#BNP Paribus

[eaglesnick]

101 Things You Should Know About The UK Tory Government

Thing 91

Unelected, multi-millionaire Rishi Sunak may have appointed a new Tory Party Chairman, Greg Hands, after being forced to sack his last appointee for breaking the Ministerial Code, but nothing has really changed. Sunak’s new appointee is as hypocritical and as self-serving as Nadhim Zahawi.

Hands was an ardent supporter of Rishi Sunak when Sunak ran for the leadership of the Conservative Party, and as such was highly critical of Liz Truss and her economic policies

However, once Truss had won the election race he had one of those “road to Damascus" moments, and became a true believer in Truss economic policy. (A policy that some economist have calculated cost the UK £30 bn)

“Mr Hands has defended her high growth, low tax strategy since her election as leader after criticising it in July.”  (Telegraph: 09/10/22)

I am sure that his conversion to Trussonmics, had nothing to do with her giving him a job within her short-lived government. Others have been less generous.

“Nick Robinson Tells Minister Greg Hands: "You Are Insulting People's Intelligence."

Clearly you cannot support two opposing economic policies at the same time. Well, not unless you indulge in Orwellian “doublethink" whereby  a person accepts two mutually contradictory thoughts as correct without being aware or troubled by the glaring contradiction between them.

But we don’t really need to look for such a complicate explanation for Hands behaviour. Essentially, he is a typical Tory: conservatives who are as concerned with feathering own nest as they are in serving the people they are supposed to represent.

A prime example of this is the fact Hands worked as a “political consultant” to BNP Paribus UK, Frances largest bank. As such he was making more money than as an MP.

“At the end of December ( 2018) Hands listed his salary in the Register of Members Interests: he’s getting £9,000 a month. That’s £108,000 a year. An MP’s salary is £77,379. So Hands is being paid more for being an adviser to BNP Paribas than he is to represent his London constituents. Hands says that he will “earn” his £9,000 a month with just 16 hours work a month — an hourly rate of £562.” (Morning Star: date unknown)

It is good to know that the new Conservative Party Chairman, like his predecessor, is a man of robust, unwavering principles and selfless duty to his constituents.

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[someobviousluxury-blog]

Top ten Real Estate Companies in the UK

1. Savills 2. Knight Frank 3. BNP Paribus 4. Grosvenor 5. JLL 6. Cushman and Wakefield 7. British Land 8. CBRE 9. Colliers 10. lambert smith hampton

[brassring2020]

AYA finbuzz financial health memo October 2019

As of October 2019, this regular podcast is available on our Andy Yeh Alpha fintech network platform.

The OECD projects global growth to decline from 3.2% to 2.9% in the current fiscal year 2019-2020. This global economic growth projection represents the slowest in a decade amid substantial economic policy uncertainty due to Sino-U.S. trade conflict resolution, Brexit, and geopolitical risks and military confrontations in East Asia and some middle east countries such as Iran and Saudi Arabia etc. A major deterioration in global economic prognosis echoes similar concerns that most monetary policymakers share in the interim period from the Jackson Hole summit to the recent U.S. FOMC press release. As many central banks institute dovish interest rate cuts worldwide, monetary policy institutions may lack the important levers and instruments to cope with the next global economic recession. As a Paris institution, the OECD further warns that a no-deal Brexit would likely push the U.K. economy into an economic recession due to both trade retrenchment and foreign capital exodus. Several OECD countries now need to introduce fiscal stimulus from aggressive tax cuts to fresh infrastructure expenditures in order to revive their economic prospects. These global economic events and developments can cause adverse ripple effects on exchange rate stabilization and asset price normalization for gold, oil, and other commodities.

Global climate change can cause an adverse impact on long-term real GDP economic growth. USC macro economist Hashem Pesaran and his co-authors analyze a panel dataset of 174 countries for the years from 1960 to 2014. The major empirical punchline suggests that persistent changes in the temperature above or below its historical norm can cause per-capita real economic output growth ceteris paribus. Specifically, a persistent increase in average global temperature by 0.04°C can reduce global real GDP per capita by 7.22% by 2100 after the econometrician controls for all other relevant covariates and endogenous effects etc. However, if all the sample countries abide by the Paris climate agreement to limit the temperature increase to 0.01°C per annum, this international climate policy coordination can reduce the economic loss substantially to 1.07%. Canada, India, Japan, New Zealand, Switzerland, and the U.S. can experience 10%+ larger losses of economic output growth. Also, climate change can cause a long-term adverse impact on economic output, labor productivity, and employment across 48 U.S. states and industrial sectors for the period from 1963 to 2016. This landmark study confirms and corroborates the progressive consensus view that climate change can cause a first-order adverse impact on economic consequences.

U.S. fiscal budget deficit hits $1 trillion or the highest level in 7 years. The current U.S. Treasury fiscal budget deficit increases from $779 billion to $1.07 trillion during the Trump administration from November 2016 to September 2019. Almost 60% of this Treasury budget shortfall arises from the Trump tax cuts for U.S. residents and corporations. These tax cuts exacerbate the current fiscal imbalance in addition to several other Trump fiscal stimulus packages on infrastructure, education, and technology. The fiscal deficit boosts U.S. national debt to $22.5 trillion (or a 13% increase during the current Trump administration). However, the fiscal deficit as a percentage of U.S. GDP decreases from a peak of almost 10% in 2009 to about 5% as of September 2019. This evidence galvanizes popular support for the Republican consensus view that both the Trump tax cuts and other fiscal stimulus packages help boost U.S. economic growth, employment, and capital investment. The U.S. non-farm unemployment rate remains at the historically low 3.7% level, and the U.S. economic growth rate reaches almost 3% per annum. With low core inflation expectations below the 2% target, the Federal Reserve maintains the dual mandate of both maximum sustainable employment and price stability.

American CEOs of about 200 corporations issue a joint statement in support of stakeholder value maximization. The Business Roundtable offers this joint statement of corporate purpose in 300 words. The first 250 words focus on stakeholder value maximization before the statement mentions shareholder wealth maximization. In accordance with this joint statement, the main purpose of a corporation should be investing in both the welfare and productivity of employees, delivering value to customers, and dealing ethically with suppliers. Also, it is important for U.S. corporations to promote diversity and inclusion in the workplace. These corporations should further support social communities in America. Moreover, the corporations need to help protect the environment amid substantial economic policy uncertainty, climate change, and environmental degradation. This landmark U.S. CEO statement represents an important change in business purpose away from the prior thesis of Nobel Laureate Milton Friedman in support of solo shareholder wealth maximization. This latter solo emphasis reveals drawbacks and impediments to long-term sustainable business development and corporate social responsibility. In a nutshell, it is essential for U.S. corporations to serve in the best interests of employees, customers, suppliers, regulators, and other major stakeholders before these corporations disgorge cash and stock returns to shareholders.

U.S. state attorneys general begin bipartisan antitrust investigations into the market power and corporate behavior of tech titans such as Apple, Amazon, Facebook, and Google. From all U.S. states except California and Alabama, the state attorneys general (AGs) launch bipartisan antitrust investigations into the current tech business practices. Specifically, the state AGs assess whether it is legitimate for Facebook, Google, and Amazon to connect online ads to specific Internet platform search and newsfeed results. Also, the state AGs examine whether Apple monopolizes the markets for mobile apps and multi-media services via App Store and its business partnerships with Spotify and Oprah Winfrey Network. However, these tech titans run different business models. Facebook finds its unique business niche in social media ads; Google dominates in Internet search and other software services; Amazon specializes in e-commerce for consumer products; and Apple focuses on smart mobile devices and app services. Throughout this antitrust probe, the main economic thread suggests that these tech titans may amass anti-competitive market power. The investigative group of 48 state AGs poses a major antitrust threat to Amazon, Apple, Facebook, and Google. With new regulations, the potential fines and penalties can involve billions of dollars for these tech titans.

European economic integration seems to have gone backwards primarily due to the recent Brexit movement. Brexit, sovereign debt, and French and German hawkish dominance tend to interfere with European Commission public affairs against the long-term trend of economic integration. As a primary basis of greater Eurozone economic harmonization, the single market seems to fail to eliminate most E.U. barriers for goods, services, people, and capital flows. The European trade bloc faces fierce competition from global rivals such as North America, Australasia, and East Asia. As of September 2019, only 7 of the 40 largest companies are European. These 7 companies include Allianz (Germany), BNP Paribas (France), HSBC (Britain), Royal Dutch Shell (Holland), Santander (Spain), and Volkswagen (Germany). Fewer lean enterprises originate from Europe as many stock market investors and venture capitalists witness a generic decline in the European entrepreneurial spirit in recent times. If Europe seeks to rebuild world-class corporations in order to enhance broader economic prospects, the European Union not only has to reinvigorate the single market, but the E.U. should also rediscover the original vision of greater unity and harmony within the post-war trade bloc. This enhancement entails fewer trade barriers such as tariffs, quotas, and even embargoes.

The European Central Bank expects to further reduce negative interest rates with new quantitative bond purchases. The ECB commits to further cutting negative interest rates to –0.5%. Also, the ECB refreshes radical monetary stimulus in the specific form of quantitative-easing (QE) government bond purchases. In particular, the ECB plans to buy €20 billion government bonds each month from November 2019 onwards. As the ECB president Mario Draghi expects to step down in late-October 2019, this massive monetary stimulus helps fulfill his landmark legacy about a decade after the global financial crisis of 2008-2009. Moreover, this strategic move serves as a defensive response to the recent dovish interest rate reductions in the U.S. and other countries such as India, New Zealand, and Thailand. In terms of global monetary policy coordination, these interest rate cuts help anchor low and stable inflation expectations and exchange rates worldwide. The ECB can successfully assuage the concern and suspicion that most French and German central bank hawks share in recent times. However, the persistent negative interest rates and ad hoc QE government bond purchases draw direct criticisms from UBS and Deutsche Bank. The current monetary stimulus may or may not be sustainable in the long run.

U.K. prime minister Boris Johnson encounters defeat during his new premiership. The first major vote would pave the path of least resistance to passing a no-deal Brexit in late-October 2019. In addition to losing this vote, Johnson also loses the Conservative one-person majority as Conservative MP Phillip Lee crosses the floor to join the Liberal Democrats. In light of this parliamentary change, Johnson seeks a general election in mid-October 2019 and further threatens to eject all 21 Conservative MPs who oppose a hard Brexit. In response, the opposition parties support setting in stone anti-no-deal Brexit law. The British parliament blocks Brexit with no favorable deal with the European Union, and the House of Lords must give assent to legislate this outcome. Moreover, the British parliament prevents Johnson from instituting a snap general election. Johnson experiences 3 parliamentary rebukes in 2 consecutive days at the early stage of his new premiership. In practice, there are good economic reasons for anti-Brexit investor anxiety and even a second referendum. Many stock market analysts and currency strategists fear that Brexit would lead to substantial trade retrenchment, British pound volatility, and financial capital exodus. After all, European Union remains the biggest trade bloc for Britain.

Apple unveils 3 iPhone 11 models with new original video services and stars such as Oprah Winfrey, Jennifer Aniston, and Reese Witherspoon. Apple releases the triple-camera iPhone 11 and its pro variants. Also, Apple introduces the new video-streaming TV service that costs only $5 per month. This video service features well-known stars and celebrities such as Oprah Winfrey, Jennifer Aniston, and Reese Witherspoon. In this unique fashion, the landmark $5-only Apple TV service poses cutthroat price competition to several other video content providers Disney, HBO, and Netflix. All new iPhone, iPad, and Mac buyers can receive one-year Apple TV service subscriptions for free. This unique feature can draw hundreds of millions of global viewers to Apple TV. It is important for Apple TV to acquire exclusive licenses to specific U.S. and international popular soap operas, movies, and other films. Also, Apple may consider the next logical steps of deliberately bundling its smart mobile products and services of iPhones, iPads, MacBooks, and Apple TV subscriptions with Apple Music, App Store, and iOS 13. iOS 13 introduces several new features such as dark mode, faster speed, better user privacy protection, and more secure access to personal photos, maps, voicemails, and robocalls etc.

Apple CEO Tim Cook maintains a frugal low-key lifestyle. With $625 million public wealth, Cook leads the $1 trillion tech titan Apple in the post-Jobs period. As a native Alabaman son of a shipyard worker and a pharmacy employee, however, Cook keeps his low-key life habits and hobbies. His public wealth comes from $622 million Apple shares and $3 million stock options in Nike (as Cook now serves on its board of directors). Like his predecessor Steve Jobs and other tech founders from Jeff Bezos and Bill Gates to Larry Page and Mark Zuckerberg, Tim Cook focuses his attention and energy on technological advancement and legacy innovation. Cook leads a frugal and solitary life, buys clothes-and-shoes at the Nordstrom semi-annual sale, and lives in a relatively modest $1.9 million home in Palo Alto (in stark contrast to the median home price of $3.5+ million in the San Francisco Bay Area). Money cannot motivate Tim Cook because he spends most time trying to find the next disruptive innovation that revolutionizes the market for smart mobile devices. Cook serves as a wise tech trailblazer in product diversification as he pioneers the post-Jobs trifecta of iPhone Xs, iPhone Xs Max, and iPhone XR.

IMF chief economist Gita Gopinath warns that competitive currency devaluation may be an ineffective solution to improving export prospects. In the form of gradual interest rate cuts, Chinese expansionary monetary policy decisions can help stimulate domestic demand for consumption goods, services, and capital investments. However, this monetary expansion may inevitably weaken the Chinese renminbi against the U.S. dollar and many other OECD currencies. This competitive currency devaluation renders Chinese exports more affordable. At the same time, this currency devaluation reduces global demand for more expensive Chinese imports. In the broader context of international trade, nevertheless, the recent empirical evidence shows that each 10% currency depreciation improves the trade balance by only 0.3% of near-term real GDP economic output ceteris paribus. This evidence remains robust after the econometrician considers multi-year exchange rate fluctuations in response to interest rate cuts and other expansionary monetary policy decisions. In light of these robust results, monetary expansion alone is unlikely to cause the large and persistent currency devaluation that the central bank needs to stimulate economic growth, employment, and capital accumulation. This economic insight further applies to the recent dovish interest rate cuts that the U.S. Federal Reserve institutes in response to a vocal president.

The Federal Reserve reduces the interest rate by another quarter point to the target range of 1.75%-to-2% in late-September 2019. In accordance with the Federal Reserve dot plot of interest rate expectations, 5 FOMC members favor the prior status quo of 2% to 2.25%. The same flagship dot plot suggests that 5 FOMC members support a quarter point cut with no further rate cuts through the remainder of the current calendar year 2019. The dot plot further indicates that 7 FOMC members support at least one more interest rate cut in late-2019. The U.S. monetary policy committee again cites the implications of global trade frictions and other regional clouds of both fiscal policy uncertainty and asset price normalization for the current economic outlook. Low inflation momentum remains the root cause of the second interest rate cut. The recent dovish monetary policy stance accords with the Federal Reserve dual mandate of maximum sustainable employment and price stability. Federal Reserve Chair Jerome Powell indicates that it may be essential for most market participants to raise the bar for any further interest rate reductions due to tighter financial constraints in the foreseeable future. Data dictate future moderate moves in the monetary policy space.

Treasury Secretary Steven Mnuchin indicates that there is a good conceptual trade agreement between China and America with respect to intellectual property protection and enforcement. Prior trade talks lead to positive progress on intellectual property protection and enforcement concerns. These trade talks are set to resume at high levels in October 2019. In a recent interview with Fox Business, Treasury Secretary Steven Mnuchin conveys the main theme that both sides can reach a conceptual interim trade agreement on patent and trademark enforcement concerns. Meanwhile, President Trump maintains the firm conviction that it would be important to impose heavy tariffs on Chinese imports if China cannot reach at least an interim fair trade deal. Investor anxiety and sentiment may manifest in the form of substantially more volatile price fluctuations across the U.S. and Asian asset markets for stocks, bonds, currencies, and commodities. As the People Bank of China (PBoC) governor Yi Gang is likely to participate in the October 2019 trade talks, the U.S. trade team expects to address the unfair trade tactic of PBoC renminbi currency manipulation. In summary, the supple-side school of economic thought prevails during the Trump administration with fiscal stimulus, fair trade, and better intellectual property protection.

President Trump indicates that he would consider an interim Sino-American trade deal in lieu of a full bilateral trade agreement. The Trump administration defers higher tariffs on $250 billion Chinese imports to mid-October 2019 as China celebrates its national anniversary in early-October 2019. Meanwhile, President Trump would prefer a complete trade agreement as both China and the U.S. seek better trade conflict resolution in the next round of bilateral trade negotiations in October 2019. Stock market analysts and political scientists suggest that an interim trade deal can translate into consensus views of both bilateral trade deficit eradication and intellectual property protection and enforcement. The former causes China to purchase more U.S. agribusiness products, and the latter may require either legislative structural reforms or international arbitration tribunals. It is difficult for China to set in stone specific fair trade practices by signing into law protective arrangements for multinational corporations such as Apple, Google, and Microsoft. Also, it can be difficult for China to suspend government subsidies on domestic state enterprises and tech firms such as Alibaba, Baidu, ByteDance, Didi, and Tencent. When push comes to shove, an interim Sino-American trade deal may be the necessary evil for better harmony and compromise.

The Trump administration postpones increasing 25% to 30% tariffs on $250 billion Chinese imports soon after China extends an olive branch to de-escalate Sino-American tariff tension. China further resumes purchasing American agricultural products such as soybeans and pork bellies to better balance the current U.S. trade deficit. These reconciliatory gestures of good will arise in the broader context of new trade negotiations as both sides reconvene in October 2019. From Dow Jones and Nasdaq to Shanghai and Hong Kong, U.S. and Asian stock markets rebound 3%-to-5% in response to this positive change in the Sino-U.S. trade engagement. In the next round of Sino-U.S. trade negotiations, both sides delve into the more difficult legislative structural reforms in Chinese state capitalism. It is important for the U.S. trade envoys and reps to urge Chinese bureaucrats and policymakers to sign into law better intellectual property protection and enforcement. This legal reform would empower multinational corporations such as Apple and Microsoft to institute tort lawsuits over patent, trademark, and copyright concerns in the worst-case scenario of intellectual property infringement. The Chinese Xi administration needs to mull over a genuine compromise. The structural reform may overturn the current fundamental state-centric economic development model in China.

AYA finbuzz podcast October 2019

AYA Analytica is our online regular podcast and newsletter about key financial news, market insights, economic issues, and stock investment strategies on our Andy Yeh Alpha (AYA) fintech network platform. With both American focus and international reach, our primary and ultimate corporate mission aims to help enhance financial literacy, inclusion, and freedom of the open and diverse global general public. We apply our unique dynamic conditional alpha investment model as the first aid for every investor with profitable asset investment signals and portfolio strategies. In fact, our AYA freemium fintech network platform curates, orchestrates, and provides proprietary software technology and algorithmic cloud service to most members who can interact with one another on our AYA fintech network platform. Multiple blogs, posts, ebooks, analytical reports, stock alpha signals, and asset omega estimates offer proprietary solutions and substantive benefits to empower each financial market investor through technology, education, and social integration. Please feel free to sign up or login to enjoy our new and unique cloud software services on AYA fintech network platform now!!

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We create each free finbuzz (or free financial buzz) as a blog post on the latest financial news and asset investment ideas. Our finbuzz collection demonstrates our unique American focus with global reach. Each free finbuzz provides deep insights into numerous topical issues in global finance, stock market investment, portfolio optimization, and dynamic asset management. We strive to help enrich the economic lives of most investors who would otherwise engage in financial data analysis with inordinate time commitment.

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[newsinvids]

Tax cut to lift sagging spirits | BNP Paribus’ Nimish Shah To ET NOW

ET NOW: http://dlvr.it/RFPqKg

[mikemortgage]

CPPIB poised to be first global pension fund to issue euro green bond

The Canada Pension Plan Investment Board is poised to become the first global pension fund to issue a euro-denominated green bond.

The bond is expected to be priced at as much as 1 billion euros and, sources say, could be announced as early as this week.

Bookrunners would include Barclays, BNP Paribus, Bank of America Merrill Lynch, and Citigroup.

CPPIB was the first global pension fund to issue a green bond last summer. That 10-year $1.5 billion bond was also the largest single Canadian green bond transaction to date.

The green bonds issued by CPPIB are expected to finance investment in renewable energy, sustainable water, wastewater management, and green buildings.

CPPIB officials said last summer that bonds were the next “logical step” for Canada’s largest pension fund organization, which over the past year, had announced plans to invest more than $3 billion in renewable energy as part of its aim to position the CPP fund for an expected global transition to a lower-carbon economy.

The pension organization, which invests on behalf the Canada Pension Plan, is a signatory of the United Nations Principles for Responsible Investment. The principles are a pledge to incorporate environmental, social and governance (ESG) factors into investment decisions “to better manage risk and generate sustainable, long-term returns.”

from Financial Post http://bit.ly/2B9nFr5 via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[kenresearchblog]

Opportunities with Rising HNW Population Market Outlook: Ken Research

According to the study, “HNW Targeting and Retention Strategies” Most banks like Credit Suisse, JP Morgan, BNP Paribus Citibank, Morgan Stanley, Deutsche Bank, HSBC provide wealth management services and have a separate business unit consulting of consultants and product specialists to provide wealth assistance to  HNW population. Private wealth management is delivered to high net worth individuals. This includes advice on use of various estates planning vehicles, business succession or stock option planning with the occasional hedging of derivatives for large blocks of stock. Traditionally, the wealthiest retail clients of investment firms demanded a greater level of service, product offering and sales personnel than that received by average clients. With an increase in the number of affluent investors in recent years, there has been an increasing demand for sophisticated financial solutions and expertise throughout the world.

High-net-worth individual (HNWI) is a term used by some segments of the financial services industry to designate persons whose investible assets (such as stocks and bonds) exceed a given amount. Typically, these individuals are defined as holding financial assets (excluding their primary residence) with a value greater than a specified given amount. Initially the HNW population was largely concentrated in the western countries of North America, however recent trends have shown that the population has begun to spread across the globe to cities such as Hong Kong, Dubai, Tokyo, London, Los Angeles to name a few. Furthermore the rise of emerging market over the past decade has triggered the upsurge of HNW population even in the South American and Asia Pacific region. The largest proportion of high net worth individuals in the world can be found in the North American region. Studies reveal that more than half of the HNW population resides in the North America. The global growth in HNI population can be attributed to factors like appreciation in equity and other asset classes and also in markets like commodities and real estate. 

Before selecting a wealth manager, HNW’s look for multitude factors such as experience of the firm, the products and services offered, charges, quality of firm and even employee turnover.

In 2017, China’s top regulators unveiled reforms for the country’s wealth management industry aiming to reduce the risk of accumulating across its financial system. The major reform is to shift to ‘traditional’ asset managers. China’s asset management industry was dominated by ‘quasi’ asset managers including bank wealth management products and trust companies whose nature is fundamentally different from global definitions. The traditional asset managers include mutual funds and private funds.

HNI needs include the likes of buying a property in Dubai, buying a structured product, picking up a stake in a promising or upcoming business, funding a real estate project through debt or could be even looking at the idea of buying into a distressed asset, or writing a complex will.  Orange Business Services (France) and Additiv (Singapore), an expert in digital solutions for the financial market, have teamed up to offer digital wealth management service products. The cloud-based offerings will automate wealth management and address the strong growing demand for digital financial services from clients and the urgency to reduce operating costs by many financial institutions.

Due to constant increase in the number of high net-worth individuals all around the globe, this industry is expected to grow at an increasing rate in the coming years and shall see its roots expanding to regions of Africa, Latin America and Asia – Pacific.

To know more, click on the link below:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/hnw-targeting-retention-strategies/149646-93.html

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Ken Research

Ankur Gupta, Head Marketing & Communications

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[hdoug]

First Hawaiian Bank bldg where we protested its parent BNP Paribus' participation in DAPL. #NoDAPL ! (at First Hawaiian Bank)

[alisonthebunny]

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[alisonthebunny]

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[alisonthebunny]

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