News links for 5 Mar 2014
“We find that the initial signal of a possible change in U.S. monetary policy coincided with an increase in global risk aversion, which put downward pressure on global asset prices. “
“The average price for single-family detached houses sold in Greater Vancouver has soared to a record high of more than $1.36-million.”
Portugal’s government debt to gdp was 108,3% in 2011, 124,1% in 2012 and 129% in 2013.
Moodys has raised ratings on the two largest Spanish banks.
Santander issues 1.5 billion in contingent convertible debt.
rate down to 3.6% from 4%
“The number of Irish home loans in arrears for more than 90 days fell at the end of 2013 for the first time since the start of the country’s economic crisis, central bank data showed Tuesday, but household debt problems are likely to last for years to come.”
“With Russian soldiers occupying a part of Poland’s eastern neighbour, Marek Belka, the governor of Poland’s central bank, is calling for his country to take another look at joining the common currency. “This crisis shows that it is worth investing more in the European Union and as well it might be worth it to once again consider Poland joining the eurozone,” Belka said in Warsaw. “
“Now that Mr Putin has signalled in his press conference on March 4 that Russia’s military operations in Ukraine will not extend beyond the Crimea, and that Russia has no intention of annexing Crimea, the “punishments” which the US and EU hand out to Russia will probably be fairly symbolic. But this crisis will still deal a serious blow to the Russian economy. The risk of a recession is already heightened by the pro-cyclical rate hike announced by the Russian Central Bank on March 3 to prevent a run on the currency. Looking further ahead, a more serious issue for an economy in which all growth drivers except fixed asset investment are exhausted will be the blow to the confidence of investors – very much including domestic business owners, as well as foreign portfolio and strategic investors.”
“American media elites awash in an orgy of feel-good condemnation in particular love to mock Russian media, especially the government-funded English-language outlet RT, as being a source of shameless pro-Putin propaganda, where free expression is strictly barred (in contrast to the Free American Media). That that network has a strong pro-Russian bias is unquestionably true. But one of its leading hosts, Abby Martin, remarkably demonstrated last night what “journalistic independence” means by ending her Breaking the Set program with a clear and unapologetic denunciation of the Russian action in Ukraine”
Estimates for inflation in o are running at 31% in the year to February
“rather than deploy their abundant cash in new investments to expand capacity and tap new markets – which they have been very hesitant to do since the global financial crisis erupted – many companies have so far preferred (or have been pressured by activist investors) to give it back to shareholders.”
“Gains from trading bitcoins on online exchanges, purchases made with bitcoins and companies earning revenue from bitcoin transactions will be subject to Japanese tax”
“For the avoidance of any doubt, any person who actually thought my Twitter feed was literally about verbatim conversations overhead in the elevators of Goldman Sachs is an idiot. Newsflash: GSElevator has never been about elevators. And, it’s never been specifically about Goldman Sachs; it’s about illuminating Wall Street culture in a fun and entertaining way.”