IMF: 「大到不能倒」問題未解決

IMF 剛公布的Global Financial Stability Report中,便計算了各個主要金融中心政府,所國內銀行題供的所謂「大到不能倒補貼(Too Big to Fail Subsidy)」。由下圖所見,情況未算理想,雖然美國及日本的補貼水平,已較金融海嘯高峰期為低,但仍未回到海嘯前的水平,而歐元區、英國的補貼更較高! 所謂的「大到不能倒補貼(Too Big to Fail Subsidy)」是指當巨型銀行知道當其營運出現問題,政府便會出手救助,這將間接令其得益,例如這些銀行可以較低利息成本吸收存款、可作較高風險而又有較高回報的投資、市值增長等,這些都是政府對大型銀行的「隱性補貼」。 Related Reading : http://www.reuters.com/article/2014/03/31/us-imf-financial-idUSBREA2U0TZ20140331?feedType=RSS&feedName=businessNews

美國Budget有Deal等如無財政危機?

美國民主共和兩黨上周就未來兩年的預算案逹成協議: 當大家認定美國兩黨惡鬥會持續下去,令十月初的債務危機及政府關門鬧劇重演之際,前幾天忽然傳來民主、共和兩黨國會代表就預算案(未來兩年)達成基本協議的消息,眾議院更已通過方案,只要民主黨控制的參議院也接納議案,困擾美國及全世界多時的財政懸崖將會暫時告一段落,政府關門的情況兩年內不會再出現。 (盧峯,截於蘋果日報) 有左呢個Budget Deal,係咪就好似上文所說,美國短期內唔會再有財政危機呢?   朋友,唔好咁天真啦!有左預算案協議,其實只係解決左其中一個美國政府財預危機,但另一大財政問題「Debt Ceiling」,其實係重未正式傾的。 而尋日共和黨的Paul Ryan就公開講: Paul Ryan, Republican chairman of the House budget committee, said his party planned to demand concessions from the White House in exchange for raising the country’s debt ceiling. Republicans would meet in January to discuss the options. “We don’t want … …閱讀全文…

Blackberry 又有高層走人

想賣左間公司,又賣唔出,Blackberry翻身就唯有將所有高層換晒佢。 之前CEO,CMO,COO同CFO都走左,而按Wall Street Journal報道,下年初公司副主席同負責拼購事務的主官都會離職: The leadership upheaval at BlackBerry Ltd. continues under interim Chief Executive John Chen, according to people familiar with the matter. The smartphone maker’s executive vice president in charge of global sales, Rick Costanzo, will be leaving the company by early next year, according to these people. … …閱讀全文…

日本救經濟奇招系列

日本安倍政府為左救起沉睡左20年的經濟,不斷出招。 除左最多人知的「安倍經濟學」三箭,其實重有唔少奇怪有趣招數的。 今期《經濟學人》就報道,日本打算容許大型企業的「娛樂應酬開支」可以部份免稅: Nothing formal has been announced yet, but Taro Aso, the finance minister, has floated the idea. Takashi Inoue of Keidanren, Japan’s main business lobby, expects that big firms will be permitted to deduct half of their entertaining outlays from the start of the next tax year, in … …閱讀全文…

美國就業改善的後果 (續集)

上回講到,由於ADP的就業數據太好,令到美股下跌,原因就是:就業表現太好就驚聯儲局「收水」。 尋日,美國的就業報告的表現,非常一致地有好表現:  Non-farm payrolls rose by 203,000 last month, beating the consensus forecast, while the jobless rate fell to a five-year low of 7.0 per cent. (FT) 連失業率都跌到7%,今次重唔「收水」!?美股跌梗啦!點知… Equity indices rose sharply, with the S&P 500 rising 1.1 per cent – breaking a five session run of losses – although the index … …閱讀全文…

卡梅倫叫英學生學好普通話

英國首相卡梅倫剛完成中國之行,他在訪問中國時的「親民」態度已經令不少英人反感。 誰知他一回到英國,就鼓勵英國學童要學好普通話,唔好再只係學法文、德文等: “By the time the children born today leave school, China is set to be the world’s largest economy,” Cameron said in an e-mailed statement. “So it’s time to look beyond the traditional focus on French and German and get many more children learning Mandarin.” The government has set … …閱讀全文…