Pubblicato in: Finanza e Sistema Bancario

Italia. Massoneria, PD e Banche in sofferenza. Palazzo Albergotti.

Giuseppe Sandro Mela.

2017-11-16.

Palazzo_Albergotti_esterno

Il 5 gennaio 1882 i massoni fondarono l’allora «Banca Mutua Popolare Aretina», che in seguito prese nome di Banca Popolare dell’Etruria e del Lazio.

«Finché Banca Etruria era presieduta e gestita dal nostro fratello Elio Faralli, vale a dire fino al 2004, era considerata un istituto in crescita… poi quelli che la ereditarono, che erano bischeri e non massoni, l’hanno portata alla crisi».

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«l’ex direttore del «Corriere della sera» Ferruccio de Bortoli …. nel libro «Poteri forti (o quasi)» ipotizza un ruolo della massoneria nel crollo della banca di Arezzo.»

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«E’ bufera ai vertici della Massoneria italiana»

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«Al Gran Maestro Stefano Bisi è giunta infatti una lettera che lo invita a dimettersi. La missiva sarebbe stata inviata dal Gran Tesoriere del Grande Oriente d’Italia (Goi) Giovanni Esposito, in pratica il “ministro delle finanze” dell’organizzazione»

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«Carissimo Venerabilissimo Gran Maestro …. con vivo rammarico e grande preoccupazione ho appreso della richiesta di rinvio a giudizio formulata nei tuoi confronti. Con sgomento poi constato che Ti si addebita una ipotesi di reato che appare lesiva della sensibilità sociale, particolarmente invisa alla pubblica opinione, e che inoltre colloca i fatti nell’ambito di uno dei più grandi scandali della Repubblica negli ultimi decenni …. dimettiti»

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«Di quale autorevolezza …. potresTi ora avvalerti per sospendere un Fratello che venga inquisito anche per gravi reati? (…) Purtroppo finora abbiamo lasciato trascorrere del tempo (…) Ma oggi la presunzione di innocenza non Ti può né ci può appagare, a fronte della fin troppo facile prevedibilità delle conseguenze che la Nostra Istituzione dovrà ulteriormente subire, oltre a quelle che già paga, se non interverrà la sola determinazione che la Tua saggezza non può non vedere come inevitabile: dimettiti, anche nel Tuo interesse»

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«Ti si addebita una ipotesi di reato che appare lesiva della sensibilità sociale, particolarmente invisa alla pubblica opinione. Dimettiti, anche nel Tuo interesse»

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Da quando è stata istituita il 24 giugno 1717 la massoneria reclama le dimissioni di quanti siano inquisiti. Ciò contrasta con l’asserita innocenza dell’inquisito prima, eventualmente imputato dopo, fino a sentenza cassata.

D’altra parte, reclamare le dimissioni all’atto della notifica di un avviso di reato è tipico di chi governa l’emissione di tali provvedimenti, specie poi se gli iter giudiziari si svolgano in tempi geologici.

È un efficientissimo strumento di killeraggio dei nemici politici, ed anche di quelli personali.

Massoneria e partiti politici a lei vicini se ne sono serviti alla grande.

Sempre che la pratica non sia provvidenzialmente archiviata dopo una decina di anni, sicuramente la Magistratura saprà fare luce su quanto accaduto nella Banca Popolare dell’Etruria e del Lazio, se non altro per documentazione storica.

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Notiamo solo un elemento.

Il Grande Oriente d’Italia si è spezzato in due fazioni: da quanto si constata esse si odiano a vicenda e nulla trascurano per assassinarsi.

E nella loro bega è stato trascinato buona parte del sistema bancario nazionale.


Ansa. 2017-11-03. I massoni liguri sono 950 divisi in 43 logge

Dopo il successo per l’open day dello scorso fine settimana, introdotto dal Gran Maestro del Grande Oriente d’Italia Stefano Bisi, la Casa Massonica di via La Spezia 7 a Genova tornerà ad aprirsi ai cittadinio sabato 4 e domenica 5 novembre dalle 10 alle 17. “Numeri oltre ogni aspettativa, un successo che ha superato le nostre previsioni”, sottolinea Carlo Alberto Melani, presidente del Collegio regionale del Goi. Il vertice della massoneria in Liguria ha anche dato i numeri: “I massoni in Liguria sono 950 divisi in 43 logge, di cui 380 a Genova in 16 logge. Abbiamo registrato un’affluenza straordinaria di persone che sono venute per vedere, capire, farsi un’opinione contro i luoghi comuni.

Abbiamo fatto visitare la nostra sede a tanti curiosi”. Nel fine settimana, nella casa massonica di via La Spezia, sarà protagonista anche la mostra sui tarocchi del pittore Carlo Piterà.



Il Tempo. 2017-05-13. Bisi: “Con i massoni Banca Etruria andava bene. Poi sono arrivati i politici”

Finché Banca Etruria era presieduta e gestita dal nostro fratello Elio Faralli, vale a dire fino al 2004, era considerata un istituto in crescita… poi quelli che la ereditarono, che erano bischeri e non massoni, l’hanno portata alla crisi». Stefano Bisi, Gran Maestro del Grande Oriente d’Italia, risponde così alle parole dell’ex direttore del «Corriere della sera» Ferruccio de Bortoli che nel libro «Poteri forti (o quasi)» ipotizza un ruolo della massoneria nel crollo della banca di Arezzo. Che peraltro proprio dai massoni fu fondata nel lontano 5 gennaio 1882 quando si chiamava «Banca Mutua Popolare Aretina».

[Testo riportato parzialmente causa copyright]


T News. 2017-05-13. Lo scandalo Mps investe i vertici della Massoneria: “Venerabilissimo Gran Maestro dimettiti”. La lettera

“Ti si addebita una ipotesi di reato che appare lesiva della sensibilità sociale, particolarmente invisa alla pubblica opinione. Dimettiti, anche nel Tuo interesse”

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E’ bufera ai vertici della Massoneria italiana. Al Gran Maestro Stefano Bisi è giunta infatti una lettera che lo invita a dimettersi. La missiva sarebbe stata inviata dal Gran Tesoriere del Grande Oriente d’Italia (Goi) Giovanni Esposito, in pratica il “ministro delle finanze” dell’organizzazione. Secondo quanto riporta Gianni Barbaceto sul Fatto Quotidiano, dietro la perentoria richiesta ci sarebbe la vicenda della sponsorizzazione della Mens Sana Basket da parte del Montepaschi di Siena.

Per quella questione Bisi “è imputato di ricettazione. Accusato di aver ricevuto prima del 2013, per almeno 24 mesi, una sorta di stipendio aggiuntivo mensile di 5mila euro pagato in nero da Ferdinando Minucci, il presidente della società sportiva” ai tempi della sponsorizzazione da parte della Banca senese. Il sodalizio aveva dettato legge nella pallacanestro nostrana vincendo di tutto per una decina d’anni, poi “era decaduta contestualmente al MPS che l’aveva sostenuta dal 2000 al 2014”.

La lettera

Il contenuto della lettera inviata da Esposito a Bisi è tranchant, nonostante i toni di circostanza: “Carissimo Venerabilissimo Gran Maestro – si legge nel testo pubblicato dal Fattocon vivo rammarico e grande preoccupazione ho appreso della richiesta di rinvio a giudizio formulata nei tuoi confronti. Con sgomento poi constato che Ti si addebita una ipotesi di reato che appare lesiva della sensibilità sociale, particolarmente invisa alla pubblica opinione, e che inoltre colloca i fatti nell’ambito di uno dei più grandi scandali della Repubblica negli ultimi decenni”. Il tutto si conclude con l’esortazione “dimettiti”.

(Il Gran Tesoriere Giovanni Esposito)

Logge divise

Bisi è Gran Maestro del Grande Oriente dal 2014 ed è vice direttore del Corriere di Siena. La richiesta di rinvio a giudizio nei suoi confronti ha spaccato in pratica le logge. Da una parte c’è chi vorrebbe che appendesse il prestigioso grembiulino al chiodo e dall’altra chi raccoglie firme per esprimergli solidarietà. Per il Gran Tesoriere la permanenza del Gran Maestro in carica sarebbe imbarazzante. “Di quale autorevolezza – incalza Esposito – potresTi ora avvalerti per sospendere un Fratello che venga inquisito anche per gravi reati? (…) Purtroppo finora abbiamo lasciato trascorrere del tempo (…) Ma oggi la presunzione di innocenza non Ti può né ci può appagare, a fronte della fin troppo facile prevedibilità delle conseguenze che la Nostra Istituzione dovrà ulteriormente subire, oltre a quelle che già paga, se non interverrà la sola determinazione che la Tua saggezza non può non vedere come inevitabile: dimettiti, anche nel Tuo interesse”.

(Stefano Bisi, Gran Maestro Goi)

Un documento di solidarietà a Bisi

Dopo aver ribadito al Fatto Quotidiano di essere “estraneo ai fatti contestati” e di “non volersi dimettere”, Bisi dice di “ricevere espressioni di sostegno dai Fratelli di tutta Italia”, in un momento storico in cui il Goi “raggiunge il massimo degli iscritti”, circa 23mila. Bisi sostiene inoltre che “Esposito è completamente isolato”. Anche perché “un documento di totale solidarietà al Gran Maestro è stato sottoscritto dagli altri sei membri della Giunta” massonica. La dimostrazione che Stefano Bisi avrebbe ancora ottimi rapporti all’interno delle logge.

I rapporti del Gran Maestro

Stando a quanto si legge in un altro articolo del Fatto del 4 aprile 2016 Bisi avrebbe coltivato “relazioni molto intense” anche tra i politici, soprattutto tra quelli toscani di centrosinistra. “Per esempio con il presidente della Regione Enrico Rossi, e soprattutto con Luca Lotti, il più stretto collaboratore di Matteo Renzi e padrino politico del sindaco di Siena il renzianissimo Bruno Valentini”.

Ad avviso del quotidiano “da tali nuovi intrecci tra Massoneria e politica gli anti Bisi trarrebbero motivi di sospetto e starebbero ragionando sull’eventualità di una scissione” nel Grande Oriente. Un po’ come nel 1993, quando “il gran divorzio” portò alla nascita di una nuova Obbedienza alternativa, la Gran Loggia Regolare d’Italia.

In quell’occasione lo scisma fu dovuto alle vicende degli “intrecci tra politica e Loggia P2 e a quelle del Banco Ambrosiano di Roberto Calvi”. Insomma, un brutto precedente.

Annunci
Pubblicato in: Banche Centrali, Finanza e Sistema Bancario

Debito pubblico mondiale vale 215,000 miliardi, il 325% del Pil globale.

Giuseppe Sandro Mela.

2017-11-12.

Biancaneve e la Strega

Sono molti gli autori che hanno contribuito a costruire la scienza economica.

Scienza perché basata su osservazioni oggettive e ripetibili, controllabili, ed interpretate con teorie governate dalla logica, ossia senza incorrere in contraddizioni, né con i fatti né interne.

Cambiando i fatti, si cambiano le teorie: non esistono teorie assolute, non esiste una verità scientifica assoluta, non esistono teorie scientifiche che durino eternamente.

Poi la politica si impossessò rattamente dell’economia e nacque la così detta economia politica. Il nume tutelare fu il buon Hegel, quando affermò con sussiego:

«se i fatti smentiscono la teoria, tanto peggio per i fatti».

Gli ultimi settanta anni sono stati caratterizzati da una soffocante teoria del debito: il debito è bello, il debito stimola l’economia, i debiti sono come inesistenti, di debito si può vivere all’infinito, e così via.

Tutte teorie assurdamente strampalate, stravaganti, ma difese con le unghie e con i denti dal potere politico che ci viveva sopra alla grande: chi non le avesse sostenute non sarebbe mai andato in cattedra di economia. Se non universitario, sarebbe stato immediatamente linciato da una folla urlante di utili, come si potrebbe dire?

Bene.

Adesso il capolinea inizia a delinearsi.

2017-11-10__Debito_001

«il debito pubblico mondiale è oggi pari a 215mila miliardi (il 325% del Pil globale), di cui 70 (quindi un terzo) accumulato negli ultimi 10 anni»

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«Il debito globale è cresciuto, principalmente sulla scorta degli stimoli anti-ciclici sia automatici che discrezionali, che avevano l’obiettivo di stabilizzare l’economia mondiale dopo la grande crisi finanziaria »

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«La domanda è se ci sono in questo momento i germi di una nuova crisi finanziaria globale, tale da mettere in ginocchio la ripresa economica e le prospettive di crescita delle future generazioni»


2017-11-10__Debito_002


2017-11-10__Debito_003


2017-11-10__Debito_004

«non c’è da dormire sonni tranquilli»

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«1) una buona fetta del debito globale è oggi detenuta dalle banche centrali

2) allo stesso tempo le regole sull’impacchettamento dei prestiti in titoli derivati

3)  le politiche di tassi bassi»

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«A patto che le banche centrali non siano costrette ad alzare i tassi molto rapidamente: in questo caso il castello del debito (per larga parte a tasso variabile) potrebbe crollare.»


2017-11-10__Debito_005

«mercato obbligazionario che è passato da un valore di 44mila miliardi a 49mila miliardi.»

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«Da poche settimane però qualcosa è cambiato»

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«Il Bund tedesco è tornato in area 0,5%, il Treasury Usa al 2,3%, il BTp italiano a 2,2%. I Gilt britannici si sono impennati di 35 punti base dall’1% all’1,35% e così via, senza eccezioni di sorta»


2017-11-10__Debito_006


A 10 anni dalla crisi subprime il debito globale esploso a 215mila miliardi. Si rischia l’effetto supernova?

I dati sono incontrovertibili. Oggi il mondo può dire di aver messo alle spalle l’ultima grande crisi finanziaria (bolla dei derivati subprime scoppiata negli Usa del 2007) ma il prezzo da pagare è stato quello di veder crescere nel frattempo il debito globale (sia pubblico che privato) di 70mila miliardi. Si tratta di una cifra enorme. Per intenderci, come metro di paragone basta ricordare che la capitalizzazione globale delle Borse ammonta a 72mila miliardi di dollari. Oppure che ogni anno il mondo genera un Pil di 77mila miliardi.

Sta difatti che il debito pubblico mondiale è oggi pari a 215mila miliardi (il 325% del Pil globale), di cui 70 (quindi un terzo) accumulato negli ultimi 10 anni. A questo punto è evidente che il mondo avrebbe tecnicamente meno munizioni per reggere l’onda d’urto di un nuovo grave shock finanziario.

«Il debito globale è cresciuto, principalmente sulla scorta degli stimoli anti-ciclici sia automatici che discrezionali, che avevano l’obiettivo di stabilizzare l’economia mondiale dopo la grande crisi finanziaria – spiega Francis Scotland, director of global macro research di Brandywine Global (Gruppo Legg Mason) -. Nel mondo sviluppato, le politiche fiscali sono tendenzialmente finalizzate a sostenere i consumi e ridurre la disoccupazione nei momenti di recessione. Così, quando l’economia globale è crollata nel 2009, i deficit di budget si sono gonfiati ed il tasso di crescita del debito pubblico ha avuto un’impennata. In senso letterale, l’economia mondiale per gran parte degli ultimi nove anni si è poggiata sulla finanza pubblica. Non possiamo sapere cosa sarebbe accaduto se il debito non fosse cresciuto, ma probabilmente ha evitato o perlomeno rinviato un’altra grande depressione».

Inoltre, sono state adottate molte misure discrezionali per supportare gli stimoli alla crescita. «Per esempio – prosegue Scotland – gli Stati Uniti hanno emesso debito per ricapitalizzare il loro sistema finanziario. Tuttavia, è la Cina il Paese in cui il credito è cresciuto in maniera più evidente. Nel 2009 il governo di Pechino ha aumentato il debito e la spesa di 4 triliardi di renminbi (pari a 586 miliardi di dollari statunitensi), vale a dire più del 10 per cento del Pil cinese. Questa massiccia iniezione di liquidità nell’economia cinese faceva parte del pacchetto di stimolo coordinato dal G20 per stabilizzare la crescita globale».

La domanda è se ci sono in questo momento i germi di una nuova crisi finanziaria globale, tale da mettere in ginocchio la ripresa economica e le prospettive di crescita delle future generazioni.

C’è chi se lo chiede con insistenza negli Stati Uniti dove a marzo il livello dell’indebitamento delle carte di credito revolving ha raggiunto gli stessi livelli d’allarme del 2008, superando quota 1.000 miliardi di dollari.

La soglia critica dei 1.000 miliardi è stata recentemente superata anche nella categoria dei prestiti per l’auto, un indice molto seguito dagli investitori dato che molto sensibile alla categoria subprime (secondo alcune statistiche circa un terzo dei prestiti auto di Capital One Financial, uno dei big del settore, sarebbe destinato alla categoria subprime).

Così come è stata superata anche nell’universo dei prestiti per studenti. L’indebitamento in quest’area ha oltrepassato i 1.300 miliardi, ed è praticamente raddoppiato in otto anni.

Quindi non c’è da dormire sonni tranquilli. Anche se va detto che al momento dagli Usa il rischio di una subprime 2.0 è ancora lontano. Se consideriamo infatti il livello di indebitamento medio delle famiglie in rapporto all’andamento crescente del Pil, notiamo che negli ultimi anni è calato al 72% del Pil.

Ci sono altri tre fattori che disinnescano le paure di una nuova supernova: 1) una buona fetta del debito globale è oggi detenuta dalle banche centrali (basti pensare che negli ultimi 8 anni solo la Federal Reserve e la Bce hanno pompato sul sistema liquidità aggiuntiva acquistando titoli di debito per un controvalore superiore agli 8mila miliardi); 2) allo stesso tempo le regole sull’impacchettamento dei prestiti in titoli derivati (la vera causa della crisi subprime) sono più stringenti; 3) così come va detto che le politiche di tassi bassi (quando non azzerati) delle banche centrali hanno spinto molte società ad aumentare l’emissione di debito obbligazionario (talvolta paradossalmente finalizzato a operazioni di buy-back, riacquisto di azioni proprie).

Quindi, c’è sì da stare all’erta per seguire l’evolversi della faccenda del debito ma allo stesso tempo non sembra che ci siano le premesse per avere paura. A patto che le banche centrali non siano costrette ad alzare i tassi molto rapidamente (scenario tuttavia remoto). In questo caso il castello del debito (per larga parte a tasso variabile) potrebbe crollare.


Bond, ecco la nuova onda del “reflation trade”. Quanto durerà?

A settembre il valore globale dei bond è diminuito di 600 milioni di dollari. I rendimenti dei principali titoli di Stato sono risaliti. Gli investitori sono pronti a catalogare questo movimento come “reflation trade”. Non è la prima volta che i mercati imboccano questa strada. Recentemente è già accaduto lo scorso novembre. Dopo la vittoria di Trump i rendimenti dei bond si sono impennati e il mercato globale dei bond ha perso fino all’ultimo Natale qualcosa come 3mila miliardi di dollari.

A dare la scossa allora è stata l’elezione di Donald Trump che in campagna elettorale ha promesso una “fenomenale” riduzione fiscale per le imprese. Una riforma teoricamente inflazionistica nella misura in cui gonfia gli utili delle aziende e, a cascata, potrebbe impattare positivamente anche su salari e consumi.

Il “reflation trade” – che per certi versi ripristina la storica correlazione inversa tra azioni e bond dato che, mentre i secondi vengono venduti e di conseguenza i rendimenti salgono andando ad incorporare nuove stime inflative, le azioni vengono acquistate proprio sulla scommessa di maggiori utili aziendali – si è però sgonfiato a inizio anno quando gli investitori hanno compreso le difficoltà di Trump a mantenere le sue promesse. Il banco di prova è stato il flop sull’abolizione della riforma sanitaria tanto caro al suo predecessore Barack Obama. Da inizio anno i rendimenti dei bond sono tornati a scendere, di pari passo alle stime di inflazione. Quindi sono tornati gli acquisti sul mercato obbligazionario che è passato da un valore di 44mila miliardi a 49mila miliardi.

Da poche settimane però qualcosa è cambiato. Come visto sopra sono tornate e vendite sui bond e i tassi si sono riposizionati un po’ più in alto. Il Bund tedesco è tornato in area 0,5%, il Treasury Usa al 2,3%, il BTp italiano a 2,2%. I Gilt britannici si sono impennati di 35 punti base dall’1% all’1,35% e così via, senza eccezioni di sorta.

Stiamo parlando di tassi a lungo termine (titoli a 10 anni) e quindi la politica monetaria in questo territorio impatta meno. Se osserviamo il Treasury a 2 anni è più che normale che il rendimento sia passato in pochi giorni dall’1,2% all’1,46%, proprio dopo le parole del governatore della Fed Janet Yellen che ha confermato di voler alzare i tassi a dicembre, scenario prima non prezzato dalle classi di investimento.

Ma il fatto che stiano salendo anche i titoli della parte lunga della curva indica che gli investitori sono tornati a puntare un nuovo “cheap” su uno scenario da “reflation trade”. E ancora una volta qui c’entra Trump. In questa settimana infatti il presidente ha presentato al Congresso la proposta di riforma fiscale. È certamente meno aggressiva rispetto alla precedente (che puntava a una riduzione dell’aliquota fino al 12,5%) perché l’intento di abbassare l’aliquota sugli utili al 20%, ma certo sarebbe comunque significativa.

Ecco perché i bond sono tornati sulle montagne russe. La “fenomenale” (o quasi) riforma fiscale promessa da Trump è tornata nell’agenda setting finanziaria. A differenza di 10 mesi fa però i mercati dovrebbero essere meno aggressivi nella puntata e quindi il “reflation trade” potrebbe durare meno del precedente (durato 3 mesi) ed essere comunque meno violento. Perché tra il dire e il fare c’è di mezzo il partito democratico Usa che potrebbe, così come ha fatto quattro volte per la riforma sanitaria, ergere un nuovo muro anti-Trump.

 

Pubblicato in: Banche Centrali, Finanza e Sistema Bancario, Unione Europea

Banca Leonardo. Altro regalo fatto ai francesi.

Giuseppe Sandro Mela

2017-11-07.

2017-11-07__banca_leonardo__001

Banca Leonardo è la principale banca di investimento italiana.

«Banca Leonardo nasce a Milano nell’ottobre 1999.

Nell’aprile 2006, un gruppo di primari investitori europei coordinati da Gerardo Braggiotti acquista e ricapitalizza Banca Leonardo, con l’obiettivo di creare la prima banca d’investimento privata e indipendente in Italia e diventare leader nei mercati di riferimento attraverso sistemi evoluti di consulenza, approccio individuale differenziante e di lungo termine, servizi a elevato valore aggiunto, professionalità e competenza.

Oggi, anche a seguito di importanti investimenti e operazioni di finanza straordinaria finalizzate al rafforzamento del core business, Banca Leonardo è focalizzata sul Wealth Management, direttamente e tramite le proprie controllate, in Italia e Svizzera.

L’internazionalità della compagine azionaria, l’assenza di soci di estrazione bancaria e una gestione fortemente manageriale sono caratteristiche che rafforzano l’indipendenza operativa di Banca Leonardo, garantita anche da un team di professionisti di comprovata esperienza e professionalità.»

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Board of Directors.

– Chairman: Gerardo Braggiotti

– CEO and GM: Claudio Moro

– Director: Miguel Abello Gamazo

– Director: Gian Giacomo Attolico Trivulzio

– Director: Enrico Vellano

– Director: Francesco Orsi

– Director: Gilles Samyn

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Main Shareholders. (fino al 2017-11-06)

– Swilux (Frère Group) – 18,3%

– Eurazeo – 18,3%

– Exor – 16,5%

– G.B.H. – 9,9%

– Torreal – 4,6%

– Allianz – 2,8%

– Italmobiliare – 2,8%

– Micheli Associati – 2,8%

– Is.Co. – 2,6%

– Edizione – 1,8%

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Questo potrebbe anche non essere l’ultimo regalo che il partito democratico fa ai suoi antichi patroni, che tanto hanno beneficiato la sua dirigenza.

In fondo, la gratitudine altro non è che l’attesa di ulteriori benefici.

Poi, alla fine, in primavera si potrà bene andare alle elezioni.


Sole 24 Ore. 2017-11-07. Banca Leonardo acquisita dai francesi di Indosuez Wealth Management

Banca Leonardo viene acquisita da Indosuez Wealth Management. La società del gruppo Credit Agricole, specializzata nel wealth management globale, ha annunciato di aver rilevato una quota di maggioranza della banca italiana attraverso un accordo fra la sua controllata CA Indosuez Wealth (Europe) e i principali azionisti di Banca Leonardo, vale a dire GBH, Exor, Eurazeo, Swilux e Torreal. Il pacchetto di azioni che passa di mano è pari al 67,67% di Banca Leonardo.

CA Indosuez Wealth (Europe) offrirà agli altri azionisti della società italiana di rilevare le loro azioni allo stesso prezzo e condizioni, in modo da arrivare a controllare il 100% della banca. L’operazione dovrà ottenere l’approvazione dalle competenti autorità e dovrebbe essere perfezionata nel corso del primo semestre del 2018. L’impatto della transazione sul Cet1 ratio di Credit Agricole CA e del gruppo Credit Agricole sara’ inferiore a 5 punti base, precisa al nota.

Pubblicato in: Cina, Finanza e Sistema Bancario

Banche di Hong Kong. Negli ultimi cinque anni il +14% all’anno.

Giuseppe Sandro Mela.

2017-11-01.

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Bank of China (Hong Kong) Ltd


La regola aurea per diventare, e rimanere, ricchi è quella di evitare i suggerimenti dei consulenti economici e finanziari poveri.

Sarebbe una pia illusione che un funzionario a 1,400 euro al mese possa dare i suggerimenti necessari all’arricchimento. Se avesse saputo darli, sarebbe divento lui stesso ricco.

Una banca taccagna e piangiolenta, tutta tesa ad ossequiare leggi, normative e regolamenti è tale perché non sa proprio come fare a regolarsi. Si dovrebbe poi pretendere che usi buon senso con i clienti?

Oppure, come si potrebbe pretendere che una banca con i conti in dissesto possa rendere fiorenti i nostri conti?

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Ma il mondo è diventato piccolo, molto piccolo.  Hong Kong è una simpaticissima città: vi si trova tutto e di tutto. Ivi comprese delle signore banche.

Che godono un’ottima salute, accolgono a braccia aperte e, soprattutto, stanno pazientemente a sentire le esigenze dei clienti, che seguono con la cura di una nutrice. Non taglieggiano i clienti con commissioni esose, e ben si guardano da cambiare unilateralmente le condizioni del conto.

Non esiste esigenza alla quale rispondano: non è possibile. E questo anche per chi avesse un conto talmente piccolo da fare tenerezza. Sanno che è compito loro farlo diventare un conto di tutto rispetto.

Come risultato, guadagnano e fanno guadagnare.

Hong Kong retail banks’ profits up 4.5 per cent in first three quarters

Banks are closing branches all over the world, but why not in Hong Kong?

L’ HSBC Group aveva nel 2016 una revenue di 47.96 miliardi Usd

Bank of China (Hong Kong) Ltd. Financial Highlights.

«Tight cost control along with better asset quality has allowed Hong Kong’s biggest banks to offer shareholders the highest returns in the region»

*

«The large banks in Hong Kong are some of the most profitable in the world»

*

«In this regard, HSBC Hong Kong, Bank of China Hong Kong and Hang Seng Bank have performed much better than Standard Chartered and Bank of East Asia»

*

«Morgan Stanley analysts calculated that Hong Kong banks’ have offered returns with a compound annual growth rate of approximately 14 per cent over the past five years, the strongest performance among all the Asia Pacific ex Japan MSCI country bank indices for the period»

* * * * * * * *

Riassumendo.

Negli ultimi cinque anni le banche di Hong Kong hanno fruttato mediamente il 14% ogni anno.

È un biglietto da visita degno di essere preso in attenta considerazione.


South China Morning Post. 2017-10-29. Hong Kong banks among world’s most profitable thanks to low costs, better asset quality

Tight cost control along with better asset quality has allowed Hong Kong’s biggest banks to offer shareholders the highest returns in the region.

*

The large banks in Hong Kong are some of the most profitable in the world, partly due to their low costs, according to industry experts.

Banking analysts say this is partly a result of market fundamentals, but also comes down to cost control decisions taken by the banks themselves. In this regard, HSBC Hong Kong, Bank of China Hong Kong and Hang Seng Bank have performed much better than Standard Chartered and Bank of East Asia.

Other factors driving the sector’s profitability include high loan growth and few substantial problems with asset quality.

Morgan Stanley analysts calculated that Hong Kong banks’ have offered returns with a compound annual growth rate of approximately 14 per cent over the past five years, the strongest performance among all the Asia Pacific ex Japan MSCI country bank indices for the period.

Their performance can also be seen in Hong Kong’s contribution to the results of the large global banks with a presence in the city.

HSBC Group as a whole made pre tax profits of US$10.2 billion in the first half of this year; HSBC in Hong Kong alone made nearly half that figure – US$4.6 billion.

Standard Chartered announced first half pre tax profits of US1.91 billion at a group level; Standard Chartered Bank Hong Kong made just over a third of that – US$662 million.

“[This] offers a reminder of the dominance of Hong Kong, despite the fact that Standard Chartered’s recent growth in Hong Kong has been ‘soft’ relative to peers,” Ian Gordon, head of bank research at Investec, said in a report.

Anil Agarwal, head of Asia ex Japan banks research at Morgan Stanley, said profitability of the largest banks in Hong Kong was “partly the nature of the beast”.

“For banks the largest cost is on the liability side, actually raising the assets to lend. But in Hong Kong, if you have consolidated market share, you need a lot fewer branches to raise a deposit base,” he said.

In Hong Kong, deposits per capita are over US$200,000, the highest in Asia. To take an example at the opposite end of the spectrum, in India they are 80,000 rupees (US$1,200).

Consequently, large banks in Hong Kong can raise a lot of money more cheaply than their competitors overseas, and gain greater returns when they lend it out.

However, Agarwal said the low cost base of the largest Hong Kong banks was also a result of actions taken by the banks themselves.

Morgan Stanley analysts, including Agarwal, said in a report that of the top five banks in Hong Kong, the three largest (HSBC Hong Kong, Bank of China Hong Kong and Hang Seng) were much more efficient from a cost perspective than the other two (Standard Chartered and Bank of East Asia).

The first three had a cost to income ratio of under 40 per cent in 2016, as opposed to one of about 60 per cent for BEA and Standard Chartered.

BEA is in the middle of a three year cost cutting programme, although Standard Chartered says it has completed its attempts to cut costs.

“The three largest banks are absolutely great in terms of cost control,” said Agarwal.

“It is easy for banks to fritter away cost advantage by spending more on staff costs or expansion, but the largest Hong Kong banks have been very disciplined in keeping a tight leash on cost income ratios.”

As for profits, loan growth has been strong in Hong Kong, and across the sector loans in the first six months of this year were up 15 per cent compared to the same period last year.

One reason for this was policies on the mainland. Deleveraging means that mainland banks are less willing to lend to corporates, who instead look to Hong Kong banks. Yue Yi, chief executive of Bank of China Hong Kong, said in June that capital controls on the mainland had driven more Chinese corporates to borrow in Hong Kong.

However, even loans for use in Hong Kong were up 14 per cent year on year, as the economy has performed well.

As for asset quality, analysts have two major concerns for Hong Kong banks – mainland lending, and mortgages – but neither offer a major threat at this stage.

“China-related lending, undoubtedly, will remain the biggest concentration risk for Hong Kong banks. However, the way it is managed and supervised is evolving and we have been seeing corrective actions from some banks or in other cases just a sensible slow-down which supports their loan quality,” said Sabine Bauer, senior director at ratings agency Fitch.

As for property, this is a concern but residential mortgages made up just 5 per cent of the banking systems assets at the end of 2016, and since then the HKMA has taken repeated action to limit banks’ exposure to the property sector.



Bank of China (Hong Kong) Ltd.
Tel.: +852-2826-6888
Fax: +852-2810-5830
Sito Web

Bank of Communications Co., Ltd. – Hong Kong Branch
Tel.: +852-2239-5559
Sito Web

China CITIC Bank International Ltd.
Tel.: +852-2287-6767
Sito Web

China Construction Bank (Asia) Corporation Ltd.
Tel.: +852-2779-5533
Fax: +852-3718-3273
Sito Web

Chiyu Banking Corporation Ltd.
Tel.: +852-2843-0111
Fax: +852-2810-4207
E-mail: chiyu@chiyubank.com
Sito Web

Chong Hing Bank Ltd.
Tel.: +852-3768-6888
E-mail: customerservice@chbank.com
Sito Web

Citibank (Hong Kong) Ltd.
Tel.: +852-2860-0333
Fax: +852-3009-2883
Sito Web

Dah Sing Bank Ltd.
Tel.: +852-2828-8168
Sito Web

DBS Bank (Hong Kong) Ltd.
Tel.: +852-2290-8888
Sito Web

Fubon Bank (Hong Kong) Ltd.
Tel.: +852-2842-6222
Fax: +852-2810-1483
E-mail: cs.inquiry.fbhk@fubon.com
Sito Web

Hang Seng Bank Ltd.
Tel.: +852-2822-0228
Fax: +852-3409-1235
Sito Web

HSBC – The Hong Kong and Shanghai Banking Corporation Ltd.
Tel.: +852-2233-3000
Sito Web

Industrial and Commercial Bank of China (Asia) Ltd.
Tel.: +852-2189-5588
Fax: +852-2758-1340
Sito Web

Nanyang Commercial Bank Ltd.
Tel.: +852-2622-2633
E-mail: nanyang@ncb.com.hk
Sito Web

OCBC Wing Hang Bank Ltd.
Tel.: +852-2815-1123
Fax: +852-2541-7459
Sito Web

Public Bank (Hong Kong) Ltd.
Tel.: +852-8107-0818
E-mail: contact@publicbank.com.hk
Sito Web

Shanghai Commercial Bank Ltd.
Tel.: +852-2818-0282
Sito Web

Standard Chartered Bank (Hong Kong) Ltd.
Tel.: +852-2886-8868
Fax: +852-2535-4282
Sito Web

Tai Sang Bank Ltd.
Tel.: +852-2544-5011
Fax: +852-2545-5242
Sito Web

Tai Yau Bank Ltd.
Tel.: +852-2522-9002
Fax: +852-2522-3296
Sito Web

The Bank of East Asia Ltd.
Tel.: +852-2211-1333
Sito Web

Wing Lung Bank Ltd.
Tel.: +852-2309-5555
Fax: +852-2530-5798
Sito Web

Pubblicato in: Economia e Produzione Industriale, Finanza e Sistema Bancario, Sistemi Economici, Stati Uniti

Mondo ed Occidente. Economie e borse valori.

Giuseppe Sandro Mela.

2017-10-29.

Banche 016. Marinus Van Reymerswaele, Prestatori di denaro, 1542.

Se si considera il pil per potere di acquisto, il mondo genera 108,036,500 milioni Usd, la Cina 17,617,300 (16.31%) e gli Stati Uniti 17,418,00 (16.12%). L’Eurozona rende conto di 11,249,482 (10.41%) ed il Gruppo dei G7 di 31.825,293 (29.46%). Però i Brics conteggiano un pil ppa di 32,379,625 Usd, ossia il 29.97% del pil ppa mondiale. I Brics valgono come i paesi del G7.

Di conseguenza, la voce dell’Occidente vale nel mondo al massimo per il 29.46%, ma quella degli Stati Uniti vale solo il 16.12% e quella dell’Eurozona uno scarno 10.41%.

*

Questi dati sono parzialmente corroborati ed integrati da un conto recentemente prodotto da Bloomberg, anche se l’articolista lo ha usato per tutt’altro scopo.

«All stocks across the globe are valued at $89.9 trillion»

*

«American equities are now worth $28.4 trillion»

*

«U.S. shares make up only 31.6 percent of that total»

* * * * * * * *

Le borse americane rendono conto del 31.6% del totale mondiale, mentre l’economica americana vale il 16.12% di quella mondiale.

Il paragone dovrebbe essere corretto, almeno parzialmente, tenendo conto come molte nazioni occidentali gravitino più sulla borsa americana che su quelle locali.

In ogni caso appare evidente come i volumi finanziari siano quasi il doppio di quelli economici.

Se per alcune teorie economiche questo sarebbe un bene, per altre sarebbe solo il segno di una bolla.

Ma le teorie economiche sono come le previsioni del tempo: spesso prendono solenni cantonate.

Quindi, a nostro sommesso parere, né trionfalismi né terrorismo psicologico.

Si constata soltanto come in situazioni fisiologiche economia e finanza dovrebbe muoversi in modo coordinato. Una finanza asfittica frena il sistema economico tanto quanto una finanza ipertrofica.

Il problema è nella resa utile dei due sistemi: è lo squilibrio tra il rendimento di finanza e di economia che convoglia i flussi di denaro sull’uno o sull’altro mercato, condizionando crescita e sviluppo.

E questo sembrerebbe essere un warning da tenere ben presente.

In fondo, i titoli di borsa sono solo pezzi di carta.


Bloomberg. 2017-10-28. Trump’s Stock Market Is Great, But Rest of the World’s Is Greater

President Donald Trump likes to boast about how well the U.S. stock market’s done during his term. What he doesn’t mention is that the rest of the world has gotten richer, faster at the same time.

American equities are now worth $28.4 trillion, having swelled by almost $3 trillion since he took office in January, according to data compiled by Bloomberg.

But they’ve lost ground against the rest of the world.

All stocks across the globe are valued at $89.9 trillion. U.S. shares make up only 31.6 percent of that total. That’s the lowest proportion since November 2011, or a few months after the U.S. flirted with default. And it’s sunk from the 11-year high of 38.3 percent set in December under then-President Barack Obama.

 

Pubblicato in: Finanza e Sistema Bancario

Ubs amministra i beni di metà dei miliardari mondiali.

Giuseppe Sandro Mela.

2017-10-06.

Banche 012. Mabuse. banchiere tedesco.

UBS Group SA è una società universale di servizi finanziari con sede a Basilea e Zurigo, in Svizzera.

Questo il suo biglietto da visita:

2017-10-05__Usb__002

«UBS has over CHF 2.8 trillion in invested assets»

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Per cercare di comprendere cosa sia una cifra del genere, si tenga conto che il pil dell’Unione Europa assomma a 14,850 miliardi Usd: l’asset di Ubs è circa un quinto del pil di tutta l’Unione Europea.

Mr Alex Weber è il Presidente del CdA, mentre Mr Sergio Ermotti è l’Amministratore Delegato.

*

«Almost half the world’s billionaires bank with you. That’s a distinct set of clients. What have you learned from them?»

*

«It’s always fascinating to hear how they became so successful. When you look at billionaires, many of them share one characteristic: They were not born billionaires. I was in Asia recently, where I met a few, and they have quite impressive stories. It feels like the American dream, only it’s no longer just in America. The main lesson for me is that with passion, focus, vision, determination, you can do a lot»

*

Mr Ermotti non ha conseguito laurea né titoli accademici: ha iniziato a lavorare a 15 anni. Si direbbe che abbia fatto una simile carriera perché non contagiato dalle idee accademiche che sono insegnate nelle università occidentali di grido.

Potrebbe essere definito un empirista scettico.

«Sergio Pietro Ermotti (Lugano, 11 maggio 1960) è un banchiere e manager svizzero, dal novembre 2011 amministratore delegato di UBS, incarico svolto ad interim dal settembre del 2011. Nel 2014 è stato rinominato amministratore delegato della rispettiva società capogruppo UBS Group AG.

A 15 anni, dopo aver lasciato la scuola, Sergio Ermotti diventa apprendista presso la Cornèr Banca di Lugano, filiale nella quale lavorava il padre. Al termine dell’apprendistato viene promosso mandatario commerciale all’interno della stessa banca, consegue l’Attestato federale di esperto bancario (Swiss Certified Banking Expert) e segue un corso di formazione di tre settimane (Advanced Management Programme) all’Università di Oxford.

Nel 1985 torna in Svizzera, a Zurigo, città che lascerà otto anni dopo per recarsi a Londra e specializzarsi nel campo dell’Executive Management per l’Europa, il Medio Oriente e l’Africa.

Sergio Ermotti ha lavorato per un biennio presso la filiale Citigroup di Zurigo, dove si occupava di obbligazioni strutturate.

Dopo aver lavorato per Citigroup, Ermotti si trasferisce a Merrill Lynch & Co., prima presso la sede di Zurigo, dove gestisce le attività commerciali in franchi svizzeri sul mercato interno e dal 1993 a Londra in qualità di responsabile del Dipartimento europeo di equity derivatives. Dal 1994 al 1999 è responsabile per i prodotti equity linked di Merrill Lynch e nel 1999 guida il Dipartimento mercati azionari per l’EMEA. Nel 2001 è diventa direttore esecutivo dei mercati azionari globali ed entra a far parte dell’Executive Management Committee for Global Markets and Investment.

Nel 2005 Ermotti lascia Merrill Lynch per Unicredit, a Milano, ricoprendo la carica di dirigente dei mercati azionari e degli investimenti. Due anni dopo è nominato vice amministratore delegato del Gruppo, responsabile della strategia di business aziendale e delle aree di investimenti aziendali e privati, carica che ricoprirà fino al 2010.

Nell’aprile del 2011 Ermotti è nominato presidente e amministratore delegato di UBS per l’EMEA e membro del comitato direttivo del Gruppo. Con l’ingresso in UBS, Ermotti lascia la presidenza della compagnia aerea svizzera regionale Darwin Airline. Il 24 settembre 2011, dopo le dimissioni di Oswald Grübel legate a uno scandalo, Ermotti è nominato amministratore delegato ad interim di UBS, carica confermata dal consiglio di amministrazione il 15 novembre 2011 e riconfermata nel 2014 dalla società capogruppo UBS Group.

Il domenicale Schweiz am Sonntag ha indicato Ermotti come ‘Manager dell’anno 2015’. Nel 2015 Ermotti risulta essere anche il manager più pagato in Svizzera, raggiungendo i 14 milioni di franchi.» [Fonte]

*

Il messaggio di Mr Ermotti è semplice: miliardari si diventa.

«It feels like the American dream, only it’s no longer just in America»

Nota. Vi sono anche taluni malpensanti che insinuerebbero che Usb renda pubblica solo una piccola parte delle operazioni che gestisce. Sono maledicenze che distorcono la naturale riservatezza degli svizzeri e dei banchieri in particolare.


Bloomberg. 2017-10-03. How UBS Became Home to Half the World’s Billionaires

The CEO of UBS, Sergio Ermotti, is a trader at heart. Yet the most recent chapter of his career begins with the investment banker overhauling an investment bank. It’s 2011, and he’s just been named interim chief executive officer of a Swiss bank that’s no longer quite so secretive, that’s still reeling from the financial crisis, and that’s been tarnished by a rogue trader’s $2.3 billion loss.

Ermotti quickly embarked on a Matterhorn-size strategic shift that downplayed the company’s investment banking and asset management efforts to focus on building the world’s largest wealth manager. The resulting stability and credibility has made UBS Group AG such a model that investors now value the bank at a premium to its European rivals, several of which have attempted to deploy versions of Ermotti’s playbook. Asked if there’s a limit to how big UBS can grow from an assets perspective, Ermotti says, “If I look at the size of some of our asset-management competitors, it doesn’t look like it.” In two recent interviews, Ermotti discussed his strategic vision, the role technology will play in shrinking the bank over the next decade, and a regulatory landscape so inhospitable that it’s like “they’re living on a different planet”—which could someday even mean the Swiss bank reconsiders its Swissness.

BLOOMBERG MARKETS Almost half the world’s billionaires bank with you. That’s a distinct set of clients. What have you learned from them?

SERGIO ERMOTTI It’s always fascinating to hear how they became so successful. When you look at billionaires, many of them share one characteristic: They were not born billionaires. I was in Asia recently, where I met a few, and they have quite impressive stories. It feels like the American dream, only it’s no longer just in America. The main lesson for me is that with passion, focus, vision, determination, you can do a lot.

BM Which trait most stands out?

SE You see a lot of passion for what they do. And the same level of focus. It’s quite clear that it’s not all about money. Of course some people care about that, but at the end of the day, they enjoy what they do.

BM How much time do you actually spend with clients?

SE Not as much as I would like. The most interesting discussions are actually when we are fortunate enough to bring them together. We organize events where our clients can get together. It’s also a way for them to foster a level of cooperation, of getting to know each other—which is important for business regardless of UBS being involved or not.

BM You’re like Tinder?

SE At these events we are a kind of sophisticated speed-­dating organizer, sure. It adds value for our clients. Take Art Basel. The idea is that people attend because they share a common interest, a passion. And while attending the events, maybe they start to talk about other issues or opportunities.

BM What did you think of UBS before you got here?

SE I thought it was an incredible franchise with almost 150 years of history that had survived a dramatic moment. My predecessors had stabilized things, but it was not clear yet what the path was going to look like going forward. I’ve always been impressed by the fact that, as bad as things got here, only 2 percent of clients closed their accounts. I figured the franchise and the quality of the people who are able to retain the clients during such a crisis must be extremely high. My view was, I want to be a part of this.

BM How would you describe your business today?

SE We are the undisputed global leader in wealth management. We think that this is a huge advantage. It’s a very fragmented market still. And if I look at our position and the growth expectations of wealth creation, which is expected to be twice as high as GDP, we should stay focused on doing this. Sell-side analysts, rating agencies, and the media still consider us an investment bank. I find it totally ridiculous. If you look at where our business comes from, we are basically the world’s most expensive investment bank and its cheapest asset manager.

BM What advice did you get when you arrived here?

SE Some competitors were telling me, “Shut down the investment bank; we’ll serve you.” They wanted to grab flows and build out their business. People also told me to sell Wealth Management Americas. My popularity would have soared, especially in Switzerland; UBS wouldn’t be where it is today; and I doubt I’d still be here. That was a defining moment—to say, These are businesses we can turn around. It was a good reminder that the consensus is not necessarily the right thing to do.

BM Was there a company, maybe even outside your industry, that you looked to for inspiration?

SE Not for strategy. But when I joined, I said I wanted UBS to be the Apple or the IBM of the financial-services industry: from glory, to near-death, and then back to glory.

BM You were briefly interim CEO while the board figured out who would be the best person for the job. How did you approach that role?

SE We were having a difficult time. Because after the big crisis was over, we had the rogue trader incident that was undermining the credibility of our ­recovery. It was a shock internally and externally. My No. 1 question was, Will I have the power to manage the bank? The most important issue was defining our strategy. I knew we had pockets of excellence and that we needed to focus our investments and growth in certain areas. We were starting to develop an understanding of where we may go, and we needed to give our investors and employees a vision for that direction, even if it wasn’t the final direction. I thought if we stayed silent and defensive, we were going to lose talented people and clients. We needed to find a model that was more stable and credible, and that also created value for our shareholders.

BM Was there ever a moment you thought, Maybe getting the CEO job isn’t such a good idea?

SE Never.

BM What gave you that confidence?

SE The confidence was progressive. I spoke with my colleagues and said, “We can regain control of our destiny.” Previously, UBS had been reactive. This was the first moment when we said, “Maybe our strategy can be accelerated, and we’re the ones dictating the acceleration.” We’re not waiting for someone else—a regulator or a shareholder—to tell us what to do. We were top-of-the-class in many areas of investment banking, but we don’t want to compete across the board. We are not a one-stop shop. We want to be seen as a focused investment bank that is very competitive where we choose to compete. My investment banking background—17 years at Merrill Lynch, five years at UniCredit—gave me confidence, and we decided to focus the acceleration into a model I thought could work. After the strategy announcement, people commented that it was like decommissioning a nuclear plant. But I knew it was possible.

BM How do you get everybody else in the organization, or at least the key people, to follow you?

SE That’s a very important point. I wouldn’t have had the confidence if our people and our clients didn’t believe. I think I had their full confidence, and that gave us a tail wind. When you start to get shareholders, clients, employees, rating agencies, and everybody converging, and then your competitors bad-mouth you, you know you did the right thing.

BM Imitation is the sincerest form of flattery. Many of your competitors have since retooled their own strategies to look more like yours. How would you have changed your approach?

SE I wouldn’t have done things any differently today, and I am totally convinced about that. We may be an example for some banks, but I don’t think we can be an example for all banks, because we are quite special. Every bank has to find its own DNA. I knew that we needed to show every quarter—quarter by quarter, no matter the market conditions—that we were serious about our new business model. Of course, we are not printing as much pretax profit and revenue growth, but if I look at return on allocated capital, I don’t believe that we are losing anything, actually. We are protecting our shareholders by not doing businesses that are clearly dilutive and not value-accretive.

BM Is there a limit to how big UBS can grow from an assets perspective?

SE If I look at the size of some of our asset-management competitors, it doesn’t look like it.

BM Speaking of which, your asset-management business is one area in which investors might still like to see better results. Is M&A the way forward?

SE We’d also like to see better results. We’ve exited certain businesses that weren’t adding value or differentiating us. You always need to understand, What’s the trajectory? Everything is open; never say never about anything nowadays. And it’s always our duty to look at any growth opportunity, organic or not. Having said that, the valuation doesn’t indicate that a bank can be a buyer of an asset-management business without being totally wiped out in terms of capital consumption. We are very happy. Our asset management is a low-capital-absorbing business and creates value for us.

BM So it’s less important to compete with the BlackRocks and the Vanguards of the world?

SE No, we can’t compete. It’s like the investment bank. We are competing with the so-called top in all the businesses where we choose to compete. We have to define the competition, and we have to define how we compete by our own targets.

BM So what’s your asset management play going to look like?

SE More focused, for sure. Already today we’re not small. We have around $700 billion of assets under management, more than a third of which—$250 billion—is passive. It’s true, passive is a new trend. We believe that the days of active are not over. It’s changing though. You need to be very good and focus on that. We are playing more the David than the Goliath. I know I can’t go out and compete on size with Vanguard or BlackRock on ETFs. But that’s not what we want to do. We want to have ETFs that are designed to serve certain characteristics.

BM On the active side, how much more fee compression do you expect as an asset manager?

SE The best example is what happened to wealth management. Look at the contractions we had, in top line and gross margins. The truth of the matter is you work on cost, on being more efficient. It’s not an excuse when there’s a contraction on the top line to say, “That’s a bad business; let’s throw it away.” It will continue, but there’s a limit. It’s like, how far can passive go without going down? I don’t know if they’re ever going to get into paying for managing assets, into negative commission territory. So unless we go there, it is difficult to expect another massive reduction in margins in passive. On the active side, yes, there’s some room to go yet. You pick where you want to compete, and I’m totally convinced you can resolve it with cost.

BM We’ll soon move out of a unique period of monetary policy. How worried are you about the effects of that?

SE I’m very worried. Not that I expect anyone to know the answer to everything, but I don’t think that anyone, even at the central banks, has a clue how to get out of this or what the repercussions of this monetary policy will be. We can all try to mitigate, but nobody knows the consequences. People can hope.

BM How does that affect how you manage this business?

SE It’s knowing we don’t know. If you look at risk management and how you run a bank nowadays, you always think about stress. You have to stay on top of things. It’s the only thing you are paranoid about. You basically have to say to yourself, The central bank says it won’t move rates for at least three years. But maybe in two months someone changes his mind. What would the repercussions be?

BM Do you think there’s enough risk-taking at UBS right now?

SE I’m pretty happy with the level of risk we take, the sustainability of our results, and how that translates to our relationships. With investment banking, for instance, we want to take risks and deploy capital only when it is done to facilitate client business. We want in aggregate to have returns that pay for the cost of equity. Otherwise it’s not a business.

BM How about elsewhere in the industry?

SE It’s difficult to make an assessment in general, but banking is basically about risk-adjusted returns—taking risk in a way that’s reasonable. What I see in the financial-services industry is people still struggling with their business model. I see people willing to deploy a lot of capital below what you would say is a reasonable level of expected return just to show momentum on the top line and that they’re getting market share. But there is also maybe the influence of something broader, where people are forgetting how quickly things can change. It’s difficult to detect any asset classes in the world that are not highly priced, and if you look at how much investors get paid from a risk-­premium perspective, you have to wonder if maybe there’s a little bit of complacency in the financial system.

BM You began your career as a trader. As a trader, what are you looking at right now?

SE In this environment, if you’re a trader you move positions. You want to work on velocity; you want to stay as agile as possible to move your positions and your conviction as things change. When you’re running a bank or a large portfolio, it’s not as quick. You need to take more of a long-term view. I think what I feel today as a trader, as an investor, as a CEO of a bank is, What is the risk-adjusted upside of taking risks right now? None, very justified. And I have to admit that I would have thought the same a couple of years ago. Of course, my perception of risk, returns, and how much you get rewarded has changed, but what’s going on is people feel more and more, Is it likely that I will miss a couple more years of this environment? If I’m prudent, but I’m missing the next couple of years, my attitude today is that I’d rather take the opportunity cost. And because I don’t, I think that showing sustainability and a position of strength, in case there’s a change in sentiment, has a lot more long-term value to us than short-term gains.

BM Let’s clear up something else. Before you were a banker, didn’t you want to become a professional skier or football player?

SE In Switzerland back then, you could go to college at age 18 or 19 and become a sports teacher. So when I finished school at 15, I thought, OK, what am I going to do before college? Well, the most practical thing was to do an apprenticeship with a bank to get up to speed with accounting, finance, and so on. When I finish that, I’ll go into sports. I never thought that I would stay at the bank.

BM What stands out when you think about that first job?

SE Cornèr Bank was founded by one person and owned by the family. That was a very good experience, because that kind of bank has a different feeling than a big one owned by share­holders who are external, institutional managers.

BM When did you decide to stick around?

SE After a few months. I was in the securities department, where the bank was executing orders for clients to buy stocks and bonds, which was next to the foreign exchange department. I had never really thought of banking that way. I found myself getting a different view. I got confronted immediately with the influence of news. Back then, Bloomberg terminals didn’t exist, but we had all this info bombarding us that would affect financial markets. And I started to say, “Well, that’s not so boring.” Every other step I took for the next 10 years was only so that I could get into working at a big securities house as a trader.

BM And what was your big break?

SE In 1987, Merrill Lynch asked me to open a Swiss capital markets operation. I was 27. In hindsight, I was lucky enough to start a business from scratch. And I mean from zero—no offices even, just a space with walls between different areas. We decided to tear down the walls. I had to go out and order everything from phones to desks and also hire people.

BM How did you approach being a manager?

SE I started to use the same decision-making process from trading in management. I knew that I didn’t always need 100 percent of the information to make a decision. And I think that’s always applicable.

BM People who have worked with you describe that very ­characteristic—that you fill the information gap with instinct.

SE Especially when you’re managing a situation that requires speed. When a decision is more strategic, I don’t necessarily agree. I would never make a strategic decision for the company just using my instinct.

BM But it sounds as if you basically just learned business strategy as you went.

SE Learned, or maybe shaped. It was more learning the ecosystem. Once you learn the ecosystem, you have to figure out how do you anticipate, stay in front, protect your business, and grow the bottom line. Your decision-making process adapts because you learned something, somewhere, somehow. It’s not necessarily through formal education or by reading books; it’s also what you learn along the way—and it’s always surprising to see how much you’ve learned without realizing.

BM What was your toughest decision as a manager?

SE My first big promotion was to go to London and replicate what I’d done. In any career, you advance by making vertical moves. And in order to make the next vertical move, you have to go horizontal and get out of being a specialist. And it’s crucial to recognize that being a great specialist doesn’t make you a good manager. I mentioned the operation I opened, in Zurich. One of the biggest managerial challenges was to make the decision to shut down a big chunk of what I created. Learning to kill your darlings was also big from an emotional point of view. When you need to have difficult discussions with people who’ve been working with you for a long time, it’s not easy. You have to recognize that things have changed and move on.

BM So you made it to the top, looked back, and said, “This isn’t where the future is going to be.” How did you grapple with that?

SE It’s thinking about what, even today at UBS, is good for the franchise and the vast majority of our people. As you employ more and more people, it’s difficult to make everybody happy. It’s unrealistic to aspire to have no mistakes when you make a transformation. When we accelerated our strategy here, I knew that I could maybe have done a more precise job on the ­underlying analysis. It was a trade-off between waiting six more months to have better details and getting going before something leaks or people start to resist. I knew I had enough information to act. I may not have the perfect model on Day One, but I’m going to fix the parts that are not working as we go. I don’t want to divert the topic too much, but this is valid for ­regulation—the inability to recognize the need for changes.

BM What do you mean?

SE I think politicians and regulators did a good job of addressing the financial crisis. They did many things correctly, but they also made some mistakes. That’s only human. But now, because they’re so concerned of being accused of making mistakes, the danger is they don’t address them, that they become hostage to themselves. It’s easy to think, Oh, my God, I made a mistake. Well, yes, you made a mistake. But you also made 10 right decisions. Whether you’re in business or politics, you need to recognize you made a mistake and then do something to fix it. It’s impossible to do everything right.

BM What advice do you have for them?

SE It’s nothing that I wouldn’t give myself. When you make a mistake, don’t be stubborn. Try to fix it. That’s the most elementary part of the equation when you make so many changes in such a short period of time, or things have changed and you need to adapt, or you make a mistake. It took longer to happen in Europe [than in the U.S.], and it takes a very long time or is even impossible for people who are outside, in bodies that are meant to provide deep directions. That’s when I look at bodies like the Basel Committee, and I think they’re living on a different planet compared to what’s going on.

BM Do you think regulation like MiFID II will achieve what it set out to do?

SE I guess so if they want to create transparency. I don’t know what the final nonstated mission of regulation is.

BM Who will be the biggest winners and losers with MiFID II?

SE I think the real issue is to try to simplify it and understand what it means for clients. Know your clients, know what they need. You have to be relevant, and you need to add quality. I actually think MiFID II can create an opportunity. It’s not just a threat.

BM Nordea—Northern Europe’s largest bank—recently decided to relocate its headquarters from Stockholm to Helsinki. How significant is that in terms of playing regulatory arbitrage?

SE You know, when you use the word “arbitrage,” there’s a connotation that could be perceived as an opportunistic, short-sighted approach. I’m pretty convinced that the management of that bank and its board of directors thought very hard about what they were doing. And they’re not opportunistic. There’s a level at which too much is too much. There’s an acceptance that regulation is the right thing to do, that it protects your shareholders and clients, but there’s a point when you’re put in an uncompetitive position. If you have an inability to preserve the value of your own franchise, then you need to take action. I think I have a lot of respect and admire them for what they did. It may just be the beginning of a realization that this is indeed a different environment and people should never take things for granted, because nowadays nothing is 100 percent.

BM Not even UBS being in Switzerland?

SE Nothing. Not even. I’ll tell you one thing about Nordea: It’s mostly owned by people who aren’t Swedish investors. We’re not controlled by Swiss investors, either. We’re owned by foreign investors, as are our direct competitors. We feel we are a Swiss-based organization, and Swissness is a competitive advantage. But the reality is we need to balance those aspects with the fact that we cannot have a situation that’s creating a competitive disadvantage. But when you want to talk about regulatory arbitrage, it’s more between Europe and the U.S. I wouldn’t describe that as regulatory arbitrage.

BM What do you find yourself thinking hardest about right now?

SE It’s almost like you have to look up close with one eye and into the distance with the other. Short-term is understanding regulation, resolving some outstanding legal matters. Long-term is, How do we get the organization to move toward the next 10 years? And how do we embrace those challenges and changes in a positive way? And fortunately or unfortunately, I’m paid to think not just about the positive. I’m asking myself, What are catalysts—positive or negative—that are not really on the radar screen in the next 12 to 24 months that can change things? What are the risks? If I look at the global geopolitical situation, balance sheets of central banks, prices of asset classes, and so on, the risk is more skewed toward the negative part. The opportunity costs to be too prudent, too early is something that’s clearly frustrating a lot of people. Also, the riskiest part of our business nowadays is operational risks. We can have hours of discussion on credit or market risks. But the one thing that really hurt in the last 10 years of our industry is op risks, not credit or market risks. If you do something wrong as a bank, or you have people doing bad things within the bank, it costs you much more than any credit risk or market position.

BM How do you foster a cultural change to address that challenge?

SE It’s a journey. You have to teach people that you’re not just accountable for what you do. In our organization, you need to watch what’s going on around you; it’s not just a task for a risk-management team. This is also a big part of bringing back what banking is historically all about. I think we went through some anomalies before the financial crisis—a low-risk environment, free liquidity and capital, high degrees of complexity and sophistication. The usage of balance sheets changed certain dynamics of our functions, historically speaking. What we’ve done here is bring back a traditional banking mentality. That’s at the center of what we do. So there’s a lot of educating people between what is right and wrong. In many cases you needed to make people aware of things that were normal and allowed and understood to be standards that are not standards anymore. And if you look at how we measure people today, it’s not just if you’re the best client adviser, or banker, or trader. It’s also about how you deliver. If you’re perceived as a person who’s cutting corners, not collaborating, not behaving in the right way, it’s not like you’re going to have a place in the organization.

BM Where does UBS go from here?

SE Year After Year [referring to the Edward Ruscha artwork on his office wall]. It is a tough competitive environment; there’s nothing wrong with trying to deliver competitive results. Roger Federer wasn’t so bored winning his eighth Wimbledon. I don’t care as long as we can continue to deliver and grow. We are facing huge challenges, not just from traditional competition but from technology, from new regulation. It’s a never-ending story. You need to constantly think about how you keep yourself relevant in front of clients, how you create value for shareholders, how you attract and retain the best people. So it’s not really a boring environment.

BM One potential risk to your growth is China. Has the credit bubble peaked? How does that affect you?

SE You look at how the Chinese economy has been developing in the last 20 years and whatever it’s going to go through is an adjustment. They are able with their own means to get through it. Is this them potentially slowing down for a couple of years? Maybe, yes, but long-term we would expect China to grow 4, 5, maybe 6 percent or whatever and still double its economy in 10 or 20 years, depending on the average growth and financial markets.

BM How do you capture that growth?

SE We continue to do what we’ve done for the last 50 years in Asia. For us, investing in Asia is not a fashion or a new desire to offset something that’s going wrong. It’s a very natural continuation. I’m not really doing something to change the course of the firm; I’m just doing what my predecessors did in Asia and continuing to invest.

BM There’s been much scrutiny of big conglomerates recently, some of which were your clients. What gave you comfort to deal with HNA Group and the ownership of that company?

SE Without going into specifics, we believe we have checks and balances on when we do things and how we do them that justifies the business we do. If not, we take remedial actions to correct the situation. Our experiences and relationships in Asia are broad, and we apply the same standards there as we do worldwide.

BM There’s a lot of chatter about too many banks in Europe, that there needs to be more consolidation. Are there any obvious combinations that would make for a really good competitor?

SE The one I think that will be very meaningful is the consolidation of back-office processes to create value. A lot of traditional M&A was driven by cost, by synergies. There are a lot of things that could be done in our industry to keep that part without creating negative synergies, business problems, or shareholder issues.

BM Any examples?

SE A “utilities” concept that could create the benefits of consolidation without the front-end or shareholder complications. Some shareholders don’t want to change their structure but may be willing to exploit synergies. I do believe there’s a future where some consolidation would also be part of the solution. And I believe that regulators will allow that to happen, because it’s quite clear the landscape in Europe is not what Europe needs.

BM Let’s talk about technology a bit more. How different are things going to be in, say, three years?

SE For sure, it’s not going to be the same as today. I have to tell you that at the end of the day, I’m totally convinced that the battleground of banking is not the front office. The battleground is the back end. There’s no understandable reason why the financial-services industry has not developed a more comprehensive sharing of the value chain. This is partly because we are more regulated than many other industries, but it’s also because of profitability. And this is the first time the industry has gone through a prolonged period of deleveraging and contraction.

BM What should we expect to see on the technology front then?

SE Eventually, when we look back 3, 5, 10 years from now, you’ll realize how much has changed. But I don’t believe we’re going to go through those changes in a way that’s going to be perceived as disruptive to anyone. Think about where we were 10 years ago. So many changes have come through. You don’t see them because, of course, here we are every day. The impact of technology over the next 10 years is going to be very similar to the impact of regulation over the last 10. It’s not the Big Bang; it’s going to be very gradual. But you’re going to be faster—much more efficient, proficient. Instead of serving 50 clients, you’ll be able to serve 100 and in a more sophisticated way. And so I’m convinced that you need to continue to invest in that sense. Technology will help you reduce your cost base. But you’re also going to have to reinvest a lot of your savings to keep your tech capabilities up to speed.

BM As you walk around your firm, how many people will be doing something different because of technology in 10 years?

SE I’m not telling you anything new: We see a lot of contraction in the number of people in our industry. I think the jobs that are still going to be there are still relevant. You talk to people who are process-oriented firms, and they say they’ll have 50 percent less. It’s not 5 percent or 10 percent but probably something in the middle: 25 percent, 30 percent. If you look at UBS, we employ a meaningful amount of people—almost 95,000, including contractors. You can have 30 percent less, but the jobs are going to be much more interesting jobs, where the human content is crucial to the delivery of the service. I’m totally convinced that our jobs and industry will continue to be very interesting and challenging.

BM What kind of talent will thrive?

SE The people who will succeed in the future are mentally agile—flexible, fast-learning. Of course, you need to have the basics, but there’s a mental mobility that’s the name of the game.

BM So, if you ever decide to leave this great position—

SE Or they kick me out! (Laughing)

BM Or they kick you out. What do you still want to accomplish with your life?

SE I think it’s difficult to answer that question. If you answer that question, it means you’re already thinking about it.

BM So you’re not thinking about it?

SE That was the implied answer, yes. I think that if you start thinking about what you’re going to do next, it’s almost like you’re checking out.

BM There’s been some speculation about a potential move into politics.

SE As you say, it’s speculation, nothing more than that.

BM Earlier you said, “Never say never.”

SE Switzerland is not the U.S., it’s not Italy, it’s not France. I don’t think it’s ever happened that someone who is not a member of a party—somebody who is not active in politics at the regional or federal level—got elected.

BM So when you do leave, what piece from the UBS art collection are you going to walk out with?

SE If I could, I would take the piece hanging in my office, Year After Year.

BM Would you consider staying on as chairman?

SE It’s very difficult to answer this question now. Never say never, but it may not necessarily be something I want to do, or be right for the bank, or that shareholders want. [Chairman] Axel Weber said in public that he and I will stay for another five years. By then we’re going to be old enough. And I have no intention to step down.

BM When you think of your time at UBS so far, how have you changed?

SE It’s difficult for me to say. I’ve been growing into the job. I learned that I’m much more patient than I thought. I had to become much more patient than I thought I could ever be. I don’t know if it’s the nature of aging or the nature of the job.

Martinuzzi is the managing editor for European finance and investing at Bloomberg News in London. Weber is the editor of the magazine.

Pubblicato in: Finanza e Sistema Bancario, Unione Europea

Polonia. Sta nascendo un nuovo polo finanziario europeo.

Giuseppe Sandro Mela.

2017-09-28.

Varsavia 001

Mentre Frau Merkel tenta di catechizzare i suoi concittadini ed il mondo per convertirli al nuovo credo alteramente senziente, pensante ed operante, la Polonia le sta scippando sotto il naso le sede operative europee delle maggiori banche mondiali.

Tutto era nato negli scorsi anni e si era concretizzato a fine giugno.

A quell’epoca già iniziavano a circolare le proiezioni elettorali per pochi intimi, quelle reali.

Germania. Analisi del voto federale. 1. Classi di età.

Germania. Analisi del voto federale.2. Altre caratteristiche. Est – Ovest.

Germania. Analisi del voto federale. 3. I voti nei Länder.

Germania. Heimat risorta, viva e vegeta. Il perché di una vittoria.

Europa. La devoluzione del socialismo ideologico. – Spiegel

Tutti i grandi investitori erano, e sono, consci che le elezioni tedesche avrebbero mutato gli equilibri politici in Europa.

Ma nel contempo tutti i grandi investitori hanno da lunga pezza ben presente la situazione tedesca, come si prospetta nel medio – lungo termine.

Germania. Incidenza economica del calo demografico. – Bloomberg.

Germania. Realtà geografica, non più umana, politica ed economica.

Germania. 13 milioni di poveri e 330,000 famiglie con la luce tagliata.

Germania. Non è povera. È misera. – Financial Times

Germania. Sassonia. La realtà travolge i tedeschi. Ed è solo l’inizio.

Germania. La demografia che stritola. Mancano tre milioni di lavoratori. – Vbw.

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Se questi problemi fossero chiari, tutto quello che sta succedendo sarebbe di una evidente semplicità. La Polonia diventa immediatamente appetibile a discapito della Germania.

La conseguenza di tutto quanto sopra riportato è sequenziale: i grandi investitori si domandano se valga ancora la pena fare investimenti strategici in Germania. E la risposta è no.

Certamente resta ancora possibile fare qualche affaruccio, ma investimenti strategici sicuramente no.

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Trump visiterà la Polonia il sei luglio.

Mr Trump non era andato in Polonia per parlare di giardinaggio.

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Radio Poland aveva dato un primo timido annuncio il 23 gennaio c.a.:

«Three Polish cities: Warsaw, Kraków and Wrocław are being considered for opening a new office of financial company JP Morgan Chase, the Puls Biznesu daily reported.

Kraków’s city hall confirmed that its representatives held a meeting with JP Morgan officials.

According to the daily, Poland is not the only country considered by JP Morgan, and a number of European cities are competing to lure the company, whose investment could create 2,500 new jobs.

Puls Biznesu added that investment banker, Goldman Sachs, will also probably relocate its back-office from London’s city to Warsaw following Brexit.

Mateusz Morawiecki, Poland’s Finance and Development Minister has said that due to the UK leaving the EU, the Polish services sector might see 20,000 new jobs created between 2016 and the end of 2017.»

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Reuters aveva ripreso la notizia il 26 di aprile:

«U.S. bank JPMorgan Chase (JPM.N) is zooming in on Warsaw as a destination for its new back office operations center which could eventually employ several thousand people supporting the bank’s European and Asian business, sources said.

As Britain prepares to leave the European Union, and banks and other financial firms look to shift jobs from London’s financial center, Poland has set its sights on mid-tier work where salaries may not be astronomical but jobs are numerous.

A delegation from JPMorgan visited Warsaw last month, the sources said, to look for real estate that could house the new center, which could become of the largest of its kind in Poland.

“The focus is definitely Warsaw,” said one source familiar with the matter, speaking anonymously as discussions are not public.

JPMorgan has also visited Poland’s western city of Wroclaw and Hungary’s capital Budapest as possible contenders»

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Careers in Poland aveva dato ulteriore conferma l’11 maggio, ricordando come in Polonia si fossero già rtasferite importanti attività di Goldman Sachs, Credit Suisse ed UBS:

«Warsaw is about to become home of another eminent operations centre – this time for USA’s investment bank, JPMorgan Chase. Although the information has yet to be confirmed, Poland is a firm contender in the race to secure the position of JPMorgan’s next location. The bank is said to be looking for new office sites as a result of Brexit. This would make JPMorgan Chase another institution planning to shift away from London’s City after Britain’s ‘leave’ vote last year.

The back office centre that JPMorgan is looking to open would deal with bank’s businesses in Europe and Asia. Poland is certainly capable of providing enough workforce and has experience in attracting foreign employees as well. Although no clear declarations have been made, the financial centre may several thousand people – according to some sources about 2,500 employees, although initially it would hire less than a hundred people.»

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Di questi giorni la conferma data da Reuter.

«Poland’s government expects JPMorgan Chase & Co. to open an operational center in Warsaw, swelling the ranks of banks attracted by Poland’s lower costs amid competition by European cities for jobs set to move away from London»

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«The deal is done»

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«UBS Group AG has set up a global hub in Krakow »

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«Goldman Sachs, which is planning to halve its London staff to 3,000 workers, will expand in Warsaw to “several hundred” people over the next three year »

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«Brexit could bring as many as 30,000 business service-sector jobs to Poland»

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«Business outsourcing centers opened by foreign corporates have added 198,000 jobs in Poland, including 32,000 in the 12 months to March, with many of them in the financial industry, according to the Association of Business Service Leaders in Poland»

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«That compares with 275,000 people employed in the traditional financial sector as of the first quarter, according to the Central Statistical Office»

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Nel 2000 la Polonia aveva un pil di 171.276 miliardi Usd, che nel 2016 è cresciuto a 467.591. Il Q1 ed il Q2 di questo anno hanno segnato un +4.2% ed un +4.4%, rispettivamente.

Nel 2000 il pil procapite era 4,476 Usd che nel 2016 è arrivato a 12,314 Usd.


Bloomberg. 2017-09-24. JPMorgan to Hire ‘Thousands’ for Operations Hub in Poland

– Deputy Prime Minister Morawiecki says sealed deal with lender

– Pekao starts hiring Polish bankers from U.K. amid Brexit risks

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Poland’s government expects JPMorgan Chase & Co. to open an operational center in Warsaw, swelling the ranks of banks attracted by Poland’s lower costs amid competition by European cities for jobs set to move away from London.

The U.S. bank, which is poised to hire “several thousand people,” according to Polish Deputy Prime Minister Mateusz Morawiecki, adds to list of foreign lenders that have been relocating some mid- and back-office positions to the formerly communist European Union member.

“The world’s largest bank will have a headquarters here and will hire several thousand people in management, risk management and logistics, which is good as these are well paid jobs,” Morawiecki told public radio Trojka on Friday. “The deal is done.”

UBS Group AG has set up a global hub in Krakow, while Goldman Sachs, which is planning to halve its London staff to 3,000 workers, will expand in Warsaw to “several hundred” people over the next three years, Handelsblatt has reported. Morawiecki said this year that Brexit could bring as many as 30,000 business service-sector jobs to Poland.

Jennifer Zuccarelli, a spokeswoman at JPMorgan in London, declined to comment. A spokeswoman said in January that the bank was “always reviewing our options to improve our real estate strategy for back-office functions” and that the process had “nothing to do with” Brexit.

Outsourcing Centers

Business outsourcing centers opened by foreign corporates have added 198,000 jobs in Poland, including 32,000 in the 12 months to March, with many of them in the financial industry, according to the Association of Business Service Leaders in Poland. That compares with 275,000 people employed in the traditional financial sector as of the first quarter, according to the Central Statistical Office.

New positions in the banking industry in Warsaw offer salaries from $1,400 to $5,050 per month, according to ABSL. That compares with the average annual salary of about $62,000 in financial services in the U.K., according to job recruitment agency Reed.

Separately, Poland’s second biggest lender Pekao SA announced a prominent hire from among the group of Poles who had been building their careers in London’s financial center, flagging the move as a symbol of Warsaw’s growing allure for financial professionals amid Brexit risks.

The lender took on Roksana Ciurysek-Gedir, who has headed a team at Credit Suisse’s wealth management unit, as deputy chief executive officer. Pekao’s acting CEO Michal Krupinski, himself a former investment banker in Merrill Lynch, expects more hires from London in the coming weeks.

Pubblicato in: Devoluzione socialismo, Economia e Produzione Industriale, Finanza e Sistema Bancario, Unione Europea

Cina. Anbanged ed HNA comprerebbero Allianz.

Giuseppe Sandro Mela.

2017-09-11.

2017-09-08__Allianz__000

Questa è la struttura del’azionariato di Allianz al 31 dicembre 2016. Si noti come il 33.8% del capitale sia tedesco mentre il 66.2% sia straniero.



Cerchiamo di capire chi siano le parti in causa.

Anbang Insurance Group.

«Anbang Insurance Group (Chinese: 安邦保险; pinyin: Ānbāng bǎoxiǎn) is a Chinese holding company whose subsidiaries mainly deal with insurance, banking, and financial services. The company was founded in 2004 as a regionally based property insurance business with its headquarters in Beijing. Its founding shareholders included state-owned car maker Shanghai Automotive Industries Corp., which held a 20% stake. In 2005 state-owned oil company Sinopec bought a 20% share.

As of February 2015, the company had assets worth more than CN¥800 billion (US$123 billion). The Financial Times has described Anbang as “one of China’s most politically connected companies.”

Anbang Insurance has more than 30,000 employees in China and is engaged in offering various kinds of insurance and financial products.

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The company holds a geographically diversified portfolio of assets in financial services real estate and lodging.

    In 2014, Anbang Insurance acquired Belgium insurer, Fidea Verzekeringen.

    In 2014, Anbang Insurance purchased the Waldorf Astoria New York hotel from Blackstone for nearly US$2 billion.

    In 2015 Anbang purchased Dutch insurer Vivat from the Dutch state. They paid €150m outright, and agreed to infuse between €770m and €1bn in fresh capital, and to take on €550m of debt.

    In 2015 Anbang paid US$1 billion for a 57.5% stake in South Korea’s Tongyang Life, an insurance company, in what was reported to be the first direct investment in a South Korean financial institution by a mainland China entity.

    In November 2015, Anbang announced that it would buy Iowa-based insurer Fidelity & Guaranty Life for about $1.57 billion.

    In February 2016, the Financial Post in Canada reported that is to purchase a 66% stake in four office towers of Bentall Centre in Vancouver from Ivanhoe Cambridge, a subsidiary of Caisse de dépôt et placement du Québec; and subsequently remaining 33% stake in May 2016. Terms of the deal were undisclosed. But the price paid by Anbang is reported to value the property at over CAD$ 1 Billion.

    In March 2016, Blackstone agreed to a further US$6.5 billion sale of 16 landmark US hotels owned by the Strategic Hotels & Resorts REIT, including the historic Hotel del Coronado near San Diego, the Westin St. Francis in San Francisco, several Four Seasons resorts, and Manhattan’s JW Marriott Essex House hotel.

    In April 2016, Anbang purchased Allianz’s South Korea operations.

    In 2016, Anbang purchased Retirement Concepts, a Canadian company with 24 retirement homes in British Columbia, Calgary and Montreal.» [Fonte]

Riassumendo.

Anbang è un gruppo assicurativo cinese con asset di 123 miliardi di dollari nel 2015, e penetrazione nel mercato mondiale.

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HNA Group.

«HNA Group Co., Ltd., is a Chinese conglomerate headquartered in Haikou, Hainan, China. Founded in 2000, it is involved in the aviation, real estate, financial services, tourism, logistics, and other industries. It is part owner of Grand China Air (Hainan Airlines), China’s fourth largest airline, and owns 25% of Hilton Worldwide.

HNA Group was ranked 170th in 2017 Fortune Global 500 list.» [Fonte]

Nel 2015 il total asset ammontava a 466.709 miliardi di yuan.

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Allianz.

«Allianz SE is a German financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management. As of 2014, it is the world’s largest insurance company, the largest financial services group and the largest company according to a composite measure by Forbes magazine, as well as the largest financial services company when measured by 2013 revenue. The company is a component of the Euro Stoxx 50 stock market index.

Its Allianz Global Investors division ranks as a top-five global active investment manager, having €1,933 billion of assets under management (AuM), of which €1,408 billion are third-party assets (as of 2015-03-31), with specialized asset managers including PIMCO (bonds), RCM (equities) and Degi (real estate).

Allianz sold Dresdner Bank to Commerzbank in November 2008. As a result of this transaction, Allianz gained a 14% controlling stake in the new Commerzbank. » [Fonte]

Nel 2015 Allianz gestiva un asset under management di 1,933 miliardi di euro, dei quali 1,408 erano di terze parti.

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Si resta alquanto sorpresi quando si esamina l’elenco dei maggiori azionisti.

2017-09-08__Allianz__001

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Il cancellierato della Bundeskanzlerin Frau Merkel passerà alla storia come il periodo in cui l’élite ha svenduto la Germania.

Germania. Sassonia. La realtà travolge i tedeschi. Ed è solo l’inizio.

Germania. La demografia che stritola. Mancano tre milioni di lavoratori. – Vbw.

Germania. La malata di Europa. 68 banche nei triboli. – Bundesbank

Trump. Export tedesco e banche nei triboli. – Handelsblatt

Germania. Non è povera. È misera. – Financial Times

Germania. Vdma. Il furor teutonico sta crescendo. – Handelsblatt

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Germania. Deutsche Bank esclusa dal novero delle banche mondiali.

Deutsche Bank. Asset azionario e terrorismo. I proprietari.

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Cina. Banche Cinesi e Belt and Road. Yuan come valuta internazionale.


Reuters. 2017-09-07. China’s Anbang, HNA had sights set on insurer Allianz: sources

HONG KONG (Reuters) – China’s Anbang Insurance Group and HNA Group both considered buying into German insurer Allianz SE this year as part of plans to become global financial powerhouses, people with direct knowledge of the matter said.

The separate talks, which were at an early stage and did not result in formal bids, were called off earlier this year due to expected regulatory hurdles in Germany and China and the fact that Allianz (ALVG.DE) showed little interest, they added.

The Chinese conglomerates both weighed buying a majority stake in the world’s fourth-largest insurer by market value – which is worth over $95 billion – while HNA was also open to a minority stake, two people involved in the discussions said.

It was “highly unlikely” that the talks to acquire a controlling stake in Allianz, one of nine insurers regulators say are of global systemic importance, would be revived in the near future, one of the people said.

A bid would have ran into political and regulatory hurdles as the insurer is a German stalwart that holds a huge amount of capital and is an important pillar for local pensions.

HNA’s [HNAIRC.UL] plan to buy an Allianz stake was first reported by Germany’s Sueddeutsche Zeitung.

Representatives at Allianz, Anbang [ANBANG.UL] and HNA – which has announced over $50 billion in deals since 2015 including stakes in Deutsche Bank AG (DBKGn.DE) and Hilton Worldwide Holdings Inc (HLT.N) – all declined to comment when contacted by Reuters.

Although the talks did not continue for long, the plans for possible separate bids for Allianz reveal ambition among Chinese conglomerates including Anbang and HNA to create a global empire through large, debt-fueled acquisitions.

BINGE BUYING

Massive overseas deals has resulted in Chinese regulators ramping up scrutiny this year of outbound acquisitions – ranging from football clubs to movie studios – of groups including Anbang, HNA, Fosun and Dalian Wanda.

Beijing has increased restrictions on overseas acquisitions in recent months and has leant on domestic banks to reduce lending that helped fuel the shopping spree and saw local firms spending a record $221 billion on assets overseas in 2016.

And in June, China ordered a group of lenders to assess exposure to some of China’s more aggressive dealmakers, including Anbang, Dalian Wanda, and HNA, the sprawling aviation-to-financial services conglomerate.

Anbang started discussing acquiring a controlling stake in Allianz in the second half of last year and had held informal talks with some banks, including select Wall Street banks, to seek advisory and lending support, the people said.

HNA had also held similar talks with some banks, they said. Besides regulatory roadblocks, the uncertainty about the ownership structures at the two conglomerates, however, led to some banks pulling back from those talks, the people said.

Similar to HNA, Beijing-based Anbang, whose main business is insurance, has been one of China’s most aggressive dealmakers in recent years, and is best-known overseas for the record-breaking purchase of the Waldorf Astoria hotel in New York.

Anbang’s overseas shopping spree included acquisition of Allianz’s South Korean businesses — Allianz Life Insurance Korea and asset management firm Allianz Global Investors Korea — for more than $3 million last year.

Pubblicato in: Banche Centrali, Economia e Produzione Industriale, Finanza e Sistema Bancario, Senza categoria, Trump, Unione Europea

Intesa San Paolo nei triboli per il prestito a Rosneft.

Giuseppe Sandro Mela.

2017-08-27.

2017-08-04__Trump TELEMMGLPICT000136310797-xlarge_trans_NvBQzQNjv4BqHwnvh86NCImGNxSron0kTyxqUYn5PGopOSNBtx07gTA

Il problema dovrebbe essere noto.

Rosneft. Роснефть. Chi la possiede e chi la comanda.

Germania. L’ex-cancelliere Spd Schröder nel board della russa Rosneft.

Cina. Quanzhou. I Brics decidono cosa farsene dell’Occidente.

Erdogan. Turki in Germania non votate Frau Merkel.

Giovanni P. Dieselgate. Braccio di ferro Usa – Germania. L’Italia latita.

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Rosneft, Intesa Sanpaolo in prima fila. Maxi-prestito a Glencore e Qatar

«Il consorzio internazionale acquisisce il 19,5% del colosso energetico russo. Dal gruppo italiano fino a 5,2 miliardi. L’interesse dei gruppi internazionali.

Intesa Sanpaolo ha vinto la partita: supporta con un finanziamento fino a un massimo di 5,2 miliardi di euro il consorzio formato da Glencore, leader mondiale nell’attività di produzione e trading di materie prime, e dal Fondo sovrano del Qatar (Qia) per l’acquisizione del 19,5% del capitale di Rosneft. Valore complessivo dell’operazione 10,2 miliardi di euro.»

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«Glencore couldn’t come up with its half of the Capital by the way, so a Russian Bank floated it a “bridge loan”, until the Italian Bank could approve the Glencore loan — in spite of the Sanctions on the “collateral”»

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Bene. Banca Intesa San Paolo ha dovuto chiedere il permesso alla Banca Centrale per erogare il prestito alla Rosneft, che è colpita sia dalle sanzioni generiche sia da quelle specifiche ad personam. In poche parole: fare un prestito a quella società è uno dei peggiori reati configurabili all’interno dell’Unione Europea.

Ma omnia munda mundis, dice la Europa Unita: se il prestito fa bene alla Germania è cosa buona, giusta e salutare. Ma questo vale solo nell’Unione Europea.

Non è vero che siano due pesi e due misure: la presenza tedesca santificherebbe anche satanasso in persona. Ma gli altri cosa ne pensano. Quanto vale Frau Merkel?

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Ma l’Eurozona è solo un decimo dell’economica mondiale. E l’Italia è un settimo dell’economia europea.

Fuori dall’Unione Europea c’è il mastino che morde.

«Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar’s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia»

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«Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year»

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«Intesa (ISP.MI) invited about 15 banks to join the loan when it opened the syndication in May»

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«The banking sources said their compliance departments needed to understand the new sanctions»

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«they are wary of damaging their relations with Saudi Arabia and the other three Gulf nations embroiled in the dispute.»

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«the syndication was complicated by a political stand-off between Qatar and Saudi Arabia»

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Ricapitoliamo.

– Prendiamo atto che Banca Intesa San Paolo non è in grado di erogare un prestito di 5.2 miliardi di euro, cifra miserrima per una banca.

– Prendiamo atto che le altre banche a livello mondiale si siano rifiutata di partecipare in compagnia di Banca Intesa San Paolo in un’operazione illegale, perché viola le sanzioni contro la Russia.

– Prendiamo atto come due paesi relativamente piccoli, quali l’Arabia Saudita ed il Qatar, possano condizionare l’operato di una banca dell’Unione Europea, infischiandosene palesemente degli interessi tedeschi e di Frau Merkel.

– Prendiamo infine atto che a Mr Trump basta fare una leggina piccola piccola a Washington per bloccare l’Unione Europea.

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A questo punto verrebbe da chiedersi: ma Frau Merkel chi mai crede di essere?

Nota.

Non si sa dove sia e cosa stia facendo il Governo italiano.


Reuters. 2017-08-26. Exclusive: Russia sanctions disrupt Italian bank’s 5 billion euro loan deal

LONDON/MILAN (Reuters) – Italian bank Intesa Sanpaolo has encountered problems syndicating a loan to Glencore and Qatar’s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia.

Four banking sources told Reuters that Western banks including from the United States and France have so far put on hold their participation in the syndication of the 5.2 billion euro ($6.13 billion) loan that Intesa provided last year.

Intesa (ISP.MI) invited about 15 banks to join the loan when it opened the syndication in May. A loan of this size would normally take between four and six weeks to syndicate, though deals involving emerging markets can sometimes take a few weeks longer.

The banking sources said their compliance departments needed to understand the new sanctions.

They also said the syndication was complicated by a political stand-off between Qatar and Saudi Arabia. Banks are taking a more cautious approach to deals involving Qatar as they are wary of damaging their relations with Saudi Arabia and the other three Gulf nations embroiled in the dispute.

“The syndication is stuck because of new U.S. sanctions on Russia. The new sanctions are so wide-reaching that they will surely impact all similar deals involving Russian state firms,” said a London-based source with a large Western bank invited by Intesa to participate in the syndication.

Intesa, Italy’s largest retail bank, declined to comment. The banking sources did not want themselves or their banks to be named because they were not cleared to speak about the deal and because talks between Intesa and the banks about the syndication are confidential.

Pubblicato in: Economia e Produzione Industriale, Energie Alternative, Finanza e Sistema Bancario

Morgan Stanley. Tesla non sarebbe un buon investimento.

Giuseppe Sandro Mela.

2017-08-23.

Banche 0110

«Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. It is headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New York City. With offices in more than 42 countries and more than 55,000 employees, the firm’s clients include corporations, governments, institutions and individuals.

Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis Morgan (grandson of J.P. Morgan), Harold Stanley and others, came into existence on September 16, 1935, in response to the Glass–Steagall Act that required the splitting of commercial and investment banking businesses. In its first year the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements. The main areas of business for the firm today are Institutional Securities, Wealth Management and Investment Management.» [Fonte]

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In numeri, Morgan Stanley nel 2016 denunciava ricavi per 37.95 miliardi Usd, reddito operativo 8.5 miliardi, ed un asset under management di 1,300 miliardi. Più tutto il resto.

Di questa banca di interesse mondiale si può dire di tutto tranne che non sappiano guadagnare loro e far guadagnare i propri clienti, che le hanno dato da gestire un qualcosa come 1,300 miliardi di dollari.

Morgan Stanley sa più che bene come l’unico modo di mantener e di accrescere la clientela sia farla guadagnare.

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«Whilst the electric vehicles and lithium batteries manufactured by these two companies do indeed help to reduce direct CO2 emissions from vehicles, electricity is needed to power them.»

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«And with their primary markets still largely weighted towards fossil-fuel power (72% in the U.S. and 75% in China) the CO2 emissions from this electricity generation are still material»

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«the carbon emissions generated by the electricity required for electric vehicles are greater than those saved by cutting out direct vehicle emissions.»

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«Morgan Stanley, …. admitted that considering companies on a climate-change basis was not a perfect science»

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Il risultato delle ricerche condotte dalla Morgan Stanley è riassumibile in due statement:

– se è vero che le automobili elettriche non sarebbero inquinanti, la produzione della corrente necessaria al loro funzionamento risulterebbe essere ancor più inquinante rispetto ai classici motori a combustione.

– Tesla non sarebbe società sulla quale operare investimenti strategici.

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Ecco qualche spigolatura su Tesla.

Tesla. Vendite -24%, ma tanto lo stato ripiana….

Hong Kong. Tesla. Da grande mercato a zero vendite. Zero.

Denmark Is Killing Tesla (and Other Electric Cars)

Tesla’s sales in Denmark fell a jaw-dropping 94% last year – and Musk could see the crash from miles away

Tesla Bankruptcy Chances Increased Exponentially With The Capital Raise

Tesla: Capital Raise Now, Or Bankruptcy In 4 Months

Tesla Is Going Bankrupt And Is Still A Great Short

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Trump. Tesla. Toyota fa fagotto e la lascia alla bancarotta


New American. 2017-08-18. Morgan Stanley: Tesla Not as Green as You Think

Morgan Stanley, the international banking behemoth, released the results of its study on the best “green” companies in which to invest. This is based, said the bank, on the assumptions that some, perhaps many, investors who have drunk the “green Kool-Aid” want to invest in ways to “save” the environment and fight against “climate change.” Missing from the top of their list is perhaps the most visible “green” automobile company: Tesla, Inc., formerly known as Tesla Motors.

After comparing the savings in carbon dioxide (CO2) achieved by Tesla’s high-mileage electric vehicles to all the “secondary and tertiary” factors involved in their manufacture, Morgan Stanley said, “The carbon emissions generated by the electricity required … are greater than those saved by cutting out direct vehicle emissions.” That Tesla wasn’t nearer to the top, said the bank, was one of the “biggest surprises” of its study.

Part of the problem, said the report, is that that electricity is largely generated by burning fossil fuels. With “72% [of electricity produced] in the U.S. [by fossil fuels], the CO2 emissions from this electricity generation are still material,” said the bank.

This echoed conclusions made back in May by British “greenhouse gas” expert Mike Berners-Lee, author of How Bad are Bananas?: The Carbon Footprint of Everything. Said Berners-Lee: “If you are a relatively low-mileage person, you should stick with your gas-powered car.” Enviros at left-liberal Salon magazine interviewed Berners-Lee, who admitted that “green” isn’t just measured by tail-pipe emissions, but by everything involved in building a Tesla:

Important factors in determining carbon emissions include the weight of the vehicle, driving habits and the source of the electricity that charges your car … it can be a much greener choice to keep the perfectly functional car you have, rather than go out and buy a new [green] one.

That CO2 calculation which adds up everything involved a building a Tesla, or any other vehicle, is called “embodied carbon”: all the energy required to build the car from the ground up. That includes the extraction and processing of raw materials and shipping the parts and the vehicles themselves across oceans in oil- or coal-fired tankers. It also includes the cost of building the massive plants to assemble them.

For instance, Tesla received approval last December from the city of Fremont, California, to expand its present facility there by 4.6 million square feet, which includes 12 “growth zones” around the site. This expansion includes the steel, concrete, and plastic not only in its construction but in the production lines and computers that drive the robots. It also must encompass the tax credits that Fremont’s politicians no doubt granted to keep Tesla from building its plant elsewhere.

There’s another cost involved as well — one that neither Berners-Lee nor Morgan Stanley considered: the $7,500 tax credit provided to purchasers of the Tesla which is paid for by taxpayers. These “incentives” distort the market and tilt it in favor of Tesla against its competitors. Without those incentives, credits, and political enticements, Tesla (which, by the way has turned a profit in just two quarters in its 13-year existence) might just be a footnote in history.

In other words, one can never know whether Tesla’s electric car venture would ever pay off, either economically or environmentally. Once the government (state, local, or federal) gets involved in picking winners, it distorts the market because it is also automatically involved in punishing losers (those who don’t get the credits). So one cannot ever be sure whether the free market, driven by consumer choice, would reward Tesla with profitability or even allow its continued existence.

Just how great is that market distortion, thanks to governmental favoritism and media hype? Consider this: Tesla’s market capitalization (its stock price multiplied by shares outstanding) is now greater than that of General Motors! This despite the fact that Tesla lost $773 million in 2016 while GM earned a profit of more than $9 billion. This despite the fact that Tesla sold only 76,000 cars last year while GM sold 10 million.

Tesla just may be “building a better mousetrap” with its lithium-ion battery-powered automobiles. It’s too bad that the free market won’t be allowed to make that decision on its own.


Market Watch. 2017-08-18. Want to fight climate change? Don’t invest in Tesla

Climate change is almost unanimously considered one of the gravest threats facing humanity, with the worst-case scenarios representing massive environmental destruction. Investors hoping to combat it with their portfolio allocations can, but one famous environmentally focused company may actually be doing more harm than good.

Morgan Stanley identified 39 stocks that generate at least half their revenue “from the provision of solutions to climate change,” something it said was a central component of investing to make a difference, as opposed to just a making a buck.

“In our view, impact investing needs to begin with companies whose products and services have a notable positive environmental or social impact,” wrote Jessica Alsford, an equity strategist at the investment bank.

Not surprisingly, alternative-energy companies ranked the highest in terms of their positive impact, and the “top five climate-change impact stocks” were all manufacturers of solar and wind energy: Canadian Solar CSIQ, -9.86% China High Speed Transmission 0658, +0.00% GCL-Poly 3800, +0.00% Daqo New Energy DQ, -5.25% and Jinko Solar JKS, -9.99%

Not among the top companies? Electric-car makers, including Tesla Inc. TSLA, -2.76% Elon Musk’s company has been an investor favorite for years, even eclipsing Ford Motor Co. F, +0.09%  and General Motors GM, +0.23%  in market cap.

Tesla shares are up nearly 66% so far this year, but the good it may have been doing for portfolios may not translate to it doing good for the planet. Morgan Stanley said this was one of the “biggest surprises” of its study.

The bank grouped the “climate-change impact stocks” into four sector categories: utilities, renewable manufacturers, green infrastructure companies and transportation stocks. It then analyzed them on a number of metrics, including “the CO2 [carbon dioxide] savings achieved from the products and services sold by the companies,” as well as secondary and tertiary factors centered around the environmental impact of the making of these products.

This is where Tesla, along with China’s Guoxuan High-Tech 002074, +1.30% fall short.

“Whilst the electric vehicles and lithium batteries manufactured by these two companies do indeed help to reduce direct CO2 emissions from vehicles, electricity is needed to power them,” Morgan Stanley wrote. “And with their primary markets still largely weighted towards fossil-fuel power (72% in the U.S. and 75% in China) the CO2 emissions from this electricity generation are still material.”

In other words, “the carbon emissions generated by the electricity required for electric vehicles are greater than those saved by cutting out direct vehicle emissions.”

Morgan Stanley calculated that an investment of $1 million in Canadian Solar results in nearly 15,300 metric tons of carbon dioxide being saved every year. For Tesla, such an investment adds nearly one-third of a metric ton of CO2.

Morgan Stanley, which in February advocated for looking at gender diversity when analyzing companies, admitted that considering companies on a climate-change basis was not a perfect science.

“Very few if any stocks will have a 100% net positive impact,” read the report. “However, the extra layer of analysis on subsidiary effects must be a subjective judgement call, based on whether the additional impacts (of which there may be many) are sufficiently negative to offset the positive effect created by the core business.”

It added, “We even struggled to find total CO2 emissions data for most companies.”

Investing with an eye toward the environment is part of a growing trend of ESG investing, which stands for evaluating companies on environmental, social and governance grounds. Such investments favor companies that have strong environmental policies, or that treat their employees well, for example.

There are even funds that focus specifically on climate-change issues, like the iShares MSCI ACWI Low Carbon Target ETF CRBN, -0.10%  or the SPDR MSCI ACWI Low Carbon Target ETF LOWC, -0.12%  . Both exchange-traded funds have outperformed the broader S&P 500 so far this year, whereas the largest ETF to track the energy sector XLE, -0.51%  recently dropped into bear-market territory, defined as a 20% drop from a peak.

The low-carbon funds have seen increased usage over the past year, something analysts credit to the election of President Donald Trump, whose administration is seen as hostile to environmentally friendly policies.