A week in Barbados

... is highly recommended to all (who can afford it--the island is frightfully expensive).  The economic success of the island immediately raises the question of why economic performance in the Caribbean has been so uneven--ranging all the way from the disaster that is Haiti (the earliest country to gain its independence, by the way) to the achievements of Barbados. Eric Williams' fascinating history of the region is a must-read.  Williams himself is a fascinating man, having acted as the long-term prime minister of Trinidad and Tobabo as well as being a distinguished historian (and the originator of the thesis that the Industrial Revolution was spawned by the riches earned through the colonial trade).  A few recent papers (see this and this) scratch the surface in terms of explaining the differences (the bequest of history and domestic policy choices made at home both make a huge difference), but there is much, much more to be done.

This is the first time I gave a talk preceded by the playing of national anthems.  Here is the powerpoint of my presentation: it is what my One Economics, Many Recipes book would look like if I were to write it today. 

Comments

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Genfer Privatbankern

Konsequenzen nach dem Streit: Das harte Vorgehen gegen das Bankgeheimnis habe Genfer Bankhäuser eingeschüchtert, sagten mehrere hochrangige Schweizer Bankmanager der Financial Times (FT).

Besonders ausgeprägt sei die Sorge wegen der Nachforschungen in Washington und Berlin, schrieb die FT weiter unter Berufung auf den Chef einer führenden Privatbank, ohne dessen Namen zu nennen. Die USA und Deutschland hätten ihre Prüfungen verschärft - es sei deshalb zu befürchten, dass Bankmitarbeiter bei Reisen unter einem Vorwand festgehalten werden könnten, so der Manager.

Ein weiterer Entscheider einer Schweizer Privatbank sagte dem Zeitungsbericht zufolge: "Wenn ich heute nach Deutschland zu zwei Banken reise, mit denen ich Geschäfte mache, kann mich der deutsche Zoll aus purer Willkür festhalten und befragen."

[Youri_Kemp]

Hi Prof. Rodrik,

Come to the Bahamas next time--we are closer, less expensive and give a better, all around tourist experience.

I found the second paper from the IMF, to be a little more representative of the issues from root origin than the first. Geography and national fragmentation as well as migration due to geography, played a significant role in development.

But, the first does yield some particular nationalist points. And, to some extent, minimalizes the extent that land-inclusive Guyana in the IMF paper, with their contrast of Barbados and Jamaica, both island nations, bore some more fruitful relevance when compared.

I think the twix (sounded fitting a term) between both papers and their findings is 1. the time of independence and 2. the size of the population and, 3. the size of the industrial sectors and their contribution to development and GDP growth.

To put it more mildy; If Guyana had a control over it's migration; social cohesion; a more favourable period in which they came to independence and; even a quarter of the control over major industrial industries in their country, even in light that they have very few compared to Jamaica, they would have been in a better position.

Moving forward, the globalized service economy that was burgeoning since the 1970's, made Barbados a beneficiary of the service based economic model and now, the knowledge based economy, built on service oriented specialization.

If Barbados wanted to make a serious run at the services market, they would invest in health care and education services. They have just as much capacity as does Cuba, to make that a very strong reality.

Best,

Youri
http://globalviewtoday.blogspot.com

p.s.
Come to the Bahamas, seriously!

[raivo pommer-eesti]

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Deutschlands Geld

Der Vorstandschef von Gruner + Jahr, Bernd Buchholz, hätte sich für den Start an der Spitze des größten deutschen Verlagshauses mit Flaggschiffen wie «Stern, «Brigitte» und «Geo» selbst gern bessere Zeiten gewünscht.

Am Donnerstag musste der 47-Jährige bei der Vorlage der Bilanz 2008 in Hamburg von einem deutlichen Ergebnisrückgang und geringeren, wenn auch weiterhin Milliarden-Erlösen berichten. Für ihn waren die Auswirkungen der Wirtschafts- und Anzeigenkrise auf das Verlagshaus eine «Bergtour der ganz besonderen Art».

Ausgangspunkt: G+J habe sich 2008 in der Wirtschaftskrise ordentlich geschlagen und ein «sehr solides operatives Ergebnis» von 225 Millionen Euro vor Steuern erzielt - minus 15 Prozent, berichtete Buchholz, der seit Anfang 2009 den Vorstand führt. Strukturmaßnahmen, Stellenabbau und die Einstellung von Titeln wie «Park Avenue» oder «Viva» drückten auf das Ergebnis vor Zinsen und Steuern (EBIT), das mit 170 Millionen Euro um rund ein Viertel unter dem Vorjahreswert (226 Mio Euro) lag. Der Jahresüberschuss gab um mehr als ein Drittel auf 88 Millionen Euro nach. Die Erlöse gingen um 2,2 Prozent auf 2,77 Milliarden Euro zurück. Der Vorstand verzichtet 2009 auf Tantiemen und Boni; der Sparkurs im Verlag läuft weiter. 2008 stieg die Zahl der Mitarbeiter weltweit um 500 Stellen auf 14 941.

[raivo pommer-eesti.]

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Switzerland Black list

The Neue Zuercher Zeitung (NZZ) quoted Swiss officials as saying they might block progress in cooperation with China, India and other emerging countries in protest against being placed on the OECD's "grey list".

On Wednesday Switzerland blocked a payment of 136,000 euros (180,000 dollars) to the OECD, a 30-member organisation of major industrialised countries.

Officials were now considering delaying their membership subscription of 10 million Swiss francs (8.65 million dollars) or blocking the 2011 reelection of OECD secretary general Angel Gurria, the paper reported.

The federal finance ministry could not be reached for comment.

But Interior Minister Pascal Couchepin told Sonntag, another Sunday paper, that it was not up to the OECD to act as a "restaurant guide" on the issue.

On April 2, the Organisation for Economic Cooperation and Development (OECD) released a "grey list" of countries that "have committed to the internationally agreed tax standard, but have not yet substantially implemented" the measures.

Swiss politicians were furious to find their country on the list even though it had announced measures to relax its tax secrecy laws.

On Thursday Gurria said that the first contacts with Switzerland on tax issues had taken place in October 2008.

"The OECD acted in good faith and duly shared its information with the representatives of the countries concerned," he said in a letter to the president of the Swiss confederation.

Switzerland had so far "not signed a single agreement on the exchange of tax information in conformity with OECD standards", he added.

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CRISE OIL

Die Internationale Energieagentur (IEA) hat ihre Prognose für die weltweite Ölnachfrage wegen der Wirtschaftskrise erneut um eine Million Fass (je 159 Liter) pro Tag gesenkt. Die Nachfrage werde im laufenden Jahr mit 83,4 Millionen Fass pro Tag um 2,4 Millionen niedriger sein als 2008.

Das schreibt die IEA in ihrem jetzt veröffentlichten Ölmarktbericht. Erstmals seit vier Monaten hat der Ölpreis Anfang April die Marke von 50 Dollar je Fass wieder überschritten. Die IEA erwartet aber wegen der Nachfrageschwäche keine nachhaltige Preissteigerung.

Die Tagesproduktion sank im März um 400 000 auf 83,4 Millionen Fass. Gleichzeitig wachsen die Ölvorräte. Im Februar hatten die westlichen Industriestaaten mit 2,74 Milliarden Fass rund 7,2 Prozent mehr Öl auf Lager als ein Jahr zuvor, weil in Asien stark gebunkert wurde.

[raivo pommer-eesti.]

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UK-list of the worlds

Just five UK companies have made it on to a list of the world's most ethical corporations, published by an American research institute today.

Marks & Spencer, the retailer, HSBC, the London-listed banking giant, Vodafone, the telecoms group and AstraZeneca, the drugs maker and the emerging markets bank Standard Chartered are included in a list of 99 "good corporate citizens", compiled by the Ethisphere Institute.

The Anglo-Dutch consumer goods group Unilever and Thomson Reuters, the newly merged Anglo-American media group also make the institute's cut this year.

The Ethisphere Institute is a New York based think tank. It first began publishing its list three years ago.

In December, it published a list of the top 100 most influential people in business. It included Ken Livingstone, the former Mayor of London who won plaudits for awarding contracts to companies only if they met corporate social responsibility standards.

Neelie Kroes, the European competition commissioner, was also on Ethisphere's list of ethical movers and shakers, after she fined Microsoft, the computer maker, $1.35 billion for breaching monopoly rules by installing its web browser on all of its machines.

[raivo pommer-eesti.]

General Motors Corp. is recalling 1.5 million vehicles because of potential engine
fires.

GM says there have been no reports of any fires or injuries. Some of the recalled vehicles are no longer in production. The recall includes the 1998-1999 Oldsmobile Intrigue, the 1997-2003 Pontiac Grand Prix, 1997-2003 Buick Regal, and the 1998-2003 Chevrolet Lumina, Monte Carlo and Impala.

The recall involves vehicles with a 3.8-liter V6 engine. The government says drops of oil could fall into the exhaust system and cause a fire in the engine.

GM spokesman Kerry Christopher says it was a precautionary measure for consumers.

[raivo pommer-eesti.]

The US Securities and Exchange Commission is reviewing if Bank of America Corp violated federal securities law by failing to disclose to
shareholders Merrill Lynch's plan to pay $3.62 billion in bonuses before they voted for the merger of the banks, the Financial Times said.

Mary Schapiro, chairman of the SEC, wrote in a letter to a Democratic congressman that the regulator was "carefully reviewing the Bank of America disclosure" and had not yet expressed a view on whether the bonus plan should have been revealed, the paper said.

Last week, Congressman Dennis Kucinich said in a letter to the SEC that there were "significant questions" surrounding Bank of America's failure to disclose bonus details before shareholders voted on the bank's acquisition of Merrill.

"Where the SEC believes that there has been an omission of material facts necessary in order to make the statements not misleading, we will carry out our enforcement responsibilities with vigor and vigilance," the paper quoted Schapiro's letter.

The SEC did not immediately reply to a Reuters e-mail seeking comment that was sent outside of normal business hours.

In a statement last week, Bank of America had said "we believe we made the appropriate and legal disclosures in the materials available to shareholders" before the meeting.

[raivo pommer-eesti.]

The Obama administration is expected to name Fannie Mae Chief Executive Herb Allison to head the U.S. government's $700 billion
financial rescue program, a source familiar with the matter said on Monday.

The announcement is expected "in coming days," the source said, adding that Michael Williams, Fannie Mae's chief operating officer, is expected to be named as Allison's successor.

The Wall Street Journal first reported on its website that U.S. President Barack Obama could announce his intention to nominate Allison as assistant secretary for the office of financial stability as early as this week.

Allison's name has been on the short list from the beginning as the government looked for someone to run the Troubled Asset Relief Program, the Journal said, citing people familiar with the matter.

Several factors complicated his selection, including the need to replace him at Fannie, the paper reported, citing sources.

Allison, a veteran banker and former president of Merrill Lynch, led the TIAA-Cref pension fund before being appointed Fannie Mae CEO in September.

[raivo pommer-eesti.]

The head of Italian car group Sergio Marchionne could become the new head of struggling US giant Chrysler under a tie-up between the
companies, an industry magazine reported on Tuesday.

Automotive News, citing sources close to the discussions, reported on its website that Chrysler could change its management structure after the completion of its alliance with Fiat.

The magazine said the new management structure would divide the roles of chief executive officer and chairman between two executives. The chairman post would be held by an American, the source said.

Fiat declined to comment on the report when contacted by AFP, while Chrysler told the magazine that it had no management changes to announce.

Under a preliminary accord signed between the two car groups in January, Fiat is to initially take a 35-percent stake in Chrysler which could rise to as much as 55 percent.

Marchionne is credited with having turned around formerly loss-making Fiat.

[raivo pommer-eesti.]

China's economy is showing signs of a nascent recovery, but even officials who want to boost public confidence warn a rebound faces
risks from the global crisis and is not yet certain.

Imports of oil, iron ore and other raw materials rose in March, reflecting the impact of Beijing's multibillion-dollar stimulus spending on industry. Home and auto sales are up, suggesting consumers might be more willing to spend.

A rebound for China, the world's third-largest economy, could help other countries by boosting demand for their exports, though analysts say China alone cannot propel the global economy out of its worst slump since the 1930s.

[raivo pommer-eesti.]

Federal Reserve chief Ben Bernanke said on Tuesday that there were initial signs that the prolonged US recession may be easing but
warned of the need for financial stability for full recovery.

He said he saw "tentative signs that the sharp decline in economic activity may be slowing," citing data on home sales, homebuilding and consumer spending, including sales of new motor vehicles.

While a leveling out of economic activity was the first step toward recovery, he said, "To be sure, we will not have a sustainable recovery without a stabilization of our financial system and credit markets.

"We are making progress on that front as well, and the Federal Reserve is committed to working to restore financial stability as a necessary step toward full economic recovery," he said in a speech at the Morehouse College in Atlanta, Georgia.

[raivo pommer-eesti.]

Major companies in the Silicon Valley are suffering the biggest slump since the dot-com bust, further proving that the leading
technology hub is not immune from the effects of a global economic meltdown, a new report has said.

According to rankings compiled by the San Jose Mercury News, total market capitalisation of Silicon Valley's 150 biggest public companies plunged 32 per cent to about $850 billion for the past 12 months ending March 31, the worst decline since 2002.

The newspaper's annual Silicon Valley 150 list ranks public companies headquartered in the region on the basis of their worldwide revenues for the most recent available four quarters.

[raivo pommer-eesti.]

A union leader says automaker Ford Argentina is laying off 330 employees due to plummeting demand and production.

Ricardo Pignanelli is head of Argentina's automotive mechanics' and workers' union. He said Monday that Ford told the workers they will lose their jobs May 1.

A Ford Argentina representative who was not authorized to speak on the matter said nobody was available to comment.

The Association of Automobile Manufacturers says Argentine auto exports fell 45 percent in the first quarter compared to the same period in 2008. Production during the quarter fell 43 percent.

Demand for Argentine-made cars has dried up in Brazil, the sector's leading export market.

[raivo pommer-eesti.]

The Ethisphere Institute on Monday named 99 companies it says are the world's most ethical, its third annual listing designed to
global-cos.jpg

The 99 companies, which include Honeywell International Inc, Nike Inc, Patagonia, BMW Bayerische Motoren Werke AG, Johnson Controls Inc and HSBC Holdings PLC, come from 35 different industries.

"The mission of our group is to improve corporate behavior," said Alex Brigham, executive director of the Ethisphere Institute, an international think-tank based in New York dedicated to the advancement of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability.

The companies are chosen against their peers within their industry, as each industry operates under different circumstances, Brigham said.

[raivo pommer-eesti.]

American Airlines will add the first of 76 new Boeing jets to its fleet this week in a move that the carrier hopes will cut
fuel and maintenance costs.

The Boeing 737-800 aircraft will replace about one-fourth of American's current aging fleet of McDonnell Douglas MD-80 series jets, which have been the subject of several maintenance problems in the past year.

American took delivery of the first two planes late last month, held a media open house Monday, and planned to put them into service carrying passengers Tuesday in Chicago.

The planes are the newest generation of Boeing's workhorse 737 series. American already has 77 Boeing 737-800s it bought nearly a decade ago. They list for $72.5 million to $81 million. American officials said they paid less than sticker price, but wouldn't say how much.

``This is a strategic investment for our future,'' said pilot Jim Kaiser as he stood in the aisle of a jet that still had that new-plane smell of leather, plastic and carpeting.

[raivo pommer-eesti.]

Cyprus' Finance minister said on Monday that the government would inject another euro1 billion ($1.33 billion) into the banking
system to bolster liquidity in the economy.

Charilaos Stavrakis said the infusion in the Greek Cypriot south of the island would come in the form of eight-month bonds to be issued next week at an interest rate of 1.5 per cent.

He said the bonds could in turn be used by the island's commercial and cooperative banks as collateral to clinch European Central bank loans at 1.25 per cent.

"This is a practical decision, exceptionally significant, that will be implemented immediately," Stavrakis told reporters after a meeting with bank chiefs.

[raivo pommer-eesti.]

Shares of General Motors Corp plunged 17 per cent on Monday after a report that the US Treasury is directing the automaker to lay the
groundwork for a bankruptcy filing by June 1.

GM, which is operating under $13.4 billion of emergency government loans, has until June 1 to win sweeping concessions from bondholders and the United Auto Workers union. The Obama administration has warned that the alternative would be bankruptcy.

A newspaper said the government's goal was to prepare for a fast "surgical" bankruptcy, quoting people who had been briefed on the GM plans.

Sources familiar with the situation told Reuters that GM was in "intense" and "earnest" preparations for a possible bankruptcy filing.

[raivo pommer-eesti.]

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: US banking giant Goldman Sachs said Monday it had raised 5.5 bn dollars from investors, including from Asia and Europe, for a fund to
acquire private-equity assets.

GS Vintage Fund V is the latest fund raised by the Alternative Investments & Manager Selection Group of Goldman Sachs Asset

[raivo pommer-eesti.]

Bailed out US banks including Citibank, headed by Indian American chief executive Vikram Pandit, are facing a probe over increase in
rates and fees, a media report said Monday.

The Congressional Oversight Panel, the body named by the Congress to oversee the federal bailout under the Troubled Asset Relief Programme (TARP), is working on a report examining instances of potentially inappropriate lending by banks that got government capital, according to the Wall Street Journal.

"The people who are subsidising the activities of the banks through their tax dollars are the same people who are furnishing the high profits through consumer lending," Elizabeth Warren, chairwoman of the Congressional Oversight Panel told the Journal in an interview.

[raivo pommer-eesti.]

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More than three months into a medical leave from Apple Inc, Chief Executive Steve Jobs remains closely involved in key aspects of
Steve Jobs

running the company, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

Chief Operating Officer Tim Cook runs the day-to-day operations, but Jobs has continued to work on the company's most important strategies and products from home, the newspaper said in a story on its website.

He regularly reviews products and product plans, and was particularly involved in the user interface of the new iPhone operating system that Apple unveiled last month, the Journal said.

Jobs, an Apple co-founder who is considered the company's creative leader, is also involved in the development of future projects, the paper said, citing people with knowledge of the company's strategy.

Jobs, 54, who was treated in 2004 for a rare form of pancreatic cancer, took a medical leave in early January, saying he would return in June and would remain involved in "major strategic decisions while I am out".

But he has made no public appearances or statements since then, and it has been unclear just how involved he continued to be, the Journal said.

[raivo pommer-eesti.]

Switzerland is considering further measures against the OECD in the row over how much the country is doing to reform its policy on tax
havens, media reports said on Sunday.

The Neue Zuercher Zeitung (NZZ) quoted Swiss officials as saying they might block progress in cooperation with China, India and other emerging countries in protest against being placed on the OECD's "grey list".

On Wednesday Switzerland blocked a payment of 136,000 euros (180,000 dollars) to the OECD, a 30-member organisation of major industrialised countries.

Officials were now considering delaying their membership subscription of 10 million Swiss francs (8.65 million dollars) or blocking the 2011 reelection of OECD secretary general Angel Gurria, the paper reported.

The federal finance ministry could not be reached for comment.

But Interior Minister Pascal Couchepin told Sonntag, another Sunday paper, that it was not up to the OECD to act as a "restaurant guide" on the issue.

[raivo pommer-eesti.]

Anyone searching for a sepia-tinted rugby photo, antique cuff links or a precious piece of art deco jewelry at the Antiquarius Center had
better come fast.

Blink and it will be gone. The dozens of diverse, very British shops on the chic King's Road in Chelsea face eviction to make way for Anthropologie, an American-based chain planning an American fashion emporium, much like the stores it operates in St. Louis and Miami Beach.

"There used to be three antique centers in Chelsea, soon there will be none," said Sue Norman, who has sold hand-painted 19th-Century china here since 1972. "I think it's very sad. It seems the younger generation much prefers American-style things to English style."

The pending loss of the Antiquarius Center is part of the wider, inexorable Americanization of Britain, where rich veins of eccentricity are being snipped as American customs catch on.

Remember the dapper English gentleman? Shoes polished and dressed to the nines? He's often found in blue jeans, an open shirt, and sneakers these days.

And those bad English teeth, neglected for years? Tooth-whitening is catching on, a l'americaine. There has been a surge of cosmetic surgeries as more women — and teenagers — embrace the Hollywood ideal and have their breasts enhanced and wrinkles Botoxed. Pillbox psychiatry is catching on too, with record numbers gobbling antidepressants, and Britons are turning to fast food at such an alarming pace that obesity among young people is reaching epidemic proportions.

[raivo pommer-eesti.]

The East Asia Summit, which collapsed in chaos on Saturday, was meant to provide an opportunity for leaders of half the
world's population to discuss responses to the global financial crisis.

The Asian leaders were also scheduled to sign an investment pact with China and put the final touches on a regional currency pool to help member nations fend off speculative attacks and capital flight.

"The summit has been delayed and can be reopened, but we lost a good opportunity" to discuss financial cooperation and combat protectionism, said Zhou Fangye, of the Institute of Asia-Pacific Studies at the Chinese Academy of Social Sciences.

[raivo pommer-eesti.]

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EUROPA FALSCHE WEG

Europa ist bei der Bekämpfung der Weltwirtschaftskrise nach Ansicht des Nobelpreisträgers Paul Krugman auf dem falschen Weg. „Die Vereinigten Staaten haben recht, Europa hat unrecht“, sagte der Wirtschaftswissenschaftler, der in den vergangenen Monaten besonders die deutsche Regierung für ihre abwartende Haltung kritisiert hatte. Die Mitgliedstaaten der Europäischen Union müssten viel aggressiver als bisher versuchen, die Wirtschaft durch Konjunkturprogramme anzukurbeln. Dabei wies er Bedenken zurück, dass die großzügige amerikanische Intervention die Inflation beschleunigen und das höhere Defizit den Haushalt zu stark belasten könnte. „Eine Billion Dollar mehr wird das Problem nicht wesentlich vergrößern“, sinnierte der Hochschullehrer von der Eliteuniversität Princeton am Montagnachmittag auf einer Pressekonferenz in New York.

Krugman wäre nicht der scharfzüngige Kolumnist und Buchautor, wüsste er nicht eine scheinbar simple Antwort auf die drängende Frage, wie eine Neuauflage der Großen Depression zu vermeiden sei. Er forderte staatliches Handeln auf breiter Front, ohne allzu sehr ins Detail zu gehen: aggressive Strategien, um die Kreditklemme auf den Finanzmärkten zu beseitigen, ein weiter Gestaltungsspielraum für die Geldpolitik, umfangreiche Konjunkturprogramme. „All diese Maßnahmen haben in der Vergangenheit gewirkt, und sie werden ohne Frage auch diesmal helfen“, betonte er.

[raivo pommer-eesti.]

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DIKTATORGELD-MONEY-ADAGE.com

Aufschrei gegen Verarmung und Inflation: Eine Werbekampagne in Simbabwe fällt durch Kreativität auf, in den USA sind Swimmingpools steuerlich vorteilhaft und Schönheits-OPs in Mode.

Adage.com, ein amerikanisches Internet-Portal für die Werbeindustrie, präsentiert wöchentlich die fünf kreativsten Kampagnen. Simbabwe - ein Land, das unter Diktator Robert Mugabe eher für Negativschlagzeilen sorgt, kam dabei unerwarteterweise zu Ehren. Denn die Werbeaktion der simbabwischen Zeitung The Zimbabwean kam auf den dritten Platz. Die öffentlich ausgehängten Plakate bestehen aus Original-Geldscheinen, die alle nichts mehr wert sind.

[raivo pommer-eesti.]

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Steinbrück sieht Bedarf an 200 Milliarden Euro

Nach Ansicht von Fachleuten brauchen Banken Bad Banks für abwertungsbedrohte, komplexe Wertpapiere. Spezialisten sollen sich dort eine Meinung über den Wert der oft mit Forderungen besicherten Schuldverschreibungen verschaffen und sie dann möglichst am Kapitalmarkt verkaufen. Steinbrück aber denkt wegen des hohen Verlustrisikos für den Bund offenbar nur an Staatshilfen zur Auslagerung vorübergehend illiquider Wertpapiere wie Staats- und Unternehmensanleihen. Falls alle Wertpapiere, die Banken loswerden wollten, mit Staatsgarantien gegen Verluste abgeschirmt würden, seien mehr als 200 Milliarden Euro nötig, sagt Steinbrück. Dieser Betrag sei nicht vermittelbar. Wie aber die Abgrenzung zwischen „giftigen“ und „nur vorübergehend illiquiden“ Papieren erfolgen soll, ist unklar.

Die Dimensionen sind riesig. Die um die Dresdner Bank erweiterte Commerzbank hat 55 Milliarden Euro schwer verkäufliche Wertpapiere in eine interne Einheit ausgelagert. Die öffentlich-rechtlichen Landesbanken West LB und die HSH Nordbank wollen 87 Milliarden und 100 Milliarden Euro an Vermögenswerten in eine Abwicklungsbank abspalten. Allerdings muss die Commerzbank für ihre Wertpapiere Eigenkapital vorhalten. Die beiden Landesbanken müssten ihr nach hohen Wertverlusten aufgezehrtes Eigenkapital auf je zwei Banken verteilen.

[raivo pommer-eesti.]

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UBS NUTZE

Die Schweizer Großbank UBS zieht mit einem radikalen Stellenabbau Konsequenzen aus einem weiteren Milliardenverlust im ersten Quartal. Den Planungen des neuen Konzernchefs Oswald Grübel zufolge sollen 2010 noch 67.500 Personen für den Konzern arbeiten, 8.700 Stellen werden im laufenden Jahr gestrichen. Ende März dieses Jahres beschäftigte die UBS rund 76.200 Mitarbeiter. Seit Jahresbeginn hat die Bank bereits 1600 Stellen gestrichen.

In der Schweiz gingen 2500 Stellen verloren, erklärte ein Sprecher. Die Großbank nutze zudem die natürliche Fluktuation. Es bestehe ein Sozialplan. Bis Ende 2010 will die Bank 3,5 bis 4,0 Milliarden Franken im Vergleich zu 2008 einsparen. Die Kapitalquote sinkt vermutlich auf zehn Prozent, nachdem es zum Jahreswechsel noch 11,5 Prozent gewesen waren.

[raivo pommer-eesti.]

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AIR FRANCE-3000 ARBEITSLOS

Der größte Lufthansa-Konkurrent Air France will bis 2011 zwischen 2500 und 3000 Stellen streichen. Im Ende März endenden Geschäftsjahr 2008/2009 fallen bereits 2400 von 70 000 Arbeitsplätzen weg.

Diese Information des Finanzblattes «La Tribune» wurden am Mittwoch aus dem Unternehmen bestätigt. Der Mutterkonzern Air France-KLM hat im Schlussquartal 2009 bei knapp sechs Milliarden Euro Umsatz einen Verlust von 505 Millionen Euro geschrieben und erwartet für das gesamte Geschäftsjahr einen operativen Verlust von 200 Millionen Euro.

Der Konzern reduziert seine Kapazitäten um vier Prozent. Der Staatsanteil an dem Konzern beträgt 15,7 Prozent.

[raivo pommer-eesti.]

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From Bubble to Depression?

By STEVEN GJERSTAD and VERNON L. SMITH Bubbles have been frequent in economic history, and they occur in the laboratories of experimental economics under conditions which -- when first studied in the
Britain may have to go to the IMF for a huge financial bailout, the George Soros, the influential investor, warns today The man who made $1 billion on Black Wednesday in 1992 told The Times that Britain was particularly vulnerable to the economic crisis. Mr Soros - speaking days after an auction of government bonds failed for the first time in 14 years, ringing alarm bells about..

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Citigroup Gewinn

Die amerikanische Citigroup Inc. hat erstmals seit fünf Quartalen mit Verlust nun wieder einen Gewinn verbucht. Die Bank erwirtschaftete für diesen Zeitraum vor allem aufgrund eines robusten Geschäfts im Anleihehandel einen Nettogewinn von 1,6 Milliarden Dollar. Dennoch wies die Citigroup einen Verlust von 18 Cent je Stammaktie aus. Sie begründete das mit einer Zurücksetzung des Wandlungspreises für Vorzugsaktien, die im Januar 2008 ausgegeben worden waren. Der Verlust für die Stammaktionäre erklärt sich zudem mit Dividendenzahlungen an Vorzugsaktionäre.

Die Citigroup hatte im vergangenen Jahr Vorzugsaktien ausgegeben, um angesichts steigender Verluste Kapital aufzunehmen. Die amerikanische Regierung stützte die Citigroup auf diese Weise mit insgesamt 45 Milliarden Dollar. Seit dem Beginn der Finanzkrise im zweiten Halbjahr 2007 hatte das Fnanzinstitut Verluste von 28 Milliarden Dollar angehäuft. Das Ergebnis der Citigroup übertraf die Erwartungen der Analysten an der Wall Street, die im Durchschnitt mit einem Verlust von 34 Cent je Aktie gerechnet hat. Der Aktienkurs reagierte im Handel an der New Yorker Börse aber mit Abschlägen.

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PIRATE BAY

Ein schwedisches Gericht hat die Betreiber der Internet-Tauschbörsen-Website The Pirate Bay wegen Verletzung des Urheberrechts verurteilt. Die vier Angeklagten wurden zu einjährigen Haftstrafen verurteilt. Außerdem müssen sie Schadenersatz in Höhe von 30 Millionen Kronen (2,74 Millionen Euro) an verschiedene Musik- und Filmunternehmen zahlen, darunter Warner Bros, Sony Music Entertainment, EMI und Columbia Pictures. Schon vor dem Urteil hatten die Angeklagten angekündigt, im Falle eines Schuldspruchs in die Berufung zu gehen.

Den Betreibern von The Pirate Bay wurde vorgeworfen, Millionen Internetnutzern ein Forum für den kostenlosen Download von Musik, Filmen und Computerspielen geboten und sie damit ermutigt zu haben, Urheberrechte zu verletzen. Die Angeklagten - Gottfrid Svartholm Warg, Peter Sunde, Fredrik Neij und ihr Finanzier Carl Lundström - verwiesen darauf, dass die Website selbst kein urheberrechtlich geschütztes Material zum Download bereitgehalten habe. Sie vermittle lediglich entsprechende Verbindungen. Die Verteidigung plädierte daher auf Freispruch.

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Zum Abbau von Steuerbürokratie plant die SPD einen Steuerbonus: Verheiratete, die keine Steuererklärung abgeben, sollen 600 Euro erhalten, Ledige 300 Euro. Eine Postkarte an das Finanzamt soll genügen. Das Angebot richtet sich nach Aussagen in der SPD an dreißig Millionen Lohnsteuerpflichtige. Bis zu zehn Millionen Arbeitnehmer könnten durch die Pauschale mehr erstattet bekommen, als sie im Veranlagungsverfahren bislang erwarteten dürften.

Diese Steuervereinfachung würde den Staat knapp vier Milliarden Euro kosten; davon würden aber überwiegend Bezieher kleiner Einkommen profitieren. Das Angebot soll für alle gelten, bei denen die Steuer schon an der Quelle abgezogen wurde. Für die Arbeitnehmer überweist der Arbeitgeber die Lohnsteuer an das Finanzamt. Bei inländischen Kapitaleinkünften macht das seit Einführung der Abgeltungsteuer die Bank.

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AIG ZURICH

Der angeschlagene Versicherer AIG verkauft seine Sparte für Autoversicherungen an den Schweizer Rivalen Zurich Financial Services für 1,9 Milliarden Dollar. Die Veräußerung der Sparte 21st Century Insurance an Zurichs Tochterfirma Farmers Group ist der bisher umfangreichste Versuch von AIG, an dringend benötigtes Kapital zu kommen, seitdem der amerikanische Konzern im September von der Regierung vor dem Kollaps bewahrt werden musste.

Wie die beiden Unternehmen mitteilten, legt Zurichs Farmers Group für den Kauf 1,5 Milliarden Dollar in bar auf Tisch sowie 400 Millionen Dollar in nachrangigen Schuldpapieren. Das regulierte Versicherungsgeschäft solle umgehend für etwa 1,4 Milliarden Dollar an Farmers Group verkauft werden, erklärte Zurich mit. Auch die ausstehenden Schulden der Autoversicherung von 100 Millionen Dollar sollen übernommen werden. Der Verkauf umfasst nicht das Geschäft von AIGs Client Group, das Versicherungen für vermögende Privatpersonen anbietet.

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Die türkische Notenbank

hat am Donnerstag erneut die Zinsen gesenkt. Dieses Mal um 75 Basispunkte, womit sich der Leitzins nunmehr auf 9,75 Prozent beläuft. Insgesamt summieren sich die Zinssenkungen damit in den vergangenen vier Monaten auf beachtliche 525 Basispunkte. Und die Volkswirte bei Capital Economics können sich sogar vorstellen, dass die Leitzinsen im weiteren Jahresverlauf noch bis auf acht Prozent zurückgenommen werden.

Die türkische Lira hat diese Entwicklung zuletzt relativ gut weggesteckt, obwohl sie theoretisch unter dem sinkenden Zinsvorsprung leiden sollte. Aber auch sie profitiert eben von der allgemein wieder gestiegenen Risikoneigung der Anleger sowie dem Wiederaufleben der so genannten Carry Trades.

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In der Wirtschaftskrise

erleben derzeit viele Menschen, was es bedeutet, weniger zu arbeiten. Für die meisten ist es eine Zwangspause, in die sie geschickt werden: mal nur für ein paar Tage, mal auch für Wochen oder Monate. Bestenfalls betrachten die Betroffenen dies als unfreiwilligen Urlaub, in dem all das erledigt werden kann, was sonst lange liegenbleibt - die Steuererklärung etwa oder Behördengänge. Andere nutzen die Zeit, um sich der Familie wieder etwas mehr als sonst zu widmen.

Für etwa 1,7 Millionen Arbeitnehmer in Deutschland wurde bisher in diesem Jahr Kurzarbeit beantragt. Das ist so viel wie noch nie seit Bestehen der Bundesrepublik. Ihren Arbeitgebern - das sind immerhin mehr als 50.000 Firmen - geht es wirtschaftlich so schlecht, dass sie die Arbeitszeiten verkürzen müssen. Ihnen sind in der Rezession die Aufträge weggebrochen, und deshalb gibt es weniger Arbeit - an Fließbändern, im Verkauf und in der Verwaltung.

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The recession has proven that.

But what really hammers home the point is that fast-food restaurants are doing everything they can to lure consumers in with value meals.

It's hard to avoid commercials touting big bargains from the likes of McDonald's (MCD, Fortune 500), Burger King (BKC), Wendy's (WEN) and Yum Brands' (YUM, Fortune 500) Taco Bell, not to mention privately held Subway.

Taco Bell is offering nachos for as cheap as 79 cents. A buck and change can get you a double cheeseburger at McDonald's or a Whopper Jr. (the plural, according to an old Onion bit poking fun at William Safire, is Whoppers Jr.) at Burger King. And if you're more flush with cash, five dollars allows you to wolf down a foot-long hero at Subway.

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