Money & Speed: Inside the Black Box is a thriller based on actual events that takes you to the heart of our automated world. Based on interviews with those directly involved and data visualizations up to the millisecond, it reconstructs the flash crash of May 6th 2010: the fastest and deepest U.S. stock market plunge ever. This is a 48 minute documentary on the famous Flash Crash in 2010.
Economy | Business | Social | Leaked | Opinions
Thursday, February 21, 2013
New Documentary ‘Thriller’ on May 6th 2010 Flash Crash [VIDEO]
Ψηλός ο κατώτατος μισθός στην Κύπρο
Τα στοιχεία αποτυπώνουν τη μισθολογική ψαλίδα που υπάρχει στην ΕΕ και τις μεγάλες διαφορές στις απολαβές των εργαζομένων με χαμηλά εισοδήματα.
Σύμφωνα με τα στοιχεία της Eurostat, η Κύπρος έχει τον όγδοο πιο ψηλό κατώτατο μισθό σε σχέση με όλα τα κράτη της ΕΕ.
Ο κατώτατος μισθός στην Κύπρο αυξάνεται συνεχώς τα τελευταία χρόνια, φθάνοντας τα €870, και μετά από έξι μήνες απασχόλησης τα €924. Είναι άγνωστο αν το κράτος έχει τρόπο να ελέγχει την πληρωμή κατώτατου μισθού.
Την πρώτη θέση καταλαμβάνει το Λουξεμβούργο με τον κατώτατο μισθό να φθάνει τα €1.874.
Ακολουθούν το Βέλγιο (€1.502), η Ολλανδία (€1.469), η Ιρλανδία (€1.462), η Γαλλία (€1.430) και το Ηνωμένο Βασίλειο (€1.264).
Οι πλείστες από τις χώρες που έχουν σχετικά ψηλό κατώτατο μισθό έχουν επίσης χαμηλά επίπεδα ανεργίας.
Η Κύπρος έχει πλέον ένα από τα ψηλότερα επίπεδα ανεργίας στην ΕΕ, μετά την Ελλάδα, την Ισπανία και την Πορτογαλία.
Στην Ελλάδα ο κατώτατος μισθός ανέρχεται στα €684.
Οι χώρες όπου ο κατώτατος μισθός δεν ξεπερνά τα €300 το μήνα είναι η Ρουμανία (€157), η Βουλγαρία (€159), η Λετονία (€287) και η Λιθουανία (€290).
Τα στοιχεία της Eurostat δεν περιλαμβάνουν την Κύπρο και λήφθηκαν από την ισχύουσα κυπριακή νομοθεσία.
Σύμφωνα με τη Eurostat, στις Ηνωμένες Πολιτείες ο κατώτατος μισθός ανέρχεται στα €998.
source: stockwatch.com.cy
Tuesday, February 19, 2013
Tax havens: The missing $20 trillion
In Europe the anger has focused on big firms. Amazon and Starbucks have faced consumer boycotts for using clever accounting tricks to book profits in tax havens while reducing their bills in the countries where they do business. David Cameron has put tackling corporate tax-avoidance at the top of the G8 agenda. America has taken aim at tax-dodging individuals and the banks that help them. Congress has passed the Foreign Account Tax Compliance Act (FATCA), which forces foreign financial firms to disclose their American clients. Any whiff of offshore funds has become a political liability.
During last year’s presidential campaign Mitt Romney was excoriated by Democrats for his holdings in the Cayman Islands. Now Jack Lew, Barack Obama’s nominee for treasury secretary, is under fire for once having an interest in a Cayman fund.CIVILISATION works only if those who enjoy its benefits are also prepared to pay their share of the costs. People and companies that avoid tax are therefore unpopular at the best of times, so it is not surprising that when governments and individuals everywhere are scrimping to pay their bills, attacks are mounting on tax havens and those that use them.
Dodgy of DelawareGetting rich people to pay their dues is an admirable ambition, but this attack is both hypocritical and misguided. It may be good populist politics, but leaders who want to make their countries work better should focus instead on cleaning up their own back yards and reforming their tax systems.
The archetypal tax haven may be a palm-fringed island, but as our special report this week makes clear, there is nothing small about offshore finance. If you define a tax haven as a place that tries to attract non-resident funds by offering light regulation, low (or zero) taxation and secrecy, then the world has 50-60 such havens. These serve as domiciles for more than 2m companies and thousands of banks, funds and insurers. Nobody really knows how much money is stashed away: estimates vary from way below to way above $20 trillion.
Not all these havens are in sunny climes; indeed not all are technically offshore. Mr Obama likes to cite Ugland House, a building in the Cayman Islands that is officially home to 18,000 companies, as the epitome of a rigged system. But Ugland House is not a patch on Delaware (population 917,092), which is home to 945,000 companies, many of which are dodgy shells. Miami is a massive offshore banking centre, offering depositors from emerging markets the sort of protection from prying eyes that their home countries can no longer get away with. The City of London, which pioneered offshore currency trading in the 1950s, still specialises in helping non-residents get around the rules. British shell companies and limited-liability partnerships regularly crop up in criminal cases. London is no better than the Cayman Islands when it comes to controls against money laundering. Other European Union countries are global hubs for a different sort of tax avoidance: companies divert profits to brass-plate subsidiaries in low-tax Luxembourg, Ireland and the Netherlands.
Reform should thus focus on rich-world financial centres as well as Caribbean islands, and should distinguish between illegal activities (laundering and outright tax evasion) and legal ones (fancy accounting to avoid tax). The best weapon against illegal activities is transparency, which boils down to collecting more information and sharing it better. Thanks in large part to America’s FATCA, small offshore centres are handing over more data to their clients’ home countries—while America remains shamefully reluctant to share information with the Latin American countries whose citizens hold deposits in Miami. That must change. Everyone could do more to crack down on the use of nominee shareholders and directors to hide the provenance of money. And they should make sure that information about the true “beneficial” owners of companies is collected, kept up-to-date and made more readily available to investigators in cases of suspected wrongdoing. There are costs to openness, but they are outweighed by the benefits of shining light on the shady corners of finance.
Want more tax? Lower the tax rate
Transparency will also help curb the more aggressive forms of corporate tax avoidance. As Starbucks’s experience has shown, companies that shift money around to minimise their tax bills endanger their reputations. The more information consumers have about such dodges, the better.
Moral pressure is not the whole answer, though: consumers get bored with campaigns, and governments should not bash companies for trying to reduce their tax bills, if they do so legally. In the end, tax systems must be reformed. Governments need to make it harder for companies to use internal (“transfer”) pricing to avoid tax. Companies should be made to book activity where it actually takes place. Several federal economies, including America, already prevent companies from exploiting the differences between states’ rules. An international agreement along those lines is needed.
Governments also need to lower corporate tax rates. Tapping companies is inefficient: firms pass the burden on to others. Better to tax directly those who ultimately pay—whether owners of capital, workers or consumers. Nor do corporate taxes raise much money: barely more than 2% of GDP (8.5% of tax revenue) in America and 2.7% in Britain. Abolishing corporate tax would create its own problems, as it would encourage rich people to turn themselves into companies. But a lower rate on a broader base, combined with vigilance by the tax authorities, would be more efficient and would probably raise more revenue: America, whose companies face one of the rich world’s highest corporate-tax rates on their worldwide income, also has some of the most energetic tax-avoiders.
These reforms would not be easy. Governments that try to lower corporate tax rates will be accused of caving in to blackmailing capitalists. Financial centres and incorporation hubs, from the City of London to Delaware, will fight any attempt to tighten their rules. But if politicians really want to tax the missing $20 trillion, that’s where they should start.
source: economist.com
During last year’s presidential campaign Mitt Romney was excoriated by Democrats for his holdings in the Cayman Islands. Now Jack Lew, Barack Obama’s nominee for treasury secretary, is under fire for once having an interest in a Cayman fund.CIVILISATION works only if those who enjoy its benefits are also prepared to pay their share of the costs. People and companies that avoid tax are therefore unpopular at the best of times, so it is not surprising that when governments and individuals everywhere are scrimping to pay their bills, attacks are mounting on tax havens and those that use them.
Dodgy of DelawareGetting rich people to pay their dues is an admirable ambition, but this attack is both hypocritical and misguided. It may be good populist politics, but leaders who want to make their countries work better should focus instead on cleaning up their own back yards and reforming their tax systems.
The archetypal tax haven may be a palm-fringed island, but as our special report this week makes clear, there is nothing small about offshore finance. If you define a tax haven as a place that tries to attract non-resident funds by offering light regulation, low (or zero) taxation and secrecy, then the world has 50-60 such havens. These serve as domiciles for more than 2m companies and thousands of banks, funds and insurers. Nobody really knows how much money is stashed away: estimates vary from way below to way above $20 trillion.
Not all these havens are in sunny climes; indeed not all are technically offshore. Mr Obama likes to cite Ugland House, a building in the Cayman Islands that is officially home to 18,000 companies, as the epitome of a rigged system. But Ugland House is not a patch on Delaware (population 917,092), which is home to 945,000 companies, many of which are dodgy shells. Miami is a massive offshore banking centre, offering depositors from emerging markets the sort of protection from prying eyes that their home countries can no longer get away with. The City of London, which pioneered offshore currency trading in the 1950s, still specialises in helping non-residents get around the rules. British shell companies and limited-liability partnerships regularly crop up in criminal cases. London is no better than the Cayman Islands when it comes to controls against money laundering. Other European Union countries are global hubs for a different sort of tax avoidance: companies divert profits to brass-plate subsidiaries in low-tax Luxembourg, Ireland and the Netherlands.
Reform should thus focus on rich-world financial centres as well as Caribbean islands, and should distinguish between illegal activities (laundering and outright tax evasion) and legal ones (fancy accounting to avoid tax). The best weapon against illegal activities is transparency, which boils down to collecting more information and sharing it better. Thanks in large part to America’s FATCA, small offshore centres are handing over more data to their clients’ home countries—while America remains shamefully reluctant to share information with the Latin American countries whose citizens hold deposits in Miami. That must change. Everyone could do more to crack down on the use of nominee shareholders and directors to hide the provenance of money. And they should make sure that information about the true “beneficial” owners of companies is collected, kept up-to-date and made more readily available to investigators in cases of suspected wrongdoing. There are costs to openness, but they are outweighed by the benefits of shining light on the shady corners of finance.
Want more tax? Lower the tax rate
Transparency will also help curb the more aggressive forms of corporate tax avoidance. As Starbucks’s experience has shown, companies that shift money around to minimise their tax bills endanger their reputations. The more information consumers have about such dodges, the better.
Moral pressure is not the whole answer, though: consumers get bored with campaigns, and governments should not bash companies for trying to reduce their tax bills, if they do so legally. In the end, tax systems must be reformed. Governments need to make it harder for companies to use internal (“transfer”) pricing to avoid tax. Companies should be made to book activity where it actually takes place. Several federal economies, including America, already prevent companies from exploiting the differences between states’ rules. An international agreement along those lines is needed.
Governments also need to lower corporate tax rates. Tapping companies is inefficient: firms pass the burden on to others. Better to tax directly those who ultimately pay—whether owners of capital, workers or consumers. Nor do corporate taxes raise much money: barely more than 2% of GDP (8.5% of tax revenue) in America and 2.7% in Britain. Abolishing corporate tax would create its own problems, as it would encourage rich people to turn themselves into companies. But a lower rate on a broader base, combined with vigilance by the tax authorities, would be more efficient and would probably raise more revenue: America, whose companies face one of the rich world’s highest corporate-tax rates on their worldwide income, also has some of the most energetic tax-avoiders.
These reforms would not be easy. Governments that try to lower corporate tax rates will be accused of caving in to blackmailing capitalists. Financial centres and incorporation hubs, from the City of London to Delaware, will fight any attempt to tighten their rules. But if politicians really want to tax the missing $20 trillion, that’s where they should start.
source: economist.com
Monday, February 18, 2013
Tα τελικά αποτελέσματα των προεδρικών εκλογών
Λευκωσία: Ο Νίκος Αναστασιάδης με τον Σταύρο Μαλά θα αναμετρηθούν στον δεύτερο γύρο των προεδρικών εκλογών, την επόμενη Κυριακή 24 Φεβρουαρίου, σύμφωνα με τα επίσημα αποτελέσματα. Με καταμετρημένο το σύνολο των εκλογικών τμημάτων στην Κύπρο και στο εξωτερικό, ο Νίκος Αναστασιάδης συγκεντρώνει το 45,46% των ψήφων. Αντίπαλός του στο δεύτερο γύρο θα είναι ο Σταύρος Μαλάς που έλαβε το 26,91% των ψήφων.
Στην τρίτη θέση είναι ο υποψήφιος Γιώργος Λιλλήκας με 24,93%, ο οποίος στα πρώτα λεπτά της καταμέτρησης έδινε σκληρή μάχη με τον Στ.Μαλά για τη δεύτερη θέση.
Δείτε αναλυτικά τα αποτελέσματα κάνοντας "κλικ" εδώ.
Παγκύπρια - Τελικά
Εγγεγραμμένοι: 545.491 Ψήφισαν: 453.498 (83,14%) Αποχή: 91.993 (16,86%)
Έγκυρα: 441.212 (97,29%) Άκυρα: 7.826 (1,73%) Λευκά: 4.460 (0,98%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 45,46% - 200.571
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 26,91% - 118.725
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 24,93% - 110.000
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 0,88% - 3.900
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,61% - 2.680
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,43% - 1.896
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,29% - 1.278
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,18% - 792
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,16% - 723
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,10% - 434
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,05% - 213
Λευκωσία - Τελικά
Εγγεγραμμένοι: 213.148 Ψήφισαν: 175.738 (82,45%) Αποχή: 37.410 (17,55%)
Έγκυρα: 171.020 (97,32%) Άκυρα: 2.846 (1,62%) Λευκά: 1.872 (1,07%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 45,08% - 77.092
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 26,15% - 44.725
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 25,87% - 44.241
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 0,87% - 1.481
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,73% - 1.245
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,57% - 979
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,25% - 431
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,24% - 407
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,17% - 297
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,04% - 62
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,04% - 60
Λεμεσός - Τελικά
Εγγεγραμμένοι: 149.491 Ψήφισαν: 124.107 (83,02%) Αποχή: 25.384 (16,98%)
Έγκυρα: 120.585 (97,16%) Άκυρα: 2.372 (1,91%) Λευκά: 1.150 (0,93%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 46,20% - 55.709
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 25,85% - 31.174
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 25,68% - 30.972
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 0,75% - 903
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,57% - 692
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,33% - 394
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,18% - 213
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,16% - 195
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,12% - 140
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,09% - 106
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,07% - 87
Αμμόχωστος - Τελικά
Εγγεγραμμένοι: 29.974 Ψήφισαν: 25.269 (84,30%) Αποχή: 4.705 (15,70%)
Έγκυρα: 24.496 (96,94%) Άκυρα: 526 (2,08%) Λευκά: 247 (0,98%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 55,66% - 13.634
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 26,35% - 6.454
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 14,45% - 3.539
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 1,12% - 275
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,77% - 189
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,65% - 158
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,46% - 113
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,23% - 56
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,19% - 47
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,07% - 16
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,06% - 15
Λάρνακα - Τελικά
Εγγεγραμμένοι: 90.694 Ψήφισαν: 76.451 (84,30%) Αποχή: 14.243 (15,70%)
Έγκυρα: 74.494 (97,44%) Άκυρα: 1.232 (1,61%) Λευκά: 725 (0,95%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 45,50% - 33.896
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 33,14% - 24.685
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 18,97% - 14.131
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 0,77% - 572
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,49% - 368
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,45% - 338
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,37% - 273
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,14% - 106
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,12% - 91
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,02% - 18
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,02% - 16
Πάφος - Τελικά
Εγγεγραμμένοι: 47.743 Ψήφισαν: 40.219 (84,24%) Αποχή: 7.524 (15,76%)
Έγκυρα: 39.241 (97,57%) Άκυρα: 634 (1,58%) Λευκά: 344 (0,86%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 38,34% - 15.044
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 36,06% - 14.149
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 22,39% - 8.785
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 1,40% - 549
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,57% - 224
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,40% - 157
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,27% - 104
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,27% - 104
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,14% - 55
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,14% - 53
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,04% - 17
Εξωτερικό - Τελικά
Εγγεγραμμένοι: 14.441 Ψήφισαν: 11.553 (80,00%) Αποχή: 2.888 (20,00%)
Έγκυρα: 11.219 (97,11%) Άκυρα: 216 (1,87%) Λευκά: 118 (1,02%)
ΝΙΚΟΣ ΑΝΑΣΤΑΣΙΑΔΗΣ 45,43% - 5.097
ΣΤΑΥΡΟΣ ΜΑΛΑΣ 31,90% - 3.579
ΓΙΩΡΓΟΣ ΛΙΛΛΗΚΑΣ 19,87% - 2.229
ΓΕΩΡΓΙΟΣ ΧΑΡΑΛΑΜΠΟΥΣ 1,06% - 119
ΠΡΑΞΟΥΛΑ ΑΝΤΩΝΙΑΔΟΥ ΚΥΡΙΑΚΟΥ 0,56% - 63
ΜΑΚΑΡΙΑ ΑΝΤΡΗ ΣΤΥΛΙΑΝΟΥ 0,29% - 33
ΚΩΣΤΑΣ ΚΥΡΙΑΚΟΥ(ΟΥΤΟΠΟΣ) 0,26% - 29
ΛΑΚΗΣ ΙΩΑΝΝΟΥ 0,23% - 26
ΛΟΥΚΑΣ ΣΤΑΥΡΟΥ 0,13% - 15
ΣΟΛΩΝ ΓΡΗΓΟΡΙΟΥ 0,13% - 15
ΑΝΔΡΕΑΣ ΕΥΣΤΡΑΤΙΟΥ 0,12% - 14
source: philenews.com
Saturday, February 16, 2013
Financial Crisis Cost Tops $22 Trillion, GAO Says
The 2008 financial crisis cost the U.S. economy more than $22 trillion, a study by the Government Accountability Office published Thursday said. The financial reform law that aims to prevent another crisis, by contrast, will cost a fraction of that.
"The 2007-2009 financial crisis, like past financial crises, was associated with not only a steep decline in output but also the most severe economic downturn since the Great Depression of the 1930s," the GAO wrote in the report. The agency said the financial crisis toll on economic output may be as much as $13 trillion -- an entire year's gross domestic product. The office said paper wealth lost by U.S. homeowners totalled $9.1 billion. Additionally, the GAO noted, economic losses associated with increased mortgage foreclosures and higher unemployment since 2008 need to be considered as additional costs.
The report, five years after the collapse of mortgage-focused hedge funds in late-2007 set off a yearlong banking panic and a deep recession, was published as part of a cost-benefit analysis of the Dodd-Frank financial reform law of 2010. The GAO tried to determine if the benefits of preventing a future economic meltdown exceeded the costs of implementing that law.
"If the cost of a future crisis is expected to be in the trillions of dollars, then the act likely would need to reduce the probability of a future financial crisis by only a small percent for its expected benefit to equal the act’s expected cost," the GAO concluded.
Federal agencies have spent some $1.1 billion in implementing the law, the report found. Financial companies, and therefore the wider economy, will shoulder some costs, although the GAO noted "no comprehensive data are readily available on the costs that the financial services industry is incurring to comply with the Dodd-Frank Act."
It's unclear whether the report will mollify critics of the Dodd-Frank law.
Sen. Mike Crapo of Idaho, the top Republican on the Senate Banking Committee, said he was "concerned that the regulators do not understand the cumulative effect of the hundreds of proposed rules."
"There is a bipartisan concern that some of the Dodd-Frank rules go too far and need to be fixed," Crapo said during a Banking Committee hearing Thursday on implementation of the law.
The GAO noted it was not the first to estimate costs of the financial crisis. Non-profit financial reform advocacy group Better Markets last year pegged the cost of the crisis at $12.8 trillion, but warned many economic costs were impossible to measure.
"The consequences of such losses to a society are indeterminable, but potentially very far-reaching and long-lasting," the Better Markets report stated.
Dennis Kelleher, CEO of Better Markets, on Thursday praised the GAO report, saying in a statement that while "Wall Street and its many allies baselessly complaining about the cost" of Dodd-Frank, "they never mention that it was Wall Street’s reckless investments and trading that caused the biggest financial collapse since the Great Crash of 1929 or the trillions of dollars in costs they inflicted on our country.
"That economic wreckage can still be seen from coast to coast in unemployment, foreclosed and underwater homes, lost retirements and educations and so much more,” Kelleher said.
http://www.huffingtonpost.com/2013/02/14/financial-crisis-cost-gao_n_2687553.html?utm_hp_ref=tw
Friday, February 15, 2013
Thursday, February 14, 2013
Κύπρος: Μεγαλώνει η ύφεση
Σύμφωνα με στοιχεία που ανακοίνωσε η Στατιστική Υπηρεσία, η οικονομία συρρικνώθηκε κατά 3% σε ετήσια βάση – με το μεγαλύτερο ρυθμό από τότε που υπάρχουν διαθέσιμα τριμηνιαία στοιχεία.
Οι επιδράσεις της αβεβαιότητας που δημιούργησε η συζήτηση για το μνημόνιο είναι εμφανείς αφού η συρρίκνωση επιταχύνθηκε από το 2,2% που είχε φθάσει το τρίτο τρίμηνο.
Είναι το έκτο συνεχές τρίμηνο που συρρικνώνεται η οικονομία.
Οι δημοσιονομικοί στόχοι του μνημονίου στηρίζονται σε παραδοχές ότι η συρρίκνωση της οικονομίας θα περιοριζόταν στο 2,1% το 2012 και στο 3,5% το 2013.
Σύμφωνα με τα στοιχεία της Υπηρεσίας, αρνητικούς ρυθμούς ανάπτυξης παρουσίασε ο δευτερογενής τομέας της οικονομίας (κατασκευές, βιομηχανία), όπως επίσης οι τομείς του εμπορίου, των μεταφορών και των υπηρεσιών (δημόσια διοίκηση, ψυχαγωγικές και πολιτιστικές δραστηριότητες). Παρά τις ανησυχίες που δημιούργησε η κατάσταση με το μνημόνιο για τον κλάδο του international business, ο τομέας των νομικών και λογιστικών υπηρεσιών παρουσίασε θετικό ρυθμό ανάπτυξης.
Σε τριμηνιαία βάση, δηλαδή σε σχέση με το τρίτο τρίμηνο του 2012, η οικονομία συρρικνώθηκε κατά 1% έναντι συρρίκνωσης 0,7% το τρίτο τρίμηνο.
Συρρίκνωση και στην ευρωζώνη
Συρρίκνωση σημείωσε το τέταρτο τρίμηνο του έτους και η οικονομία στην ευρωζώνη και ΕΕ αλλά με ηπιότερους ρυθμούς.
Σύμφωνα με στοιχεία που δημοσίευσε σήμερα η Eurostat, η οικονομία της ευρωζώνης συρρικνώθηκε κατά 0,9% σε σχέση με το τέταρτο τρίμηνο του 2011 και στην ΕΕ κατά 0,6%.
Το τρίτο τρίμηνο η οικονομία της ευρωζώνης συρρικνώθηκε κατά 0,6% και της ΕΕ κατά 0,4%.
Το ΑΕΠ της Γερμανίας αυξήθηκε κατά 0,4% έναντι αύξησης 0,9% το τρίτο τρίμηνο και της Γαλλίας 0,2 μειώθηκε κατά 0,3% έναντι στασιμότητας το δεύτερο τρίμηνο. Στην Ελλάδα, η συρρίκνωση της οικονομίας μειώθηκε στο 6% έναντι συρρίκνωσης 6,7% το τρίτο τρίμηνο.
Σε τριμηνιαία βάση, το ΑΕΠ της ευρωζώνης το τέταρτο τρίμηνο του 2012 μειώθηκε κατά 0,6% σε σχέση με το τρίτο τρίμηνο του 2012 και στην ΕΕ μειώθηκε κατά 0,5%.
Το τρίτο τρίμηνο του 2012 η οικονομία της ευρωζώνης συρρικνώθηκε κατά 0,1% και στην ΕΕ σημειώθηκε αύξηση 0,1%.
Για την Ελλάδα, δεν υπάρχουν στοιχεία για την τριμηνιαία μεταβολή του ΑΕΠ.
Η γερμανική οικονομία βρίσκεται προ του φάσματος της ύφεσης με την οικονομία της να παρουσιάζει σημαντική τριμηνιαία συρρίκνωση.
Η οικονομία της Γερμανίας συρρικνώθηκε κατά 0,6% και της Γαλλίας κατά 0,3%.
source: stockwatch.com.cy
American, US Airways merging, US Airways says
(MoneyWatch) American Airlines and US Airways (LCC) are merging, US Airways announced on its website, creating the world's biggest carrier.
Under the deal, the combined airline would keep the "American" name. It would still require federal approval, although that is virtually ensured. US Air CEO Doug Parker is expected to lead the combined company.
A merger of US Air and American would surpass a 2010 tie-up between United Airlines (UAL) and Continental and a 2008 deal joining Delta (DAL) and Northwest. The merged American would be the largest carrier and sport a market valuation of roughly $10 billion.
Although airlines tout such consolidation as a way to cut costs and expand service amid intense competition, whether industry mergers raise fares is an open question. Many analysts say yes because reduced competition in any business often results in higher prices. One study found that ticket prices went up more than 20 percent between Detroit and Atlanta after Delta bought Northwest. Fares went up more than 30 percent on routes between Chicago and Houston, as well as Newark to San Francisco, after the United-Continental deal.
In seeking to run more efficiently, merging airlines also often cut capacity and eliminate routes.
Other analysts are more optimistic about the potential benefits to travelers. They say the three largest U.S. airlines still must compete with discount carriers such as Southwest (LUV), which has flourished for years by offering low-cost flights and no-frills service.
The consolidation trend is largely blamed on the price of fuel. Oil now costs so much more per barrel than it did 10 years ago that one analyst says the margin of profit on many flights has shrunk to the value of a single seat. That means an airline can lose money if it flies with one single empty middle seat. The days of elbow room are over.
http://www.cbsnews.com/8301-505123_162-57569255/american-us-airways-merging-us-airways-says/
Rio Tinto posts first loss
Mining powerhouse Rio Tinto has reported a net loss of $US2.99 billion ($2.9 billion) - the first in its history - dragged down by well-flagged impairments against its aluminium and Mozambique coal assets.
After one-offs, Rio’s operating profit exceeded expectations, reporting underlying earnings of $US9.3 billion ($9 billion) in 2012, above the consensus of analyst estimates of $US9.1 billion.
We see the positive momentum in the fourth quarter of last year being sustained into 2013 with Chinese GDP growth returning to above 8 per cent.
Rio lifted its annual dividend to $US1.67 a share, up 15 per cent on the previous year, including a 94.5 cent final dividend, up from 91 cents a year earlier.
The miner said the 2012 underlying financial results, down significantly on the $US15.5 billion reported in 2011, reflected record iron ore production and shipments and a second half recovery in copper volumes.
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Iron ore dominated the results delivering $US9.2 billion in net earnings, down from $US13.3 billion a year ago. Copper delivered $US1.1 billion in net earnings followed by energy ($US283 million), diamonds and other minerals ($119 million) and aluminium ($3 million).
One lead broking analyst speaking off the record said at first blush Rio's results were "a good set of numbers, across the board."
The higher dividend, he said, was "a nice surprise. It's good to see them returning cash. It's what the market wants".
Chinese growth above 8% tipped
Chairman Jan du Plessis said the increase in the dividend reflected the improvement in Rio's existing businesses.
In a statement, Rio chief executive Sam Walsh said his immediate priority was to "build more focus, discipline and accountability throughout the organisation".
“In 2012 we generated strong margins in copper, iron ore and minerals," Mr Walsh said. "But our aluminium and energy businesses faced a deterioration in market conditions coupled with rising costs which we are addressing through our cost saving and value enhancement programs.
“Looking ahead, we see the positive momentum in the fourth quarter of last year being sustained into 2013 with Chinese GDP growth returning to above 8 per cent in 2013," he said. "We expect market uncertainty and price volatility to persist as long as the structural issues in Europe and the United States remain unresolved.
Rio also announced the appointment of Andrew Harding as the new chief executive of its iron ore division. Mr Harding, a 21-year veteran at Rio, was previously head of copper.
His successor as copper chief executive is Jean-Sebastien Jacques, formerly president of Rio's international copper operations. Both men will join Rio's executive committee.
No mining tax paid
Mr Walsh commented on the mining tax, which so far has delivered just $126 million in its first two quarters, saying the MRRT was designed as a tax on super profits, not normal profits, and was "actually operating as it was physically designed" given commodity prices in 2012 were lower than 2011, and mining profits had dropped.
He said that Rio Tinto so far has not paid any MRRT.
Mr Walsh said there was "a feeling out there we're not paying our way in relation to tax".
"People need to understand Rio Tinto is one of the highest tax payers in Australia. We are paying our way," Mr Walsh said.
"Businesses like ours are investing billions, we're taking the risk of commodity cycle, we need a return on these investments
Mr Walsh said mining companies needed a steady tax regime to continue to invest, "not chopping and changing and moving the hurdles at every opportunity".
Impairments hit $US14.4 billion
The miner's net loss follows the shock ‘'dismiss-ignation'’ of former chief executive Tom Albanese in mid-January, and his replacement by Australian Mr Walsh, the long-serving iron ore chief executive.
Rio announced the surprise departure of Mr Albanese and energy chief Doug Ritchie on January 17, along with impairments of $US14.4 billion including about $US2.9 billion against the Mozambique coal assets acquired in the 2011 takeover of Riversdale Mining, and a further $US11 billion against its aluminium assets.
Rio has been plagued by the debt-fuelled acquisition of Alcan for $US38 billion in July 2007, which almost destroyed the company during the financial crisis.
Rio has since decided to sell or spin-off Pacific Aluminium and its prospects improved on Wednesday after the Northern Territory government offered to make cheap gas available to keep its struggling Gove alumina refinery at Nhulunbuy up and running. Rio is also trying to exit diamonds.
The elevation of Mr Walsh, formerly responsible for the Pilbara operations that deliver approximately 85 per cent of Rio’s earnings, was welcomed by investors as heralding a return to more disciplined capital management.
Rio’s ASX-listed shares have risen 11.6 per cent from $64.60 at the time of the appointment, to close at $72.07 today, up 2.3 per cent on the day.
In a profit preview this week, Deutsche Bank analysts said the 2012 results would signal ‘‘the return of the Rio of old; focused on productivity, costs, and maximising project returns’’.
Focus on cost cutting
Mr Walsh said in his statement that this year and 2014 will attempt to lift margins at existing businesses "by unlocking substantial productivity improvements, aggressively reducing costs and better managing our sustaining capital".
"We are targeting cumulative cash cost savings of more than $US5 billion to be achieved over the next two years, equivalent to an annual run rate of $US3 billion by 2014, assuming stable market and operating conditions, with significant additional cash savings in sustaining capital expenditure and exploration and evaluation spend."
http://www.smh.com.au/business/earnings-season/rio-tinto-posts-first-loss-20130214-2efer.html
Wednesday, February 13, 2013
Fitch: Πτώση 33% στις τιμές των ελληνικών ακινήτων από το 2008
Σύμφωνα με τα στοιχεία, οι τιμές των ακινήτων μειώθηκαν στο τελευταίο τρίμηνο 2012 κατά 2,8% στην Αθήνα, 2,3% στη Θεσσαλονίκη και 2,6% στις άλλες πόλεις.
Από τα προηγούμενα υψηλά τους, οι τιμές έχουν μειωθεί κατά 24,7% στην Αθήνα, κατά 29,6% στη Θεσσαλονίκη και κατά 22% στις άλλες χώρες.
Μετά από αυτά, όμως, η Fitch εκτιμά ότι η πτώση θα έχει και συνέχεια, καθώς υπολογίζει ότι οι τιμές θα πιάσουν “πάτο” όταν θα έχουν μειωθεί κατά 35% στην Αθήνα, 40% στη Θεσσαλονίκη και 30% στις άλλες πόλεις.
«Η τάση στις τιμές των κατοικιών αντανακλά τη γενικότερη εξασθένιση της ελληνικής οικονομίας κατά τα τελευταία χρόνια. Έπειτα από την ήπια επιδείνωση των οικονομικών συνθηκών το 2009, οι υφεσιακές πιέσεις εντάθηκαν από το 2010, καθώς τα μέτρα λιτότητας επηρέασαν την ικανότητα και την προθυμία των δανειοληπτών να εξυπηρετήσουν τα υφιστάμενα στεγαστικά δάνεια», εξηγεί η Fitch, προβλέποντας τη συρρίκνωση της ελληνικής οικονομίας κατά 4% φέτος.
Κι όλα αυτά τη στιγμή που καταρρέει η οικοδομή και το απόθεμα των απούλητων σπιτιών έχει φτάσει τα 270.000.
Σύμφωνα με την ΕΛΣΤΑΤ, το Νοέμβριο του 2012 εκδόθηκαν μόλις 1.150 οικοδομικές άδειες που αντιστοιχούν σε 189,7 χιλιάδες τ.μ.. Παρουσίασε δηλαδή μείωση κατά 66,5% στον αριθμό των αδειών, κατά 64% στην επιφάνεια και κατά 66,1% στον όγκο σε σχέση με τον αντίστοιχο μήνα του 2011.
Σημαντική είναι η υποχώρηση στην οικοδομή και την περίοδο Δεκέμβριος 2011-Νοέμβριος 2012 καθώς καταγράφεται μείωση 37,3% στον αριθμό των αδειών, 35,4% στην επιφάνεια και 33,9% στον όγκο. Τη «χρυσή» περίοδο για την αγορά ακινήτων, το 2005 είναι χαρακτηριστικό ότι σε 10 μήνες είχαν εκδοθεί σχεδόν 70.000 άδειες ενώ το 2012 μόλις 20.000, δηλαδή 50.000 οικοδομικές άδειες λιγότερες.
Ένας μεγάλος αριθμός από τις εκδοθείσες άδειες δεν χτίστηκαν ποτέ ενώ χιλιάδες σπίτια έχουν μείνει ημιτελή, εξαιτίας της παντελούς έλλειψης αγοραστικού ενδιαφέροντος.
Σύμφωνα, μάλιστα, με τις τελευταίες προβλέψεις, σε όλη την Ελλάδα υπάρχουν περί τα 270.000 ακίνητα που αναζητούν μάταια αγοραστή.
Εντυπωσιακή είναι η ανάλυση που κάνει το Οικονομικό Πανεπιστήμιο Αθηνών σχετικά με το πότε θα μπορούσε να επανέλθει ο κλάδος της οικοδομής στα επίπεδα του 2005. Με βάση τον αριθμό των αδειών, αν από σήμερα η κτηματαγορά άρχισε να κινείται με ρυθμό αύξησης αδειών κατά 17,1% ετησίως θα χρειαστεί μια 8ετία για να επανέλθει στη «χρυσή» περίοδο. Ή αλλιώς, για να φτάσει η σημερινή ιδιωτική οικοδομική δραστηριότητα στα επίπεδα του 2005 θα πρέπει να αυξηθεί κατά 254%.
Με βάση τον όγκο, μάλιστα, απαιτείται ετήσιος ρυθμός της τάξης του 22% για 8 χρόνια, δηλαδή για να φτάσει στα επίπεδα του 2005 χρειάζεται αύξηση κατά 389%. Παράγοντες της αγοράς εκτιμούν ότι είναι αδύνατο να συμβεί κάτι τέτοιο, οπότε η οικοδομή για να «αναγεννηθεί» θα πρέπει να περάσουν περισσότερα από 8 χρόνια.
Η κατάρρευση της οικοδομής απειλεί άμεσα την οικονομία, τόσο εξαιτίας της δραματικής υποχώρησης των εσόδων από την κατασκευή νέων κτιρίων αλλά και τις πωλήσεις κατοικιών όσο και λόγω της μεγάλης πτώσης του τζίρου σε δεκάδες επαγγέλματα. Σύμφωνα με τον πρόεδρο της Ενωσης Κατασκευαστών Κτιρίων Ελλάδος, Δημ. Καψιμάλη, «14.000 οικοδομικές επιχειρήσεις έχουν παγώσει τη δραστηριότητά τους, ενώ 1 εκατ. εργαζόμενοι στην οικοδομή και σε περισσότερα από 140 συναφή επαγγέλματα είναι στην ουσία άνεργοι».
Οσο για τις άμεσες απώλειες για την ελληνική οικονομία, σύμφωνα με έρευνα της Alpha Bank, από το 2000 μέχρι το 2012, οι επενδύσεις σε κατοικίες μειώθηκαν κατά 70%, δηλαδή χάθηκαν 7 στα 10 ευρώ.
Προβλέψεις
Σύμφωνα με τις προβλέψεις της εταιρείας συμβούλων ακινήτων, Colliers, το 2013 θα υπάρξει σταθεροποίηση και αργή ανάκαμψη. Ωστόσο, οι προβλέψεις της βασίζονται στο γεγονός ότι θα αποκατασταθεί η επιχειρηματική εμπιστοσύνη στην ελληνική αγορά και οι αποκρατικοποιήσεις θα αποτελέσουν την αιχμή του δόρατος. Η εταιρεία εκτιμά ότι οι μεταρρυθμίσεις κτίζουν βάσεις για τη δημιουργία ευκαιριών στην αγορά ακινήτων. Ειδικά για την αγορά γραφείων η Colliers αναμένει σταθεροποίηση στα ενοίκια κεντρικών αγορών και νέα μείωση 15%-25% στις δευτερεύουσες αγορές.
source: stockwatch.com.cy
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