FURTHER FURTHER READING
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Abuse of official secrecy. It’s been one of the more corrosive but — by definition — shadier aspects of the eurozone crisis.
It can take the form of a report on money-laundering in Cyprus. Or the opaque process by which Troika debt sustainability analyses are drawn up. Emergency liquidity assistance to banks, even. Read more
Bloomberg withdrawal (BBG wɪðˈdrɔːəl) noun.
Unfortunately, an unusually high number of people may be suffering from the last one lately. Sorry about that.
In case you haven’t been following, there are two very separate threads to the Bloomberg kerfuffle. Read more
In a world of zero rates, where $19.4 trillion of government bonds (that’s 48% of the total market) is trading below 1%, it’s little wonder the “lust for yield” is as strong as it is.
FT Alphaville has been taking a closer look at the collaborative economy, and noting the stellar growth this mysterious sector has been experiencing of late.
An important question to consider, however, is to what degree is this growth being driven by a genuine rise in reciprocity and altruism in the economy — or to what degree is this just the result of natural opportunism. Read more
FT Alphaville had the pleasure of moderating the “Future of Banking” panel at OuishareFest, a collaborative economy gathering, earlier this month.
During this discussion, an interesting point was made by Francois Carbone, CEO of an equity-based crowdfunding venture Anaxago. Namely, when you think about it, every peer-to-peer initiative (P2P) on offer today is really representative of a move towards a private sector version of full-reserve banking. Read more
Some charts from Pew’s latest survey of 8,000 people across eight EU countries, most of whom are increasingly *insert euphemism* with Europe:
Live markets commentary from FT.com
Sony to Loeb || CEO GO || That equities/commodities disconnect || Bloomberg messages leaked online || Watchdog probes energy & metals swaps || US to account for third of new oil supplies || Investor advisory firm hits out on Goldman exec pay || US housing groups to launch IPOs || Verizon Wireless will pay $7bn dividend to corporate parents || Obama outraged over claims IRS targeted Tea Party groups || Commerzbank moves to shore up capital || Market update Read more
Yes, we know it’s not new, but the divergence between stock markets and commodity prices is now looking extreme. Consider this chart from Julian Jessop at Capital Economics…
That’s the gist of Sony’s response to billionaire activist investor Daniel Loeb’s suggestion, made via hand-delivered letter, that Sony should break itself up. It stems from an NYT Andrew Ross Sorkin exclusive.
Loeb’s idea is basically: partially spin out Sony’s entertainment division via an IPO which Loeb’s Third Point fund would happily sign up to. He’d also gladly accept a seat on Sony’s board. As the NYT noted, Loeb is known for ousting Yahoo’s former chief executive and poaching Marissa Mayer from Google to run the company. His hedge fund has quietly amassed a stake of about 6.5 per cent in Sony, making it one of the biggest shareholders.
From Loeb’s letter to Sony’s president and CEO Kazuo Hirai: Read more
Asian shares firmer after US retail data beats expectations || Cameron rushes to EU referendum || CFTC queries a million exchange of futures for swaps || Help to Buy scheme already boosting UK housing || Big European clothing retailers sign binding garment worker accord || France looks to tax smartphones to support local content Read more