Showing posts with label Keeps. Show all posts
Showing posts with label Keeps. Show all posts
Sunday, March 30, 2014
Saturday, March 29, 2014
The "Massive Gift" That Keeps On Giving: How QE Boosted Inequality To Levels Surpassing The Great Depression
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The "Massive Gift" That Keeps On Giving: How QE Boosted Inequality To Levels Surpassing The Great Depression
10 Bisexual Celebrities That Everyone Keeps Labeling As Gay Or Straight
At Hey WTF? News, the privacy of our visitors is of extreme importance to us (See this article to learn more about Privacy Policies.). This privacy policy document outlines the types of personal information is received and collected by Hey WTF? News and how it is used.
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Hey WTF? News does use cookies to store information about visitors preferences, record user-specific information on which pages the user access or visit, customize Web page content based on visitors browser type or other information that the visitor sends via their browser.
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You should consult the respective privacy policies of these third-party ad servers for more detailed information on their practices as well as for instructions about how to opt-out of certain practices. Hey WTF? News"s privacy policy does not apply to, and we cannot control the activities of, such other advertisers or web sites.
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10 Bisexual Celebrities That Everyone Keeps Labeling As Gay Or Straight
Tuesday, March 4, 2014
Reddit User Recovers Altered Video of Cop, Keeps Man Out of Jail
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Reddit User Recovers Altered Video of Cop, Keeps Man Out of Jail
Saturday, February 1, 2014
Thursday, November 21, 2013
Europe bank payouts capped as capital bar keeps rising
Europe bank payouts capped as capital bar keeps rising
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/11/0e5a8__?m=02&d=20131121&t=2&i=813916563&w=460&fh=&fw=&ll=&pl=&r=CBRE9AK1EZ600.jpg
LONDON
Christmas decoration is placed around the logo of Swiss bank Credit Suisse beside the entrance to its headquarters in Zurich November 21, 2013.
Credit: Reuters/Arnd Wiegmann
LONDON (Reuters) – Shareholders’ expectations for bank dividends have declined after lenders ramped up capital levels in the third quarter, spooked by a mega fine against JP Morgan (JPM.N) and spiraling regulatory demands.
Major banks including Credit Suisse (CSGN.VX), UBS (UBSN.VX) and Deutsche Bank (DBKGn.DE) either specifically set aside more for litigation costs or rebuilt capital at one of the fastest rates since the financial crisis in the last quarter, cutting the payout pool for yield-hungry investors.
Banks are keen to lift their dividends after cuts following the financial crisis, but a big jump in payouts may now be delayed until 2015 from a previously-hoped-for 2014.
“Banks have to maintain or strengthen their capital ratios. They want to pay dividends to shareholders and if they have to pay fines, something has to give,” Alain Stangroome, head of group capital planning at HSBC, said at the Thomson Reuters IFR conference on bank capital on Thursday.
The prospect of a record $ 13 billion deal between JP Morgan and U.S. authorities to settle investigations into the sale of mortgage debt encouraged European rivals to set aside more cash to cover misconduct risk. The settlement, the largest levied on a single firm, was confirmed this week.
“The (conduct and litigation cost) numbers have lost the capacity to shock and we’ve seen an arms race in terms of the numbers involved,” said John-Paul Crutchley, analyst at UBS.
As well as larger fines for misconduct, regulators in Switzerland, Britain, Sweden and elsewhere are ratcheting up capital requirements to avert a replay of the financial crisis.
The regulatory squeeze saw banks get their balance sheets into better shape in the July-September period and that trend is expected to continue in the fourth quarter.
Europe’s banks raised their core Tier 1 capital ratios, the central measure of a bank’s financial strength, by 36 basis points (bps) on average in the third quarter, lifting their increase in the past year to 105 bps, said analysts at Barclays.
Credit Suisse’s core capital jumped by 100 basis bps in the latest quarter, while rival UBS increased its ratio by 70 bps and there were increases of 60 bps at HSBC (HSBA.L) and 46 bps at Spain’s Santander (SAN.MC).
Nordic banks, already better capitalized than most European rivals, extended that gap as core capital ratios at SEB (SEBa.ST) and Handelsbanken (SHBa.ST) rose by 100 bps or more.
The way banks report can vary but capital levels have broadly doubled since the 2007/08 crisis, helped by emergency cashcalls and cuts to dividends.
“NEW GOLD STANDARD”
Some regulators have signaled they may move further to “gold-plate” national capital standards, meaning that investors will generally expect banks to hold common equity of 12 percent of their risk-weighted assets, compared to 7 percent under incoming global rules, and a total capital ratio of 20 percent.
“Twelve and 20 … that seems to be becoming the new gold standard,” said Simon McGeary, MD of new products at Citi.
Royal Bank of Scotland (RBS.L) bumped up its target for core capital to 12 percent from 10 percent earlier this month.
Switzerland’s finance minister said banks there could need a leverage ratio of 6-10 percent, more than double the global standard, and UBS was hit with a temporary top-up of capital it holds for potential legal and compliance costs.
Britain is finalizing plans that look set to ramp up capital demands, Stockholm is also increasing pressure on its banks and an upcoming review of the quality of assets across euro zone banks are further reasons for a conservative approach.
“The unpredictability quotient on regulation has risen… which makes it difficult for banks to have as much confidence as they’d like that they won’t fall foul of regulatory change at a later date,” said Mike Harrison, analyst at Barclays.
Many banks are still expected to raise their dividends – including HSBC, BNP Paribas, UBS and Nordea (NDA.ST) – but investors may need to wait until 2015 for big increases.
Analysts at Credit Suisse have forecast UBS’s dividend yield will rise to 3.8 percent in 2015 from 1.2 percent in 2013.
Yields at Nordea should nudge to 7.7 percent in 2015 from 6.1 percent this year, HSBC’s should rise to 6.8 percent from 5.5 percent and SocGen to 5.9 percent from 2.1 percent over the same period, according to the Credit Suisse forecast.
U.S. rivals have also been keen on raising dividends and buying back more stock, but their distribution plans have been under strict scrutiny from the Federal Reserve. The regulator can approve or reject plans and a handful – including Citi (C.N) and Bank of America (BAC.N) – have had plans rejected.
For Spain’s banks, the balance sheet scrutiny and the prospect of stricter definitions of capital adds to the need for them to cut payouts, analysts said.
Payouts to Spanish retail shareholders, who are also typically customers, is important to many banks, but Santander – which paid out more than 200 percent of its profits in dividend last year – is expected to follow BBVA, which has cut this year’s dividend and capped next year’s payouts.
(Additional reporting by Sarah White in Madrid and Lauren Tara LaCapra. Editing by Carmel Crimmins and Gareth Jones)
Read more about Europe bank payouts capped as capital bar keeps rising and other interesting subjects concerning Business at TheDailyNewsReport.com
Friday, November 1, 2013
All-Time High Unemployment: The Economic Depression In Europe Just Keeps Getting Deeper
Michael Snyder
Economic Collapse
November 1, 2013
The unemployment rate in the eurozone is higher than it has ever been before. This week we learned that eurozone unemployment came in at an all-time high of 12.2 percent for September. Back in January 2012, it was sitting at just 10.4 percent. So anyone that believes that “things are getting better” in Europe is just being delusional. In fact, the economic depression in Europe just keeps getting deeper. The funny thing is that the mainstream media will barely call what is going on in Europe a “recession” even though the unemployment rates in both Spain and Greece are now much higher than anything that the United States ever experienced during the “Great Depression” of the 1930s. There haven’t been as many headlines about the financial crisis in Europe lately because the ECB has been papering over the debt problems of the periphery (at least for the moment), but the economic conditions on the ground for average Europeans just continue to get even worse. Later on in this article, you will read about a 25-year-old Spanish man with three college degrees that moved to London in a desperate search for a job who is now cleaning up poop for a living. The economic collapse of Europe continues to march on, and there is no end in sight.
All you have to do is look at the latest unemployment numbers to realize that things are getting worse in Europe.
In Italy, the unemployment rate is up to 12.5 percent.
In January 2012, less than two years ago, it was sitting at just 8.9 percent.
In Greece, the unemployment rate is up to an astounding 27.6 percent.
In January 2012, it was sitting at just 21.4 percent.
In Spain, the unemployment rate is up to 26.6 percent.
In January 2012, it was sitting at just 22.8 percent, and all the way back in January 2008 it was just 8.6 percent.
The youth unemployment statistics in the eurozone are even more horrifying…
Unemployment among the under-25s rose by 22,000 in September to 3,548,000 – nudging up youth jobless rate to 24.1%. In France, the youth jobless rate jumped from 25.6% to 26.1%, while in Italy it increased from 40.2% to 40.4%.
But as bad as those numbers are, they are nothing compared to what is going on in Spain and Greece. In Spain, the youth unemployment rate is up to 56.5 percent, and in Greece the youth unemployment rate is up to 57.3 percent.
And of course unemployment is not the only problem that the European economy is dealing with right now. The following are some more facts about the European economy that show that the economic depression in Europe just keeps getting deeper…
-European car sales are on pace to hit a 23 year low in 2013.
-The percentage of “bad loans” in Spain has soared to a new all-time record high.
-The number of mortgage applications in Spain has fallen 90 percentsince the peak of the market.
-Citigroup is projecting that the unemployment rate in Greece will reach32 percent in 2015.
-Over the last several years, Italy has experienced the biggest collapse in GDP growth that it has ever seen. Overall, the GDP of Italy has contracted by about 8 percent since 2008.
-The number of unemployed workers in Cyprus is now five times higher than it was before the financial crisis of 2008.
-It is being projected that Spain’s debt to GDP ratio will rise to nearly 100 percent by the end of next year.
-The debt to GDP ratio of Portugal is already up to 123 percent.
-The debt to GDP ratio of Italy is already up to 127 percent.
-Even though Greece has implemented a whole host of “austerity measures”, the debt to GDP ratio of Greece is now up to 156 percent.
But what these numbers cannot really communicate is the tremendous amount of pain and despair that millions upon millions of Europeans are experiencing right now.
For example, consider the story of Benjamin Serra Bosch, a 25-year-old Spanish man that moved to London in a desperate search for a job. He has three college degrees, including a Master’s Degree from the IEBS Business School in Barcelona. The following is a rough translation of a message that he recently posted on Facebook…
My name is Benjamín Serra, I have two bachelor degrees and a master’s degree, and I clean toilets.
No, it is not a joke. I do it to pay the rent for my room in London.
I’ve been working in a famous chain of cafes in the United Kingdom since May, and for the first time today, after 5 months working there, I see it clearly. I have been cleaning toilets. My thought was: “I received distinction in my two degrees and I clean other peoples’ poop in a country that isn’t my own.” Well, I also make coffee, clean the tables and wash cups.
And I am not ashamed to do so. Cleaning is a very decent job. What embarrasses me is having to do so because no one has given me an opportunity in Spain. Like me, there are many Spaniards, especially in London. “You are a plague,” I was told once here. And let’s not kid ourselves. We are not young people on an adventure to learn the language and have new experiences. We are immigrants.
I’ve always been very proud, I am not going to deny. Those who know me, you know. And I have to bust out a smile at customers who look over my shoulder as I am simply a “barista” (as they call it here). Some are so outrageous that it makes me want to pull out my University and master degrees and put them in their face. But it would not really do anything. It appears that those titles now only serve to clean the poop that I clean from the toilets in the cafe. A pity.
I thought that it deserved something better after putting so much effort in my academic life. It seems that I was wrong.
As economic conditions continue to decline all over Europe, anger and frustration with the “European experiment” continue to grow. UKIP’s Nigel Farage expressed these sentiments very eloquently during a speech on the 23rd of October when he stated that “what we are saying, large numbers of us from every single EU member state is: we don’t want that flag, we don’t want the anthem that you all stood so ram-rod straight for yesterday, we don’t want EU passports, we don’t want political union.”
Unfortunately, the elite of Europe are so obsessed with their little experiment that the only “solutions” to these economic problems that they are even willing to consider involve even more European integration.
And Americans certainly should not be looking down their noses at what is happening in Europe.
What is going on in Italy, France, Spain and Greece will be coming here soon enough. In fact, even during the midst of this so-called “economic recovery”, poverty continues to absolutely explode in the United States.
Economic conditions in both the United States and Europe have never even gotten close to where they were prior to 2008, and now the next major wave of the economic collapse is rapidly approaching.
This is just the beginning. Things are going to get much worse in the years ahead.
This article was posted: Friday, November 1, 2013 at 5:59 am
Tags: economics, financial, money
All-Time High Unemployment: The Economic Depression In Europe Just Keeps Getting Deeper
Monday, October 28, 2013
Why the Threat of Recession Keeps Nobel Prize-Winning Economist Up At Night
Why the Threat of Recession Keeps Nobel Prize-Winning Economist Up At Night
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American economist Robert Shiller may be a winner of the 2013 Nobel Prize in economic sciences for his research into market prices and asset bubbles, but when The Daily Ticker caught up with him, he wasn’t particularly concerned about current market prices or asset bubbles.
So what keeps the Yale professor and S&P/Case-Shiller Home Price Index co-founder up at night?
“The world economy is softening a bit,” he tells us in the accompanying interview. “There’s always a chance of another recession. It’s been six years since the last recession started – they tend to come along with some regularity. Congress is now unable to get things done, and so we won’t have a good response if there’s another recession.”
Related: Future of the Housing Market Is ‘A Great Unknown’: Robert Shiller
Daily Ticker guest Jim Rickards told us earlier this month he expects a recession next year because the recovery is already four-years-old and from a business cycle perspective, we are almost at the end of a normal cyclical recovery. He also factored in economic drags like the sequester, government shutdown and the low labor force participation.
Related: Rickards on Fed & Yellen: Here Comes the ‘Helicopter Money’
Check out the video to find out Shiller’s favorite indicator to watch in order to know when a recession is coming.
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Read more about Why the Threat of Recession Keeps Nobel Prize-Winning Economist Up At Night and other interesting subjects concerning Commentary at TheDailyNewsReport.com
Wednesday, October 9, 2013
Saturday, June 15, 2013
Czech PM in survival struggle after court keeps aide in custody
OSTRAVA, Czech Republic (Reuters) – Coalition partners of Czech Prime Minister Petr Necas said they were considering whether they could stay in government with him on Saturday after a court ordered the detention of his close aide on corruption charges.
Czech PM in survival struggle after court keeps aide in custody
Czech PM in survival struggle after court keeps aide in custody
OSTRAVA, Czech Republic (Reuters) – Coalition partners of Czech Prime Minister Petr Necas said they were considering whether they could stay in government with him on Saturday after a court ordered the detention of his close aide on corruption charges. 
Czech PM in survival struggle after court keeps aide in custody
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