Finanzas

Entre las firmantes de un manifiesto en el que se pide un acuerdo ya hay 11 de las compañías del Ibex 35

THE impact of technology on the economy is one of the most-debated issues of the moment, whether it is the potential for automation to cause unemployment, boost long-term productivity, or widen inequality. A good deal of the annual Barclays Equity-Gilt Study, published yesterday, was devoted to the subject. But one section caught my eye; the idea that technological change was making GDP a less useful measure.

The report says that

When GDP was first introduced, manufacturing accounted for a large share of the core advanced economies, and the (system of national accounts) was designed primarily to measure physical production.

But the modern economy is dominated by services and

Services cover a wide range of activities and are often customised, making their basic unit of production, as well as differences in quality and changes over time, hard to define

Furthermore, the report points out that

Digitised goods or services are often free: and without an…Continue reading

El club de fútbol italiano ha abierto la jornada en Bolsa con un alza de más del 20%

El gobernador del Banco de España dice que si no se hubiera vendido al Santander «hubiera sido un escenario catastrófico para nuestra economía»

JEREMY Grantham is an investor with 50 years of experience in the markets who is known for his caution about the outlook for long-term returns (he works for the GMO fund management group). But he caused a stir earlier this year when he said the chances were high of a melt-up in the markets this year. 

Buttonwood caught up with him when he visited London this week and asked whether the recent volatility had changed his view. He does think that the odds of a melt-up have fallen. The acceleration stage of a bull market, as in 1928 and 1999, tends to be smooth and quick. The trade tensions evoked by President Trump could be very damaging. He thinks that it is likely that, in five years, the American market may be 20% lower but this will not necessarily be via a sharp crash but through a series of advances and retreats. 

The reason that the market has been doing well until now is the combination of low inflation and high profits; that…Continue reading

El organismo ve la expansión del crédito a las empresas y el rápido incremento del precio de la vivienda como potenciales fuentes de vulnerabilidad

El gobernador del Banco de España dice que si no se hubiera vendido al Santander «hubiera sido un escenario catastrófico para nuestra economía»

La entidad insiste en que la incertidumbre en Cataluña ha tenido un impacto negativo y advierte de los riesgos que conlleva la falta de consensos políticos

WITH their geographical advantage for connecting flights between far-flung places, there is plenty to keep the airlines of the Gulf countries busy. Yet Bahrain’s skies are nearly empty compared with its neighbours. About 9m passengers used its airport last year, far fewer than the 88m for Dubai, 37m for Qatar and 26m for Abu Dhabi. The difference is striking given that Gulf Air, Bahrain’s flag carrier, was for decades the most prestigious airline in the Middle East. In its heyday in the 1970s and early 1980s, none of its three neighbours even had national airlines.

Geopolitics was the driving force behind Gulf Air’s rise and fall. During the 19th century, Bahrain was a protectorate of the British empire and the busiest trading centre in the Gulf. In the 1950s, its strategic importance motivated British Overseas Airways Corporation, at the time Britain’s flag carrier, to become a major shareholder in Gulf Aviation, the island’s fledgling local airline. By…Continue reading

La Guardia Civil desarticula una banda que blanqueó más de ocho millones de euros primero ingresando pequeñas cantidades en cajeros y después con criptomonedas