekulant gegen den Euro wettet, kauft nun andere Währungen», sagte Weidenmann.

Während der Euro durch die Ankündigung der Nationalbank, einen Kurs von unter 1,20 Franken nicht mehr zu tolerieren, innert zwei Tagen 8 Prozent an Wert gewann, legten die Schwedische und Norwegische Krone gegenüber dem Franken um jeweils rund 10 Prozent zu. Am Mittwoch erreichte Kurs des Euro gegenüber der norwegischen Krone mit 7,4887 den niedrigsten Wert seit acht Jahren.

Der Anstieg sei vor allem deshalb erstaunlich, weil sich die beiden Währungen zuvor über Monate praktisch im Gleichschritt mit dem Euro bewegt hätten, so Weidenmann. Die Aufwertung wird sich nach seiner Einschätzung in den kommenden Monaten fortsetzen. » | sda/godc | Donnerstag 08. September 2011

Analysis: First Shots Fired in Trade War
WA BUSINESS NEWS: You might not have heard it but the Swiss National Bank yesterday fired a shot which will be heard around the world, and could prove to be bad news for Australia.

What happened is that Switzerland decided that the value of its currency had risen too far against other currencies, imposing an unacceptable burden on exporters.

By some calculations Swiss exporters have been hit with a 30% increase in the value of the franc, forcing them out of some markets, and leading to factory closures.

Sound familiar?

It should because what has been happening in Switzerland has also been happening in Australia – and in other export-focused countries such as Japan and Singapore.

On one level, what the Swiss did with their decision to “peg” the franc at a rate of SF1.20 against the euro was to defend local industry, a move which will play well at home, even if it leads to higher rates of inflation. » | Tim Treadgold | Wednesday, September 07, 2011

Barack Obama to Unveil $300 Billion Plan to Revive Economy

THE DAILY TELEGRAPH: Barack Obama will attempt to relaunch his flagging presidency tonight by unveiling a $300 billion (£190 billion) plan to tackle America's unemployment crisis and revive its stagnant economy.

In a rare address to a joint session of Congress, Mr Obama is expected to propose a short-term stimulus package of tax cuts, infrastructure spending and federal handouts to state governments.

"I'm going to propose ways to put America back to work that both parties can agree to, because I still believe both parties can work together to solve our problems," the president said earlier this week.

However in a move bound to set up another fierce battle with Republicans, whose potential presidential candidates were preparing last night to pre-emptively denounce his plan in a televised debate in California, he is also expected to say tax revenues must increase in the coming years.

Mr Obama's speech, his opening gambit of the new political season and scheduled with prime-time television broadcasts in mind, comes amid fresh lows in public ratings of his presidency.

An ABC News/Washington Post poll found 53 per cent of Americans disapproved of his performance, while a Politico/George Washington University survey found three-quarters of voters now believe the country is headed in the wrong direction. » | Jon Swaine, Richard Blackden in New York | Wednesday, September 07, 2011

SNB in den Schlagzeilen
Die Ankündigung der Schweizerischen Nationalbank, die 1,20 Frankenuntergrenze gegenüber dem Euro zu verteidigen, ist auf den Titelseiten der internationalen Presse gelandet.

'Employers Are Recruiting Retired Workers and Finding that Their Work Is Exceptional’
THE DAILY TELEGRAPH: The need to work into retirement is no respecter of class or skills. Money is tight for everyone retiring this year whether they’re stacking shelves in supermarkets or have worked all their lives as a solicitor.

The double whammy of the rising cost of living combined with the stock market crash has had a massive impact on pensions and annuities. Average energy bills are £177 higher than they were three years ago and you don’t need statistics in a newspaper to tell you that the cost of your weekly shopping is painfully expensive.

This year will see 1.8 million company pensions suffering as a result of the recent stock market drop, with, at its lowest point, £120 billion being wiped off the value of pensions.

According to PricewaterhouseCoopers, many pension holders will have seen their past five years’ contributions to their pension wiped out, while annuity rates have taken a beating too. All the experts are suggesting that 2011 will not be a financially prudent year to retire. » | Xenios Thrasyvoulou | Tuesday, September 06, 2011

Swiss Bid to Peg 'Safe Haven' Franc to the Euro Stuns Currency Traders
THE GUARDIAN: Move – which effectively devalues the Swiss franc in an attempt to protect the economy – sparks fears of new currency war

Switzerland sparked fears of a new currency war on Tuesday after it pegged the Swiss franc against the euro in an attempt to protect its economy from the European debt crisis.

The Swiss National Bank in effect devalued the franc, pledging to buy "unlimited quantities" of foreign currencies to force down its value. The SNB warned that it would no longer allow one Swiss franc to be worth more than €0.83 – equivalent to SFr1.20 to the euro – having watched the two currencies move closer to parity as Switzerland became a "safe haven" from the ravages of the eurozone crisis.

The move stunned currency traders, and sent the Swiss franc tumbling against other currencies. Jeremy Cook, chief economist at currency brokers World First, said it was "intervention on a grand scale", and the start of a "new battle in the currency wars".

"That was the single largest foreign exchange move I have ever seen … The Swiss franc has lost close on 9% in the past 15 minutes. This dwarfs moves seen post Lehman brothers, 7/7, and other major geo-political events in the past decade," Cook said.

The SNB pledged to enforce a "substantial and sustained weakening of the Swiss franc", adding that it might move to an even lower exchange rate against the euro if needed. » | Graeme Wearden | Tuesday, September 06, 2011

NZZ ONLINE: Nationalbank legt Euro-Mindestkurs fest: Wert von weniger als 1.20 Franken soll nicht mehr hingenommen warden » | Dienstag 06. September 2011

FRANKFURTER ALLGEMEINE ZEITUNG: Schweiz koppelt Franken an den Euro: Die Schweiz legt einen Mindest-Wechselkurs des Franken zum Euro fest. Der gegenwärtige Kurs sei eine Gefahr für die Wirtschaft des Landes, teilt die Zentralbank des Landes mit. » | FAZ.NET / AFP, dapd | Dienstag 06 September 2011

TRIBUNE DE GENÈVE: La BNS décide que l'euro plafonnera désormais à 1, 20 franc : La Banque nationale suisse annonce fixer un cours plancher de 1,20 franc suisse pour un euro, afin d’enrayer le renchérissement continu de sa monnaie, faisant immédiatement relâcher la pression sur sa monnaie et s’envoler la Bourse. » | AFP | Mardi 06 Septembre 2011

Real Talk: Islamic Finance

Euro Bureaucrats Demand More Power


THE GUARDIAN: Double-dip recession fears see £49bn wiped off shares: City prepares for second round of quantitative easing after sharpest slowdown in UK's services sector in a decade » | Larry Elliott, economics editor | Monday, September 05, 2011

Outraged Spaniards Fight for Roofs over Heads

Wall Street Woes
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Trouble in Paradise as Switzerland Becomes Victim of Own Financial Success

THE DAILY TELEGRAPH: Fears of joblessness and hard times are rare in Switzerland. But with the soaring franc making exports prohibitively expensive, it's dark days for the country's famed watchmakers, cheese producers and chocolatiers.

Bijan Vafi's business should be booming. His company, Loetscher, is the world's only manufacturer of Swiss cuckoo clocks, carving elaborate chalet-style creations that are the ultimate Alpine souvenir.

But now, after more than 90 years of fashioning precision timepieces, the clock may be ticking on Loetscher's own future. "Our exports are down 38 per cent, and that's a large part of our business," said Mr Vafi, 61. "The situation is extremely fragile."

From the picturesque lakeside village of Brienz, flanked by dramatic Alpine peaks, the pretty wooden-fronted factory manufactures 30,000 clocks a year, with 40 per cent of them exported internationally. Yet the soaring Swiss franc has meant that, on the international market, his clocks are becoming rapidly more expensive.

As fears over the stability of the euro continue, investors are looking to buy into "safe havens" – secure, trustworthy investments like in gold or the Swiss franc – which has caused the franc to rise 20 per cent against the euro this year and 30 per cent against the dollar.

And with American customers now finding his products almost a third more expensive, they are choosing to take their business elsewhere. » | Harriet Alexander | Geneva | Saturday, September 03, 2011

US Unemployment Figures Shock with No Job Growth in August
THE GUARDIAN: Analysts expected at least 75,000 new jobs to have been created in the US last month

No new jobs were added to the US workforce in August, fuelling fears that the world's largest economy is heading back into recession.

Analysts expected at least 75,000 new jobs to have been created in the US last month, but the figure came in at zero, sparking further falls on stock markets around the world. The FTSE 100, down around 85 points ahead of the figures, tumbled almost 140 points, to 5278, down more than 2.5%. The Dow Jones opened more than 200 points lower at 11,290, a drop of 1.75%.

Gold and German bonds, considered safe havens among increasingly nervous investors, made strong gains after figures showed US jobs growth ground to a halt in August. Gold jumped by 3%, to $1876 an ounce. » | Phillip Inman, economics correspondent | Friday, September 02, 2011

People & Power - Cuba: The Times Are Changing
Cuba has taken a dramatic step away from its socialist policies of the past, but how has this impacted ordinary Cubans?