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ijapicap ijapicap A well-set compass is needed to navigate these words from the Nomura Research Institute’s latest report on Japan’s asset management sector*. NRI’s well regarded studies are based on yearly polls of funds firms’ views. This time around 59 responded of which 31 were headquartered in Japan and 27 abroad.
The Verge
The price of everything The price of everything “Giarre, a town in eastern Sicily, sits above the sea on the slopes of Mount Etna. It was once a collection point for the wine produced on the hills above, which was rolled down its main street in barrels to the port below. Today, Giarre bears a far more dubious distinction. The city of 27,000 hosts the largest number of uncompleted public projects in the country: 25 of them, nearly one for every 1,000 inhabitants. So spectacular is the waste that some locals have proposed promoting Giarre’s excess as a tourist attraction, Bloomberg Businessweek reports in its Oct. 8 edition. "On an afternoon in September, I toured some of Giarre’s most notorious eyesores with Turi Caggegi, a journalist who has been writing about government waste since the 1990s.
Financial Market Outlook for 2013 Financial Market Outlook for 2013 Goldman Sachs CEO Lloyd Blankfein has just bought a second home, this one in the Hamptons, the fabled playground for New York’s bankers and hedge fund managers. It was on the market for $33 million, and its sale in December contributed to a splurge of estate buying last year that saw record prices being set for country manors in the Hamptons. The luxury segment of the real estate market in the US had a very good year, and not just in New York. California mansions which would have sat idle two or three years ago were being snapped up in weeks, with multiple bidders pushing offers up well beyond the asking price. Nor were expensive properties subject to a buyers’ frenzy. All throughout the US, once-devastated real estate markets saw a remarkable recovery in sales volume.
dShort dShort S&P 500 Snapshot: The Index Rises After a Confusing Employment ReportJan 10, 2014 Doug Short The much anticipated December Employment Report was a bizarre mixed bag -- weak job creation but a surprising decline in unemployment. Treasuries rallied in no uncertain terms. The yield on the 10-year note dropped nine bps to close at 2.88%. The S&P 500 was a bit more ambivalent in its reaction. The index hit its 0.27% intraday high a few seconds after the open and sold off to its -0.31% intraday low two hours later.
Insights and Research Insights and Research Joe Calhoun passed along the data for residential remodeling permits (according to the BuildFax Remodeling Index) for November 2013 (latest data available) and it was ugly. Total permits issued were 2,542,000 (seasonally-adjusted annual rate), 20% below October and 18% lower than November 2012. As usual, this “unexpected” decline, actually collapse, had a convenient though not-convincing .. read more Though we have passed through the event horizon on taper finally, it is still difficult to understate how much the threat of it upset the various settled mannerisms of credit and dollar markets this past summer. Though there is a degree of calm in appearance now, there are certainly more than a few hints of .. read more
Scott E.D. Skyrm
The new deal on Cyprus does not only have the right intentions, but averts the two major flaws of the previous deal: It fully protects insured deposits up to the €100,000 amount guaranteed by deposit insurance in all banks, andIt bails-in all bondholders and shareholders. The deal has other remarkable elements as well: Marfin Laiki Popular Bank (the second biggest bank accounting for about one-third of banking assets in Cyprus), the most troubled bank, will be closed down immediately with full contribution of shareholders, bondholders and uninsured depositors. blog > Detail blog > Detail
ppola Comment: A central bank crisis ppola Comment: A central bank crisis Vox has an excellent article by the LSE's De Grauwe about the austerity measures in the Eurozone periphery that were imposed by policymakers in response to a buyer's strike among sovereign bond investors. As yields soared, particularly in Greece, there was a growing belief that the cause was high levels of public debt and structural inefficiencies, and that to bring yields down it was necessary to slash public borrowing and make structural reforms. There was also concern about the lack of competitiveness of periphery economies and their high unit labour costs: had they had their own currencies, devaluation would have been the corrective for this problem, but because of the Euro this was not possible and the only solution was to force down wages.
Many thousands of articles have been written purporting to explain Bitcoin, the online, peer-to-peer currency. Most of those articles give a hand-wavy account of the underlying cryptographic protocol, omitting many details. Even those articles which delve deeper often gloss over crucial points. My aim in this post is to explain the major ideas behind the Bitcoin protocol in a clear, easily comprehensible way. We’ll start from first principles, build up to a broad theoretical understanding of how the protocol works, and then dig down into the nitty-gritty, examining the raw data in a Bitcoin transaction. Understanding the protocol in this detailed way is hard work. How the Bitcoin protocol actually works How the Bitcoin protocol actually works
The Diplomat Magazine The Diplomat Magazine China has made dramatic economic progress during the last five years, weathering the global financial crisis and becoming the world’s largest exporter and second largest economy, surpassing Japan. By James A. Dorn for The Diplomat November 29, 2013
The Atlantic Cities
I thought I'd take a post to write about my personal blog heroes. These are the bloggers not just whose blogs I enjoy - there are a huge number of those - but who have A) inspired me personally, while B) using their blogs to do something really unique, invaluable, and positive for the world. I'll try to keep it a short list, so realize that I do not necessarily consider people not on the list (e.g., your favorite blogger) to be un-heroic. Also, realize that there a ton of blogs I've never read and people I've never heard of, so this is just a list of my heroes, not the heroes. Finally, realize that the heroes are not in any order. 1. Noahpinion
SNB & CHF: A beleaguered central bank in the dangerous world of global macro and euro crisis » The Swiss National Bank and Swiss Franc Blog 15 Billion SNB Losses on Gold in 2013, But 40 Billion SNB Profit on Gold between 2000 and 2012 This morning the Swiss National Bank (SNB) has published its preliminary annual results: According to provisional calculations, the Swiss National Bank (SNB) will report a loss in the order of CHF 9 billion for the 2013 financial year. Valuation losses on gold holdings amounting to some CHF 15 billion contrast with a gain of around … The Fed Will Remain the Strongest Gold Price Supporter For Years In the early 1980s the Fed stopped the wage-price spiral and destroyed the gold price. Today main-stream economists have discovered that rising company profits compared to stagnating wages could an issue for the U.S. economy.
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